ALTON, ILL. — Marcus & Millichap has arranged the $1.8 million sale of a 3,011-square-foot Burger King, located at 1902 Homer Adams Parkway in Alton, located 15 miles north of St. Louis, Mo.. Edward Benton and John Pryzbyla of Marcus & Millichap's Houston office represented the seller, a developer.
SHREWBURY, MO. — The AFL-CIO Housing Investment Trust (HIT) has arranged $6.6 million in union pension capital to renovate the Holy Infant Apartments and the St. Joseph Apartments, two affordable housing complexes in Shrewbury, located in St. Louis County. The $13 million project by HIT will convert most of the existing apartments into one-bedroom units as well as renovate kitchens as bathrooms. Residents of the complexes are at least 62 years old and have household incomes at or below 50 percent of the area median income. HIT purchased $6.6 million in tax-exempt bonds issued by the Industrial Development Authority for St. Louis County and insured by Ginnie Mae securities to help finance the project.
STOW, OHIO — Stow Professional Building LP has purchased a 38,000-square-foot office building, located at 4500 Courthouse Blvd. in Stow, a suburb of Akron, for $5.7 million. Bill Drinkall of NAI Harding Dahm represented the buyer in the deal. The sellers were Clunk Omni LLC, David B. Gillette Bypass Trust and D. Jeanne Gillette Survivor's Trust.
TINLEY PARK, ILL. — M. Block & Sons has signed a lease for 915,643 square feet of industrial space at 18801 Oak Park Ave. in Tinley Park, a south Chicago suburb. The building is located within the Tinley Park Corporate Center and includes 314 parking spaces, 211 loading doors and 32-foot clear ceiling heights. Jeff Locascio of Newmark Knight Frank Epic's Chicago office represented the tenant in the transaction. Larry Johnson of CBRE represented the building owner. M. Block & Sons is a supply chain solutions company that offers traditional warehousing, distribution and logistics services.
PEORIA, ILL. — EM Properties, a Peoria-based developer, has purchased the Hotel Pere Marquette in Peoria for an undisclosed amount. The company plans to begin a $92.8 million redevelopment of the property. The project will include transforming the 10-story landmark into a Marriott Hotel with renovated guest rooms and public spaces. The company also plans to build an adjacent Courtyard by Marriott, as well as a five-story parking garage. Husch Blackwell LP arranged the financing for the deal.
FAIRBORN, OHIO — Denver-based Cardinal Group Management has been selected to manage the 34-unit University Suites in Fairborn. The community was built in 2009, but operational changes caused financial distress and ultimately foreclosure. Cardinal was selected to help stabilize operations and facilitate the sale of the asset.
NORTH OLMSTED, OHIO —NorthMarq Capital has arranged $14.2 million loan for the first mortgage refinancing of Butternut Ridge Apartments, a 261-unit property at 5800 Great Northern Blvd. in North Olmsted. Sue Blumberg of NorthMarq’s Chicago office arranged the loan through Freddie Mac for the borrower, JVM Butternut Apartments. The 7-year loan has a 30-year amortization schedule.
PARMA, OHIO — A private investment group has purchased a 48,320-square-foot retail center for $3.7 million in Parma. The property is leased to Toys/Babies “R” Us and Mr. Hero, both of which signed 10-year lease extensions prior to the sale. Mark Luttner of Luttner Real Estate Investment Services represented the seller, the Ratner Family Trust, in the deal. He also procured the buyer.
CHICAGO — Jeff Cherner of NorthMarq Capital's Chicago office has arranged $58.5 million in mortgage financing for 400 S. Jefferson in Chicago. Sterling Bay Cos. is renovating the office property, which is located at the southwest corner of Jefferson and Van Buren streets. Bank of America provided the three-year, floating-rate loan. Funds from Heitman Capital Management and the ownership were used to close the acquisition of the existing facility in February. Bank of America is providing the construction loan. The renovation of the building, which is slated for completion later this year, will include a new exterior, new building systems and a green rooftop deck.
CARMEL, IND. — Lakes of Carmel, a 324-unit apartment community located on Arbor Drive in Carmel, has sold to a private entity for an undisclosed amount. Carmel is located immediately north of Indianapolis. Steve LaMotte, Dane Wilsona and Dave Lockard of CBRE's Indianapolis office represented the seller, a private entity, in the deal.
