MAYFIELD HEIGHTS, OHIO — Coldwell Banker Commercial (CBC) Alliance has arranged the $47 million sale of the Golden Gate Shopping Center in Mayfield Heights, a Cleveland suburb. A joint venture betweenHornig Capital Partners LLC, a New York-based real estate firm, and Hutensky Capital Partners of Hartford, Connecticut, purchased the property. Golden Gate, built in 1958, is a 371,748-square-foot center that was renovated in 1995. The center is currently 95 percent occupied. Anchor tenants at the center include Marshalls, PetSmart, Golf Galaxy, H.H. Gregg, OfficeMax and Jo-Ann Fabrics. Cleveland-based Forest City Enterprises Inc. sold the property. Bruce Weissberg of CBC Alliance assisted in closing the off-market deal.
Midwest
LOMBARD, ILL. — NAI Hiffman has arranged the lease of 5,620 square feet of office space for DuPage Senior Citizens Council in Lombard, a suburb approximately 20 miles east of Chicago. The nonprofit firm will relocate from 1919 S. Highland Ave. in Lombard to the new space in the Oak Creek Center, a single-story office building located at 1990 Springer Drive. Aubrey Van Reken of NAI Hiffman represented DuPage Senior Citizens Council in the transaction.
MIDDLETON, WISC. — ALTUS Commercial Real Estate Inc. has brokered the $525,000 sale of a townhome investment property in Middleton, approximately six miles west of Madison. A private investor purchased the property located at 2162-2168 Parmenter St. Chuck Polenz and Dan Roseliep of ALTUS represented the undisclosed seller.
BRIDGEVIEW, ILL. — Peak Construction Corp. has completed the renovation of a 121,900-square-foot manufacturing facility for Pactiv in Bridgeview approximately 13 miles southwest of Chicago’s Loop. Peak completed the renovation on behalf of Darwin Realty & Development Corp., the developer for the project. Renovation of the 50-year-old building included the demolition of the existing boiler and fire protection system, the installation of new energy efficient heating units with a new ESFR fire protection system and new dock equipment, a new 5,500-square-foot link connecting their buildings and new pavement and landscaping. Pactiv is a manufacturer of products for the foodservice industry. The facility will house a dry offset printing process.
CARMEL, IND. — Leo Brown Group has opened two senior living communities in the Indianapolis area and began construction on two new senior living communities in Ohio and Kentucky. The four projects combined total $66 million in new investment by the Carmel-based developer, owner, and operator of healthcare properties. The newly open properties include Traditions at Solana, a 105-unit senior community within the new Solana at the Crossing residential development; and Traditions at Reagan Park, an 82-unit assisted living and memory care community. The $16.7 million Traditions at Solana project is located at 78th Street and Keystone Avenue. The $11.5 million Traditions at Reagan Park is located in Avon just west of the Indiana University Health West hospital campus. The new facility is part of the larger Reagan Park senior living campus developed by Leo Brown Group. Both projects opened in June. Through its management company affiliate, Traditions Management, Leo Brown Group will run day-to-day operations at both of the communities. Leo Brown Group broke ground on Middleton of Granville in Ohio and plans to break ground on Traditions at Beaumont in Kentucky. Middleton of Granville is a joint venture between Leo Brown Group and Columbus, Ohio-based Continental Real Estate …
LISLE, ILL. — NorthMarq Capital has arranged a $60 million loan to refinance Arboretum Lakes, a 734,000-square-foot, Class A office park in Lisle located within Chicago’s East-West corridor. Jeff Cherner of NorthMarq Capital’s Chicago regional office structured the 10-year loan with a 25-year amortization schedule. NorthMarq provided financing for the borrower through its correspondent relationship with a life company.
INDIANAPOLIS — Steadfast Apartment REIT has acquired a 307-unit apartment complex in Indianapolis for $27.9 million. Harrison Place is located at 5821 Beatle Drive. Constructed in 2001 on nearly 22 acres, the apartment community features one-, two- and three-bedroom apartments, and two- and three-bedroom cottages. The property was 95 percent occupied at the time of sale. Average in-place rents are $828. Amenities at the complex include a clubhouse/leasing office, fitness center, business center, laundry facility, swimming pool and a tenant lounge. The units also include refrigerators, microwaves, washer/dryer hook-ups and private patios or balconies. Steadfast plans to make interior improvements that will include upgrading the appliances and adding vinyl plank wood flooring. The acquisition of Harrison Place is the REIT’s second acquisition this year. In May, the REIT acquired the 176-unit Villages at Spring Hill in Spring Hill, Tennessee.
EDWARDSVILLE, ILL. — IMPACT Strategies has completed construction on Cedarhurst of Edwardsville, an $8 million memory care facility in Edwardsville, approximately 23 miles northeast of St. Louis. The property is located at 7108 Marine Road and is near I-55. Cedarhurst of Edwardsville is a 32,987-square-foot, single-story building with 54 memory care apartments. The building is divided into four neighborhoods to foster care for its residents all with access to the interior outdoor courtyard. Oregon-based Lenity Group LLC designed the memory care facility. Dover Capital LLC, which also has Cedarhurst facilities in Collinsville and Shiloh, developed and will manage the property. Construction management firm IMPACT also built the Shiloh assisted living property in 2010 and recently completed an expansion to the property.
Apartment development is currently the driving force in downtown Cleveland’s commercial real estate market, including the conversion of office buildings to residential use and the rehabilitation of existing apartment buildings. Downtown Cleveland’s population stands at more than 12,500, an 88 percent increase since 2000, according to a first-quarter market update from the Downtown Cleveland Alliance. As a result, apartment demand is unrelenting with many properties boasting a long waiting list. The renovated Ameritrust Building that includes “The 9” Apartments is one such development that has a significant waiting list.The strong tenant demand has driven Cleveland’s apartment vacancy to below 5 percent. Corporate Relocations In response to a growing number of young professionals seeking a downtown work/live/play environment, several corporations have relocated from the suburbs to downtown Cleveland. This trend is particularly evident among high-tech companies. The list of companies growing and expanding downtown includes Dakota Software, Dwellworks, National General Insurance, OnShift, BrandMuscle and BrownFlynn. Renewed growth and demand for an efficient workplace has led to the construction of Cleveland’s first multi-tenant office building in decades, the Ernst & Young Tower. Inquiries and occupancy at the Ernst & Young Tower have been so robust that the developer, Fairmount Properties, has broken …
CHICAGO, MARION AND ITASCA, ILL. — Capital One Specialty Healthcare Real Estate, part of Capital One Bank’s Commercial Real Estate Group, has provided $31.8 million in HUD 232/223(f) loans for a portfolio of skilled nursing facilities in Illinois. A loan of $8.8 million will be used to acquire a 125-bed property in Marion built in 1966 and renovated in 2011. Loans of $17.9 million and $5.1 million will be used to refinance a 228-bed facility constructed in 1996 in Chicago and a 144-bed facility built in 1975 with an addition in 1983 in Itasca. The fixed-rate loan for the Marion facility has a 30-year term. Those for the Chicago and Itasca facilities have terms of 35 years. Joshua Rosen, who leads the company’s agency healthcare efforts from the company’s Chicago office, originated the loan. The undisclosed borrower has closed several deals with Capital One Multifamily Finance during the past year and has extensive long-term care and real estate management experience.