BROWNSTOWN TOWNSHIP, MICH. — Friedman Real Estate has brokered the $16.9 million sale of South Glen Apartments in Brownstown, a southern suburb of Detroit. The 159-unit multifamily property is located at 19400 S. Glen Blvd. The sales price represents $106,603 per unit. Peter Jankowski and Rich Deptula of Friedman represented the undisclosed buyer and seller in the transaction.
ANTIOCH, ILL. AND LAKE GENEVA, WIS. — Greystone has provided two Fannie Mae loans totaling $15.4 million for the refinancing of a 253-unit multifamily portfolio in Illinois and Wisconsin. Each of the two garden-style properties received a $7.7 million loan. Geneva Meadows Apartments is a 108-unit community in Lake Geneva, Wis., and Antioch Manor Apartments is a 145-unit property in Antioch, Ill. Kyle Jemtrud and Wilson Molitor of Greystone originated the nonrecourse loans, which feature fixed interest rates, seven-year terms, 30-year amortization schedules and interest-only payments for the entire term of the loan.
LA GRANGE PARK, ILL. — Marcus & Millichap has arranged the $9 million sale of a retail property net leased to Jewel-Osco in La Grange Park, about 13 miles west of Chicago. The 46,637-square-foot building is located at 507 E. Woodlawn Ave. Jewel-Osco has operated at the property since it was built in 1964 and recently signed a 20-year lease extension through May 2044. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a life insurance company. The asset sold to a 1031 exchange investor and garnered one of the lowest cap rates for a full-service grocer in the Midwest in recent years, according to Mendoza.
EVANSVILLE, IND. — Huff, Niehaus & Associates Inc. has negotiated the sale of the Comfort Inn East Evansville hotel for an undisclosed price. The three-story, limited-service hotel features 111 rooms. Shriv Shakti Hospitality Inc. acquired the property for less than $50,000 per room from Priyansu Hotels LLC. Brandt Niehaus of Huff, Niehaus & Associates represented the seller.
BLOOMINGTON, ILL. — AXIS 360 Commercial Real Estate Specialists has brokered the sale of the Growing Grounds garden center located at 1610 S. Main St. in Bloomington. Dale Naffziger sold the property to Chad Jones, owner of Pontiac, Ill.-based Jones Country Gardens and a long-time supplier of Growing Grounds. Mike Talkington of AXIS 360 brokered the sale. Growing Grounds is known for its selection of perennials, annuals, trees and shrubs as well as its expertise in landscaping solutions.
CANTON, MICH. — Marcus & Millichap has brokered the $23.8 million sale of Willow Creek Shopping Center in Canton. The 161,626-square-foot power center was built on 18 acres in 2004. Michaels and Marshalls are original tenants at the property, which is fully leased to eight tenants. The other retailers include Dunham’s, Crate & Barrel, Dollar Tree, Kirkland’s, Five Below and Direct Optical of Canton. Ashish Vakhariya, Darin Gross and Seth Haron of Marcus & Millichap represented the seller and procured the buyer, neither of which were disclosed.
MINNEAPOLIS AND ST. PAUL, MINN. — A portfolio of 283 single-family rental homes, dispersed across the Minneapolis-St. Paul region, is now under nonprofit control following a joint acquisition by Grounded Solutions Network’s Homes for the Future (HFTF) initiative and five other nonprofit organizations. HFTF invested $2 million in the $61 million purchase and leads the ownership group’s efforts to transition the homes and expand the number of community-controlled assets stewarded by nonprofit shared equity housing organizations. “By bringing this previously for-profit, private equity investor-owned portfolio under nonprofit control, we have an opportunity to transition current tenants into homeownership and to rehab and sell the vacant homes at an affordable price to future families,” says Devin Culbertson, vice president of innovative finance at Grounded Solutions Network. Properties in the portfolio are concentrated in historically low-income communities of color, many of which are the fastest-appreciating neighborhoods in the region. Homes in the portfolio may continue to be maintained as rentals or sold to the current tenants. When current tenants choose to move out, the homes will be sold, with priority given to nonprofit shared equity housing programs. The use of the shared equity housing model, such as a Community Land Trust, ensures …
NORTH CANTON, OHIO — Friedman Real Estate has arranged the $4.8 million sale of a 12,000-square-foot retail property occupied by Caliber Collision in North Canton, just south of Akron. The newly constructed asset is located at 1550 W. Maple Road. Marc Hildenbrand and Steven Silverman of Friedman represented the buyer in the transaction.
NAPERVILLE, ILL. — The White Sheep, a breakfast and brunch restaurant, has signed a 5,424-square-foot lease to open a restaurant at 22 E. Chicago Ave. in Naperville. The space is located in the River District Shopping Center, adjacent to North Central College. The restaurant is slated to open in the second quarter. Rick Scardino of Lee & Associates represented the tenant. Brooke Spinell of Mid-America Real Estate Group and Tom Bernier of Bucksbaum Properties LLC represented the landlord, Bucksbaum Properties. The lease marks the second location for The White Sheep, which maintains a restaurant in Orland Park.
JOLIET, ILL. — NAI Hiffman has negotiated the $1.5 million sale of an industrial outdoor storage (IOS) property in Joliet. The 7-acre fenced and secured site at 18424 NW Frontage Road features an 11,000-square-fot repair facility with four repair bays and approximately 100 trailer parking positions. It is situated 15 miles north of the CenterPoint Intermodal facility — Noth America’s largest inland port — and near I-55 and I-80. NAI Hiffman’s Disser Team, comprising Kelly Disser, Mike Freitag, Bill Byrne and TJ Feeney, represented the seller. Both the buyer and seller were privately owned trucking companies.
