SHOREVIEW, MINN. — Dougherty Mortgage LLC has arranged a $13.5 million HUD 213 loan for the construction of Applewood Pointe Cooperative of Shoreview, a 77-unit construction senior cooperative property in Shoreview. Dougherty’s Minneapolis-based office arranged the 40-year loan for the borrower, Applewood Pointe Cooperative of Shoreview. The cooperative site is located in a Ramsey County suburb.
CINCINNATI — Edge Real Estate Group has arranged two retail leases at Oakley Station in Cincinnati. Bar Louie has signed a lease for 6,300 square feet of space and Pet Supplies Plus has signed a lease for 9,750 square feet of space. Bar Louie will be located on Vandercar Way at Factory Colony Way, and Pet Supplies Plus will be located adjacent to Kroger Marketplace. Michael Halonen and Melissa Ruther of Edge represented the landlord, USS Realty, in both lease transactions. Oakley Station is a 74-acre, mixed-use development. Cincinnati Milacron, a manufacturing complex, formerly occupied the center.
INDIANAPOLIS — Tikijian Associates has brokered the sale of a 152-unit apartment community in Indianapolis for an undisclosed sales price. Teal Run Apartments, located at 2302 Windsong Drive, features one- and two-bedroom garden-style apartments. Tikijian Associates represented the seller, Chicago-based JVM Realty, which has owned the property since 2001. An Ohio-based real estate investment company whose holdings include other multifamily properties in Indiana and Ohio purchased the apartment community. The new owner plans to complete extensive renovations at the property. Cincinnati-based Towne Properties will serve as the property manager for the new owner.
KALAMAZOO AND GRAND RAPIDS, MICH. — Devonshire REIT Inc. has acquired three shopping centers at a total cost of $69.7M. The properties include Maple Hill Mall in Kalamazoo and Alpine Summit Shopping Center in Grand Rapids; and Northwest Crossings Shopping Center in Knoxville, Tenn. Maple Hill Mall is a 283,551-square-foot, open air power center. Target shadow anchors the shopping center. The property is fully occupied by several national tenants. Marshalls, HomeGoods and ABC Warehouse anchor the 136,942-square-foot Alpine Summit Shopping Center in Grand Rapids, which is 95 percent occupied. A separately owned Wal-Mart Supercenter anchors the 124,453-square-foot Northwest Crossings Shopping Center in Knoxville, which is fully occupied. The acquisition pushes Devonshire’s total assets under management to more than $370 million.
CHICAGO — The Boulder Group has arranged the $5.1 million sale of a single-tenant Bank of America property in Chicago. The building is located at 4200 S. Ashland Ave. and features five drive-thru lanes and 44 designated parking spaces. There are 10 years remaining on the Bank of America lease, which expires Oct. 31, 2024. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate developer. A Canadian-based investor purchased the property.
Auburn Hills, Mich. — L. Mason Capitani CORFAC International has arranged the sale of a 40,000-square-foot industrial facility in Auburn Hills. SL America Corp. purchased the facility located at 4375 Giddings Road from an undisclosed seller. The asking sale price for the property was $2.2 million. SL America, a subsidiary of South Korean-based SL Corp., has outgrown its North American Engineering Center in Sterling Heights and is expanding to this new location. The company is a supplier of exterior lighting, gear shifters, electronics, and pedal modules. Garry Rogers of L. Mason Capitani represented the buyer in the transaction.
OTSEGO, MINN. — Suntide Commercial Realty and KW Commercial Midwest have arranged the lease of a new 20,887-square-foot retail property at the Great River Centre in Otsego. Igloo LLC will use the space for a hockey rink with a restaurant/sports bar. The Great River Centre of Otsego is a mixed-use development project located at U.S. Highway 101 and County Road 39. The center features more than 230,000 square feet of retail and more than 100,000 square feet of office space. A Super Target anchors the center. Tim Igo of Suntide Commercial Realty and Tammy Brown of KW Commercial Midwest represented the Great River Centre in the transaction.
DETROIT — Detroit-based Kraemer Design Group PLC (KDG) is on track to complete the architecture, interior design and historic consulting of the celebrated David Whitney Building in downtown Detroit. The building will reopen as a mixed-use facility featuring the Aloft Detroit at the David Whitney hotel in December. The David Whitney Building, built in 1915 to the design of architectural firm Daniel Burnham & Co., was once regarded as one of the most iconic skyscrapers in the Midwest. The 19-story, Neo-Renaissance building has undergone a two-year, $94.5 million renovation restoring both interior and exterior architectural elements, including the four-story atrium. The 136-room boutique Aloft Detroit at the David Whitney hotel will occupy the lower floors and 105 residential apartments will occupy the upper floors. The building will also feature the Grand Cirque Brasserie — a restaurant, 6,670 square feet of meeting and banquet spaces and ground-level retail.
CHICAGO — Capital One Multifamily Finance has provided a $21.4 million fixed-rate, HUD 232/223(f) loan to refinance a 186-bed skilled nursing facility in Chicago. The borrowers are operators who have assembled an extensive portfolio of skilled nursing facilities in the Midwest over the last decade. Joshua Rosen, who leads Capital One’s agency healthcare lending from the company’s Chicago office, originated the transaction for the borrowers. The 35-year loan is nonrecourse and fully assumable.
NORTH BRANCH, MINN. —Marcus & Millichap has arranged the $525,000 sale of North Branch Self Storage, a 123-unit self-storage facility in North Branch. The property is located at 6757 Ash St. Adam Haydon of Marcus & Millichap’s Minneapolis office represented the seller and buyer, both private investors.
