NILES, OHIO — A Cleveland-based investor has purchased a 4,500-square-foot retail building in Niles, located about 50 miles east of Akron, for $1.3 million. Vitamin Shoppe Inc. is the sole tenant of the building located within Cafaro’s Eastwood Mall complex at 5704 Youngstown Warren Road. Vitamin Shoppe has a long-term lease in place through 2022 and is corporately guaranteed. Dan Cooper of Cooper Commercial Investment Group represented the buyer in the transaction.
ROCKFORD, ILL. — A Chicago-based lender has sold a three-property multifamily portfolio at 3432 Harrison Ave. in Rockford for $800,000. The properties include a total of 52 units. James Clough of Marcus & Millichap represented the seller, a Chicago-based lender. The buyer, a private investor, was secured and represented by Edward Liss and Eric Bell of Marcus & Millichap.
DETROIT — Queen Lillian Development has plans to construct the Midtown Professional Building, a $30 million medical office building at the corner of Mack and Woodward avenues in Midtown Detroit. The partnership, which includes developers Jim Jenkins and Chris Jackson, says that a retail tenant, a medical practice and a dental practice have expressed interest in locating to the 75,000-square-foot, five-story facility, which will include a 280-car parking garage. Construction is slated to begin in August.
COLUMBUS, IND. — Browning Investments Inc. has broken ground on a $15 million, 468,000-square-foot manufacturing and assembly facility for The Phoenix Group in Columbus. The industrial property is located in the Woodside Northwest Park and will include 32-foot high ceilings, energy-efficient fluorescent lighting and an early suppression, fast response sprinkler system. Browning Construction is the Construction Manager. The Phoenix Group, a supply chain management company, expects to employ more than 50 workers at the facility.
PORT HURON, MICH. — Love Funding has closed a $4.7 million loan for the refinancing of Porthaven Manor, a 102-unit, independent living community in Port Huron. Bruce Gerhart of Love Funding secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Porthaven Manor is an age-restricted apartment community built in 1989 with low-income housing tax credits administered by the Michigan State Housing Development Authority. The refinancing will allow the property’s owners to pay off Boston Financial Institutional Tax Credits, which financed the tax credits.
PIQUA, OHIO — Industrial Spring Co. has signed a lease for 48,600 square feet of space at 9200 Country Club Drive in Piqua, located about 28 miles north of Dayton. With the additional tenant, the industrial property is now fully leased. In its new location at the Scarbrough Industrial Park, Industrial Spring Co. will manufacture garage door springs for manufacturers, distributors and wholesalers. Industrial Property Brokers represented the landlord, John Scarbrough, in the transaction.
WHEATON, ILL. —Hand & Stone Massage & Facial Spa has signed a 2,700-square-foot lease in Wheaton, located about 25 miles west of Chicago. The spa is set to open mid-summer at its new location in the Danada Square West shopping center, located on the Northwest corner of Butterfield and Naperville roads. United Commercial Realty represented the landlord in the transaction. Allen Joffe of Baum Realty Group represented the tenant.
ANKENY, IOWA — Houser Enterprises Inc. and Baxter Construction Co. are building Campus Town, a $15 million, 96-unit student housing development in Ankeny, a northern suburb of Des Moines. The 334-bed student housing project is currently preleasing to students at the Ankeny campus of Des Moines Area Community College. The development will include ground-floor retail and amenities such as a 24-hour fitness center, rooftop deck, game and theater room and a food court. Construction is slated for completion in August.
WAUKEE, IOWA — A grand opening celebration was held Tuesday for The Winhall of Williams Pointe, a new $18.7 million, 206-unit apartment community located along University Avenue in Waukee. Hubbell Realty Co., along with its equity partner, Washington, DC.-based Persimmon Capital Partners, is developing the project. Construction of The Winhall began in May 2012. Currently, four of the eight buildings are completed as well as the community clubhouse. The remainder of the buildings will be delivered throughout 2013. Hubbell Construction Services is building the multifamily property. Hubbell Apartment Living will manage the community.
RICHFIELD, MINN. — The Boulder Group has completed the sale of a TCF Bank ground lease, located at 6501 Richfield Parkway in Richfield, a southern suburb of Minneapolis, for $2.8 million. TCF Bank is the sole occupant of the 4,500-square-foot retail building that was developed in 2007. The TCF Bank lease had 15 years remaining at the time of sale and features multiple rental escalations. The property is located on a one-acre parcel within Cedar Point Commons. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private developer, in the transaction. The buyer was a West Coast-based family trust.