FARMINGTON HILLS, MICH. — Bernard Financial Group has arranged an $8 million loan for Halsted Village, a 137,801-square-foot retail property in Farmington Hills. Halsted Village LLC is the borrower, and Dennis Bernard and Kevin Kovachevich of Southfield, Mich.-based Bernard Financial Group originated the loan. Wells Fargo is the lender.
INDEPENDENCE, MO. — Northern Tool + Equipment has signed a 16,665-square-foot lease at 4023 S. Noland Road in Independence, an eastern suburb of Kansas City. The store will be Northern Tool’s third Missouri location. Earlier this year, the retailer opened two St.-Louis area stores in St. Peters and Arnold. Clay Mote of Dallas-based Venture Commercial worked with Kansas City-based X Team partner Tom O’Leary of LANE 4 Property Group in the negotiation of Northern Tool’s 10-year lease.
NORTHBROOK, ILL. — NAI Hiffman represented The Davis Cos. in two leases totaling 7,770 square feet at its Edens Corporate Center in Northbrook, a suburb of Chicago. The Bureaus Inc., a financial services firm, signed a new lease for 4,369 square feet, and law firm Berlin & Braude renewed its 3,410-square-foot lease for an additional five years. Edens Corporate Center, located at 630-650 Dundee Road, features twin Class A, four-story buildings totaling 188,000 square feet. The Davis Cos. owns the property and NAI Hiffman manages it. The office property is 84 percent occupied with available spaces ranging from 1,600 to 10,600 square feet.
COLUMBUS, OHIO — Garrison Investment Group has acquired 10 industrial properties located in Columbus. The portfolio includes 772,206 square feet with three of the buildings situated in the 2600 block of Fisher Road in Columbus’ West submarket. The other seven are located close to a trio of facilities that Garrison purchased last fall. Buildings in the portfolio range in size from 19,764 square feet to 391,000 square feet. Westmount Realty Capital LLC is managing the new portfolio.
Wheaton, ILL. — Newmark Grubb Knight Frank’s Real Estate Finance Group has arranged $22 million in acquisition financing for Danada Square East, a 202,036-square-foot retail center in Wheaton, a western suburb of Chicago. The largest tenant, Dominick’s, a grocery store, occupies 77,155 square feet at the center, which was 96 percent occupied at closing. The borrower, a Chicago-based institutional investor, acquired the center in June for $32 million from the Orange County California Employees Retirement System. The 5-year, nonrecourse loan includes two years of interest-only payments followed by a 25-year amortization schedule. Ben Greazel, senior managing director at Newmark Grubb Knight, arranged the financing between the borrower and the lender, a Chicago-based bank.
SOUTH HAVEN, MICH. — Reichle | Klein Group has arranged the $2.3 million sale of Phoenix Square, a 40,040-square-foot retail center in South Haven, located about 35 miles west of Kalamazoo. Tenants at the retail center, which is located at 1220 Phoenix Road, include Dunham’s Sports and Dollar Tree. Joe Belinske of Reichle | Klein Group represented the buyer, DFG-South Haven LLC. CBRE-Detroit
APPLETON, WIS. — Maurices Inc. has leased 4,664 SF of space at 3825 E. Calumet St. in Appleton, about 30 miles southwest of Green Bay. Duluth, Minn.-based Maurices is an American clothing retail chained that has more than 850 stores nationwide, and was founded in 1931 by E. Maurice Labovitz. Ascena Retail Group Inc. (NASDAQ: ASNA) owns the retail chain. CBRE arranged the lease. Eisenhower Properties LLC is the landlord of Horizon Plaza.
SOUTH BEND, IND. — Wharf Partners has begun construction on a $23 million luxury condominium project in South Bend. Planned for occupancy in 2014, The Cascade will include two eight-story buildings with two units on each floor spanning between 2,500 to 3,000 square feet. The complex will include enclosed parking, card-access entry, elevator service, private balconies and a ground-level courtyard. Panzica Building Corp. will construct the buildings to be LEED certified. Wharf Partners is the developer and owner of the project. The condominiums will be sold starting in the mid-$500,000 to $700,000 range.
MOUNT PROSPECT, ILL. — Shaker and Associates Inc. has arranged the $18 million sale of 10 residential buildings located at Colonial Greens, a condominium complex in Mt. Prospect, a northern suburb of Chicago. The buildings are situated on 21.5 acres and were constructed in 1969. Windy City R.E. was the buyer, and the seller was a privately held local investment group. The buildings include 251 one- and two-bedroom apartments and were fully leased at closing.
WAUWATOSA, WIS. — Premier Design + Build Group and HSA Commercial Real Estate have begun construction on a 255,000-square-foot retail redevelopment project near Milwaukee. Located two blocks north of Mayfair Mall, the retail space has been preleased to Dick’s Sporting Goods, Ulta Cosmetics, Old Navy and Nordstrom Rack. Plans for the large-scale development include demolishing portions of an old produce warehouse complex and removing a former water tower. Slated for a spring 2014 completion, the retail project will include space for up to 20 tenants. Phase I of the redevelopment project will complete the retail and warehouse segment of the Mayfair Collection in the Burleigh Triangle area.