GAHANNA, OHIO — Mark F. Taggart Co. and Fed One Dublin will develop an art office warehouse space at the Eastgate Industrial Park in Gahanna, a suburb northeast of Columbus. The 80,000-square-foot facility, located at 1801-1831 Deffenbaugh Court will feature insulated concrete tilt up panels, a 26-foot clear height, ESFR fire suppression, trailer parking and two story glass entrance features. The project broke ground on Oct. 1 and is scheduled for completion in January 2015. Mark F. Taggart Co. purchased the nearly seven-acre lot for an undisclosed sales price. Project financing was made possible through a construction/permanent loan.
MINNEAPOLIS — Grandbridge Real Estate Capital has arranged a $5.9 million first mortgage loan for a 90-bed student-housing complex at the University of Minnesota in Minneapolis. The property, which was fully occupied at closing, features loft style units in a renovated warehouse at the heart of campus. Tony Carlson of Grandbridge’s Minneapolis office originated the refinancing for the undisclosed borrower.
TROY, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 187,000-square-foot, Class A office building in Troy. The property is located at 840 W. Long Lake Road in the Troy Corporate Center. Situated along I-75 at the corner of Long Lake and Crooks roads, the building is in close proximity to area hotels, restaurants, retail, and is located across from Lifetime Fitness. Barry Swatsenbarg and Rich Deptula of Friedman represented both the undisclosed buyer and seller in the transaction through Auction.com.
EDEN PRAIRIE, MINN. — Grandbridge Real Estate Capital has arranged a $4.8 million first mortgage loan for a 75-unit apartment complex in Eden Prairie. The garden style community, which features a mix of one-, two- and three-bedroom units, was fully occupied at closing. Tony Carlson of Grandbridge originated the 10-year, fixed-rate loan, which includes a 20-year amortization schedule, through a life insurance company. The undisclosed borrower utilized loan proceeds to retire existing recourse debt.
FRASER, MICH. — Mid-America Real Estate has brokered the sale of a 68,326-square-foot shopping center in Fraser. Fraser Shopping Center is located at the triple intersection of Groesbeck Highway, 13 Mile Road and Utica Road. Oakridge Supervalu and Family Dollar anchor the center. A private investor purchased the property for an undisclosed sales price. Sterling Heights, Mich.-based Showcase One Real Estate Group represented the buyer. Ben Wineman of Mid-America Real Estate Corp., and Daniel Stern of Mid-America Real Estate – Michigan Inc., represented the seller, Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust.
CHICAGO — Marcus & Millichap has arranged the $1.8 million sale of a 3,845-square-foot retail property in Chicago. Starbucks Anchored Retail | Lincoln Park is located at 1700 West Diversey Parkway on the northwest corner of West Diversey Parkway and North Paulina Street. The property is fully occupied with three long-term tenants Starbucks Coffee, No. 1 Nail Salon and Physicians Plus. Austin Weisenbeck, Adrian Mendoza and Sean Sharko of Marcus & Millichap’s Chicago Oak Brook office, and Kyle Stengle of the firm’s Chicago downtown office represented the seller, a limited liability company. Mendoza, Sharko and Weisenbeck also represented the buyer, a private investor.
BLOOMINGTON, IND. — Quantum Real Estate Advisors Inc. has brokered the $5.7 million sale of a 17,790-square-foot shopping center in Bloomington. University Square is located at 115 S. Highway 46 Bypass near Indiana University. The shopping center was fully occupied at the time of sale to tenants such as American Mattress, Great Clips, Starbucks and other local and regional tenants. Chad Firsel of Quantum represented the buyer, an Indianapolis-based investor, and the seller, a Chicago-based development group, which developed University Square.
MONEE, ILL. — Principle Construction Corp. has broken ground on a new 46,500-square-foot freezer/cooler building for Budreck Truck Lines in Monee. The site for the new facility is located at 6053 W. Industrial Drive. Principle will build 7,000 square feet of corporate offices, 4,000 square feet of truck driver lounge/warehouse support areas, 6,000 square feet of trailer maintenance and repair bays, 6,700 square feet of cooler space, 10,000 square feet of freezer space and 12,800 square feet of refrigerated dock space. Cooler and freezer spaces will boast 24-foot clear height ceilings and a “dry” type fire sprinkler system. The Principle Construction Corp. construction team consists of Mark Augustyn, Ken Lattanzi and Doug Brucato. Partners in Design’s Werner Briske designed the building. Jamie Putnam of Kimley-Horn is providing civil engineering services for the project. NAI Hiffman’s Chris Gary represented Budreck in the purchase of the site.
BROOKLYN CENTER, MINN. — Mid-America Real Estate – Minnesota LLC has arranged a 5,460-square-foot retail lease in Brooklyn Center. Villa Join the Movement will occupy space at Shingle Creek Crossing, an 804,000-square-foot development located at the corner of Brooklyn Boulevard and U.S. Highway 100. Walmart anchors the shopping center. Mid-America represented the undisclosed landlord in the transaction.
HUDSON, WIS. — KW Commercial Midwest has arranged the sale of an 18,372-square-foot, single-story multi-tenant office/flex center in Hudson. Gateway Business Center is located at 1301 Gateway Circle. The building includes six office suites and a 2,400-square-foot mezzanine office. Tom Baker and Dave Finigan of the Eagan, Minn.-based office of KW Commercial Midwest represented the seller, Eagle Valley Bank, and the buyer, private investors.