INDIANAPOLIS — Hyde Park Commercial Group (HPCG) has closed a $3.9 million loan for a 188-room unflagged hotel in Indianapolis. The owners plan to use the loan to renovate and rebrand the hotel as a Clarion by Choice Hotels. The loan was arranged through a specialty lender and allows the ownership to refinance their existing debt. Through due diligence, HPCG was able to work with the sponsors to bring in Choice Hotels, assist to obtain a Clarion flag, recommended a new management company and assist with renovation.
DULUTH, MINN. — Doran Construction has completed Bluestone Lofts, a 99-unit student housing project at the University of Minnesota in Stillwater. Summit Management developed the 183,000-square-foot property, which broke ground in September 2012. The BlueStone project is part of more than 1,000 apartment units Doran Construction is building or has completed this year.
WEST DUNDEE, ILL — Marcus & Millichap has arranged the sale of 729 Strom Drive, a 12-unit apartment property in West Dundee, located about 40 miles northwest of Chicago. The property sold for $818,750 in 15 days at 93.6 percent of its original list price. Ryan Engle and Andrean Angelov of Marcus & Millichap represented the buyer and the seller, both private investors, in the transaction. The property includes two one-bedroom and 10 two-bedroom units. Recent capital improvements to the multifamily property include new balconies and six updated bathrooms.
BARBERTON, OHIO — Marcus & Millichap has arranged the $6.6 million sale of Barberton Shopping Center, a 101,688-square-foot retail property in Barberton, located about 40 miles south of Cleveland. Craig Fuller, Erin Patton and Scott Wiles, investment specialists in Marcus & Millichap’s Cleveland office, marketed the property on behalf of the seller, a real estate investment firm based in New York. Patton, Wiles, Fuller and Christopher Jackson of Marcus & Millichap represented the buyer, a private REIT. Barberton Shopping Center is located at 15 5th St. S.E. and is anchored by Giant Eagle. The asset sold at 99 percent of its listing price, which equates to a 7.3 percent cap rate.
OTTAWA, ILL. — The Boulder Group has completed the $2.7 million sale of a single-tenant, net-leased Kroger property in Ottawa. Built in 1982, the 44,038-square-foot property is located at 2701 Columbus St., about 80 miles southwest of Chicago. Kroger has four years remaining on its current lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, an Illinois-based limited partnership, in the transaction. A California-based limited liability company was the buyer.
BRIDGEVIEW, ILL. — ML Realty Partners has signed Menasha Packaging to 166,683 square feet of industrial space at its facility in Bridgeview, a southern suburb of Chicago. The industrial property is located at 7770 W. 71st St., west of Harlem Avenue with easy access to I-55. The building includes 33-foot clear ceiling heights, exterior loading and abundant car and trailer parking. Steve Connolly, executive vice president, and Chris Gary, vice president of NAI Hiffman’s industrial services team, represented ML Realty Partners in the transaction. Patrick McCaffrey and Rob Wheeler with Cresa Partners represented Menasha. Menasha Packaging specializes in creating high-end graphic packaging and merchandising products for retail, food and pharmaceutical applications.
TOLEDO, OHIO — Toledo Edison has chosen the Reichle Klein Group to manage its 232,000-square-foot Edison Plaza office tower in Toledo. The 16-story building is located at 300 Madison Ave. in downtown. Edison Plaza is home to numerous businesses, including Libbey Glass, Toledo Edison, Regional Growth Partnership and Toledo Regional Chamber of Commerce.
GERMANTOWN, WIS. — Electrical equipment maker Trans-Coil International is developing a new manufacturing and office building in Germantown Industrial Park, shifting operations from two facilities in Milwaukee and Menomonee Falls. The new 66,000-square-foot facility at W132 N10611 Grant Drive in Germantown, about 25 miles north of Milwaukee, is slate for a spring 2014 completion. Trans-Coil, with 123 employees, currently operates at 7878 N. 86th St. in Milwaukee, and W142 N9039 Fountain Blvd. in Menomonee Falls. The company plans to add 55 to 60 jobs during the next three years. The company is negotiating with Economic Development Washington County for a low-interest loan to help finance the development, according to the Milwaukee-Wisconsin Journal Sentinel.
CHICAGO — Centerline Capital Group has provided a $6.7 million bridge loan to refinance and provide funds to expand a multifamily property in Chicago. The 24-unit, five-story apartment property is located at 914 W. Hubbard St. Built in 2006, the property is currently 95.8 percent occupied and includes 25 garage parking spaces. Proceeds from the floating-rate loan will be used to retire existing debt and complete the build-out of several new units. A Chicago-based developer was the borrower. Anthony Longo, managing partner at Alpha Alternatives LLC, brokered the deal.
OAK CREEK, WIS. AND AURORA, ILL. — Marcus & Millichap is marketing a $36.3 million two-property, single-tenant industrial portfolio. The properties are a $19 million, 279,828-square-foot Staples distribution facility located in Oak Creek, Wis., and a $17.3 million, 63,740-square-foot FedEx freight terminal located in Aurora, Ill. Nick Manganais, a vice president of investments in Marcus & Millichap’s Chicago O’Hare office, is representing the seller, an Illinois-based family partnership. The Staples distribution center is located in the southeastern Milwaukee metro area at 120 W. Opus Drive and features 259,828 square feet of warehouse space and 20,000 square feet of office space. The FedEx freight terminal is located at 3883 Butterfield Road in Aurora, the second-largest city in Illinois and part of Chicago’s Naperville/Aurora metropolitan trade area. The property features a 55,120-square-foot main building with 6,800 square feet of office space.