GOSHEN, IND. — Carter Validus Mission Critical REIT Inc. has purchased Fresenius Medical, a dialysis center property in Goshen, an eastern suburb of South Bend, for $4.6 million. The 15,462-square-foot medical facility was constructed in 2010 and is fully net leased to Fresenius Medical Care Nephrology Partners Renal Care Centers LLC, a company specializing in the operation of outpatient dialysis centers.
The weather in Cleveland in the springtime is notoriously changeable — sunny and warm one minute and then cloudy and chilly the next. The current state of Cleveland’s office market is similarly uneven. The sunniest segment is clearly the Class A market in the Central Business District (CBD). Ernst & Young Tower, Cleveland’s first multi-tenant downtown office building in more than two decades, recently opened at close to a 90 percent occupancy rate. Despite an asking rental rate in the low $30 per square foot range, which represents the top of the market, this 487,000-square-foot tower illustrates a substantial pent-up demand for new, efficient office space. The balance of existing Class A properties in the CBD are also performing well, with an average vacancy rate of 15.7 percent at the end of the first quarter. And the overall momentum downtown is strong. Nearly $1 billion of development has occurred during the past 24 months, including a new casino, convention center and medical mart completed this year. Additionally, a new headquarters for the Cuyahoga County government will be completed next year. All of these factors increase the likelihood that another office project in the CBD will start soon. Downtown’s Class B …
NOBLESVILLE, IND. — CBRE has arranged the sale of Autumn Breeze, a newly constructed 280-unit luxury apartment community in Noblesville, a northeast suburb of Indianapolis. Steve LaMotte and Dane Wilson of CBRE's Indianapolis-Cincinnati Multi-Housing Group represented the seller, Indianapolis-based developer Herman & Kittle Properties, in the transaction. Passco Cos., a West Coast-based private investment group, purchased the property. Autumn Breeze was built in 2009 and features a full amenity package including a clubhouse with 24-hour access to a billiard room, conference room, fitness center, tanning salons and a Wi-Fi lounge with coffee bar. The purchase price was not disclosed.
CHICAGO — Marcus & Millichap has arranged the sale of a four-unit apartment property in Chicago for $1.3 million. Stephen Rachman, an investment specialist in Marcus & Millichap’s Chicago O’Hare office, marketed the property on behalf of the seller, a limited liability company. Kyle Stengle, an investment specialist in Marcus & Millichap’s Chicago Downtown office, secured and represented the buyer, an individual/personal trust. The apartment building is located at 1233 N. Hoyne Ave. in Chicago's Wicker Park neighborhood. The apartment community is fully occupied.
SAGINAW AND YPSILANTI, MICH. — Mid-America Real Estate-Michigan Inc. has arranged two leases with Ollie’s Bargain Outlet. Ollie’s signed a 26,338-square-foot lease in Green Acres Plaza at 4510 State St. in Saginaw and a 36,000-square-foot lease in Roundtree Plaza at 2321 Ellsworth Place in Ypsilanti. Susan Acciaioli, Tony Schmitt and Jack Uhazie of Mid-America Real Estate represented Ollie’s Bargain Outlet in both transactions.
SCHAUMBURG, ILL. — Sun Life Assurance Co. of Canada has renewed its 13,246-square-foot lease at 3120 N. Plum Grove in Schaumburg. The 72,461-square-foot flex building is 86 percent occupied and includes a drive-in door with storage rooms and 18-foot clear ceiling heights. Michael Flynn, executive vice president, and Jason Wurtz, vice president, of NAI Hiffman’s office services group represented Sun Life Assurance Co. of Canada in the transaction. Jordan Rovito of Cushman & Wakefield represented the landlord, Innovative Marketing Solutions.
AKRON, OHIO— KLMK Group Inc. and Akron Children’s Hospital have broken ground on a new $200 million critical care tower in Akron. The 368,735-square-foot, seven-story tower will house a new neonatal intensive care unit, emergency department, ambulatory surgery center and space for additional clinical programs. KLMK Group is the onsite project manager. The new tower will be connected to the existing hospital and is expected to open in 2015.
CHICAGO— NorthMarq has arranged a $20 million construction loan for Webster Square, a mixed-use development located at 558 W. Webster Ave. in Chicago. Webster Square is the redevelopment of a medical office building into 75 market-rate apartments, along with 16,000 square feet of ground-floor commercial space located in Lincoln Park. Sue Blumberg and Rup Patel of NorthMarq’s Chicago office arranged the financing for Sandz Development. The three-year loan includes two one-year extensions.
MINNEAPOLIS — Grandbridge Real Estate Capital has closed a $2.2 million first mortgage loan secured by 11,750 square feet of retail space in the Uptown area of Minneapolis. The retail component is part of the larger mixed-use Lumen on Lagoon project. The property also includes four floors of condominium units above the retail and underground parking below. A life insurance company provided the self-amortizing, 15-year loan, which carries a four percent interest rate. Tony Carlson originated the loan.
MILWAUKEE — Pat Ellis Investments LLC has acquired a 13,480-square-foot industrial property located at 3550 W. Elm St. in Milwaukee. Kevin Barry of Cassidy Turley Barry represented the seller, Brad T. Babor, in the transaction. Jeff Hoffman of Judson & Associates represented Pat Ellis Investments LLC.