CINCINNATI — Hyde Park Commercial Group, a Cincinnati-based advisory firm, has arranged a $1.8 million refinance loan for a 60-room Quality Inn hotel in Illinois. Refinancing for the limited-service hotel was arranged through a regional bank. The hotel was facing a loan maturity. The owners wanted to improve the terms of existing financing. Hyde Park CG underwrote, packaged and shopped the loan to multiple community, regional and national banks.
Midwest
LANSING, MICH. — Farmington Hills, Mich.-based Commercial Property Advisors has brokered the sale of Woodland Lakes Apartments, a 344-unit, Class A apartment community located in Lansing. Mount Auburn Capital Group, a California-based multifamily investment and management firm, purchased the property for more than $30 million. The deal marks Mount Auburn’s expansion into Michigan. Built in 2003, Woodland Lakes is situated on 60 acres. The property, which is currently 97 percent occupied, sold at a high 6 percent cap rate based on the 2013 year-end financials. Cary Belovicz of Commercial Property Advisors represented the seller, Woodland Lakes Investment Group LLC, an institutionally managed fund. K. Conly Chi of Mount Auburn says the transaction closed in less than 30 days from contract.
LAKE BLUFF, ILL. — The Boulder Group has brokered the $3.2 million sale of a two-tenant, net-leased property in Lake Bluff, Ill., a suburb of Chicago. The 7,902-square-foot retail center, originally built in 1985, is located at 305 S. Waukegan Road. Panera Bread and Noodles & Co. are tenants in the building. The property is an outparcel to a Heinen’s grocery-anchored center. Heinen’s, an upscale grocery store chain, replaced the vacant Dominick’s property. Panera has more than four years remaining on its lease that expires Aug. 31, 2018. The lease features two five-year renewal options with 10 percent rental escalations. Noodles & Co. has more than 10 years remaining on its lease, which expires Oct. 31, 2024. The lease features a 6.7 percent rental escalation in the primary term. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a foreign investor from Spain, in the transaction.
RACINE, WIS. — Mid-America Real Estate Corp.’s investment sales team has arranged the $9 million sale of Racine Centre in Racine, approximately 29 miles southeast of Milwaukee. A private buyer purchased the 135,827-square-foot Piggly Wiggly grocery-anchored center. Racine Centre is located at the southeast corner of Green Bay Road and Washington Ave. Tenants include Xperience Fitness, Party City, Dollar Tree and Get it Now! Joe Girardi of Mid-America Real Estate Corp. in cooperation with Dan Rosenfeld of Mid-America Real Estate – Wisconsin LLC represented the seller, Jacksonville, Fla.-based Regency Centers.
CHICAGO — Marcus & Millichap has arranged the $1.9 million sale of a 29-unit apartment property in Chicago The property is located at 4815 N. Springfield Ave. Built in 1927, the building has been upgraded within the past 10 years. Kyle Stengle, an investment specialist in Marcus & Millichap’s Chicago downtown office, represented the seller, a partnership. Stengle also represented the buyer, Windy City RE LLC.
NILES, ILL. — Holladay Properties has arranged the lease of a new 4,000-square-foot medical office building in Niles, a suburb northwest of Chicago. North Suburban Physicians Group will occupy space at The Park at Golf Mill, a senior independent living community located at 8975 West Golf Road. North Suburban Physicians Group is expanding its practice in Niles to meet the needs of its growing patient base in the northwest suburban areas of Chicago. Liza Passarelli of Tenant Advisors Inc. represented the tenant in the transaction. Michael O’Connor of Holladay Properties represented the owner.
CHICAGO — Sonnenblick-Eichner Co. has arranged a $265 million first mortgage loan for the refinancing of the 610-room JW Marriott Chicago hotel. The property is located at 151 W. Adams St.The hotel is part of a 1.1 million square-foot mixed-use property, which occupies a full city block in the financial district of downtown Chicago. A Wall Street investment bank provided a non-recourse, LIBOR-based floating-rate loan. The hotel occupies the lower floors of an iconic Daniel Burnham designed building, originally completed in 1914. The building is designated as a historic landmark and on the National Register of Historic Places. In 2008, the lower 12 floors were fully renovated and converted into the 610-room JW Marriott Chicago. Marriott International operates the hotel.
MT. VERNON, ILL. — A new 32,022-square-foot Big Lots department store has opened at the Times Square Mall shopping center in Mt. Vernon, 80 miles east of St. Louis. The Sansone Group and Pine Tree Commercial Realty LLC own the 269,328-square-foot shopping center in partnership with Elgin, Ill.-based Wanxiang America Real Estate Group. Times Square Mall is located on the southeast corner of Broadway Street (State Route 15) and 42nd St. JC Penney, Dunham Sports and Peebles anchor the center. Other tenants at the center include rue21, Ross Dress for Less, GNC, Maurices, Claire’s, Bath & Body Works, Glik’s, Shoe Sensation, Subway and Wendy’s.
MONONA, WIS. — Dougherty Funding LLC has arranged an $18.5 million new construction loan for Treysta on the Water Apartments. The 124-unit apartment complex is located on the Yahara River in Monona, an eastern suburb of Madison. Dougherty Funding arranged the loan for Treysta Holdings LLC. The mixed-use property will include apartments with one-, two- and three-bedroom units, a restaurant and commercial space.
MINNEAPOLIS — Marcus & Millichap has brokered the $1.4 million sale of Fresenius Medical Care Dialysis Clinic, a 7,990-square-foot, net-leased property in Minneapolis. The facility, located at 4310 Nicollet Ave., is situated on nearly a half acre. Gino Lollio and Scott Niedergang of Marcus & Millichap’s Chicago downtown office represented the seller, an individual/personal trust. Brian Munn and James Rea of Marcus & Millichap’s Atlanta office represented the buyer, a private investor. Dan Linnell of Marcus & Millichap’s Minneapolis office assisted in closing the transaction.