WISCONSIN DELLS, WIS. — Marcus & Millichap has arranged the $1.2 million sale of a 228-room hospitality property in Wisconsin Dells, approximately 54 miles north of Madison. Dells Island Resort & Conference Center is located at 655 N. Frontage Road. Jon Ruzicka, Gordon Allred and Chris Gomes of Marcus & Millichap represented the seller, a bank/financial institution. Ruzicka and Allred also represented the buyer, a limited liability company. Matthew Fitzgerald of Marcus & Millichap assisted in closing the transaction.
Midwest
CHICAGO — Reed Construction has completed 16,000 square feet of speculative office suites in Chicago’s Wrigley Building for Zeller Management Corp. The 502,000-square-foot property is located at 400 N. Michigan Ave. The build-out on the 7th floor of the building included the construction of walls, ceilings and glass office fronts. The divisible space features open workspace, private offices, conference rooms and pantries. Jason Gunderson was the senior project manager for Reed Construction. Griskelis Young & Harrell provided the architectural services. Zeller Realty Group is the leasing agent for the property. The Wrigley Building was constructed in 1921.
BROOKFIELD, WIS. — The Boulder Group has brokered the $2.4 million sale of a single-tenant, PNC Bank ground lease in Brookfield approximately 12 miles east of Milwaukee. The property is located at 12821 W. Bluemound Road. PNC Bank is the sole occupant of the recently constructed 4,020-square-foot retail building. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a private investor from the West Coast, and the seller, a Midwest based developer.
WOODSTOCK, ILL. — Marcus & Millichap has arranged the sale of a 47,650-square foot self storage facility located in Woodstock for an undisclosed price. Centerville Self Storage is located at 2105 S. Eastwood Drive. Built in 2000, the storage facility consists of 10 single-story buildings with 322 climate controlled and non-climate controlled units. Sean Delaney represented the seller, Centerville Self Storage LLC and the buyer, Sparkplug Capital LLC.
RICHFIELD, MINN. — Oak Grove Capital has originated an $11.1 million FHA 223(f) loan for Lyndale Plaza Apartments, a 94-unit affordable housing community in Richfield. The 35-year, fully amortizing loan was used to repay existing debt. Lyndale Plaza Apartments is a Class A property with 20 percent of its units set aside for low-income tenants. The original financing package included 4 percent tax credits, tax increment financing through the city of Richfield and a floating-rate, tax exempt bond issuance from the state of Minnesota. Oak Grove was able to obtain a waiver to HUD’s “three-year rule” and structure a long-term, fixed-rate FHA loan that locked in financing costs over the entire life of the property and allowed the borrower to pay for cost overruns that occurred during construction.
NAPERVILLE, ILL. — CBRE has arranged the lease of a 25,000-square-foot anchor retail space in Naperville to Fresh Thyme Farmers Market, a full-service grocer. The space is in the Cress Creek Square shopping center, which is located at 790-796 Royal St. George Drive. Current tenant Office Max will vacate the space, and the grocer plans to open in 2015.Lynne Brackett and Marisa Roussel of CBRE represented the landlord, Arthur Goldner & Associates Inc., in the transaction. Al Rodenbostel of ARCORE Real Estate Group represented Fresh Thyme.
GRAND RAPIDS, MICH. — Cohen Financial has secured more than $3.8 million in loans for two Michigan properties. Cathy Bronkema of Cohen Financial secured a $1.6 million acquisition loan for a single-tenant industrial building located in the Detroit area. Bronkema arranged the loan on behalf of the buyer, a Chicago-based investor, through a bank. Bronkema also secured a $2.2 million refinance loan for The Abbey Apartments, a 56-unit multifamily property located between Lansing and Grand Rapids. Bronkema arranged the loan on behalf of the buyer, a Michigan-based developer, through a life insurance company.
MUKWONAGO, WIS. — The Dickman Co. Inc./CORFAC International has completed the sale of an 11,400-square-foot retail building in Mukwonago, a city approximately 30 miles southwest of Milwaukee. The property is located at 723 N. Rochester Ave. Nathan Powers and Brian Riordan of Boerke Co. Inc. represented the buyer, 723 Rochester LLC. Dave Hazenfield of the Dickman Co. Inc. represented the seller, Cheryl A. Berg.
SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $2.2 million loan for the Vanguard Office Building in Southfield. The 115,000-square-foot office building is located at 23800 W. 10 Mile Road. Kevin Kovachevich of Bernard Financial originated the loan for the borrower, Vanguard Owner LLC. Bloomfield Capital Partners LLC is the lender.
MOUNDS VIEW, MINN. — Construction has begun on a new three-story seniors housing community in Mounds View approximately 13 miles north of Minneapolis. The Bel Rae will be a 97-unit apartment building located at 2330 County Highway 10. The 105,000-square-foot senior community designed by Minneapolis-based Kaas Wilson Architects is scheduled for completion in March 2015. Nottingham Construction of Stillwater, Minn. is building the $14 million project. Mounds View Properties is the project developer. The new development will include independent living, assisted living and memory care apartments. The property will feature state-of-the-art monitoring and reporting technology, overnight guest rooms, underground parking, a community room, and a high-end, restaurant-quality dining room with meals prepared on-site for the residents. In addition, the senior community will provide an activities director and a full-time nurse who is on call 24 hours a day. Ebenezer Management Services will manage the property.