BROOKLYN PARK, MINN. — WaterStone Bank has provided a $2.1 million CMBS loan to Pettibone Properties 5 LLC. The loan will refinance a 74,641-square-foot, multi-tenant industrial building in Brooklyn Park, a northwest suburb of Minneapolis. Paul Muldoon and Peter Austin of WaterStone’s Minneapolis branch originated the loan for the borrower.
Midwest
ANN ARBOR, MICH. — Colliers International has arranged the lease of 14,440 square feet for Duo Security in Ann Arbor. The security company will occupy space located at 123 N. Ashley St. Duo Security is expanding and relocating their Ann Arbor office to this location and other multiple spaces. Jim Chaconas and Brendan Cavender of Colliers International Ann Arbor represented the tenant, Duo Security, and the landlord, Wickfield Properties, in the transaction.
WILMINGTON, ILL. — Ledcor Construction Inc. has broken ground on a 1.7 million-square-foot regional distribution center at Ridgeport Logistics Center, a 1,500-acre, rail-served intermodal park in Wilmington, 17 miles south of Joilet. Ridge LEGO LLC on behalf of Michelin contracted with Ledcor to complete the project. Ledcor is scheduled to finish the three-building facility in the summer of 2015. Ridge Development, the industrial arm of Transwestern Development Co., is developing the new facility. Itasca, Ill.-based Cornerstone Architects Ltd. is the lead architect for the project. Vernon Hills, Ill.-based Manhard Consulting Ltd. will provide civil engineering design. Ledcor has completed more than $8.5 million in infrastructure work at the RidgePort Logistics Center.
MINNEAPOLIS — Loews Hotels & Resorts has entered into an agreement to purchase the 255-room Graves 601 Hotel Wyndham Grand in Minneapolis from the Graves Hospitality Corp. for an undisclosed price. The acquisition is expected to close in early July. Graves 601 Hotel is the fourth major hotel purchase announced by Loews Hotels in the last two years. Graves 601 is located directly across the street from the Target Center and is connected by the Minneapolis Skyway System, an interlinked collection of enclosed pedestrian footbridges. The hotel features two restaurants and bars, more than 9,000 square feet of meeting and event space, and a recently renovated spa and a fitness center.
ALGONQUIN, ILL. — Marcus & Millichap has arranged the $5 million sale of a 17,343 square-foot medical facility in Algonquin, a northwest suburb of Chicago. The Advocate Good Shepherd Outpatient Center is located at 2284 County Line Road. The single-tenant, net-leased property is leased to Advocate Health and Hospitals Corp. The property has less than two years of lease term remaining. Advocate Health and Hospitals Corp. signed a 10-year net lease with two, five-year options to renew. Adrian Mendoza, Austin Weisenbeck and Sean R. Sharko of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor. Glen Kunofsky and Judson Kauffman of Marcus & Millichap’s Manhattan office represented the buyer, a private investor in a 1031 tax-deferred exchange.
GRAND LEDGE, MICH. — Bernard Financial Group has arranged a $5.1 million HUD loan to refinance Sandstone Creek Apartments, a 169-unit property in Grand Ledge, a suburb of Lansing. The property is located at 1110 Jenne St. Kevin Kovachevich of Bernard Financial originated the loan for the borrower, Sandstone Creek Apartments LP.
ST. PAUL, MINN. — M&M has brokered the $2.9 million sale of Highwood Center, a 13,160-square foot retail property in St. Paul. Highwood Center is located at 1758 Old Hudson Road. The property was 90 percent occupied with three tenants at the time of sale and is anchored by Davita Dialysis. Sean Doyle and Cory Villaume of Marcus & Millichap’s Minneapolis office represented the buyer, a limited liability company. An outside brokerage firm represented the seller, a limited liability company.
MINNEAPOLIS — The Ackerberg Group has arranged leases for two retailers in the Hennepin Curve building located in downtown Minneapolis. a&bé bridal boutique and RE/MAX Results will occupy space at 1605 and 1609 Hennepin Ave. Denver-based bridal boutique a&bé has signed a five-year lease for 3,086 rentable square feet of retail space. RE/MAX Results has signed a 10-year lease for 6,874 rentable square feet of first floor and lower-level space. Angela Demonte of CBRE represented a&bé bridal boutique. Mark Hulsey of RE/MAX Results Commercial represented RE/MAX Results. The Ackerberg Group coordinated marketing and leasing of the storefronts.
GARDEN CITY, KAN. — Cohen Real Estate will market a 102,648-square-foot shopping center in Garden City, located approximately 52 miles northwest of Dodge City. The Manhattan-based brokerage firm will broker the sell of Garden City Plaza, a full-service shopping center at 2214 E. Kansas Ave. The shopping center is 98 percent occupied. Tenants include JC Penny, Buckle, Maurices, Famous Footwear, Foot Locker, Riddle’s Jewelry and GameStop. The shopping center is shadow-anchored by Sears, and is adjacent to Dick’s Sporting Goods, Menards, T.J. Maxx, Ross, Ulta and Target. The owner will have the ability to develop up to two outparcels.
SCHAUMBURG, ILL. — NAI Hiffman has arranged the lease renewal of a 13,700-square-foot office space in Schaumburg, located in northwest suburban Chicago. Mitsubishi Materials will occupy space at 1300-1320 N. Plum Grove Road. Los Angeles-based Mitsubishi Materials is a manufacturer and supplier of cutting tools for the metalworking industry. Mitsubishi’s Schaumburg location houses the firm’s marketing, sales, and engineering office. The company has been located at its Schaumburg property for more than five years. Michael Flynn and Jason Wurtz of NAI Hiffman represented the landlord, Sun Life Assurance Co. of Canada, in the transaction. Tak O’Haru of White Cube LLC represented Mitsubishi Materials.