ELGIN, ILL. AND SOUTH HAVEN, IND. — Trevian Capital has funded a $15.8 million first-mortgage bridge loan secured by two garden-style apartment complexes totaling 322 units in Elgin and South Haven, suburbs in the Chicagoland market. Loan proceeds are being used by the borrower to retire two maturing loans. The loan is cross-collateralized by a 184-unit, 99 percent occupied multifamily property and a 138-unit, 95 percent occupied multifamily property.
OAKBROOK TERRACE, ILL. — NAI Hiffman has arranged three leases along Butterfield Road in Chicago’s East-West corridor totaling 15,169 square feet. Jack Henry & Associates has signed a 7,709-square-foot lease renewal at Butterfield Centre, located at 700 Butterfield Road in Lombard. NAI Hiffman represented the landlord, St. Paul Travelers, in the transaction. In Oakbrook Terrace, The BROE Group acquired a new tenant, Midwest Digestive Disease Specialists, which signed a lease for 5,427 square feet of office space at 2 TransAm Plaza. At 635 Butterfield Road, Premises Group signed a new lease with a full service engineering firm, CHA Consulting Inc., for 2,033 square feet. Michael Van Zandt, Brian Edgerton and Matt Novak of NAI Hiffman’s office services group, represented the landlords in all three transactions. Tim Fisher with Cresa represented Jack Henry & Associates. Al Lindeman with Sperry Van Ness/AML Commercial represented Midwest Digestive. Kellen Monti of Jones Lang LaSalle represented CHA Consulting.
AUBURN HILLS, MICH. — Metro Sweep Services LLC has signed a lease for 16,320 square feet of industrial space located at 2670 Auburn Court in Auburn Hills. Metro Sweep offers environmentally friendly solutions for street sweeping, parking lot sweeping, landscape maintenance and pressure washing. Kris Pawlowski and Gary Stephens of Signature Associates represented the landlord, Gold Star Development LLC, in the transaction.
The Omaha apartment market remains a strong performer. According to MPF Research, Omaha’s apartment occupancy stood at 95.5 percent at the end of 2012, up a modest 80 basis points from the end of 2011 and in line with Omaha’s average occupancy rate of 95.9 percent since 2000. Coupling the strong occupancy rate with a continued favorable financing environment, it is no surprise that developers are eager to bring new units on line and move quickly to lock in permanent financing. As a result, 2012 saw 1,225 multifamily housing building permits issued, which was very much in line with my predicted total of 1,300 permits for the year, and up 25 percent when compared to 2011. The addition of 1,225 units will increase the apartment housing stock in Omaha by 1.4 percent on an overall inventory of approximately 88,000 units. My expectation is that permit activity will again be around 1,200 units for all of 2013, with a small chance that it could possibly increase to as many as 1,400 units. There are a number of local and regional developers who are actively seeking multifamily land, and the lack of top sites is likely to be the biggest development constraint …
INDIANAPOLIS — Kite Realty Group Trust has acquired Castleton Crossing, a 280,000-square-foot shopping center in Indianapolis, for $39 million. The center is fully leased and is anchored by by TJ Maxx, HomeGoods, Burlington Coat Factory and Shoe Carnival. The shopping center is located near the intersection of I-465 and Allisonville Road. The property draws from a five-mile trade area with average household incomes of $87,600 and a population of 168,400.
LAKE BLUFF, ILL. —Prime Property Investors (PPI) has sold Deer Valley Luxury Apartment Homes in Lake Bluff to Steadfast Income REIT for $28.6 million. PPI purchased the Class A, 224-unit apartment community in June 2011 for $21.9 million. The property was fully leased at the time of sale. Deer Valley Luxury Apartment Homes includes 13 buildings on a 13.5-acre site with 297 surface parking spaces and 52 enclosed private parking garages. Susan Lawson and Todd Stofflet of Apartment Realty Advisors’ Chicago office represented PPI in the transaction.
INDIANAPOLIS — Construction is set to begin on the $26 million Chatham-Arch, a mixed-use development in Indianapolis this summer. Milhaus Development has received design approval and site rezoning from the Indianapolis Historic Preservation Commission to redevelop the former Mitchel & Scott Machine Co. site into the Chatham-Arch historic district. The development will include 236 studio, one-, two- and three-bedroom apartments in five buildings and office space. The apartments will include one parking space per unit and will rent between $900 and $2,000 per month. Apartments will become available in the spring of 2014. The project’s design was the result of a collaboration by Milhaus, Blackline Studio for Architecture, Anderson + Bohlander Landscape Architecture and CEC Engineering. Construction will be managed by Milhaus Construction LLC and leasing will be handled by The Gene B. Glick Co.
FREMONT, OHIO — Marcus & Millichap Real Estate has arranged the sale of a 165,000-square-foot, net-leased property in Fremont for $4.1 million. Kmart, which has five years left on its lease, fully occupies the building. Chris Thomson of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer, also a private investor, was secured and represented by Rick O'Connor of Marcus & Millichap. Built in 1990, Kmart is located at 1825 Oak Harbor Road.
WADSWORTH, OHIO — SenQuest Senior Living has acquired Liberty Residence I and II, a 137-unit senior residential community in Wadsworth, for $12 million. The independent and assisted living property, which is situated in an Akron suburb, was 91 percent occupied at the time of sale. SenQuest is the seniors housing division of Los Angeles-based Titan Real Estate Investment Group Inc. Jacob Gehl of Marcus & Millichap represented the buyer and seller in the transaction.
PLYMOUTH, MINN. — Harrison Street Real Estate Capital has acquired the leasehold interest in the Abbott Northwestern – WestHealth medical campus through the Harrison Street Core Property Fund, the firm’s core open-ended vehicle. The three-building, 200,000-square-foot, Class A medical campus is located in Plymouth, a western suburb of Minneapolis. Allina Health, the largest healthcare provider in the Twin Cities, leases a majority of the building. The campus is located at 2855 Campus Drive. Cushman & Wakefield/NorthMarq marketed the campus for sale.