ANOKA, MINN. — Marcus & Millichap has arranged the $2.6 million sale of Fairway Flats, a 36-unit apartment property located in Anoka, a northern suburb of Minneapolis. Brian Klancke and Sean Doyle in Marcus & Millichap’s Minneapolis office marketed the property on behalf of the seller, a partnership. Josh Talberg and Mox Gunderson, also in Marcus & Millichap’s Minneapolis office, secured the buyer, a private investor. Fairway Flats is located at 500 Greenhaven Road and is within close proximity of the North Star Rail Line.
Midwest
CHICAGO — Method has selected Summit Design + Build as the general contractor for its first U.S. manufacturing facility on a 22-acre site located at 720 E. 111th St. in downtown Chicago. The new 150,000-square-foot manufacturing facility is slated to be the nation’s first LEED Platinum certified manufacturing plant in the consumer packaged goods industry. Founded in 2000, Method is a manufacturer of plant-friendly and design-driven home, fabric and personal care products. The facility will feature 84,000 square feet of manufacturing space, 66,000 square feet of distribution space and 7,083 square feet of office. Heitman Architects is providing architectural services for the project. William McDonough + Partners is the project designer. Norris Design is the landscape architect. Spaceco Inc. is the civil engineer, and KJWW Engineering Consultants is the MEP (mechanical, electrical and plumbing) engineer for the project.
GLEN ELLYN, ILL. — The Opus Group has completed the construction of a new grocery-anchored development, The Fresh Market Center, in Glen Ellyn, a western suburb of Chicago. The Fresh Market, a 23,790-square-foot grocery store, anchors the development. Firehouse Subs will occupy 2,230 square feet of space and other tenants include Great Clips and Tide Dry Cleaners, occupying 1,050 and 2,800 square feet, respectively. Located on East Roosevelt Road between South Lorraine and South Lambert roads, the new retail center includes patio seating and 186 customer parking spaces. Mid-America represented Opus in the lease transaction with Firehouse Subs. Firehouse Subs represented itself in the deal. Opus Development Co. LLC was the developer, Opus Design Build LLC served as the general contractor for the project, Opus AE Group LLC was the architect of record, and OKW Architects was the design architect.
KENT, OHIO — Marcus & Millichap has arranged the $2.9 million sale of Discount Drug Mart Center, a 31,762-square-foot retail property located in Kent, about 15 miles northeast of Akron, Ohio. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap marketed the property on behalf of the seller and represented the buyer, both limited liability companies, in the transaction. Discount Drug Mart Center is located at 1763 East Main St. and was fully occupied at the time of sale.
EXCELSIOR SPRINGS, MO. — The Cooper Commercial Investment Group has arranged the $1.8 million sale of a Burger King property located in Excelsior Springs, located approximately 30 miles northeast of Kansas City. Bob Havasi of the Cooper Commercial Investment Group represented the owner, a private investor from Tennessee, in the transaction. The buyer was a private investor based in Missouri. The sales price equates to a 6.2 percent capitalization rate.
ST. PAUL, MINNEAPOLIS AND MANKATO, MINN. — Oak Grove Capital has originated $17.9 million in FHA financing for the National Foundation for Affordable Housing Solutions. The loans will be used for the acquisition and rehabilitation of three affordable housing complexes in Minnesota: Seward Square Apartments in Minneapolis, Lewis Park Apartments in St. Paul and Eastport Apartments in Mankato. Each loan included the use of tax-exempt bonds and Low Income Housing Tax Credits. The fixed-rate HUD 221(d)(4) loans carry a 12-month construction period, plus a 40-year term. The 81-unit Seward Square development received $6.5 million in financing. The 103-unit Lewis Park complex received $7.8 million. The remaining $3.6 million went to the 78-unit Eastport Apartments community. The financing will be used to renovate and preserve the three long-term affordable housing projects originally constructed in the late 1970s.
FOREST PARK, OHIO — Atlanta-headquartered ARA has arranged the $10.3 million sale of Mills Run, a 212-unit multifamily community located in northwest suburban Cincinnati. Debbie Corson of ARA represented the seller, Deerfield, Ill.-based Oak Residential Partners LLC, in the transaction. Pepper Pike, Ohio-based Apollo Management purchased the property. Constructed in 1988, Mills Run is a multifamily community located in Forest Park. Previous ownership invested more than $550,000 in capital improvements including extensive landscaping upgrades, replacement of all entry doors and renovation of common areas.
LIVONIA, MICH. — First Industrial Realty Trust has sold 32432 Capitol Street, a 203,100-square-foot industrial warehouse and distribution facility in Livonia, located about 20 miles west of Detroit. The Promanas Group, a commercial real estate investment and management company, purchased the property. James Carpenter and Michael Tenteris of Cushman & Wakefield represented the seller in the transaction. Classic Container Corp., a subsidiary of Pratt Industries, fully occupies the property.
PALATINE, ILL. — Marcus & Millichap has arranged the $1.1 million sale of Countryside Office Park, a 93,648-square-foot office property located in Palatine, a northwest suburb of Chicago. John Abuja, Rich Merryman and Bill Schofield in Marcus & Millichap’s Chicago offices, marketed the property on behalf of the seller. Countryside Office Park is located at 1210-1278 W. Northwest Highway and is 74 percent occupied. The property includes 465 parking spaces.
SCHAUMBURG, ILL. — Morgan / Harbour Construction has completed an 11,000-square-foot office renovation for Crestron Electronics at 935 National Parkway in Schaumburg, a northwest suburb of Chicago. Crestron Electronics relocated its Midwest regional offices to Schaumburg from Arlington Heights. The build-out includes a new custom-built reception desk, two training rooms, multiple private offices, along with a storefront glass entrance in the reception area. Founded in 1968, Crestron Electronics has offices in 45 countries and offers integrated solutions to control audio, video, computer and environmental systems. Morgan / Harbour’s construction team included Dan Kohlsaat and Jerry Hawkinson. Featherstone Consulting Inc. provided the architectural services.