PORTAGE, IND. — Marcus & Millichap has arranged the $25.1 million sale of Willow Creek Estates, a 342-unit apartment complex in Portage, approximately 30 miles southeast of Chicago. The 335,448-square-foot property, located at 5990 Woodland Drive, is 97 percent occupied. Scott Harris and Kyle Shoemaker of Marcus & Millichap represented the seller, an Indiana-based apartment company. They also represented the buyer, an apartment company based in Illinois.
BETHANY, MO. — AmeriBid is conducting a bank-ordered auction of a medium security prison facility in Airpark Industrial Park in Bethany. The auction will take place via a sealed bid format on Wednesday, Jan. 30. The property was built in 2005 on 14.5 acres, and includes 12-foot walls and concrete floors. The building has a modular layout with a central control area in the middle and four large rooms, or pods, branching from it. There are a total of 240 beds. Visit www.ameribid.com for more information.
MILWAUKEE — Dollar General has signed a lease for 9,952 square feet of retail space at Silver Bay Plaza, located at 1935 W. Silver Spring Drive in Milwaukee. Jon Thoresen of Commercial Property Associates represented the landlord, Silver Bay Plaza, in the transaction.
CLEVELAND — The Cleveland Municipal School District's (CMSD) headquarters building will be offered for sale at an open outcry auction Thursday, March 7 at the Sheraton Cleveland Airport Hotel. The 209,359-square-foot property is located at 1380 E. 6th St. in Cleveland. Across the street from the CMSD building is the site for the new $460 million Medical Mart and Convention Center, which is scheduled to open in the summer of 2013. Prospective purchasers should call CBRE Auction Services at 1-800-815-1038.
ST. PAUL, MINN. — The Ramsey County Regional Railroad Authority has marked the completion of a $243 million restoration project at the Union Depot train station in St. Paul. Transportation services have also returned to the 90-year-old structure, which hasn't been open to the public since the last train served the station in 1971. The project included rebuilding the train deck and tracks, constructing a new multilevel passenger drop-off entrance with ticket and baggage counters and repainting and restoring plaster in the waiting room. Crews also restored the Fourth Street entrance to its original design. The project team included Mortenson, URS Corp. and HGA Architects.
NAPERVILLE, ILL. AND INDIANAPOLIS — Inland Real Estate Corp. has sold two Midwest retail properties for a combined $7.5 million. Inland sold the 67,632-square-foot Butera Market shopping center in Naperville for $5.7 million. The buyer was an independent owner-operator of the property's anchoring supermarket. On the same day, Walmart Stores acquired the company's 67,541-square-foot retail property in Indianapolis, which was formerly leased to Cub Foods.
WAYNESVILLE, MO. — Love Funding has arranged an $18.2 million refinancing loan for Four J Apartments, a market rate community in Waynesville. Harry Cheatham of Love Funding's St. Louis office secured the financing through the U.S. Department of Housing and Urban Development's 223(f) loan program. The program allowed the borrower to consolidate 12 loans into a fixed-rate, non-recourse loan with a 35-year term. Four J Land and Cattle Co. developed the 232-unit property in 2010.
MADISON, WIS. — Northern Tool + Equipment has signed a new 15,000-square-foot retail lease at 2118 W. Beltline Highway in Madison, where it will join Steinhafels Furniture. Clay Mote of Venture Commercial, and an X Team International Partner, represented the tenant in the transaction. The landlord was self-represented.
TROY, MICH. — Canada-based Slate U.S. Opportunity (No. 1) Realty Trust has acquired Cambridge Crossings, a 238,963-square-foot community shopping center in Troy. The center is anchored by Walmart and additional tenants include Marshalls, Dollar Tree and Bailey's Pub & Grille. Walmart is currently expanding its store into a supercenter format. The center is located two miles from downtown Birmingham. Ben Wineman of Mid-America Real Estate Corp. and Daniel Stern of Mid-America Real Estate-Michigan Inc. represented the seller, a joint venture between LaSalle Investment Management and Kimco Realty, in the transaction.
COLUMBUS, OHIO — A joint venture between Driftwood Hospitality Management and Apollo Global Real Estate Management has purchased the DoubleTree Suites by Hilton Columbus Downtown. The hotel features 194 guestrooms and 2,600 square feet of event space. The property is within walking distance of the State Capitol, Ohio Supreme Court and Columbus City Hall. The property will continue to operate under the DoubleTree flag. The purchase marks the fifth hotel acquisition between the joint venture.
