COLUMBUS — First Market Properties LLC has acquired a 682-unit multifamily portfolio in Columbus for $30 million. Arbor Commercial Mortgage provided a mortgage of $24 million. The portfolio consists of four properties totaling 158,424 square feet, including Abbington Village at 988 Muirwood Village Drive; Ashley Village at 2272 Sunshine Place; Chatham Village at 2315 Muirwood Drive; and Courtship Village at 1503 Monmouth Street in Lancaster. First Market Properties plans to make immediate interior and exterior upgrades to the properties to increase rents and cash flow.
Midwest
MINNEAPOLIS — Marcus & Millichap has arranged the $1 million sale of Federal Plaza, a 39,884-square-foot office property in Minneapolis. Federal Plaza is located at 219 S. Fourth St. Michael Ahles and Mox Gunderson in Marcus & Millichap’s Minneapolis office represented the seller, a bank/financial institution and the buyer, a private investor.
HIGHLAND HEIGHTS, OHIO — Osborne Capital Group has arranged a 10-year, $4 million financing with Ladder Capital Finance for the company's Brainard Crossing retail center in Highland Heights, a suburb approximately 15 miles east of Cleveland. Brainard Crossing is located on Wilson Mills Road between Brainard Road and Interstate 271. Brainard Crossing will comprise of the redevelopment of a long-vacant supermarket into a 40,000-square-foot shopping center anchored by Fitworks. The small shop space includes TNT Tanning, Highland Wellness and Grind Burger.
COUNCIL BLUFFS, IOWA — Darland Construction Co. has completed a new 28,000-square-foot clinic for Alegent Creighton Health in Council Bluffs, approximately seven miles east of Omaha. The clinic, located at 31st and West Broadway, opened in April. The single-story, free-standing facility includes reception and office spaces, 42 exam rooms and three nurse stations, a physical therapy treatment area and an on-site pharmacy. Leo A. Daly was the architect for the project.
CHICAGO — Essex Realty Group Inc. has arranged the $2.6 million sale of 3301 N. Clark St. in Chicago. The seven-unit, mixed-use property is located in the heart of Chicago’s Lakeview neighborhood. Doug Imber and Kate Varde of Essex Realty Group represented the undisclosed seller. Jim Darrow and Jordan Gottlieb represented the undisclosed buyer.
MILWAUKEE — The Dickman Company Inc./CORFAC International has brokered the sale of a 70,000-square-foot industrial building in Milwaukee for an undisclosed price. The property is located at 6000-6066 N. 76th St. Samuel M. Dickman Jr. and Samuel D. Dickman of the Dickman Company Inc. represented the buyer, 76th Street Industrial LLC. Travis Tiede and Adam Matson of NAI MLG Commercial represented the seller, STI Florist LLC.
NOVI, MICH. — L. Mason Capitani CORFAC International has arranged the lease of a 3,813-square-foot industrial building in Novi. Sumika Polymers North America, a subsidiary of the Sumitomo Chemical Group, has signed a five-year lease for the property located at 45525 Grand River Ave. Sumika Polymers North America is a chemical corporation servicing the automotive industry. The company is consolidating two of its divisions into one regional headquarter location. Gary Grochowski of L. Mason Capitani represented the tenant in the transaction.
MINNEAPOLIS — Mid-America Real Estate has arranged the lease of a 6,400-square-foot retail space in Minneapolis. Merchant, which will be the first restaurant by acclaimed Chef Gavin Kaysen, will occupy space at 211 N. 1st St. The new restaurant is expected to open in November 2014. Carrie Charleston of Mid-America represented Merchant in the transaction.
DETROIT — WXYZ-TV is expanding its studio to include a new indoor/outdoor, 500-square-foot studio. The glass-enclosed, outward-facing studio will be located inside the ground-floor lobby of Chase Tower located at 611 Woodward Ave. Bedrock Real Estate Services owns and manages Chase Tower. The new studio will be the home of the ABC Network Affiliate 7 Action News at Noon daily broadcast. The design of the new WXYZ downtown studio will honor the mid-century modern architecture of the Chase Tower. Detroit-based architecture firm, Albert Kahn Associates designed and opened Chase Tower in 1959. The 524,000-square-foot, 14-story building occupies a full city block at the foot of Campus Martius Park.
ST. LOUIS — ElmTree Net Lease Fund II has acquired five single-tenant net lease investment properties for $90.3 million. The acquisitions include a 34.4-acre industrial property in Fort Wayne, Ind., and four office properties in Ohio, South Carolina, Minnesota and Alabama. The build-to-suit project acquired for $52.6 million in Fort Wayne will consist of the development and construction of an approximately 333,750-square-foot manufacturing building. The office properties include a 100,800-square-foot single-tenant facility in Columbus, Ohio, purchased for $11.8 million; a 39,794-square-foot, single-tenant facility in Lexington, S.C., purchased for $5.5 million; a 75,601-square-foot, single-tenant facility in Arden Hills, Minn., purchased for $7.5 million; and a 66,500 square-foot office and call center located on an 8.8-acre land parcel in Birmingham, Ala., bought for $12.8 million. ElmTree Net Lease Fund II LLC is a real estate private equity fund sponsored by St. Louis-based ElmTree Funds LLC.