WEST CHESTER, OHIO — FAE Holdings 413133R LLC has acquired 5 acres at the corner of Allen and Mulhauser roads in West Chester for $2.1 million. Hi Five Development Services, a locally-based hotel developer, plans to build a full-service hotel and conference center on the site for the buyer, which is an operator of several hotels throughout the region. Mike Halonen of Edge Real Estate Group represented the seller, JaNaka Ltd., in the transaction.
Midwest
ALSIP, ILL. — Shannon Investments, an Illinois-based investor, has acquired 420-4252 W. 124th Place, an 18,500-square-foot industrial property. Built in 1970, the property is one mile from I-294 & Cicero/127th Interchange. Tim Wagener, Carrie Wagener and Andrea Hauger of Owen Wagener & Co. represented the seller in the transaction.
WESTMONT, ILL. — Midwestern Consulting has signed a lease for 10,343 square feet of office space at 500 Quail Ridge Dr. in Westmont. The building is centrally located in the Oakbrook area with easy access to O'Hare International Airport and Chicago. Amenities include restaurants, a hotel and day care. Adam Johnson of NAI Hiffman represented the tenant in the transaction. Jim Whiteside of Heartland Commercial represented the landlord, Quail Ridge Drive Investors LLC.
BROOK PARK, OHIO — Philips Edison — ARC Shopping Center REIT has acquired Brook Park Plaza, a 157,459-square-foot shopping center in Brook Park, a suburb of Cleveland, for $10 million. The center is 87 percent occupied and anchored by an 82,000-square-foot Giant Eagle grocery store, which has a fuel station.
REYNOLDSBURG, OHIO — National Net Lease Realty has arranged the $4.8 million sale of a net-leased Walgreens property in Reynoldsburg. The 15,120-square-foot store was built in 2000 and is situated on 1.9 acres. Walgreens has eight years remaining on its lease, with an additional eight, five-year options to renew at the same rental rate. Terry Marks of National Net Lease Realty represented the buyer, Reynoldsburg WAG LLC, in the transaction. Transwestern Real Estate represented the seller, Reynoldsburg-W Investment LLC.
KANSAS CITY, MO. — Love Funding has arranged a $20 million loan to rehabilitate a historic building in downtown Kansas City, which will be converted into a 130-unit apartment building. Holly Bray of Love Funding secured the financing through the U.S. Department of Housing and Urban Development's 221(d)(4) loan insurance program. The borrower is Landwhite Developers LLC. The property is located at 323 W. 8th St. and was built in 1910 by the Burnham Munger-Root Dry Goods Co. The eight-story building was used to make a range of rubber products for decades, before it was renovated into office space in 1980.
SAGINAW, MICH. — Party City has signed a lease for 13,874 square feet at Saginaw Square at Bay and Tittabawassee roads in Saginaw. Adam Goodman, Brad Rosenberg and Tony Schmitt of Mid-America Real Estate-Michigan Inc. represented the tenant in the transaction.
DALLAS — Capital Senior Living Corp. (NYSE:CSU) has purchased eight senior living communities for $72.9 million. The communities are located in Ohio, Indiana and Texas and contain assisted living and memory care facilities. The average occupancy for the properties is above 95 percent, with average monthly rents of about $3,200. The acquisition will generate additional cash from facility operations of $3.6 million, or 13 cents per share.
DETROIT — A ground lease portfolio of 11 Michigan 7-Eleven locations has hit the market for $18.9 million. The properties are fully occupied and are located in Howell, Shelby Township, Macomb, Chesterfield, Romulus, Warren, Clinton Township and Lenox Township. Simon Jonna and Raymond Jonna of Marcus & Millichap are representing the seller, a private partnership.
CASS LAKE, MINN. — Marcus & Millichap has arranged the $120,000 sale of an O'Reilly Auto Parts property in Cass Lake. The 4,000-square-foot building is located at 6289 Cass Frontage Road. Mike Marzinske, Matthew Hazelton and Adam Prins of Marcus & Millichap represented the seller, a private investor. Marzinske also represented the buyer, a private investor.