JOLIET, ILL. —Marcus & Millichap has brokered the $753,500 sale of an 18,435 square-foot medical office property in Joliet. The multi-tenant building is located at 310 N. Hammes Ave. The property is a few blocks east of Presence Saint Joseph Medical Center.Jonathan Hegwood and John Abuja of Marcus & Millichap’s Chicago downtown office represented the seller, a limited liability company. An undisclosed buyer purchased the property.
Midwest
CINCINNATI — Cohen Financial has secured $12.4 million in acquisition financing for two multifamily properties located in Cincinnati. The properties include the 352-unit Ashley Woods Apartments located at 2300 Walden Glen Circle, and the 316-unit Towerview Apartments located at 5313 East Knoll Court. Dan Rosenberg originated the two 10-year, fixed-rate loans with a CMBS lender for the borrower, an affiliated company of The Ferndale Realty Group LLC, a national apartment owner and operator.
DYER, IND. — Construction has begun on the Claremont of Dyer, a medical resort development in northwest Indiana. The 82,108-square-foot property, located at 1532 Calumet Ave. in Dyer, will include 130-units. The facility will provide short-term rehabilitation and therapy in a hotel-like setting. Carmel, Ind.-based Mainstreet is developing the project and Illinois-based Symphony Post Acute Network will operate the facility. The project is expected to create approximately 300 construction jobs and up to 115 part-time and full-time facility jobs. Construction is scheduled for completion in the summer of 2015.
COLUMBIA, MO. — Lutz Real Estate Investments, in a joint venture with Harrison Street Real Estate Capital, has acquired a 656-bed off-campus student housing community near the University of Missouri, for an undisclosed sales price. Campus View Apartments features two- and four-bedroom units. The fully furnished apartment community also includes a clubhouse, swimming pool surrounded by a large sundeck, fitness center, business center and numerous sports courts. The University of Missouri master leases a specified number of beds at Campus View. Kevin Larimer of Hendricks-Berkadia represented the seller in the transaction. Will Baker of Walker & Dunlop arranged the first mortgage loan.
COMMERCE TOWNSHIP, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 20,000-square-foot industrial building in Commerce Township, approximately seven miles north of Novi. The building is located at 2077-2089 E. St. The seller, H & K Investments Inc., sold the building to 2089 Easy Street LLC for an undisclosed sales price. Phil Konopitski of Friedman Integrated Real Estate Solutions represented the buyer and the seller in the transaction.
CANTON, MICH. — Greystone has provided a $24.1 million loan to refinance Meadowood Townhomes in Canton, approximately 35 miles west of Detroit. The multifamily community features 452 rental units comprising of two- and three-bedroom townhomes and one-bedroom ranch style units. John Marr of Greystone originated the Fannie Mae loan under its Delegated Underwriting and Servicing (DUS) program. The 10-year fixed-rate loan terms includes a 30-year amortization schedule.
SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $6.6 million loan for Central Business Park in Southfield. The property is an existing single-story office property consisting of four buildings in close proximity to each other, containing a total of 180,307 square feet of rentable area. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan for the borrower, CBP RES LLC, through a CMBS lender.
FREEHOLD, N.J. — New Jersey-based UMH Properties Inc. (NYSE : UMH) has acquired two Ohio manufactured home communities for $5.4 million. The two communities include a total of 258 developed home sites situated on approximately 40 total acres. The average occupancy for the communities is approximately 91 percent. UMH Properties is a REIT that owns and operates 88 manufactured home communities. The communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, and Michigan.
BERWYN, ILL. — Marcus & Millichap has brokered the $3.4 million sale of a mixed-use portfolio of apartment and retail spaces in Berwyn, a western suburb of Chicago.The portfolio includes nine retail spaces and a total of 80 apartment units in four buildings. The units include studio, one-, and two-bedroom apartments. The properties of the Berwyn mixed-use apartment portfolio are located at 2139 Clinton Ave., 2140 Kenilworth Ave., 2200 Scoville Ave. and 2202 Grove Ave. The four buildings are located within a half mile of each other along Cermak Road. Andrean Angelov and Ryan Engle of Marcus & Millichap’s Chicago Oak Brook office and Eric Bell of Marcus & Millichap’s Chicago O’Hare office represented the seller, a limited liability company, and the buyer, a private investor.
CHICAGO — Property Markets Group will develop a new $35 million luxury apartment community in Chicago. The development will be adjacent to the University of Illinois at Chicago’s campus located at 1350 S. Union Ave. in University Village. Chicago-based architectural firm Brininstool + Lynch will design the project, which will include 130 residential units and will consist of a U-shaped building connected by a courtyard and amenity space. The development will also include a 500-square-foot, ground-level retail area and 70 parking spaces.