CHICAGO — Cushman & Wakefield has brokered the sale of a 377,738-square-foot warehouse facility in Chicago. The property is located at 4500 W. Armitage Ave. Affordable Moving Co., a provider of residential and commercial moving and storage services, will relocate and consolidate its Chicago headquarters to this new location. Brad Weiner, Larry Goldwasser and Colin Green of Cushman & Wakefield represented the seller, Magid Glove and Safety. Weiner, along with Mitch Adams of CBRE, represented the buyer, Affordable Moving Co.
Midwest
EDWARDSVILLE, ILL. — BARBERMurphy Group has arranged the sale of a 25,440-square-foot industrial building in Edwardsville located in southwest Illinois. The property is situated on approximately 6.5 acres located at 5257 State Route 157. Klueter Brothers Concrete Inc. sold the property to CJD Construction Inc. for an undisclosed sales price. BARBERMurphy Group represented the seller in the transaction.
TROY, MICH. — RAIT Financial Trust has acquired Oakland Square and Oakland Plaza in Troy for $51 million. The properties are adjacent to Oakland Mall, a 1.5 million square-foot regional mall. Urban Retail Properties, a wholly owned subsidiary of RAIT Financial Trust, manages the property. Oakland Square is a 236,070-square-foot big box center that is fully occupied with tenants such as Kohl’s, Bed Bath & Beyond, DSW, Home Good and ULTA.Oakland Plaza is a 160,665-square-foot community strip center that is 96 percent occupied with tenants such as TJ Maxx, Pier 1 Imports, Planet Fitness Panera Bread and Michaels. The properties are located adjacent to highway I-75.
COLUMBUS, OHIO AND ARLINGTON, VA. — Marcus & Millichap Capital Corp. has arranged two CMBS loans totaling $30.8 million for the refinancing of two hospitality properties. The properties include the Holiday Inn Capital Square in Columbus, Ohio and the Hampton Inn Crystal City in Arlington, Va. A $5.8 million CMBS loan was arranged to refinance the Holiday Inn Capital Square property. A $25 million CMBS debt placement loan was arranged to refinance the Hampton Inn. Keith Bauer of MMCC’s Washington, D.C. office arranged both loans for the undisclosed borrowers.
CLARKSTON, MICH. — Bernard Financial Group has arranged a $1.9 million loan to for the refinancing of Sashabaw Crossing. The multi-tenant, inline retail center is located in Clarkston, approximately 21 miles northeast of Troy. Dave Dismondy of Bernard Financial Group originated the loan for the borrower, Sashabaw Crossing LLC, through a life insurance company.
DUBLIN, OHIO — Marcus & Millichap has arranged the $2.2 million sale of Sawmill Center, an 11,388-square-foot retail property located at 6185-6195 Sawmill Road in Dublin. The property is an outparcel to a Meijer grocery store and is fully occupied. Tenants include Ted’s Montana Grill, FedEx Office, National Check Cashers and Nutrition X. C.J. Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap’s Columbus and Cleveland offices represented the seller, a private investor, and the buyer, a limited liability company.
MERRIAM, KAN. — Pillar has originated a $16.3 million Fannie Mae DUS loan for the refinancing of Georgetown Apartments. The 395-unit garden-style multifamily property is located in Merriam, 11 miles southwest of downtown Kansas City. The property features both two- and three-story apartment buildings as well as a two-story clubhouse. The property is more than 95 percent leased. Adam Klingher and Brooke Jackson of Pillar’s Chicago origination team originated the low, fixed-rate loan. The sponsor is Malkin Properties, an owner/operator of multifamily properties across the country, which intends to utilize the refinancing to conduct capital improvements across the property.
ROYAL OAK AND DEARBORN, MICH. — Bernard Financial Group has arranged a $3.1 million CMBS loan to refinance Urbane on Main Apartments and Oakwood, two apartment complexes located in the Detroit suburban cities of Royal Oak and Dearborn. Combined, both complexes consist of 62 total units. Kevin Kovachevich of Bernard Financial originated the loan for the borrowers, Urbane on Main LLC and Urbane on Oakwood LLC.
STREETSBORO, OHIO — Marcus & Millichap has arranged the $1.4 million sale of the leasehold interest in Streetsboro Market Square, a retail and office property located in Streetsboro. Streetsboro Market Square is located on State Route 14. The property features national tenants such as Staples, Fresenius Medical Care and Edward Jones. Scott Wiles, Craig Fuller, and Erin Patton of Marcus & Millichap’s Cleveland and Columbus offices represented the seller, a Northeast Ohio-based limited liability company. An Ohio registered LLC whose investors are based in New York purchased the property.
ROSEVILLE, MINN. — Grandbridge Real Estate Capital has provided a $3 million first mortgage refinance loan for a 77,000-square-foot office/warehouse property in Roseville. Tony Carlson of Grandbridge’s Minneapolis office originated the acquisition financing for the undisclosed borrower through a life insurance company. The 15-year loan includes a 15-year amortization schedule, and closed with a competitive fixed interest rate. The loan required no personal guaranty and allowed the borrower to refinance its existing debt.