TRAVERSE CITY, MICH. — Commercial Property Advisors and Hunter Hotel Advisors have arranged $18 million CMBS loan for the refinancing of three hotels in Traverse City. The fixed-rate, 10-year loan has a 25-year amortization schedule. The hotels, which include Best Western, Cambria Suites and Comfort Inn, total 204 rooms. Cary Belovicz of Commercial Property Advisors and Angelo Stambules of Hunter Hotel Advisors arranged the loan for an undisclosed borrower.
Midwest
CHICAGO — Marcus & Millichap has arranged the sale of a portfolio of four seniors housing properties in Illinois for $25 million. The four properties are branded under the name Villas at Holly Brook and are located in Effingham, Herrin, Marshall and Shelbyville. The properties were constructed within the past five years. Each one-story facility is 35,000 square feet or larger with approximately 46 units located on at least two acres. The properties feature efficiency studios, one- and two- bedroom apartments, and deluxe corner suites. Mark Myers, Alex Blagojevich, and David Gaines of Marcus & Millichap represented the seller, a private investor/owner. American Realty Capital was the buyer in the transaction. Meridian Senior Living operates the properties.
GREENWOOD, IND. — Lee & Associates has arranged the lease of a 1,319-square-foot office space in Greenwood for Lewark Newton & Powers, an insurance provider. The office space is in the Library Park Professional Centre, which is located at 1700 W. Smith Valley Road. Cathy Richards and Teresa Clementsof Lee & Associates represented Lewark Newton & Powers and the landlord, Deegan Properties 107E LLC.
SLINGER, WIS. — Cassidy Turley Barry has arranged the sale of a 10,000-square-foot building for $512,500. The property is located at 800 Enterprise Drive in Slinger, which is approximately 35 miles northwest of Milwaukee. Reliant Fire Apparatus Inc., a company that sells fire trucks and fire safety supplies, purchased the property. James Young of Cassidy Turley Barry represented the buyer in the transaction. Curt Pitzen of NAI/MLG Commercial represented the seller, RPM Development LLC.
HOFFMAN ESTATES, ILL. — J.C. Anderson Inc. will complete a 70,000-square-foot, three-floor office build-out for Omron Corp., a Japanese-based industrial automation company, in Hoffman Estates a northwest suburb of Chicago. Omron is relocating its North and South America Group corporate offices from Schaumburg, Ill. to the Greenspoint Office Park. Omron will occupy the first three floors of the office building, which is located at 2895 Greenspoint Pkwy. The project is expected to take 10 weeks to complete and will include the build-out of open office areas, private offices and conference rooms. The space will feature high-end finishes, wood slat ceilings and decorative metal screens throughout. The building will also have a training center, fitness room, lunchroom and laboratory facilities. Tom Raveret and Marty Powers of J.C. Anderson and Gensler are providing architectural services for the project. Construction is scheduled for completion in June. Andrea VanGelder and Sean Reynolds with JLL represented Omron in the relocation.
CLEVELAND — Marcus & Millichap has arranged the sale of a manufactured home community portfolio in Ohio. The eight properties, containing 1,013 sites, sold for approximately $25 million. Kyle Baskin and Jonathon McClellan of Marcus & Millichap represented the seller, Evergreen Communities. Baskin and McClellan also represented the buyer, UMH Properties Inc. (NYSE: UMH)a publicly traded real estate investment trust that owns and operates 82 manufactured home communities in Indiana, Michigan, New Jersey, New York, Ohio, Pennsylvania and Tennessee. The manufactured home communities, which are located on approximately 270 acres, were 70 percent occupied at the time of the sale.
DOWNERS GROVE, ILL. —Morgan & Harbour Construction has completed a 10,000- square-foot office build-out for Crist|Kolder Associates in Downers Grove. Crist|Kolder Associates, a C-suite executive recruiting firm, has relocated its offices to 3250 Lacey Road from Hinsdale, Ill. The new space is in a Class A office building. Renovations to the space include new HVAC infrastructure, direct and indirect lighting features, millwork base, porcelain tile, aluminum framing and glass rail/stile doors with oil rubbed bronze hardware. The space was previously unoccupied. Morgan & Harbour’s construction tram consisted of Noah Warriner, Andy MacMillan and Keith Zagroba. Gary Lee Partners provided the architectural services for the project.
YPSILANTI, MICH. — Commercial Property Advisors, a multifamily investment brokerage firm, has arranged the $1.9 million sale of Campbell Street Apartments in Ypsilanti. The apartment community, built in the 1960s, consists of 60 units. Cary Belovicz represented the seller, Campbell Street of Ypsilanti LLC, in the transaction. Local residential real estate firm Howard Hanna represented the buyer, AMK Campbell Apartments LLC. The property was fully leased at the time of the sale.
SCHAUMBURG, ILL. — MB Real Estate has arranged a 13,391-square-foot lease renewal and expansion for the suburban offices of PPM America, a Chicago-based investment advisory firm. The offices are located at 300 N. Martingale in Schaumburg, a northwest suburb of Chicago. Andrew Davidson and Jay Beadle of MB Real Estate represented PPM America in the lease expansion. Joe Stevens of Transwestern represented ownership in the lease negotiations.
CHICAGO — Marcus & Millichap has arranged the sale of a 16,000-square-foot retail building entirely occupied by Forever 21 on a net-lease basis. The two-story building, located at 865 W. North Ave in Chicago’s Lincoln Park neighborhood, sold for approximately $15 million. The building includes 8,000 square feet on each floor, a 4,000-square-foot basement and on-site customer parking. Other retailers in the area include Anthropologie, Apple, Best Buy, Crate & Barrel, Restoration Hardware, Sephora, The Container Store, Vitamin Shoppe, Whole Foods and Williams-Sonoma. Stephen Lieberman of Marcus & Millichap represented the buyer, Acadia Realty Trust. Tri-Equities LLC, based in Elk Grove Village, Ill., was the seller.