CHICAGO — The Chicago office of Tremont Realty Capital has arranged $18.8 million in refinancing for four manufactured home communities in Indiana, Wisconsin and Iowa. The properties include the 278-site Arlington Valley in Bloomington, the 200-homesite Lincoln Park in West Allis, the 207-unit Sunset Village in Marshalltown, and the 191-site Wheatland Estates in Burlington. Tom Lorenzini with the Chicago office of Tremont arranged the four loans, which were funded through a relationship CMBS lender. The four individual 10-year loans are non-recourse with a 5 percent fixed interest rate amortized over 30 years.
MILWAUKEE — Falk Legal Group has signed a lease for 3,500 square feet of office space at River Bank Plaza in Milwaukee. The property is located at 740 N. Plankinton Ave. John Dulmes and Dan Walsh of Siegel-Gallagher represented the tenant; Tony Stevens of Equity Commercial Real Estate represented the landlord, River Bank Plaza Building, in the transaction. Terms of the lease were not released.
MELROSE PARK, ILL. — A partnership comprised of Chicago-based Origin Capital Partners and Newgard Development has completed the sale of a shopping center, located at the intersection of North Avenue and 25th Avenue in Melrose Park. A national REIT acquired the 113,624-square-foot property for $17.8 million. A 65,439-square-foot Food 4 Less and 30,076 square feet of inline retail tenants, including Starbucks Coffee, FedEx and T-Mobile, occupy the center.
NEWBURGH, IND. — RCG Ventures (Fund I) has completed the sale of Apple Center in Newburgh. A private investment group acquired the 88,348-square-foot retail center for an undisclosed price. Kroger, Ace Hardware and Tradebakers anchor the property. Dan Cooper of Cooper Commercial Group represented RCG in the transaction.
BEAVERCREEK, OHIO — Los Angeles, Calif.-based Griffin Capital Corp., along with five single-purpose borrowing entities operated by Griffin Capital Essential Asset REIT, has acquired the Northrop Building in Beavercreek. The 99,246-square-foot property is occupied by Northrop Grumman Systems. The acquisition is part of a five-property office and industrial portfolio totaling 889,805 square feet in Ohio, New Jersey, North Carolina, Texas and Arizona. Kevin MacKenzie, John Chun, Stephen Skok and Tucker Knight of HFF arranged $110.6 million in financing for the portfolio acquisition. The portfolio includes the 210,524-square-foot Verizon Building in Warren, N.J., the 198,898-square-foot UTC Building in Charlotte, the 146,683-square-foot Schlumberger Building in Houston, and the 231,454-square-foot Avnet Building in Chandler, Ariz.
COLUMBUS, OHIO — Cleveland-based Goodman Real Estate Services Group has completed the sale of an approximately 91,892-square-foot Burlington Coat Factory property in Columbus. The property, located at 3565 W. Dublin Granville Road, sold for $3.4 million, or $37 per square feet. The property is located across the street from retail center that is anchored by Whole Foods, DSW and Bed, Bath & Beyond. Kyle Hartung of Goodman Real Estate Services Group represented the undisclosed buyer in the transaction. The acquisition was an off-market transaction and purchased at an 11.9-percent cap rate.
JEFFERSON CITY, MO. — American Hotel Income Properties REIT LP (AHIP) has completed the renovation of Oak Tree Inn, which is located at 1710 Jefferson St. in Jefferson City. The $1 million renovation included the implementation of Oak Tree Inn’s brand standards at the 77-room property, including noise, light and temperature control features. The property was purchased in 2013, and is now under a long-term railway contract with a leading U.S. railroad customer. Through its wholly owned indirect subsidiaries, AHIP currently owns 38 hotels in 20 states.
TINLEY PARK, ILL. — A joint venture between New York-based Dune Real Estate Partners and Chicago-based Focus Healthcare Partners has purchased Hanover Place of Tinley Park, a 150-unit, Class A, age-restricted senior living property in Tinley Park. Berwyn, Pa.-based LCOR sold the property, which is located at 16851 S. Harlem Ave., for $19 million. Jeff Patterson of ARA Seniors Housing and Todd Stofflet of ARA Midwest represented the seller.
CHICAGO — Dallas-based Westmount Realty Capital has acquired the Premier Chicago Industrial Portfolio, which is located near O’Hare International Airport in Chicago. The 1.5 million-square-foot portfolio consists of eight infill industrial properties, which are occupied by Hearthside Food Solutions, Jewel-Osco, Halls Rental Service, Revolution Dancewear and Gold Eagle.
CHICAGO — Fifield Cos. is building a bridge over Union Avenue, connecting K2 Apartments and the Jewel-Osco on Des Plaines Street in Chicago. The 105-foot, open-air bridge will connect the grocery story parking deck to an outdoor area of K2’s pool deck. The bridge will be completed and accessible for residents in March. The 496-unit K2 Apartments, located at 365 N. Halsted St., is a joint venture between Fifield Cos. and Wood Partners.