MATTESON, ILL. — Marcus & Millichap has arranged the $725,000 sale of a former Bally's Total Fitness building, which was marketed as a retail redevelopment opportunity, in Matteson. The 98,881-square-foot property is located at 4701 Lincoln Mall Drive, east of the Lincoln Mall. Steven Stoehrer and George Ghattas of Marcus & Millichap represented the seller, a partnership, in the transaction.
MILWAUKEE — Love Funding has arranged a $7 million loan to convert a historic building in downtown Milwaukee into a 50-unit apartment property. Harry Cheatham of Love Funding negotiated the loan through the U.S. Department of Housing and Urban Development's 221(d)(4) loan program. The three-story project, which will be called Junior House Lofts, will be located at the corner of 3rd and Pierce streets in the city's Fifth Ward neighborhood. The building was originally constructed in the early 1990s and served as a clothing factory and warehouse. KBS Construction is the general contractor.
CARMEL, IND. — Kite Realty Group Trust has secured an $18.4 million construction loan for its Rangeline Crossing redevelopment in Carmel. Construction is currently under way on the project, which is approximately 90 percent pre-leased. Earth Fare will anchor the 84,000-square-foot project. Additional tenants will include Walgreens, Old National Bank and Panera Bread. Association Bank financed the two-year loan, which features an option to extend for an additional three years.
CINCINNATI — Net Lease Realty has acquired six acres in Cincinnati for the development of a 14-screen Cinemark — the first of its kind in southern Ohio. The site is situated at the corner of Disney Street and West Lane within Oakley Station, a new mixed-use development that includes office, retail and apartments. Construction is already under way and the theater will open in the fall of 2013. Cinemark Theaters will lease the building. Melissa Ruther and Mike Halonen of Edge Real Estate Group represented the seller, USS Realty LLC, in the transaction. The buyer was self-represented.
MILWAUKEE — First Hospitality Group has opened the new 127-room Hilton Garden Inn Milwaukee Downtown hotel. The hotel is located in the former Loyalty Building, an original headquarters for Northwestern Mutual Life circa 1886. First Hospitality began converting the property in late 2011. The hotel features a fitness and business center and 4,500 square feet of meeting and event space. First Hospitality owns and manages the property. Milwaukee-based Kahler Slater served as the project architect.
LINCOLNWOOD, ILL. — Quantum Real Estate Advisors has arranged the $5.9 million sale of two multi-tenant shopping centers at the corner of Touhy Avenue and McCormick Boulevard in Lincolnwood. Tenants include Verizon Wireless, Five Guys Burgers and Chipotle. Both retail centers are outlots to Lincolnwood Town Center, a shopping mall owned and managed by Simon Property Group. Chad Firsel of Quantum represented the seller, a joint venture between Smith Capital Management and Middleton Partners. He also represented the buyer, an investment group from Chicago.
HILLIARD, OHIO — KeyBank Real Estate Capital has arranged a $13.7 million loan for the refinancing of Carriage Court of Hilliard, a 102-unit assisted living and memory care community in Hilliard, a suburb of Columbus. Jack Boudler of KeyBank negotiated the 35-year loan through the U.S. Department of Housing and Urban Development's HUD 232/223(a)(7) program. The borrower is Sentio Healthcare Properties.
LIVONIA, MICH. — Monmouth Real Estate Investment Corp. has acquired a 172,005-square-foot industrial building at 38401 Amrhein Road in Livonia for $14.3 million. The property is net leased to FedEx Ground Package System for 10 years. The property is situated on 12 acres.
BELLEVUE, NEB. — NorthMarq Capital has arranged a $13.8 million loan for the refinancing of Summit Apartments, a 294-unit multifamily property in Bellevue. John Brendon of NorthMarq arranged the 10-year loan through Freddie Mac. The loan carries a 30-year amortization schedule.
ROGERS, MINN. — Chambers Street Properties has acquired 20000 S. Diamond Lake, a 280,000-square-foot warehouse and distribution building in Rogers, a Minneapolis suburb. The building, developed in 2004, is fully leased and features 32-foot clear ceiling heights, 32 loading doors and 215 parking spaces. The building is located in an established industrial park with regional highway access.
