Midwest

CAMPUS CREST BUYS UNIVERSITY OF TOLEDO PORTFOLIO FOR $13.8M

by admin April 3, 2013

TOLEDO, OHIO — Campus Crest Communities has purchased 629 student housing beds, located across the street from the University of Toledo, for $13.8 million from Rochester, Mich.-based Campus Village. According to Triad, the portfolio has undergone some distress in recent years and had an occupancy rate of 80 percent during 2012. Campus Crest has plans for a substantial renovation and repositioning of the properties. The company also plans to take advantage of the close-to-campus location. Triad Real Estate Partners brokered the sale.

April 3, 2013

BOULDER GROUP ARRANGES SALE OF A BANK OF AMERICA GROUND LEASE IN CHICAGO

by admin April 3, 2013

WARRENVILLE, ILL. — The Boulder Group has arranged the sale of a single-tenant Bank of America ground lease, located at 28301 Diehl Road in Warrenville, for $3.4 million. Bank of America is the sole occupant of the 4,500-square-foot retail building, which was developed in 2003. The bank’s lease had 11 years remaining at the time of sale. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a high net-worth individual, in the transaction. The buyer was a Chicago-based private individual in a 1031 tax-deferred exchange.

April 3, 2013

Midwest Retail

LIFETIME FITNESS COMMITS TO 67,500 SF BUILD-TO-SUIT IN BLOOMFIELD TOWNSHIP

by admin April 3, 2013

BLOOMFIELD TOWNSHIP, MICH. — Lifetime Fitness Platinum Club has committed to a 67,500-square-foot, build-to-suit in Bloomfield Township, located about 25 miles north of Detroit. The fitness club will occupy a three-story building located at Dublin and Telegraph roads. John Lominack and Bob Hanzl of Colliers International represented Lifetime Fitness in the transaction.

April 3, 2013

Midwest Multifamily

ARES CLOSES TWO LOANS IN KANSAS CITY, ATLANTA TOTALING $132.6M

by admin April 2, 2013

ATLANTA AND KANSAS CITY, MO. — Ares Commercial Real Estate Corp. has closed two loan commitments totaling $132.6 million, including a $107.1 million first mortgage loan collateralized by multifamily properties in Atlanta and a $25.5 million first mortgage loan collateralized by office properties in Kansas City, Mo. A sponsor group including Cortland Partners of Atlanta used the $107.1 million loan to finance the acquisition and property improvements of three multifamily properties in Atlanta. The $25.5 million loan was collateralized by two Class A office buildings in the Overland Park submarket of Kansas City.

April 2, 2013

Midwest

DIGITAL REALTY ACQUIRES MINNEAPOLIS DATA CENTER FOR $37M

by admin April 2, 2013

EAGAN, MINN. — Digital Realty Trust Inc. has completed the acquisition of 1500 Towerview Road in Eagan, a suburb of Minneapolis, for $37 million. The 329,000-square-foot data center, situated on 39 acres of land, is fully leased to Delta Air Lines. Structured as a sale-leaseback transaction, Delta Air Lines has signed an eight-year, triple-net-lease with Digital Realty for the facility. The three-level facility includes approximately 86,000 square feet of data center space capable of supporting 8 megawatts.

April 2, 2013

Midwest Multifamily

$34.5 MILLION APARTMENT COMPLEX TRADES HANDS IN URBANA, ILL.

by admin April 2, 2013

URBANA, ILL. — Axiom Properties Inc. has sold Town & Country Apartments, a 662-unit apartment complex in Urbana, for $34.5 million, or $52,115 per unit. The apartment complex is located on 30 acres at 1032 East Kerr Ave. The multifamily property includes a 52-unit self storage facility, four swimming pools, business and fitness centers and basketball and tennis courts. Scott Harris of Marcus & Millichap represented the seller and the buyer, Colorado-based Monarch Investment and Management Group.

April 2, 2013

Midwest Multifamily

BERNARD ARRANGES $2M LOAN FOR BAVARIAN VILLAGE APARTMENTS

by admin April 2, 2013

CLARKSTON, MICH. — Bernard Financial Group has arranged a $2 million loan for Bavarian Village Apartments, an 81-unit complex in Clarkston, located about 38 miles north of Detroit. The borrower is Village Enterprises LLC. The lender is The Ohio National Life Insurance Co. Kevin Kovachevich of Bernard Financial Group originated the loan. Bavarian Village Apartments is located at 8863 Dixie Highway.

April 2, 2013

Midwest Multifamily

BERNARD ARRANGES $8.8M LOAN FOR GREEN VALLEY APTS. IN CLINTON TOWNSHIP

by admin April 1, 2013

CLINTON TOWNSHIP, MICH. — Bernard Financial Group has arranged an $8.8 million loan for Green Valley Apartments, located at 42480 Green Valley Drive in Clinton Township, about 25 miles north of Detroit. The multifamily property includes 420 units. The borrower is Green Valley Apartment Complex LLC. Neil Gorosh of Bernard Financial originated the loan.

April 1, 2013

Midwest Multifamily

DEVELOPER ACQUIRES 65-UNIT MULTIFAMILY PROPERTY IN CHICAGO FOR $4.1M

by admin April 1, 2013

CHICAGO — A developer has acquired 6920 South Crandon Avenue, a 65-unit, 11-story affordable multifamily property in Chicago’s South Shore neighborhood.Scott Harris and Ryan Engle of Marcus & Millichap represented the seller, a limited liability company, and the buyer in the transaction. The property currently operates under a Housing Assistance Payment (HAP contract) administered by the Chicago HUD office. The HAP contract was recently renewed.

April 1, 2013

Midwest Retail

MIDWEST-BASED DEVELOPER SELLS RETAIL PROPERTY IN ST. JOHN, IND. FOR $3.5M

by admin April 1, 2013

ST. JOHN, IND. — A Midwest-based developer has sold a net-leased Walgreens property, located at 9290 Wicker Ave. in St. John, about 20 miles north of Fort Wayne, for $3.5 million. Walgreens has approximately five years left on its lease at the 13,905-square-foot retail property. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The buyer was a private net-leased investment fund and was self-represented.

April 1, 2013

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