BEACHWOOD, OHIO — The Pavilion Office Building, a 42,598-square-foot property, has sold to a private investor for $3.2 million. The property, located at 24100 Chagrin Blvd. in the metro Cleveland area, sold at 96 percent of the original listing price. Cooper Commercial Investment Group represented the buyer and seller, a private group based out of Beachwood, in the deal.
WILLOWBROOK, ILL. — TGM Associates has purchased TGM Willowbrook, a 712-unit multifamily property in Willowbrook, located about 20 miles from Chicago. The property is made up of 76 two-and three-story buildings and is located at 6060 Laurel Lane. Amenities at TGM Willowbrook include an athletic club, three heated swimming pools, tennis courts, resident center and fitness trails.
ANN ARBOR, MICH. — McKinley Inc. and Avanath Capital Management have launched Mckinley-Avanath, a property management venture formed to manage apartment home communities acquired by Irvine, Calif.-based Avanath. The new venture has begun management of two multifamily properties: Gladden Farms, a 220-unit apartment complex located near Indianapolis; and Country Wood, a 180-unit, affordable living community in Naperville, Ill.
MILWAUKEE — Michael Best & Friederich LLP has renewed its 89,725-square-foot office lease for five more years in downtown Milwaukee. The office building is located at 100 E. Wisconsin Ave. and is managed by Reit Management & Research LLC. Steve Steinmeyer, Jack Keenan and Dan Jessup of Jones Lang LaSalle represented Michael Best in the deal and Kevin Armstrong and Steve White of CBRE represented the landlord, CommonWealth REIT. Michael Best & Friederich is a broad-based business law firm that has offices in Milwaukee, Madison, Waukesha and Manitowoc, Wis. and Chicago.
MINNEAPOLIS — City Center Realty Partners, in a partnership with Angelo, Gordon & Co., has purchased 320,000 square feet of office space in downtown Minneapolis. The space occupies floors 18-36 of the Plaza Seven, a mixed-use tower located in the Nicollet Mall corridor at 45 S. Seventh St. The acquisition includes the building’s heated underground garage with 315 parking spaces. City Center Real Estate Services, an affiliate of City Center Realty Partners, will manage the new property. Jones Lang LaSalle will serve as the leasing agent for the office space. In addition to the office building, the Plaza Seven tower includes retail and a hotel.
VERNON HILLS, ILL. — HSA PrimeCare will develop a $10 million surgery center at 240 Center Drive in Vernon Hills, located about 35 miles north of Chicago. HSA is planning to break ground March 1 on the outpatient surgery center, which will include three surgical suites, one procedure room, and 14 recovery stations. The 15,000-square-foot building will be fully leased to Hawthorn Surgical Associates, which is relocating its practice from a facility in nearby Libertyville.
ROSEVILLE, MICH. — Bernard Financial Group has arranged a $9.7 million loan for Kensington Place Townhomes, a 206-unit property in Roseville. The 16-building property is located at 16651 E. 12 Mile Road. The lender was Prudential Huntoon Paige Associates LLC. Dennis Bernard and Neil of Southfield-based Bernard Financial arranged the loan.
SHAKOPEE, MINN. — Milestone AV Technologies has signed a lease for 106,000 square feet of industrial space at 804 Valley Park Drive in Shakopee, a southwest suburb of Minneapolis. Milestone AV Technologies, a provider of mounting and display solutions for audiovisual technologies, will take occupancy in September and use the space for distribution. Clothing distribution company SanMar is the current tenant. Cushman & Wakefield/NorthMarq represented the landlord, Virginia Retirement Systems, in the deal.
CHICAGO — Illinois’s Metropolitan Pier and Exposition Authority (MPEA) recently unveil plans to build a $400 million, 1,200-room hotel near Chicago’s McCormick Place convention center. The hotel, which is located near the intersection of Michigan Avenue and Cermak Road, would serve as the headquarters for groups holding shows at McCormick Place However, JRM Technology, the site’s owner, said it already has invested thousands of man-hours and millions of dollars to develop a $400 million data center there, according to the Chicago Tribune. James McHugh, a principal at the company, said in a statement, that City Council has already approved plans to start construction on the data center and the company is just waiting on a building permit to be issued. Read the full story here.
COLUMBUS, OHIO — Bellwether Enterprise Real Estate Capital has closed a $30 million loan to refinance the Hyatt Regency, a 633-room hotel in downtown Columbus. The 20-story hotel opened in 1980 and is located at 350 N. High St. The 10-year loan has a 20-year amortization schedule.
