OMAHA — NorthMarq Capital has arranged a $1.6 million loan to refinance the Alliance Group Office Building, a 24,304-square-foot office facility located at 2566 Leavenworth St. in Omaha. Gary Rifkin of NorthMarq Capital’s Omaha-based regional office structured the loan with a 15-year term and 15-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with Assurity Life Insurance Co.
Midwest
ST. PAUL, MINN. —Marcus & Millichap has brokered the $1.5 million sale of 40,511 square feet of land located in St. Paul. Snelling Avenue Land is located at 678 Snelling Avenue South. The Water Senior Housing Group plans to redevelop the land into seniors housing. An 80-unit, four-story assisted living complex is expected to break ground next spring. Michael Ahles of Marcus & Millichap’s Minneapolis office represented the seller, Bradshaw Funeral Home Inc. The buyer, a developer, was secured by an outside brokerage. Bradshaw Funeral Home Inc. will be relocating across the street from the site.
MOUNT PLEASANT, WIS. — Land and Lakes Development Co. has selected Meridian Design Build to construct a 132,002-square-foot speculative industrial facility in Mount Pleasant, approximately 25 miles south of Milwaukee. The building will be the first in the new 60-acre Mount Pleasant Business Park, which has the potential to accommodate approximately 800,000 square feet of new development. Construction is underway at the site and the building will be available for occupancy by the end of this year. Harris Architects is providing architectural services. Pinnacle Engineering Group is completing civil engineering work.
FRIDLEY, MINN. — Marcus & Millichap has brokered the $19.8 million sale of Fridley Medical Center, a 60,476-square-foot on-campus medical office property in Fridley, approximately nine miles north of Minneapolis. Fridley Medical Center, located at 480 Osborne Road NE, is connected via a walkway to the Allina Health-owned Unity Hospital. The building is anchored by Multicare Associates, a provider owned and operated clinic with multiple locations in the Minneapolis market. Additional tenants occupying the facility include Fridley Medical Pharmacy, Virginia Piper Cancer Institute, Minnesota Oncology, MAPS Medical Pain Clinic and NovaCare Physical Therapy. Scott Niedergang and Gino Lollio of Marcus & Millichap’s Healthcare Real Estate Group in Chicago represented the seller, a partnership between a local physician group and developer, and the buyer, a healthcare real estate investment trust.
MOUNT PROSPECT, ILL. — Cushman & Wakefield has brokered the $16.2 million sale of Timberlake Apartments, a 222-unit property located at 1450 Busse Road in Mount Prospect, approximately 24 miles northwest of Chicago. The value-add property consists of 16 buildings on a 12.8-acre campus with a rentable area of 169,538 square feet. Timberlake was 97 percent occupied at the time of sale and consists of a unit mix of one- and two-bedroom apartments. Bill Montana and Chris Sackley of Cushman & Wakefield represented the seller, a private partnership. An out-of-state investor seeking to increase its presence in suburban Chicago purchased the property.
BERWYN, ILL. — Summit Design + Build LLC has been selected as general contractor for the reconstruction of a 6,500-square-foot microbrewery building in Berwyn, a suburb 10 miles west of Chicago. Big Hurt Brewhouse will be located at 6801 W. Cermak Road. The project involves the redevelopment of an existing two-story limestone building, which was originally occupied by American State Bank and most recently Berwyn National Bank, into the flagship brewhouse for Chicago White Sox legend Frank Thomas. The baseball Hall of Famer launched his line of specialty brew — Big Hurt Beer — in the fall of 2011. Construction plans call for a complete gutting of the existing building, plus an interior renovation. The new microbrewery, sports bar and grill will feature an outdoor beer garden and include 2,200 square feet of second-floor offices and a private suite. Kisarau Architect Ltd. is providing architectural services for the project, which is slated for completion this fall.
CANTON, MICH. — Nelson Properties Inc. has arranged the lease of a 12,000-square-foot retail building at Coventry Commons Shopping Center in Canton, 10 miles southwest of Livonia. Locally owned franchises Aqua-Tots Swim Schools will occupy 8,400 square feet and Funtastic Play Center Inc. will occupy the remaining 3,600 square feet at the building. Brian Tomina is the real estate developer for Aqua Tots. Terry Bixler of ROC Real Estate represented Funtastic Play Center. Matthew Schoch of Nelson Properties represented the landlord in both transactions.
BROOKLYN, OHIO — American Greetings has sold its world headquarters, a 1.6 million-square-foot facility in Brooklyn, a suburb of Cleveland, for $15.5 million. Industrial Realty Group, an Ohio-based commercial and industrial property owner, purchased the property, which is situated on more than 150 acres north of Tiedeman Road. Allegro Realty Advisors, a commercial real estate brokerage and consulting firm, facilitated the transaction. The sale involved a complex set of lease agreements, a diverse set of land uses, including office, industrial and vacant land, as well as third-party tenants. American Greetings initially retained Allegro in the fall of 2011 to provide strategic corporate real estate advisory services to determine the most appropriate reuse of the property and the best approach to its disposition strategy, according to Michael Cantor, a managing director and principal at Allegro. Industrial Realty Group will reposition and re-tenant the property. American Greetings will remain as a tenant at the property until it is ready to relocate to its new world headquarters. According to Crain’s Cleveland Business, American Greetings will begin construction on a new $350 million headquarters at Crocker Park in Westlake in September.
NORTHLAKE, ILL. — Chicago-based Bridge Development Partners LLC has purchased a 55-acre business park in Northlake, a suburb of Chicago. According to Crain’s Chicago Business, Bridge Development Partners paid more than $40 million for the property located at 555 Northwest Ave. The facility formerly served as a distribution campus for the Dominick’s Finer Foods grocery chain. Safeway Inc. closed 72 Dominick’s stores in the Chicago area in December 2013. Bridge is marketing the park as Bridge Point Northlake. The firm plans to retain two existing buildings in the park: a 162,000-square-foot cooler facility and a 135,000-square-foot freezer facility that will be expanded by 104,120 square feet. Each property features 32-foot clear heights and each is available for lease with immediate occupancy. Additionally, Bridge will raze obsolete buildings to make way for a new state-of-the-art, 588,284-square-foot distribution center featuring 36-foot heights; a power feed of 4,000 amps; an ESFR sprinkler system; 85 dock positions (expandable to 170); 200 parking spaces, also expandable; and 112 trailer stalls. The new building will be delivered in the third quarter of 2015. John Suerth and Jason Lev of CBRE represented Safeway in the sale of the park and have been retained for the marketing of …
EAGAN, MINN. — Dougherty Mortgage LLC has arranged an $11.7 million HUD 223(f) loan to refinance Cedar Villas Townhomes, a 104-unit, mixed-income townhouse property located in Eagan, Minn. Dougherty’s Minneapolis office arranged the 35-year, fully amortizing loan for the borrower, Cedar Villas LP. Built in 2004, the property consists of 18 residential buildings with 60 two-bedroom units and 44 three-bedroom units. The Section 8 project requires that at least 20 percent of the units accommodate residents whose income does not exceed 50 percent of the area median income. The townhomes include attached garages and feature washers and dryers, fireplaces, patios or balconies, vaulted ceilings, dishwashers and more. Amenities include an outdoor pool, a playground, community room and a fitness center.