INDIANAPOLIS — Gramercy Capital Corp. has acquired a two-property, 540,000-square-foot industrial portfolio in Indianapolis for $27.1 million. The portfolio is comprised of Class A buildings that are fully leased to three tenants with a 10.2-year weighted average lease term. According to Gordaon DuGan, CEO of Gramcery, the closing is the first in the company's new strategy to become a “premier net lease investor focused on office and industrial properties.”
DAYTON, OHIO — HFF has arranged $12.5 million in acquisition financing for an eight-property self-storage portfolio in various Ohio locations. World Class Capital Group is the borrower. The 3,432-unit portfolio is comprised of five properties in the Dayton area, two in the Youngstown area and one in Cincinnati. The properties, which were owned and operated by a national self-storage REIT, total 441,914 square feet. Christopher Vittetoe and Benjamin Gallant led the HFF team that arranged the 10-year, fixed-rate loan through Deutsche Bank Securities.
CREVE COEUR AND CEDAR LAKES, MO. — L3C Capital Partners has acquired a four-property apartment portfolio in the greater St. Louis region for $115 million. The portfolio totals 1,447 units and properties include Westchase, Cove West and Cross Creek in Creve Coeur and Cedar Lakes in St. Louis. Freddie Mac provided a $92 million loan for the acquisition. L3C plans to invest $8.2 million to upgrade the properties. Village Green Management will manage the property.
DAYTON, OHIO — Cooper Commercial has arranged the $885,000 sale of a freestanding Wright-Patt Credit Union in Dayton. The 3,500-square-foot property was developed in 2010 and requires no landlord responsibilities. Wright-Patt has a ground lease on the property through 2030, with 10 percent rental increases every five years. Bob Havasi of Cooper Commercial represented the sellers, an institutional entity based in New York. The buyer was a private group based in Cleveland.
CICERO, ILL. — Ryan Cos. has completed work on Wirtz Beverage Illinois, a new 605,000-square-foot corporate headquarters building at 333 South Laramie Ave. in Cicero. The facility consolidates four Wirtz Beverage locations into one hub for sales, distribution and training programs. Ware Malcomb provided architectural and design services to Wirtz Realty Group, the newly formed real estate arm of Wirtz Corp. The property features offices, conference centers, training facilities and warehouse and distribution areas. The building also contains digital signage screens. The 500,000-square-foot warehouse contains one of the largest temperature-controlled wine storage components in the country.
CHICAGO — American Tower Corp. has acquired the 93rd and 97th floors of the John Hancock Center in Chicago, as well as rights to the existing telecommunications leases associated with the property. The sale includes more than 34,000 square feet for broadcast and telecommunications equipment and two broadcast towers. American Tower says it plans to market the property to both broadcast and wireless tenants.
KANSAS CITY, MO. — Berkeley Point Capital has arranged a $33.2 million loan for the acquisition and renovation of Camden Passage, a 596-unit apartment community in Kansas City. Robert Cantizano of Berkeley Point arranged the 10-year loan through Fannie Mae, which features three years of interest-only payments and seven years yield maintenance. The borrower, a multifamily investment fund focused on core and value-add acquisitions, plans to use some of the funds for its capital investment budget and to rename the property Northland Passage.
CAMBRIDGE, MINN. — Opus Development Corp. has sold five acres of land in Cambridge to Mills Fleet Farm. The company recently purchased a nearby building, which it plans to convert into a store, and acquired the land for additional space. The parcel is located off of Highway 95 next to the Cambridge Retail Center, which includes a Target and Cub Foods. Mid-America Real Estate represented Opus in the transaction. Mills Fleet Farm is a family-owned retailer, which carries farm, horse, pet, automotive, clothing and other goods.
CHICAGO — Bill Etherton of DS Capital has arranged $75 million in permanent financing for 10 properties in Illinois and North Dakota. The firm secured $23.3 million for four apartment buildings in Chicago, $28.1 million for a medical office building in Bloomington, Ill., $5 million for a retail shopping center in Wheeling, Ill., and $6.1 million for an office building on South Wabash Avenue in Chicago. DS Capital also arranged $12.4 million for three Walgreens properties, two of which are located in downstate Illinois and the third located near Fargo, N.D.
LOMBARD, ILL. — Waste Management has signed a lease for 40,300 square feet of office space at Butterfield Centre in Lombard. The space is part of a 145,814-square-foot building located at 700 E. Butterfield Road. Property amenities include immediate access to I-88, newly renovated common areas, a conference center with auditorium and an on-site deli. Michael Van Zandt, Brian Edgerton and Matt Novak of NAI Hiffman represented the landlord, Travelers Insurance, in the transaction. John Musgjerd of Jones Lang LaSalle represented the tenant.