LIVONIA, MICH. — Monmouth Real Estate Investment Corp. has acquired a 172,005-square-foot industrial building at 38401 Amrhein Road in Livonia for $14.3 million. The property is net leased to FedEx Ground Package System for 10 years. The property is situated on 12 acres.
BELLEVUE, NEB. — NorthMarq Capital has arranged a $13.8 million loan for the refinancing of Summit Apartments, a 294-unit multifamily property in Bellevue. John Brendon of NorthMarq arranged the 10-year loan through Freddie Mac. The loan carries a 30-year amortization schedule.
ROGERS, MINN. — Chambers Street Properties has acquired 20000 S. Diamond Lake, a 280,000-square-foot warehouse and distribution building in Rogers, a Minneapolis suburb. The building, developed in 2004, is fully leased and features 32-foot clear ceiling heights, 32 loading doors and 215 parking spaces. The building is located in an established industrial park with regional highway access.
CLEVELAND — Cooper Commercial Investment Group has arranged the $1.3 million sale of an Advance Auto Parts property on Borokpark Road in Cleveland. Advance Auto recently extended its triple-net lease for 10 years. Dan Cooper of Cooper Commercial represented the seller, a private investor out of Cleveland. Brian Parmacek, also of Cooper Commercial, represented the buyer, a private group of investors.
WALES, WIS. — Marcus & Millichap has arranged the $680,000 sale of Cymric Corners, an 8,400-square-foot shopping center in Wales, about nine miles west of Waukesha, Wis. Jeff Rowlett and Jason Ladner of Marcus & Millichap represented the seller, a locally based investor. The buyer is a private investor form New York.
WICHITA, KAN. — Simon Property Group is converting a portion of the 951,447-square-foot Towne West Square into a space dedicated to a variety of medical users. According to the company, transforming the space to medical use will be convenient to patients and will allow medical users to cluster, as many physicians prefer to office near each other. Additionally the mall has a built-in customer base, with 6 million visitors each year. “The concept of converting mall space into a non-traditional use is a growing trend and we are seeing successful results for both the tenant and landlord,” says Jeff Englert of Grubb & Ellis/Martens Commercial Group. Grubb & Ellis will represent Simon in leasing space at Towne West Medical Plaza.
FORT WAYNE, IND. — Inland Real Estate Corp. has completed the development and leasing of Orchard Crossing, a 12,000-square-foot shopping center in Fort Wayne. The tenants include Noodles & Co., Verizon Wireless, Kay Jewelers and Sleep Number by Select Comfort. The property is located at the intersection of Illinois and Thomas roads in Fort Wayne.
CHICAGO RIDGE, ILL. — Marcus & Millichap has arranged the $1.2 million sale of two apartment buildings at 9945 and 9955 Nottingham Ave. in Chicago Ridge. The 12-unit buildings feature ample off-street parking and on-site laundry facilities. Andrean Angelov and Ryan Engle of Marcus & Millichap represented the seller, a financial institution. They also represented the buyer.
MILWAUKEE, WIS. — Landworks Wisconsin, a landscaping company, has purchased an industrial building in Milwaukee to expand its business, for $816,000. The 8,200-square-foot property is located at 1205 W. Mount Vernon Ave. Kurt Van Dyke of Cassidy Turley Barry represented the seller, Ron Sanfilippo, in the transaction. Michael Moony of NAI/MLG Commercial represented the buyer.
OMAHA — Darland Construction has started the renovation of a six-story building in Omaha. Once complete in August 2013, the newly named Victory Apartments & Offices will provide affordable housing to U.S. veterans, as well as office and classroom space. American First Real Estate Group acquired the building from Grace University earlier this year, as part of a community project to serve the needs of veterans. The first floor will house classrooms and offices for the university and a 7,000-square-foot fitness facility and community room for residents. Clinical offices for the Nebraska-Western Iowa VA Medical Center will be located on the second floor, while the upper floors will become apartments.