NOVI, MICH. — Friedman Integrated Real Estate Solutions has arranged the lease of a 14,650-square-foot industrial space in Novi. The property is located at 40230 Grand River Ave., Suite 200. The landlord, Grand River Novi Hall Properties LLC, leased the space to Camelot SI LLC, doing business as Sharper Image. Phil Konopitski of Friedman represented the tenant in the transaction.
ANKENY, IOWA — NorthMarq Capital has arranged $7.3 million in refinancing for The Apartments at Prairie Lakes in Ankeny. The recently completed 92-unit multifamily property is located at 1603 Prairie Lakes Drive. Jason Kinnison of NorthMarq Capital’s Omaha office structured the fully amortizing 25-year term loan for the borrower through a life insurance company.
OAK BROOK, ILL. — Podolsky|Circle CORFAC International has arranged the lease of a 3,191-square-foot office within The Drake Oak Brook Office Plaza in Oak Brook. The law offices of Engler, Baasten & Sraga will occupy the space located at 2215 York Road. The office space will serve as the firm’s corporate headquarters. Built in 1981, The Drake Oak Brook Office Plaza is a 252,000-square-foot building situated on more than nine acres. The property includes a 388-space parking garage. Corey Chase and Kyle McKechnie of Podolsky|Circle CORFAC International represented the tenant. Steve Flashbart of Jones Lang LaSalle represented building ownership, OB I LLC, in the transaction.
PLATTEVILLE, WIS. — Hunt Mortgage Group has arranged a $3.4 million Fannie Mae loan facility to refinance Prairie View Apartments, a 56-unit multifamily property in Platteville. The property is located at 1300, 1350, 1365 and 1435 Cody Parkway. Prairie View Apartments includes efficiency, one-, two- and three-bedroom units. The 12-year loan includes a 30-year amortization schedule. Hunt Mortgage Group arranged the loan for the borrower, a Wisconsin-based limited liability company that was formed in April 2008 and is backed by Robert Cody. Cody owns R. Cody Real Estate Development, a full service real estate development company.
ST. PAUL, MINN. — Ecolab Inc., a provider of water, hygiene and energy technologies and services, has signed a purchase agreement to acquire the 17-story North Tower from Travelers in downtown St. Paul. The transaction is expected to close in the third quarter. By the end of 2018, Ecolab will relocate its associates from the three buildings that comprise its world headquarters in downtown St. Paul to the North Tower. Ecolab will begin the process of relocating associates to the North Tower in the latter part of this year. Built in 1999, the North Tower includes 882,000 square feet of space, of which 484,500 square feet comprises office space, a data center and building common areas.
LYNDHURST, OHIO — Columbus-based Steiner + Associates has arranged two retail leases at Legacy Village in Lyndhurst, a suburb of Cleveland. L.L. Bean and The Capital Grille executed leases at the 610,000 square-foot mixed-use town center. The 16,000-square-foot L.L. Bean will sell active and casual apparel and footwear, outdoor gear including hiking, fly-fishing, kayaking and camping products. L.L. Bean will open in the space currently occupied by Talbots, which will be relocating to a new space within the shopping center. The Capital Grille will occupy a 9,000-square-foot space. The restaurant is known for its dry-aged steaks and fresh seafood. First Interstate Properties owns Legacy Village.
LAWRENCE, KAN., AND CONWAY, ARK. — Colliers International Student Housing Group has arranged the sales of three major student-housing communities in Kansas and Arkansas. In two of the deals, Collegium Capital Partners LLC, an affiliate of Calidus Realty LLC, acquired The Grove at Lawrence in Kansas and The Grove at Conway. The properties which were previously owned by a joint venture between Campus Crest Communities and Harrison Street Real Estate Capital LLC. The Grove at Lawrence is a 500-bed, 172-unit property located approximately five miles from the University of Kansas. The Grove at Conway is a 504-bed, 180-unit property located a few miles from the University of Central Arkansas. The third sales transaction was for a 792-bed, 216-unit student housing community. The details of the transaction were undisclosed. Dorothy Jackman and Travis Prince of Colliers International Student Housing Group represented the seller and the buyer in all three transactions.
CLEVELAND — KeyBank Real Estate Capital has secured $66 million in debt financing on behalf of Pierce Education Properties for a five-property student housing apartment portfolio. Totaling 2,788 beds, the properties are located in four states across the Midwest and Southeast. KeyBank originally funded five on-balance sheet, three-year, non-recourse loans to finance the acquisition of the five properties in 2014. KeyBank refinanced the original bank loans with 10-year, interest-only floating rate debt with a loan-to-value ratio of 55 percent. Robert Prouty and Andrew Lucca of KeyBank’s Commercial Mortgage Group arranged the financing.
CINCINNATI — Phillips Edison Grocery REIT II has acquired three properties in Ohio, Minnesota and Maryland. Glennwood Crossing in Cincinnati was purchased from Glenwood Crossing LLC for $7.1 million and includes 101,021 rentable square feet. Currently, the center is 96 percent leased to 11 tenants, with anchor grocery Kroger occupying 62,541 rentable square feet. Rosewick Crossing in La Plata, Md., was purchased from Excel Rosewick LLC, for $25 million and includes 115,972 rentable square feet. Currently the center is 82 percent leased to 12 tenants. Anchor grocery Giant occupies 61,932 rentable square feet. Waterford Park Plaza in Plymouth, Minn., was purchased from Provident/Waterford LLC for $19.5 million and contains 127,586 rentable square feet. Currently the shopping center is 96 percent leased to 24 tenants. Anchor grocery Cub Foods occupies 64,673 rentable square feet.
ST. PAUL, MINN. — Dougherty Mortgage has arranged a $9.5 million HUD 223(f) loan for the refinancing of Crosby Pointe Apartments, a 73-unit multifamily market rate apartment property located in St. Paul. The 35-year loan includes a 35-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower, Crosby Pointe LLC. Real Estate Equities LLC manages Crosby Pointe Apartments. The property features an outdoor pool, fitness center and an underground parking garage. Units are currently undergoing renovations that include the addition of stainless steel appliances, granite countertops and new finishes.