TOLEDO AND WATERVILLE, OHIO — Devonshire REIT Inc., a private real estate investment trust, has acquired five retail properties in Ohio for $31 million. Four of the properties are located on Monroe Street in Toledo. These properties include Monroe Street Square Shopping Center, a 124,904-square-foot, Hobby Lobby-anchored center; Bed, Bath & Beyond Plaza, a fully leased, 55,139-square-foot retail property; the 45,594-square-foot Office Depot Plaza; and a 9,860-square-foot property fully occupied by Pier 1 Imports. Devonshire also acquired 125 acres of the 350-acre, mixed-use Villages at Waterville Landing development in Waterville. The 125 acres are zoned for retail and currently include a new 80,000-square-foot Kroger, a Farmers & Merchants State Bank branch and a Speedway fuel center that is under construction. Goldman Sachs Mortgage Company provided financing for the Monroe Street acquisitions and for the refinancing of the first phase at Franklin Place. The financing package totaled $24 million. The properties were purchased from local real estate developers and investors, Tom Helberg and Thomas Schlachter.
HORSHAM, PA. — Berkadia Commercial Mortgage LLC has provided three acquisition loans totaling $28 million for Capital Senior Living Corp. Lisa Lautner, senior vice president of Berkadia’s seniors housing and healthcare group, originated the loans for the seniors housing properties located in Ohio, Wisconsin and Georgia.Lautner arranged a $11.9 million loan through Fannie Mae for Hyland Park of Fitchburg in suburban Madison, Wis. The 10-year loan includes a fixed interest rate and 30-year amortization schedule. The property features 82 independent and assisted living units and is 98 percent occupied. Berkadia also provided a $7.6 million loan through Fannie Mae for Woodlands of Middletown, located in suburban Cincinnati. The senior living community features 61 assisted living and memory care units, which have studio and one-bedroom layouts, as well as companion suites. The 10-year loan includes a fixed interest rate and 30-year amortization schedule. The property is currently 93 percent occupied. In addition to the Fannie Mae financings, Lautner arranged an $8.5 million loan through Berkadia’s proprietary bridge lending program for Peachtree Plantation, a 64-unit assisted living and memory care facility located in Oakwood, Ga.
NORTH OLMSTED, OHIO — Marcus & Millichap has arranged the $17.8 million sale of the North Olmsted Towne Center, a 95,446-square-foot shopping center in North Olmsted, approximately 17 miles southwest of Cleveland. The sales price equates to $186 per square foot. Scott Wiles and Craig Fuller in Marcus & Millichap’s Cleveland office, along with Erin Patton in the firm’s Columbus office, represented the seller, a local Cleveland investment group. Wiles, Fuller, Patton and Dustin Javitch, who is also in the Cleveland office, advised the buyer, an out-of-state private investor. The property is located in the center of North Olmsted’s commercial district at 25100 Brookpark Road, east of the intersection of Brookpark Road and Great Northern Boulevard. Shadowed by Target and a Walmart Supercenter, tenants at the North Olmsted Towne Center include David’s Bridal, The Tile Shop, Jimmy John’s, La-Z-Boy, Men’s Wearhouse, Moe’s Southwest Grill, Party City and Pearle Vision.
ELMURST, ILL. — Marcus & Millichap has arranged the $1.2 million sale of Lexington Apartments, a 12-unit multifamily property in Elmhurst, a suburb of Chicago. Ryan Engle and Andrean Angelov, investment specialists in Marcus & Millichap’s Oak Brook, Ill., office, marketed the property on behalf of the seller, a private investor. Engle and Angelov also represented the buyer, a private investor. Lexington Apartments is located at 15W630 Lexington St. and includes four one-bedroom and eight two-bedroom units. The property also features 24 off-street parking spaces, on-site laundry facilities and one storage space per unit.
KANSAS CITY, MO. — Rockwood Real Estate Advisors has arranged the sale of the Q Hotel and Spa – Kansas City, a 123-room hotel located in the Westport area of Kansas City. Rockwood represented The Quarterage LLC in the sale of the hotel to Noble Investment Group, which intends to reposition the property as an AC Hotel by Marriott. The Q Hotel and Spa is minutes from downtown Kansas City, the Crown Center and the Country Club Plaza.
SOUTH EUCLID, OHIO — The Cooper Commercial Investment Group has arranged the $1 million sale of a property occupied by Arby’s in South Euclid, a suburb of Cleveland. Dan Cooper, president and broker at Cooper Commercial Investment Group, represented the owner, a private investment group based in Cleveland, in the transaction. The buyer was a California-based private investor. Arby’s has seven years remaining on its triple-net lease. The fast-food chain renewed its lease in 2010.
CHICAGO — On behalf of HCP Oxford OBG Wacker/Cass Property Cos. LLC, a joint venture led by Oxford Capital Group LLC and Jones Lang LaSalle (JLL) has secured $70.5 million for the refinancing of Hotel Felix and Hotel Cass in Chicago. The joint venture received $47 million for the 225-room Hotel Felix and $23.5 million for the 174-room Hotel Felix. The hotels are located in Chicago’s River North submarket in close proximity to the Magnificent Mile. An international lender provided the 10-year CMBS loans, which include fixed interest rates. Mathew Comfort, managing director, Keith Largay, executive vice president, and Matt Nowaczyk, vice president, led the Jones Lang LaSalle team, which arranged the financing.
TINLEY PARK, ILL. — MACK Cos. has purchased two shopping centers and an office building in Tinley Park, located about 30 miles south of Chicago. Gateway Plaza, located at 6800 Oak Park Ave., is a 7,500-square-foot shopping center with a mix of retail, office and commercial space. Interior renovations have begun, with plans for exterior renovations slated for the spring of 2014. Located 10 blocks north of Gateway Plaza at 6787 159th St., High Pointe Plaza is an 11,953-square-foot shopping center. Betscher Cleaners and Indy Mac Holdings LLC currently occupy 5,361 square feet at High Pointe. Centennial is an 8,000-square-foot facility that will become office space for approximately 40 MACK employees from the firm’s executive management, operations, accounting and sales and marketing divisions. Move-in is scheduled for early 2014. MACK will provide property management services for all three buildings.
GLENVIEW, ILL. — Illinois Tool Works (ITW), a Fortune 200 industrial manufacturer, has acquired the vast majority of the former Kraft Foods Group Inc. campus in Glenview, a northern suburb of Chicago. Terms of the transaction were not disclosed. The campus is located four miles southeast of ITW’s former location at 3600 W. Lake Ave. Global commercial real estate services firm Studley represented ITW in the site search and final transaction. The land ITW purchased from Kraft includes 49 acres and two office buildings spanning 503,000 square feet combined. Kraft vacated the Glenview campus as part of the splitting of its grocery and snack businesses. Rick Schuham, executive vice president and co-branch manager of Studley’s Chicago office, represented ITW in the transaction. John Goodman and Eric Feinberg, also of Studley, assisted Schuham. Paul Sheridan of Hamilton Partners assisted in the transaction.
BIG RAPIDS, MICH. — On behalf of Big Rapids Country Lodging LLC, Mumford Co. has sold the Country Inn & Suites of Big Rapids to Jackson Superior Hospitality Inc. Built in 2003, the three-story hotel includes 63 rooms, a business center, fitness center, guest laundry and a heated indoor pool. Big Rapids Country Lodging LLC is a South Dakota-based investment group, which is pruning its portfolio of non-core branded assets. Jackson Superior Hospitality Inc. is a Michigan-based group with extensive lodging holdings throughout the state. The new owner plans to upgrade and renovate the hotel. David Mumford, senior principal of Mumford Co.’s Newport News, Va., office and Lance Potter, vice president in the firm’s Chicago office, arranged the transaction.