OMAHA — NorthMarq Capital has arranged the $7.3 million refinancing of Oakview Medical Building, a 48,360-square-foot office property in Omaha. The building is located at 2725 S. 144th St. Gary Rifkin and Jason Kinnison of NorthMarq Capital’s Omaha office structured the 10-year loan, which includes a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
CINCINNATI — Hyde Park Commercial Group has arranged a $12.3 million acquisition and renovation loan for a 220-key Wyndham Garden Inn hotel. An undisclosed buyer acquired the hotel and will implement extensive property improvements. Cincinnati-based Hyde Park advised and arranged a non-recourse loan facility, which includes a three-year interest-only term with two, one-year extension options. Hyde Park was able to arrange the full request through an East Coast collateralized debt obligation.
OAK BROOK, ILL. — CenterPoint Properties has sold a 20,300-square-foot industrial truck/bus dispatch facility in South Holland, which is located approximately 23 miles south of Chicago. Greenix LLC purchased the property at 16951 State St. for an undisclosed sales price. The building is situated on nine acres and features a 2,300-square-foot office space, 17 drive-in doors and parking for 212 cars and 215 trailers. Kip Hennelly of Patrick Commercial Real Estate represented Greenix in the sale.
INDEPENDENCE TOWNSHIP, MICH. — Bernard Financial Group has arranged a $3 million loan for Independence Square Apartments in Independence Township, a northern Detroit suburb. The property includes 140 units across 10, two-story buildings located on Van Norman Lake. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the loan for the borrower, Independence Square LP. The lender, Ameritas Investment Partners, Inc. is a servicing correspondent of Bernard Financial Group.
TRENTON, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of R & A Storage, a 230-unit industrial self-storage building in Trenton. Land Holding LLC sold the building, located at 5620 Hoover St., to Ariganello Management LLC. Paul Feldman of Friedman represented the seller in the transaction.
OVERLAND PARK, KAN. — Mid-America Real Estate Corp. has brokered the sale of Quivira Crossings located in Overland Park. Cincinnati-based Phillips Edison purchased the 111,304-square-foot grocery-anchored center for $14.5 million. Quivira Crossings is located at 135th Street and Quivira Road and features a long-term lease with grocery store Price Chopper. Joe Girardi of Mid-America listed the property on behalf of an investment group advised by Overland Park, Kan.-based Rubenstein Real Estate Co.
CHICAGO — NelsonHill has arranged the $2.8 million sale of a 100,000-square-foot building in Chicago’s Jefferson Park neighborhood. The Chicago Transit Authority (CTA) purchased the property located at 5353 W. Armstrong Ave. CTA will use the site to expand its area bus depot. The property features three interior docks, one exterior dock and one drive-in door. The building is situated on nearly four acres, is located in the Elston/Armstrong TIF Corridor, and is in close proximity to the I-90 and I-94 expressways. Mark Nelson and Michael Nelson of NelsonHill represented the seller, a New York-based cab company. Hugh Murphy of JLL represented the CTA.
CUYAHOGA FALLS, OHIO — Marcus & Millichap has brokered the $1.6 million sale of a Huntington Bank triple-net ground-lease in Cuyahoga Falls, located approximately 39 miles south of Cleveland. The property is an out-parcel to the recently constructed Portage Crossing development, which is anchored by Giant Eagle Market District, LA Fitness and Cinemark. Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap’s Cleveland and Columbus offices represented the seller, an Ohio-based limited liability company. Colliers Phoenix represented the California-based buyer who purchased the property in a 1031 tax-deferred exchange.
PLYMOUTH, MINN. — Upland Real Estate Group Inc. has arranged a 48,000-square-foot industrial lease for MVP Logistics LLC at the Medicine Lake Industrial Center (MLIC) located in Plymouth. Duke Realty owns and operates the 221,579-square-foot distribution center, which is located a half mile west of U.S. Highway 169. MVP is expanding from 12,000 square feet at its current facility in Golden Valley located one mile east of MLIC. Joshua Huempfner of Upland Real Estate Group represented MVP in the transaction.
Buoyed by a healthy economy, the Twin Cities industrial market has experienced strong demand for functional, 24- to 32-foot clear height space, with more companies expanding during the first three quarters of the year, according to Cushman & Wakefield | NorthMarq. The market posted nearly 1.3 million square feet of absorption in the first three quarters of 2014, a solid number. The overall vacancy rate for multi-tenant properties 20,000 square feet and above stood at 10.1 percent at the end of the third quarter, down from a high of 16.4 percent in 2010. The bulk/warehouse segment has posted the most leasing activity with 451,097 square feet of net absorption year-to-date, including 140,514 square feet in the third quarter, and a tight 9.2 percent vacancy rate. Office/warehouse absorption totaled 476,032 square feet year-to-date through the third quarter, and 391,676 square feet in the third quarter alone, lowering the vacancy rate in that segment to 9.6 percent. Office/showroom absorption totaled 359,687 square feet during the first three quarters of 2014, lowering the vacancy rate in that segment to 12.8 percent, the lowest since 2006 when it stood at 11.7 percent. The Northeast submarket posted 222,267 square feet of net absorption in the …
