Midwest

JEFFERY APARTMENTS RECEIVES $7.8M MORTGAGE LOAN

by admin February 15, 2013

COLUMBUS, OHIO — The 98-unit Jeffery Apartments in Columbus has received a $7.8 million loan. The non-recourse loan has a 10-year, fixed-rate and a 30-year amortization schedule. The borrower was JDS Development & Management, which used the loan for existing debt and equity for the acquisition of several apartment units that were previously sold when the project was originally developed as a condominium. The building, located at the northeast corner of East 1st Street and North 4th Street, was constructed in the 1990s. Terrace Capital Inc. arranged the loan.

February 15, 2013

BERNARD FINANCIAL ARRANGES $2.8M LOAN FOR OFFICE PROPERTY IN MICHIGAN

by admin February 15, 2013

FARMINGTON HILLS, MICH. — Bernard Financial Group has arranged a $2.8 million loan for Westfield Office Center, a two-story office building in Farmington Hills. The 40,847-square-foot building, which is located at 3020 Orchard Lake Road, was built in 1990. The borrower is Orchard Executive Offices LLC. Kevin Kovachevich of Southfield-based Bernard Financial arranged the loan.

February 15, 2013

Midwest

KINDERCARE BUILDING SELLS FOR $1.3M IN GRAYSLAKE, ILL.

by admin February 15, 2013

GRAYSLAKE, ILL. — The Boulder Group has sold a 6,952-square-foot building occupied by KinderCare in Grayslake for $1.3 million The property, which is leased on a net-lease basis, is located at 790 N. Lake St. in Grayslake, about 45 miles northwest of Chicago. The buyer is an Illinois investor. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private Chicago investor, in the deal.

February 15, 2013

Midwest Retail

CHICAGO COFFEES AND TEAS PURCHASES 42,000 SF INDUSTRIAL BUILDING

by admin February 15, 2013

CHICAGO — Chicago Coffees and Teas has purchased a 42,000-square-foot industrial building, located at 2144 S. Carpenter St. in Chicago. The company chose the location due to its proximity to I-290 and I-90. The purchase price was not disclosed. Mark Nelson and Michael Nelson of NelsonHill represented the owner, Sitex Group. Dan Steinberg of Domain worked on behalf of the buyer in the deal. Chicago Coffees is a purveyor of sustainably grown gourmet coffees, teas and equipment for Chicago’s restaurants and hotels.

February 15, 2013

Healthcare Midwest

REIT ACQUIRES BLAINE MEDICAL CENTER FOR $14.7M IN MINNESOTA

by admin February 14, 2013

BLAINE, MINN. — The Blaine Medical Center, a 76,637-square-foot medical office building, has sold for $14.5 million to REIT that owns senior living communities. The medical office, located at 11855 Ulysses St. in Blaine, is fully occupied and anchored through May 2022 by Multicare Associates. Gino Lollio and Scott Niedergang of Marcus & Millichap represented the buyer and seller, a partnership between the anchoring physician group in the building and a local developer, in the deal.

February 14, 2013

Midwest Office

BERNARD FINANCIAL ARRANGES $12.3M MORTGAGE LOAN FOR OFFICE PROPERTY

by admin February 14, 2013

SOUTHFIELD, MICH. —Bernard Financial Group has arranged a $12.3 million mortgage loan for One Northwestern Plaza, an office property in Southfield. The 240,900-square-foot building, located at 28411 Northwestern Highway, was constructed in 1989. The borrower is ONP Owner LLC. Dennis Bernard and Kevin Kovachevich of Southfield-based Bernard Financial arranged the loan.

February 14, 2013

Midwest

RESEARCH LAB BUILDING IN METRO CHICAGO SELLS FOR $5.6M

by admin February 14, 2013

HOFFMAN ESTATES, ILL. — A 66,000-square-foot Class A research and development lab building in the metro Chicago area has sold for $5.6 million. The building, located at 5115 Sedge Blvd. in Hoffman Estates, sold to Indianapolis-based Sensient Flavors LLC. Olivia Czyzynski, Anthony Lopes and Gene White of Sperry Van Ness arranged the sale of the property. The seller was not disclosed.

February 14, 2013

Midwest Office

MAKE-A-WISH ILLINOIS RENEWS LEASE, EXPANDS OFFICE BUILDING IN CHICAGO

by admin February 14, 2013

CHICAGO — Make-A-Wish Illinois, the nonprofit organization that grants the wishes of children with life-threatening illnesses, is renewing and expanding its lease at 640 N. LaSalle St. The nonprofit will expand its office space by 80 percent to 10,787 square feet. The deal will bring the overall occupancy rate in the seven-story building to more than 90 percent. Make-A-Wish has been tenant in the building since 1988, when it leased approximately 995 square feet. Melissa Rubenstein and Brian Atkinson of Jones Lang LaSalle represented the building’s owner, MAC Management Co. Inc. Connor Kerr and Lisa Konieczka of CBRE represented Make-A-Wish in the deal.

February 14, 2013

Midwest Retail

HFF SECURES $9.2M FINANCING FOR COLLINS ROAD SQUARE IN CEDAR RAPIDS

by admin February 13, 2013

CEDAR RAPIDS, IOWA — Chicago-based HFF has arranged a $9.2 million loan for Collins Road Square, a 168,104-square-foot retail center in suburban Cedar Rapids, Iowa. HFF worked on behalf of Alex Brown Realty Inc. to secure the three-year, interest-only financing through Resource Capital Corp. (NYSE:RSO), a commercial mortgage REIT. Proceeds from the loan were used in part to refinance existing debt on the property. Collins Road Square is located at 1400 Twixt Town Road across from Lindale Mall. Renovated in 2011, the property is 79 percent leased and is anchored by Michaels.

February 13, 2013

Midwest Retail

BARRY GELLER MORTGAGE SELLS PICK 'N SAVE BUILDING IN SAUKVILLE FOR $6.5M

by admin February 13, 2013

SAUKVILLE, WIS. — Barry Geller Mortgage & Investments has sold a 59,000-square-foot retail building occupied by Pick’n Save in Saukville for $6.5 million. The buyer is Fairfield, N.J.-based Executive Capital Group. The triple-net-lease store is located at 810 E. Green Bay Ave. in Saukville. The Milwaukee-based Redmond Co. completed construction of the store in 2004.

February 13, 2013

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