Midwest

HSA PRIMECARE ACQUIRES MICHIGAN ORTHOPEDIC CENTER FOR $14M

by admin January 21, 2013

YPSILANTI, MICH. — HSA PrimeCare, a health care real estate division of Chicago-based HSA Commercial Real Estate, has acquired the Michigan Orthopedic Center in Ypsilanti for $14.8 million. St. Joseph Mercy Health System and some of the leading orthopedic surgeons in the state anchor the four-story, 86,125-square-foot medical center. Located at 5315 Elliot Drive, the facility is situated within the 340-care St. Joseph Mercy Hospital Ann Arbor campus. Greg French of Inverness-based French Commercial Realty represented Boler in the deal.

January 21, 2013

COHEN FINANCIAL SECURES $11.6M FOR MICHIGAN INDUSTRIAL PROPERTY

by admin January 21, 2013

KENTWOOD, MICH. — Chicago-based Cohen Financial has secured $11.6 million in acquisition financing for a 462,000-square-foot, multi-tenant industrial property in Kentwood, just south of Grand Rapids. The building is located at 4700 Broadmoor Ave. and is fully occupied. Cathy Bronkema of Cohen Financial arranged the fixed rate, nonrecourse, 10-year term loan with a national CMBS lender. The borrower is a Chicago-based commercial real estate owner/investor. The deal closed on Dec. 28.

January 21, 2013

Midwest Office

TRIGILD TAKES OVER PROPERTY MANAGEMENT OF FOUR OFFICE PROPERTIES

by admin January 21, 2013

SAN DIEGO — Trigild, a full-service commercial real estate firm, will manage 16 Class A and B office building throughout the Midwest and Southeast as part of an agreement with Charlotte, N.C.-based Allegiance Realty Corp. The agreement calls for Trigild to take over day-to-day operations of the office buildings starting Feb. 1. Of the 16 properties, four are located in the Midwest including: 3100 Presidential Drive in Fairborn, Ohio, 11499 Chester Rd. in Cincinnati 433 N. Summit St. in Toledo, Ohio and 901 Tower Drive in Troy, Mich.

January 21, 2013

Midwest Multifamily

KBS ACQUIRES 228-UNIT MIXED USE COMMUNITY NEAR MINNEAPOLIS

by admin January 21, 2013

EDEN PRAIRIE, MINN. — Newport Beach, Calif.-based KBS Legacy Partners Apartment REIT has acquired Watertower Apartments, a 228-unit, mixed-use community in Eden Prairie, 16 miles southwest of downtown Minneapolis. The property offers 228,775 square feet of mixed-use space in two adjacent structures: a three-story, 28-unit residential building with 10,065 square of ground-level retail space; and a four-story, 200-unit apartment building above a two-level underground parking garage. Watertower Apartments was 94 percent occupied at the time of the sale.

January 21, 2013

Midwest Retail

AGREE REALTY ACQUIRES WALGREENS IN YPSILANTI, MICH. FOR $5.6M

by admin January 18, 2013

YPSILANTI, MICH. — Agree Realty Corp. has closed on the $5.6 million sale of the 13,650-square-foot Walgreens on Michigan Avenue in Ypsilanti. The store was developed by Walgreens in 2008 and was sold by Farmington Hills, Mich.-based Agree Limited Partnership. The buyer was undisclosed.

January 18, 2013

Midwest Multifamily

FLORIDA INVESTOR PURCHASES RAINTREE APARTMENTS FOR $5.15M

by admin January 18, 2013

TOPEKA, KAN. — A Florida-based investor has purchased Raintree Apartments, a 184-unit multifamily building located in Topeka for $5.15 million. The apartment complex, located at 3708 SW. 29th St., was built in 1974 and is 95 percent occupied. Alex Blagojevich and David Gaines of Marcus & Millichap Real Estate Investment Services represented the seller, a California-based limited liability company and the buyer in this deal.

January 18, 2013

Midwest Retail

MONTGOMERY, ILL. NATIONAL TIRE & BATTERY AUTO CENTER SELLS FOR $3.4M

by admin January 18, 2013

MONTGOMERY, ILL. — Quantum Real Estate Advisors Inc has arranged the sale of a 7,964-square-foot National Tire & Battery Auto Center located on Hill Road in Montgomery for $3.4 million. Quantum represented the buyer, an institutional investor from the West Coast, and the seller, a private individual.

January 18, 2013

Midwest Retail

MILWAUKEE ALE HOUSE IN GRAFTON SELLS FOR $1.62M

by admin January 18, 2013

GRAFTON, WIS. — Marcus & Millichap Real Estate Investment Services has arranged the sale of the 9,000-square-foot Milwaukee Ale House in Grafton for $1.6 million. Located at 1208 13th Ave, the restaurant is in the heart of downtown Grafton. Marcus & Millichap’s Jeff Rowlett and Jason Ladner represented the seller, a private investor.

January 18, 2013

Midwest Office

440 CONGRESS LLC PURCHASE 85,539-SQUARE-FOOT DETROIT OFFICE BUILDING

by admin January 18, 2013

DETROIT — 440 Congress LLC has purchased an 85,539-square-foot office building, located at 440 E. Congress St., in Detroit. The purchase price was undisclosed, but the listing price was $1.9 million. Bruce Morrison and Steve Gordon of Signature Associates represented the seller, 400 East Congress Partnership. Morrison also represented the buyer.

January 18, 2013

Midwest Multifamily

NORTHMARQ ARRANGES $19.6M MORTGAGE FOR PARK EDGE APARTMENTS

by admin January 17, 2013

LENEXA, KAN. — NorthMarq’s Kansas City regional office arranged acquisition financing of $19.66 million for Park Edge Apartments, a 260-unit market-rate multifamily community located at 8201 Renner Blvd. in Lenexa. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing through its seller-servicer relationship with Freddie Mac.

January 17, 2013

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