CHICAGO, SKOKIE AND DES PLAINES, ILL. — The Missner Group has arranged three industrial leases in Chicago, Skokie and Des Plaines, Ill. In Chicago transaction, FHC Marketing leased 33,817 square feet of industrial space within 4711 N. Lamon Ave. FHC specializes in point-of-purchase marketing by designing and producing custom store fixtures, POP displays, merchandisers, sign holders and graphics. In the Skokie transaction, Conya Global renewed its 4,000 square foot space at 5520 W. Touhy Ave. The company is a wholesale supplier and designer of quality urban women's clothing. In the Des Plaines transaction, Cleanse Culture Inc. leased a 5,646-square-foot industrial space at 500 E. Touhy Ave. Cleanse Culture provides 100 percent organic, vegan, gluten-free, raw, cold-pressed?juices, smoothies, raw food and cleanses. June McCrory of The Missner Group, which owns each of the properties, represented management in the lease negotiations.
Midwest
CHICAGO — The BSC Group has arranged a total debt recapitalization, helping Florida-based iStorage replace existing loans with a new $50 million revolving credit facility. This transaction included a portfolio of 19 self-storage properties located in Ohio, Florida, New Jersey, Virginia, Georgia, Nevada and California. The new credit facility provides the borrower with additional capital to be used for general working capital purposes, as well as the future expansion of the business. The three-year loan was funded by a national bank and featured a variable rate of 2.25 percent over LIBOR with no amortization requirements and open pre-payment. The BSC Group is a Chicago-based commercial real estate financing advisor and self-storage specialist.
MILWAUKEE — Marcus & Millichap has arranged the $22.1 million sale of The Franklin Apartments, a 114-unit multifamily property in east downtown Milwaukee.The sales price equates to $193,860 per unit. The apartment community features one- and two-bedroom units averaging 1,028 square feet each. Marcus & Millichap represented the undisclosed seller and buyer in the transaction. David Gaines, Alex Blagojevich and Matthew Fitzgerald of Marcus & Millichap were the brokers involved in the transaction.
CHICAGO — Cushman & Wakefield has brokered the sale of a 377,738-square-foot warehouse facility in Chicago. The property is located at 4500 W. Armitage Ave. Affordable Moving Co., a provider of residential and commercial moving and storage services, will relocate and consolidate its Chicago headquarters to this new location. Brad Weiner, Larry Goldwasser and Colin Green of Cushman & Wakefield represented the seller, Magid Glove and Safety. Weiner, along with Mitch Adams of CBRE, represented the buyer, Affordable Moving Co.
EDWARDSVILLE, ILL. — BARBERMurphy Group has arranged the sale of a 25,440-square-foot industrial building in Edwardsville located in southwest Illinois. The property is situated on approximately 6.5 acres located at 5257 State Route 157. Klueter Brothers Concrete Inc. sold the property to CJD Construction Inc. for an undisclosed sales price. BARBERMurphy Group represented the seller in the transaction.
TROY, MICH. — RAIT Financial Trust has acquired Oakland Square and Oakland Plaza in Troy for $51 million. The properties are adjacent to Oakland Mall, a 1.5 million square-foot regional mall. Urban Retail Properties, a wholly owned subsidiary of RAIT Financial Trust, manages the property. Oakland Square is a 236,070-square-foot big box center that is fully occupied with tenants such as Kohl’s, Bed Bath & Beyond, DSW, Home Good and ULTA.Oakland Plaza is a 160,665-square-foot community strip center that is 96 percent occupied with tenants such as TJ Maxx, Pier 1 Imports, Planet Fitness Panera Bread and Michaels. The properties are located adjacent to highway I-75.
COLUMBUS, OHIO AND ARLINGTON, VA. — Marcus & Millichap Capital Corp. has arranged two CMBS loans totaling $30.8 million for the refinancing of two hospitality properties. The properties include the Holiday Inn Capital Square in Columbus, Ohio and the Hampton Inn Crystal City in Arlington, Va. A $5.8 million CMBS loan was arranged to refinance the Holiday Inn Capital Square property. A $25 million CMBS debt placement loan was arranged to refinance the Hampton Inn. Keith Bauer of MMCC’s Washington, D.C. office arranged both loans for the undisclosed borrowers.
CLARKSTON, MICH. — Bernard Financial Group has arranged a $1.9 million loan to for the refinancing of Sashabaw Crossing. The multi-tenant, inline retail center is located in Clarkston, approximately 21 miles northeast of Troy. Dave Dismondy of Bernard Financial Group originated the loan for the borrower, Sashabaw Crossing LLC, through a life insurance company.
DUBLIN, OHIO — Marcus & Millichap has arranged the $2.2 million sale of Sawmill Center, an 11,388-square-foot retail property located at 6185-6195 Sawmill Road in Dublin. The property is an outparcel to a Meijer grocery store and is fully occupied. Tenants include Ted’s Montana Grill, FedEx Office, National Check Cashers and Nutrition X. C.J. Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap’s Columbus and Cleveland offices represented the seller, a private investor, and the buyer, a limited liability company.
MERRIAM, KAN. — Pillar has originated a $16.3 million Fannie Mae DUS loan for the refinancing of Georgetown Apartments. The 395-unit garden-style multifamily property is located in Merriam, 11 miles southwest of downtown Kansas City. The property features both two- and three-story apartment buildings as well as a two-story clubhouse. The property is more than 95 percent leased. Adam Klingher and Brooke Jackson of Pillar’s Chicago origination team originated the low, fixed-rate loan. The sponsor is Malkin Properties, an owner/operator of multifamily properties across the country, which intends to utilize the refinancing to conduct capital improvements across the property.