NEW HAVEN, IND. — Cronheim Mortgage has arranged two permanent loans totaling $4.5 million for Big Lots-anchored centers in New Haven, Ind., and Bristol, Tenn. The 75 percent LTV cash-out refinances feature a 10-year term and a 30-year amortization schedule. Both centers are located in tertiary submarkets of fewer than 15,000 inhabitants. David Turley and Anna Westhoff of Cronheim Mortgage arranged the loans for the undisclosed borrower.
Midwest
DEARBORN, MICH. — Ford Land, a subsidiary of Ford Motor Co., has opened The Executive Offices at Fairlane Plaza, a Class A executive office building in Dearborn. The executive offices feature 21 private, furnished offices in a suite with a lobby, conference rooms and kitchen. The property is located at 290 Town Center Drive. Building amenities include a full-service café, salon, courtyard, parking garage, 24/7 security and on-site property management. The executive offices are an extension of Ford Land’s small business offerings. Several years ago, Ford Land began offering suites ranging from approximately 200 to 3,000 square feet in several of its multi-tenant buildings. Ford Land hosted a ribbon cutting for the Executive Offices at Fairlane Plaza in August.
DOWNERS GROVE, ILL. — Bradford Allen Realty Services has arranged a 17,000-square-foot lease on behalf of Residential Home Health in Downers Grove. The provider of home, health and hospice services will occupy space located at 1431 Opus Place in the Executive Towers West I building. The company is relocating to Executive Towers West I from 40 Shuman Blvd. in Naperville, Ill. Joel Berger of Bradford Allen Realty Services and Troy, Mich.-based Skyline Properties represented Residential Home Health. John Norris, John Clark and Rob Lundin of Newmark Grubb Knight Frank represented ownership in the lease transaction.
ST. LOUIS — Oak Grove Capital has originated $23.2 million in Fannie Mae loans for the acquisition of Pine Tree Club Apartments and Westbrooke Village Apartments, two market-rate apartment communities located in St. Louis. The fixed-rate loans both carry seven-year terms, two years of interest-only and four years of yield maintenance. The multifamily communities were built in the mid 80s and have a combined 402 units.
HOFFMAN ESTATES, ILL. — DeBartolo Development LLC has sold two adjacent Chicago area retail centers — Poplar Creek Crossing and Prairie Stone Crossing — to Pine Tree Commercial Realty LLC. DeBartolo acquired a defaulted note on the 60,000-square-foot Prairie Stone center in 2011 and purchased the neighboring 257,000-square-foot Poplar Creek shopping center in 2013. Located at state routes 59 and 72, just north of Interstate 90 in Hoffman Estates, both properties are approximately 90 percent leased. Anchor tenants at Poplar Creek include T.J. Maxx, OfficeMax, Michael’s, PetSmart, World Cost Plus Market and Ross Dress for Less. Anchor tenants at Prairie Stone include Sports Authority and Stone Eagle Tavern.
OAK CREEK, WIS. — The Dickman Co. Inc./CORFAC International has arranged the lease of a 45,000-square-foot industrial building in Oak Creek, a suburb approximately 12 miles south of Milwaukee. Amiran Technologies will occupy space at 7221 S. 10th St. Samuel M. Dickman Jr. and Samuel D. Dickman of the Dickman Co. represented the landlord, Murphy Real Estate LLC. Travis Tiede and Adam Matson of NAI MLG Commercial represented the tenant.
Momentum continues to build in the St. Louis commercial real estate investment market across all major product sectors. As private and institutional investors search for higher yields, they are drawn to secondary markets like St. Louis. Investors are seeing a yield premium of 100 to 150 basis points as measured by the initial cap rate. Office Market Grows Hotter The suburban office sector has generated the most momentum, building on a strong 2013. Suburban office investment sales activity could exceed $450 million in 2014, which would be a 90 percent increase over 2013. The largest office deal is the sale of Cityplace, an 884,000-square-foot Class A office complex in Creve Coeur that is under contract and expected to close for approximately $141 million. New Boston Fund and the Koman Group are the sellers. The buyer is undisclosed. While the search for higher yields is certainly a factor driving increased suburban office investment activity, another big part of the story is the continued occupancy growth supported by job gains. The St. Louis unemployment rate, which in May 2014 stood at 6.96 percent, is rapidly approaching the pre-recession level of 5.7 percent set in November 2007. Growth in industries such as technology, …
WILLOWICK, OHIO — Cohen Financial has secured $21.6 million in refinancing for Shoregate Towers, a 404-unit multifamily property in Willowick, a suburb of Cleveland. The property is located on Lake Erie at 30901 Lake Shore Blvd. Dan Rosenberg of Cohen’s Chicago office secured the fixed-rate, five-year term loan on a 30-year amortization schedule for the borrower, an East Coast commercial real estate owner/operator. Morgan Stanley, a Cohen Financial Conduit Lender, was the lender in the transaction.
INDIANAPOLIS — Lauth Group Inc. will provide general construction services for the demolition and build-out of a new headquarters for Schwarz Partners LLC in Indianapolis. The box manufacturing company selected Lauth to complete a 17,500-square-foot build-out on the third floor at the Woodview Trace Building located at 3600 Woodview Trace. Lauth is a management owned, full-service real estate firm with expertise in development, construction, property management, facilities management and acquisitions.
OAKBROOK TERRACE, ILL. — Oakbrook Terrace-based Mid-America Asset Management Inc. has secured two new retail leases on behalf of two shopping centers in Chicago’s northwest suburbs. DSW Shoe Warehouse signed a lease for 23,773 square feet at Village Square of Northbrook located at the southeast corner of Lake Cook Road and Skokie Boulevard in Northbrook, Ill. In addition, Zip Fitness signed a lease for 22,002 square feet at Arlington Plaza at the northwest corner of Rand and Arlington Heights Roads in Arlington Heights, Ill. DSW Shoe Warehouse will occupy space at the 334,995-square-foot center, which also includes retailers Nordstrom Rack, Marshall’s, The Container Store, PetSmart, Cost Plus World Market and Saks Fifth Avenue Off 5th. DSW is expected to open in spring 2015. Liz Krebs of Mid-America represented the landlord. Mike Schertler of Tartan Realty Group and Scott Stefanik of Midwest Commercial Realty represented the tenant. Zip Fitness will occupy space at the 295,773-square-foot center Arlington Plaza at the northwest corner of Rand and Arlington Heights Roads. Burlington Coat Factory, Value City Furniture and The Room Place anchor the shopping center. Zip Fitness’ new location is expected to open before the end of the year. Mid-America Leasing Representative Sarah Drumgould …