INDEPENDENCE TOWNSHIP, MICH. — Bernard Financial Group has arranged a $1.1 million loan for Dixie Highway Medical Center, a 36,796-square-foot medical office building in Independence Township, located about 40 miles northwest of Detroit. The borrowing entity is 7250-7300 LLC. Kevin Kovachevich of Bernard Financial Group originated the loan. Ohio National Life Insurance Co. provided the loan.
Midwest
CHICAGO — Jones Lang LaSalle’s (JLL) has arranged a $27.5 million floating-rate, balance sheet loan that was provided by a money center bank for The Hotel Monaco in Chicago. JLL arranged the loan for Inland American Lodging Advisor, which purchased the hotel in November 2013. Mathew Comfort, managing director, and Mike Huth, senior vice president, along with Keith Largay, executive vice presidents, led the JLL in the transaction. The Hotel Monaco Chicago is located at 225 N. Wabash Ave., in close proximity to the city’s central business district, cultural attractions and entertainment venues. The 191-key hotel features 4,100 square feet of meeting space, South Water Kitchen restaurant, a fitness center and spa services.
TROY, OHIO — Marcus & Millichap has arranged the $11.3 million sale of Towne Park Apartments, a 204-unit Class A community in Troy, located about twenty minutes north of Dayton, Ohio. Built in 2004, the multifamily property spans 201,528 square feet. Michael Barron, Daniel Burkons, and Joshua Wintermute of the Barron, Burkons, Wintermute Group in Marcus & Millichap’s Cleveland office, marketed the property on behalf of the seller.
CHAMPAIGN, ILL. — Quantum Real Estate Advisors Inc. has arranged the $3.1 million sale of a 24,300-square-foot, multi-tenant retail center located at 2012-2032 N. Prospect Ave. in Champaign, a suburb of Chicago. A private trust based in the western suburbs of Chicago sold the property. A Chicago-based private group purchased the retail center. Chad Firsel, president of Quantum Real Estate Advisors Inc., represented the buyer and the seller in the transaction.
NOVI, MICH. — Bernard Financial Group has arranged a $1.6 million loan for Pine Ridge Shopping Center, a 37,810-square-foot retail property in Novi, about 30 miles northwest of Detroit. Kevin Kovachevich of Bernard Financial originated the loan for Pine Ridge Associates LP. Bank of Ann Arbor provided the loan.
CHICAGO — Equus Capital Partners Ltd. has sold 200 S. Michigan Ave., a 357,777-square-foot office building in Chicago for $69 million. The building was 89 percent occupied at the time of sale. Bruce Miller and Nooshin Felsenthal of Jones Lang LaSalle represented the seller in the transaction. Current tenants at the 22-story building include RTKL Associates, Howard & Howard Attorneys and Johnson Publishing Co., Starbucks Coffee, Potbelly Sandwich Works and Panda Express.
MASON CITY, IOWA — Lee & Associates has arranged the $10.1 million sale of a Kraft Foods Jell-O distribution facility in Mason City, a city in northern Iowa. Ryan Barr and Ryan Bennett of Lee & Associates represented both the seller, Mason City DST, and the buyer, Store Capital Acquisitions LLC, in the transaction. The property is situated adjacent to the Kraft Foods manufacturing plant, which produces the nation’s entire supply of refrigerated ready-to-eat Jell-O and Jell-O pudding snacks. The 112,066-square-foot, temperature-controlled property is a mission-critical facility for the food brand, which currently has five years remaining on its double-net lease.
KANSAS CITY, MO. — Block & Co. Inc. has arranged the more than $2 million sale of State Line Commons shopping center, a fully occupied, 13,710-square-foot retail property in Kansas City. State Line Investors LLC, a group of local real estate investors, purchased the property. Located on the northeast corner of 81st Street & State Line Road, the shopping center is currently home to Subway, AT&T Wireless, T Loft and four other retailers. David Block and Phil Peck of Block & Co. Inc. represented the buyer in the transaction.
ELK GROVE VILLAGE, ILL. — First Industrial Realty Trust Inc. has sold 1850 Touhy Avenue, a 169,000-square-foot industrial property in suburban Chicago, to BK Equities. The property is located southeast of the Route 83 and Landmeier Road intersection in Elk Grove Village. Eric Tresslar, executive vice president, Joe Bronson, vice president, and Kyle Barrett, associate with NAI Hiffman’s industrial services group, represented First Industrial in the transaction. Matthew Stauber of Colliers represented the buyer, BK Equities.
BELVIDERE,ILL. — Technical Maintenance Inc. (TMI) has signed a 6,400-square-foot lease at 3248-3250 Forest View in Belvidere, located about 13 miles east of Rockford, Ill. TMI is a full-service laboratory that calibrates and repairs test and measurement equipment. The company is adding its Rockford office to service its customers in Chicago and the surrounding areas. AJFC Inc. is the landlord. Karen Walsh, vice president at CBRE, represented TMI in the transaction.