CHICAGO — Mid-America Real Estate Corp. has arranged a new retail lease on behalf of Yoga Six in the River North neighborhood of Chicago. Yoga Six signed a lease for 5,600 square feet at 9 W. Erie St. The studio is a new construction project expected to open in early 2016. Paul Bryant and Michael Wexler of Mid-America represented the tenant in the transaction. New York-based Jenel Management Corp. is the landlord.
MINNEAPOLIS — Dougherty Mortgage LLC has closed on a $22.9 million new construction/rehabilitation loan for Grain Belt Terraces, a 150-unit apartment property in Minneapolis. Dougherty arranged the 40-year loan for Orth-Grain Belt LLC. Grain Belt Terraces is part of the redevelopment of the Grain Belt brewery site in the historic Sheridan neighborhood of northeast Minneapolis. Unit amenities at the rental property will include oversized windows and black appliances with granite countertops. The penthouse units will have stainless steel appliances, upgraded flooring and 10-foot ceilings. Property amenities include three elevators, a lounge, an outdoor plaza and underground garage.
KANSAS CITY — Monmouth Real Estate Investment Corp. has acquired a new 158,417-square-foot industrial building in Kansas City for $9.6 million. The property is located at Skyport Industrial Park, 7503 N.W. 106th Terrace. The building is situated on 13 acres. The property is net-leased for seven years to Bunzl Distribution Midcentral Inc. The new built-to-suit, Class A industrial building is situated off of I-29 and is across from the Kansas City International Airport. The space is expandable to accommodate future growth.
ST. LOUIS — Davidson Surface/Air Inc. has purchased the former KV Pharmaceuticals headquarters in St. Louis for $9.5 million. The 315,000-square-foot industrial/office building is located at 1 Corporate Woods Drive. Gary Parker and Dan Merlo of Intelica CRE represented Davidson Surface/Air Inc. in negotiating the transaction.
CHICAGO — Reed Construction has completed a 22,000-square-foot renovation for Garrett Brands LLC (Garrett Popcorn) at 401 N. Michigan Avenue in Chicago. Reed Construction completed a build-out of Garrett Popcorn’s headquarters, currently located on the 17th floor of the Mag Mile building. The company will relocate to the 24th floor. Construction included the installation of stone tile and wood slat ceilings throughout the elevator lobby, reception and café areas. Other features include custom, reclaimed wood reception seating and striped carpet that mimics the famous Garrett Popcorn tin. Bryan Krueger was the principal involved and Steve Sandquist was the project manager for Reed Construction. Harley Ellis Devereaux provided the architectural services. JLL is serving as owner’s representative.
SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $38.5 million CMBS loan for Oakland Towne Square, a class A, 18-story office building in Southfield. The 426,760-square-foot property is located at One Towne Square. Dennis Bernard of Bernard Financial Group arranged the loan for the borrower Allied Phase One Venture LLC.
CHICAGO — Marcus & Millichap has brokered the $2.8 million sale of 1455 W. Hubbard St., a loft office property in Chicago. The two-story, 24,000-square-foot office building is located in the West Town neighborhood of Chicago. The property includes 16 parking spaces on the west side of the building. Stephen Lieberman of Marcus & Millichap’s Chicago downtown office represented the undisclosed seller. A private investment group purchased the building.
COLUMBUS — Foresite Realty Partners, through its affiliate Foresite Realty OH LLC, has arranged the sale of Chesapeake Mill Apartments in Columbus for an undisclosed sales price. The apartment property is situated on nearly 15 acres and includes 260 units. The community has a mix of one-, two- and three-bedroom units across 31 buildings and was 92 percent occupied at the time of sale. Jamie Hadac, Bryan Nickow and Jo Lease of Foresite Realty OH represented the undisclosed seller. An Ohio-based investor purchased the property.
MILWAUKEE — Mid-America Real Estate Corp. has brokered the sale of Point Loomis Shopping Center in Milwaukee. Cincinnati-based Phillips Edison purchased the 160,533-square-foot shopping center for an undisclosed sales price. Point Loomis Shopping Center is located at the southwest corner of 27th St. and Loomis Road. Tenants at the property include Kohl’s, Pick ‘n Save and Chase Bank. Ben Wineman and Joe Girardi of Mid-America Real Estate Corp. along with Dan Rosenfeld of Mid-America Real Estate – Wisconsin LLC represented the buyer, Phillips Edison.
TOLEDO, OHIO — Marcus & Millichap has brokered the $3.9 million sale of Rite Aid, a 11,180-square-foot, net-leased property in Toledo. The property is located at 1605 Broadway St. The property was sold above its list price. Mark Lovering and Dan Yozwiak of Marcus & Millichap’s Columbus office represented the seller, a partnership, and the buyer, a REIT.