WIXOM, MICH. — Gerdom Realty & Investment has arranged the sale of a 4,000-square-foot office building in Wixom, approximately 35 miles west of Detroit. Trademark Properties of Michigan purchased the building, located in the Crossroads Business Center on Beck Road, for an undisclosed price. Trademark Properties specializes in investing, rehabilitating and developing a variety of distressed real estate properties. Tjader Gerdom of Novi, Mich.-based Gerdom Realty & Investment represented the buyer.
Midwest
SCHAUMBURG, ILL. — Zurich North America has broken ground on its new facility headquarters in Schaumburg. The multi-line insurance provider purchased nearly 40 acres from Motorola Solutions at the northwest corner of I-90 and Meacham Road to construct its new facility. The new campus will feature 735,000 square feet with the potential to add on in the future. The developer and design builder, Clayco and financier/landlord Stonemont Financial Group, have made a $300 million investment and plan to lease the building to Zurich for the next 26 years.The new facility is scheduled to open in 2016. The Village of Schaumburg assisted in Zurich’s decision to remain in the area, offering incentives through the newly created North Schaumburg Tax Increment Financing district. Zurich is in the final stages of executing a package with the state of Illinois to receive Economic Development for a Growing Economy, or EDGE, incentives, according to the company.Representatives from Zurich, the state of Illinois and the business community recently joined together for a groundbreaking ceremony for the new facility. Zurich currently employs approximately 2,500 people in Schaumburg and also has an office in downtown Chicago. Zurich employs about 60,000 people worldwide serving customers in more than 170 …
DALLAS — Capital Senior Living Corp. has purchased three senior living communities, known as the Ohio JV Communities, located in Ohio from joint ventures in which it held a 10 percent interest for $83.6 million. The Dallas-based company previously managed the Ohio JV Communities under long-term management agreements. The Ohio JV Communities are comprised of 433 units, consisting of 227 independent living units and 206 assisted living units. Two communities are financed with $40.1 million of 10-year fixed rate debt that is non-recourse to the company with a blended interest rate of 4.41 percent. The third community is financed with a $21.6 million two-year bridge loan with a variable interest rate beginning at approximately 2.9 percent.
MINNETONKA, MINN. — PCCP LLC has provided a $30.3 million loan to Sage Hospitality for the acquisition and renovation of Marriott Minneapolis Southwest, a 321-room hotel in Minnetonka, approximately 12 miles southwest of Minneapolis. The hotel, located at 5801 Opus Parkway, is situated on more than 10 acres. Built in 1988, Marriott Minneapolis Southwest is a 16-story hotel with more than 14,500 square feet of meeting facilities, more than 4,700 square feet of function space, a restaurant, lobby bar/lounge, fitness center and indoor pool. The new owner plans to invest nearly $10 million to enhance management and staffing of the hotel and implement a full renovation of the hotel rooms, function spaces, public restrooms, lobbies and elevator cabs.
FRANKLIN, WIS. — The Dickman Co./CORFAC International has arranged the sale of a 56,000-square-foot industrial building in Franklin, a suburb of Milwaukee. The property is located at 10179 S. 57th St. GHN Franklin LLC purchased the building from Joseph Kraft Sr. for an undisclosed price. Samuel D. Dickman and Samuel M. Dickman Jr. of the Dickman Co. negotiated the transaction.
Dayton, Ohio, has had its struggles over the years transitioning from a predominantly automotive manufacturing economy to one with a more diverse base of industries such as transportation and logistics, aerospace technology, medical device manufacturing and unmanned aerial vehicle (UAV) development. Throughout this tumultuous period, Dayton’s industrial commercial real estate market has had to adapt to the evolving needs of the new tenant mix. Part of that adaptation has led to the construction of several build-to-suits over the last 18 months. This construction trend is being driven by companies opting for build-to-suit projects instead of purchasing existing properties due to their age, inadequate size or functional obsolescence such as inadequate ceiling heights. The trend is evident in the large amount of industrial space that has been delivered in recent years or is currently under construction in the Dayton market. The impact of this trend is an elevated vacancy rate when compared to other Midwest markets. Dayton’s overall industrial vacancy rate at the end of the first quarter of 2014 stood at 14.8 percent compared with 5.8 percent for Cincinnati. Drivers of New Construction Like much of the industrial market throughout the country, the transportation and logistics industry is driving development …
MAYFIELD HEIGHTS, OHIO — Goodman Real Estate Services Group has brokered the $47 million sale of a 371,748-square-foot shopping center in Mayfield Heights, a suburb of Cleveland. Golden Gate Shopping Center is located at 1625 Golden Gate Plaza. Tenants include Marshalls, Golf Galaxy, h.h. Gregg, PetSmart, Jo-Ann Fabric and Craft, OfficeMax, Cost Plus World Market and K&G Menswear.Hornig Capital Partners LLC, a New York -based privately held real estate investment company, purchased the property as part of a joint venture with B&D Holdings and Hutensky Capital Partners. Kyle Hartung and Jim Becker of Goodman Real Estate Services Group, and Jacob Fedder of CBRE, represented the seller, Forest City Enterprises and an undisclosed partner.
MUNDELEIN, ILL. — HREC Investment Advisors has arranged the sale of a 92-room Comfort Inn & Suites in Mundelein, a suburb of Chicago. Oak Brook, Ill.-based Mundelein Realty LLC, which owns several properties in the Chicago area, purchased the property located at 517 Illinois 83 for an undisclosed price. Scott Kaniewski and Tom Sommer of HREC Investment Advisors' Chicago office and Scott Stephens, of the firm’s Tampa office represented the seller, Buffalo Grove, Ill.-based American Enterprise Bank, in the transaction. There are several demand generators near the hotel, such as Medline Industries, Motorola Mobility, and Six Flags Great America.
AURORA, ILL. — The Boulder Group has arranged $1.4 million sale of a single-tenant, net-leased Tuffy Auto Service Center in Aurora, a suburb of Chicago. The property is located at 3190 N. Aurora Road. Tuffy is the sole occupant of the 3,900-square-foot retail building, built in 2007. There are more than 13 years of primary lease term remaining, which expires in November 2027. The lease features 10 percent rental escalations every five years. Tuffy is a chain of automotive service centers headquartered in Toledo, Ohio. The company is owned by the Tuffy Associates Corp., which also owns about 170 Car-X Tire and Auto stores. There are more that 235 Tuffy locations in 20 states across the eastern United States. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based private real estate investor, and the undisclosed buyer, who purchased the property in a 1031 tax-deferred exchange.
MILWAUKEE — Marcus Hotels & Resorts, a division of The Marcus Corp., has completed renovations on the 176-room Pfister Hotel in Milwaukee. The renovations at the AAA-Four Diamond historic hotel are part of a multi-year, multi-million-dollar reinvestment in the property, which includes the addition of new club floors, a high-tech executive boardroom and a club lounge. Each bathroom features marble vanity tops and flooring, a separate commode stall for privacy and a tiled shower. The Pfister Hotel announced the completion of its VIP Club Lounge in April 2013. The lounge is located on the top floor of the hotel, offering views of the city and Lake Michigan. The new space includes a fireplace, bookshelves, workstations for individuals and small groups, Wi-Fi access, printers and televisions. The club lounge also offers guests breakfast each morning, snacks and beverages throughout the day and hors d’oeuvres and cocktails during the evening. The lounge is open 24 hours a day, seven days a week. Pfister’s new executive boardroom, Twenty 3, was also introduced last year. The upscale, high-tech boardroom incorporates unmatched presentation technology, multiple 4K LED monitors, including 3D, gesture recognition, iPad multi-media controls, surround sound and an iMac lab. The Pfister Hotel was …