CHICAGO — The Boulder Group has brokered the $2.4 million sale of a single-tenant, net-leased Burger King in Chicago. The property is located at 2345 S. Pulaski Road. Burger King is the sole occupant of the 2,980-square-foot building, which was built in 2009. The Burger King is positioned as an outparcel to a recently developed multi-tenant shopping center anchored by Advance Auto Parts and DaVita Dialysis. Burger King’s original 20-year lease expires in December 2029 and features 5 percent rental escalations every five years throughout the primary term and renewal option periods. Heartland Midwest LLC, a wholly owned subsidiary of Heartland Food Corp., guarantees the lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based private partnership. A New York-based high-net-worth individual purchased the property.
Midwest
PONTIAC, MICH. — Bernard Financial Group has arranged a $1.3 million loan to refinance the Oakland Press Building in Pontiac. The 83,265-square-foot office/flex building features 80 parking spaces and one loading dock. Neil Gorosh of Bernard Financial Group originated the loan for the borrower, Twenty Lake Holdings LLC, with a life insurance company. Twenty Lake Holdings is a full-service commercial real estate asset management firm focused on newspaper properties. The company is an owner of commercial real estate occupied by local newspaper companies and serves as a real estate advisor to national media companies.
CHICAGO — Aries Capital has secured a $5 million CMBS loan for a nine-property, multifamily portfolio on Chicago’s South Side. The 10-year loan features a 30-year amortization schedule and a 75 percent loan-to-value ratio. The sponsor of the transaction, an affiliate of McKenzie Management, has been acquiring and renovating properties on the South Side of Chicago for the past eight years. By refinancing the properties, McKenzie Management was able to free up its bank lines and personal guaranties, enabling the company to acquire additional properties and grow its portfolio. McKenzie is a full-service property management company focusing on residential and retail properties.
BIRMINGHAM AND LIVONIA, MICH. —Orlando, Fla.-based Cuhaci & Peterson Architects, Engineers, Planners, has completed design work on two interior remodeling projects for Mitchell’s Fish Market in Michigan. The two front-of-house projects include a 4,976-square-foot restaurant in Birmingham, Mich., and a 5,090-square-foot restaurant in Livonia, both located in the suburbs of Detroit.
LISLE, ILL. — Morgan/Harbour has completed an office renovation of a 10,466-square-foot building in Lisle for law firm Clingen Callow & McLean LLC (CCM). The property is located at 2300 Cabot Drive. Founded in 1995, CCM has relocated its offices to Lisle from Wheaton, Ill. The firm also operates an office in Geneva, Ill., which it will retain. The new Class A building consists of 24 private offices, open office space, three conference rooms, a copy room and break room. Morgan/Harbour’s construction team included Andy MacMillan, John Becker and Keith Zagroba. ConopCo provided project management services and Whitney Architects provided the architectural services.
ANN ARBOR, MICH. — Colliers International has arranged the lease of 1,220 square feet of retail space, located at 1758 Plymouth Road in Ann Arbor. The tenant, Wings Over, is a restaurant offering take-out and delivery of chicken wings and other foods. The franchise has more than 30 locations throughout the country. This will be the restaurant’s first location in Michigan, which is set to open this winter. Jim Chaconas and Brendan Cavender of Colliers International represented both the landlord and the tenant in the lease transaction.
BOILINGBROOK, ILL. — Principle Construction Corp. has begun building a new speculative warehouse facility at 900 Windham Parkway in Bolingbrook, located about 30 miles southwest of Chicago. The 237,000-square-foot precast building will include a 32-foot clear height ceiling, an ESFR sprinkler system, 22 exterior truck docks and the ability to accommodate an additional 25 future truck docks. The facility will also include 35 trailer parking stalls, two drive-in doors and 217 parking stalls. Dallas-based Clarion Partners, represented locally by Seefried Properties, owns the site and building. Berlin Packaging will occupy 125,478 square feet, including 8,500 square feet of offices. The packaging company is moving from Arlington Heights, Ill. Principle’s Ken Lattanzi is the project manager, Tom Sterbenz is the superintendent and Mark Augustyn is the principal involved with the project. Harris Architects Inc. is providing architectural services. Construction is scheduled for completion this November.
DAVISON, MICH. — Bernard Financial Group has arranged an $18 million CMBS loan to refinance Lions Gate Luxury Apartments in Davison, located near Flint. The apartment community consists of 192 rental units within six, four-story buildings. Kevin Kovachevich of Bernard Financial Group arranged the loan on behalf of the borrower, Tshuva Roco Lions Gate LLC.
UTICA, MICH. — Love Funding has arranged a $12.9 million loan for the construction and permanent financing of Encore Townhomes, an 80-unit, market-rate apartment community in the Detroit suburb of Utica. Bruce Gerhart of Love Funding secured the loan for the borrower, Tiburon Investments Utica LLC, through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. Using the program allows borrowers to obtain low fixed-rate, non-recourse financing for a 40-year term, in addition to the initial 17-month construction period. The project includes 13 garden-style, two-story buildings situated next to a newly built luxury condominium development. Residents of Encore Townhomes will share access to the condominium’s clubhouse, outdoor pool, fitness room, business center and other amenities at no additional cost to their rent. Tiburon Investments Utica is developing the project. Fairview Construction Inc. is building the project and Progressive Associates Inc. is providing architectural services.
CLEAR LAKE, IOWA — Dougherty Funding has provided a $3.5 million first mortgage loan for the refinancing of the Best Western Holiday Lodge in Clear Lake, approximately nine miles west of Mason City. Clear Lake Hotel Associates LLC was the borrower. The 136-room hotel is situated on approximately seven acres and includes a Bennigan’s Grill & Tavern restaurant. The property features a heated indoor swimming pool, 24-hour exercise facility, business center/work area, and 5,600 square feet of meeting space. Clear Lake Hotel Associates has begun upgrading the guestroom bathrooms and is planning to make improvements to the interior of the Bennigan’s restaurant.