DAYTON, OHIO — Marcus & Millichap has arranged the $4.1 million sale of three dialysis centers totaling 35,670 square feet. Dialysis Centers of Dayton occupies two of the three buildings; one as the sole tenant and the other as co-tenant along with Renal Physicians Inc. DaVita Dialysis anchors the third facility with Renal Physicians Inc. occupying the remaining space. The anchor tenants, DaVita Dialysis and Dialysis Centers of Dayton (Miami Valley Hospital), each have more than nine years remaining on their leases along with two, five-year renewal options. Gino Lollio, Christopher Mitchel and Scott Niedergang of Marcus & Millichap’s national healthcare real estate group represented the seller, Premier Health Partners, a medical network of five hospitals and two major health centers in the Dayton region, including Miami Valley Hospital. The Marcus & Millichap team also represented the buyer, a private healthcare-focused real estate fund. Michael Glass of Marcus & Millichap’s Ohio office also assisted in the transaction.
Midwest
CAROL STREAM, ILL. — Cushman & Wakefield has arranged a long-term, 185,000-square-foot industrial lease in Carol Stream, approximately 35 miles west of Chicago. Diamond Marketing Solutions, which creates data-driven communications in print and digital response media, leased the space within the Carol Point Business Park located at 900-910 Kimberly Drive. The lease brought the 275,000-square-foot industrial property to 100 percent occupancy. Britt Casey and Chris Lydon of Cushman & Wakefield's Rosemont, Ill., office represented the property owner, TA Associates Realty. John Gearen of Nicolson, Porter & List served as tenant broker in the transaction. Diamond Marketing Solutions is relocating its headquarters to the property from Bloomingdale.
CHASKA, MINN. — The Opus Group plans to develop a mixed-use project on 60 acres in Chaska, a small town about 25 miles southwest of Minneapolis. The property is located at the southwest corner of U.S. Highway 212 and County Road. Plans for the site include approximately 500,000 square feet of industrial and office space and a 15-acre, grocery-anchored retail development. Opus Development Co. LLC has retained Colliers International to market the site. The population of Chaska was nearly 24,100 as of 2012, according to the U.S. Census Bureau.
BLOOMFIELD HILLS, MICH. — Arbor Commercial Funding LLC has funded 10 loans totaling $35.7 million in the Midwest under several of the company’s financing solutions. The loans included a $7.9 Fannie Mae DUS dedicated student housing loan for Americana on the River Apartments, a 90-unit multifamily property in East Lansing, Mich.; a $6.8 million Fannie Mae loan for a Michigan portfolio of 190-unit multifamily properties (Tree Top Meadows in Novi; Peppertree Park Townhomes in Lansing; and Maple Road Townes in Birmingham); a $5.6 million Fannie Mae loan for Bloomfield Hills Townhouses Cooperative, 283-unit multifamily property in Pontiac, Mich.; a $4 million FHA loan for Lexington Apartments, an 84-unit community in East Lansing; a $3 million Fannie Mae DUS Dedicated Student Housing loan for Haslett Arms Apartments, a 41-unit multifamily property in East Lansing; a $3.1 million Fannie Mae loan for Northcrest Apartments, a 151-unit multifamily property in Riverside, Mo.; a $3 million Fannie Mae loan for Greenway Villas Apartments, a 51-unit multifamily property in Raymore, Mo.; and a $2.1 million Fannie Mae loan for the 116-unit Rowanoake Apartments in Streetsboro, Ohio. Michael Jehle of Arbor’s Bloomfield Hills, Mich. office originated all the loans.
FARIBAULT, MINN. — The Opus Group has began construction on the renovation and expansion of an 18,500-square-foot project for Shattuck-St. Mary, an Episcopal boarding and day school in Faribault, approximately 50 miles south of Minneapolis. The project, which upon completion will be known as The Inn at Shattuck-St. Mary’s, will repurpose the historic Phelps Infirmary building into an on-campus inn. The new facility will include meeting and conference space for the school and community. The project will include a complete remodel of the 147-year-old building and will add 10,200 square feet of new space to the two-story complex. The first floor of the building will feature a large meeting room with adjustable partitions, a catering kitchen, bar and lounge area that can be used for meetings and events. The second floor will provide a total of 12 guest suites. Opus Design Build LLC is the general contractor on this project. Construction is scheduled for completion this fall.
NEWARK, OHIO — DoubleTree by Hilton and Hilton Worldwide have opened a new DoubleTree by Hilton hotel in Newark, approximately 39 miles east of Columbus. The full-service hotel, located at 50 N. 2nd St., is within walking distance of downtown Newark and is a 35-mile drive from Columbus International Airport. The newly renovated six-floor, 117-room hotel includes a redesigned lobby featuring an expanded business center and work stations; guest rooms and suites equipped with modern furnishings and signature amenities; 5,000 square feet of flexible meeting and event space; a 24-hour fully-equipped fitness center, heated indoor pool, and an outside patio with fireplace. The Jerry McClain Co. will own and operate the hotel. Columbus Hospitality will manage the property. This is the third DoubleTree by Hilton property in the metropolitan Columbus area.
BROOKLYN CENTER, MINN. — Stewart Capital Partners has arranged a 10-year lease extension at Brookdale Corporate Center II, a recently renovated two-building office campus approximately 10 miles from downtown Minneapolis. Kidney Specialists of Minnesota will occupy space in the center located at 6200 Shingle Creek Parkway. KSM has been a tenant at Brookdale Corporate Center since 2000 and currently occupies 9,223 square feet. Each building in the center is comprised of six stories totaling 228,000 square feet. In addition to KSM, major tenants include University of Minnesota Physicians, Merkle, Savvy Sherpa, National American University, Carson, Clelland & Schreder Law Offices, Endodontic Associates Limited and FirstStep Group. Ann Hansen and Steve Strom of Cresa Partners represented KSM in the lease transaction. Dick Schadegg of Schadegg Commercial Real Estate Inc. represented the building’s owner, Stewart Capital Partners.
For Cincinnati residents and businesses, the ongoing revitalization of the city’s urban core is an exciting example of how the traditional live, work and play dynamic can set in motion a cycle of positive reinforcement whereby new housing spurs new commercial development, which in turn encourages additional residential growth. While the Queen City’s renewed civic connections and commercial synergies are making headlines and garnering justified attention, it is precisely this residential spark that has fanned the retail flame. Like so much development — and redevelopment — it is all about “chasing rooftops,” responding to demographic shifts and finding new ways to meet the needs of a changing urban populous. In today’s rapidly evolving Cincinnati market, those changes are evident, and the resulting development is literally and figuratively altering the Cincinnati cityscape. City Living Cincinnati’s recent urban residential development can be broken down into two categories: downtown development in and around the central business district (CBD), and the development in the first-ring communities just outside of that urban core. Both areas are seeing a great deal of high-end multifamily coming online. Typically, this new housing stock is amenity-driven and priced at a premium. The tight rental market for this product has …
PORTAGE, MICH. — Pillar, a Guggenheim Partners affiliate, has originated a $20.7 million FHA/HUD loan for the acquisition and rehabilitation of Milham Meadows Apartments, a 300-unit multifamily property in Portage, approximately seven miles south of Kalamazoo. The fully leased property is located at the corner of Milham Road and Oakland Drive. The borrower, Integra Property Group, is utilizing Pillar’s acquisition loan and proceeds from the sale of low-income housing tax credits to purchase the property and to rehabilitate a number of elements, including a substantial renovation of energy and unit upgrades, as well as capital systems upgrades. The community will remain fully tenanted through the rehabilitation. Peter Nichol, of Pillar’s San Francisco office originated the transaction working closely with Mark Wiedelman and Nancy Ludwick of Pillar’s FHA lending team based in Bloomfield Hills, Mich. The affordable housing team secured a construction and permanent mortgage loan to facilitate the substantial rehabilitation of the property with short-term tax-exempt bonds and 4 percent tax credits.
ROSEVILLE, MINN. — Meritex has broken ground on the Highcrest Distribution Center, a 130,000-square-foot industrial project in Roseville, a suburb of Minneapolis. The property is located at 2400 Terminal Road. The project will have 32-foot clear height ceilings, up to 40 dock doors, ESFR sprinkler system, and can be subdivided to accommodate smaller tenants. The building will also have access to the Minnesota Commercial Railway. The project will be ready for occupancy in November 2014. Pope Architects designed the project. R.J. Ryan is the general contractor. Matt Oelschlager, John Ryden and Mike Bowen of CBRE are marketing the property for lease. The 9-acre development site was part of a larger 42-acre site that Meritex began marketing to users in 2009.