MILWAUKEE — FedEx Ground Package System Inc. has signed a lease for 58,500 square feet of industrial space at 5110 S. 6th St. in Milwaukee. Samuel M. Dickman Jr. and Samuel D. Dickman represented the landlord, CJF2 LLC, and FedEx in the transaction.
KANSAS CITY, MO. — American Realty Capital – Retail Centers of America Inc. has purchased the Tiffany Springs Market Center, a retail power center in Kansas City, for $53.5 million. The 240,000-square-foot retail property was 88 percent leased to 28 tenants at the time of the sale. Three tenants, Best Buy, The Sports Authority and PetSmart, represent 48 percent of the annualized rental income of the property. Best Buy occupies 46,000 square feet and The Sports Authority leases 42,000 square feet, both have 10-year lease terms, which expire in January 2019. PetSmart occupies 25,000 square feet and has a 10-year lease term, which expires in July 2018. The purchase of the Tiffany Springs Market Center represents ARC Retail's third acquisition of a retail power center with multiple credit tenants. ARC Retail's portfolio now exceeds $107 million in purchased assets.
CHICAGO — Aviv REIT Inc. has acquired four post-acute and long-term care skilled nursing facilities in Ohio and Indiana for $35.9 million. The properties are triple-net leased to existing Aviv operator Diversicare Healthcare Services. Diversicare is an operator of 47 skilled nursing and assisted living facilities in nine states. The 15-year triple-net lease has an initial cash yield of 10 percent. Chicago-based Aviv has now closed three transactions with Diversicare totaling $55 million in the past year.
NORTH AURORA, ILL. — USAA Real Estate Co. has acquired 32 acres in suburban Chicago and has contracted The Opus Group to develop, design and construct a 604,565-square-foot speculative industrial building. USAA Real Estate Co. will own the building. The speculative building will be located in proximity to I-88 in North Aurora. The building will feature 32-foot clear ceiling heights, 60 docks, 103 trailer parking spaces, office space and future expansion capabilities to 1 million square feet. Construction is slated to begin in early October, with completion scheduled for June 2014. Opus Design Build LLC will construct the building, and Opus AE Group LLC will serve as project architect. Opus also purchased an adjacent 25-acre parcel, which is available for build-to-suit opportunities or building expansion. Brendan Kelly of Avison Young represented USAA in the land transaction.
CHICAGO — Sperry Van Ness Chicago Commercial has completed the $2.3 million sale of a 24-unit multifamily property in the Albany Park neighborhood of Chicago. The sales price equates to $94,000 per unit. The apartment building is located at 4901-07 N. Whipple St. Jeffrey Baasch, senior vice president of multifamily sales, and Brian Kochendorfer, senior advisor of Sperry Van Ness, represented the buyer and seller, both private investors, in the transaction.
WHEELING AND LISLE, ILL. — The Chicago office of Berkadia Commercial Mortgage LLC (Berkadia) has closed a total of $46.4 million in financing through the U.S. Department of Housing and Urban Development’s (HUD) 223(f) program for two apartment communities located outside of Chicago. Len Deering, senior vice president, Paul Matusiak, vice president, and Tom Sigrist, senior vice president of Berkadia, originated both 35-year, fixed-rate loans, which are fully amortizing and feature 80 percent loan-to-value ratios. Foxboro Apartments LLC received a $26 million loan to refinance an existing mortgage on Foxboro Apartments in Wheeling, a northwest suburb of Chicago. The one- and two-bedroom building is currently 97.5 percent occupied. Berkadia also arranged $20.4 million for borrower Abbey Capital Partners. The loan, which also was used to refinance an existing mortgage, was for Abbey Apartments at Four Lakes in Lisle, a western suburb of Chicago. The property is currently 99 percent occupied and offers studio and one-, two- and three-bedroom layouts.
WAUKESHA, WIS. — NorthMarq Capital’s Milwaukee regional office has arranged $11.2 million in refinancing for Pioneer Hall, a 264-bed student housing facility in Waukesha, a western suburb of Milwaukee. The property is located on the campus of Carroll University at 324 W. College Ave. Financing was based on a 10-year term and a 25-year amortization schedule. Geoff Nauth, vice president of NorthMarq’s Milwaukee office arranged the loan for the borrower through its relationship with a regional bank.
CHICAGO — The Boulder Group has arranged the $6.9 million sale of a net-leased Bank of America property at 2163 N. Clybourn Ave. in the Lincoln Park neighborhood of Chicago. Bank of America is the sole occupant of the 9,471-square-foot retail building, which was developed in 2004. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer and seller in the transaction. The seller was a high net-worth individual based in the Midwest. The buyer was a Miami-based private individual. Bank of America had 12 years remaining on its lease at the time of sale. The property features a 24-car parking lot.
LISLE, ILL. — United Health Group has signed a lease renewal for 41,289 square feet of office space at Corporetum VI in Lisle, located about 25 miles west of Chicago. The 172,695-square-foot Corporetum VI office building features granite lobbies, on-site food service, a conference center, fitness center and private corner balconies. The building is located at 550-650 Warrenville Road, directly off of I-88. Minnetonka, Minn.-based United Health Group is a diversified managed healthcare company that serves approximately 70 million individuals nationwide. Patrick Kiefer, Jim Adler and Dan O’Neill with NAI Hiffman’s office services group represented the building’s owner, Winthrop Realty Trust, in the transaction. Robert Sevim and Joe Learner of Studley represented United Health Group.
LENEXA, KAN. — Block Real Estate Services (BRES) has broken ground on Lenexa Logistics Centre, a 1.6 million-square-foot, Class A industrial park in Lenexa, located about 15 miles south of Kansas City. Situated on 117.5 acres, the master-planned industrial complex will include 10 buildings. The first building to be constructed, Building 4, will be a 260,000-square-foot speculative property and include 32-foot clear ceiling heights and cross-dock loading. Building 4 is slated for completion by June 2014.