COLUMBUS, OHIO — Morris, Smith & Fehy (MS&F) Inc. has arranged a $4.5 million first mortgage loan for a 63,744-square-foot industrial building in Ohio. The property is fully leased to Ferro Corp., a producer of specialty materials and chemicals, which are sold to a range of manufacturers. The 15-year loan has a 15-year amortization schedule. Jeff Morris of MS&F's Columbus office originated the loan on behalf of Davis Development Group.
CLEVELAND — Canton-based King Pin LLC has sold a Family Dollar Store in Cleveland for $1 million. Built in 2007, the 9,160-square-foot building is located at 3470 E. 93rd St. Family Dollar has about 4 years remaining on its lease. Dan Cooper of the Cleveland office of Cooper Commercial Investment Group represented the seller in the transaction. He also secured the buyer, a private group from California.
ST. LOUIS, MO. — Centerline Capital Group has arranged an $11.4 million Fannie Mae loan to refinance the Woodchase Apartments in St. Louis. Built in 1984, the property includes 17 two- and three-story residential buildings and a single-story office. The property has a total of 186 units. The 10-year loan has a 30-year amortization schedule. The borrower is Woodchase Village LLC.
TINLEY PARK, ILL. — DDR Corp. has acquired Brookside Marketplace in Tinley Park, a southwest suburb of Chicago, for $47.4 million. Brookside is a 550,000-square-foot shopping center. Anchor tenants include Best Buy, Dick's Sporting Goods, Old Navy and PetSmart. Rick Drogosz and Joe Girardi of Mid-America Real Estate Corp. represented the seller, Ryan Cos. Inc., in the transaction.
STERLING HEIGHTS, MICH. — BAE Systems has opened a new $58 million office campus in Sterling Heights. The four-story office building houses 600 engineers, program managers and support staff. Construction began on the 164,000-square-foot building in February 2009 after the company acquired the site of the former TRW Automotive Holdings Corp. The office complex will serve as the engineering and development site for military ground vehicles. Detroit-based Walbridge was the general contractor for the project.
MASON, OHIO — Morris, Smith & Feyh Inc. (MS&F) has arranged a $6.1 million mortgage for The Shoppes of Mason through one of its correspondent lenders. The 80,800-square-foot shopping facility is anchored by Kroger. Chad Kiner of MS&F's Columbus office originated the loan on behalf of Joseph Padanilam, owner of Aurora, Ohio-based Optimus One LLC.
OHIO — Marcus & Millichap Real Estate Investment Services has secured the listing for a seven-property portfolio of Wendy's restaurants, primarily located in Ohio. The purchase price totals $23 million and the properties can be purchased as a package or individually. Peter Nisbet of Marcus & Millichap's Seattle office is representing the seller, a Wendy's owner based on the East Coast.
ANN ARBOR, MICH. — Ciena Healthcare opened its latest skilled nursing community in Ann Arbor. Regency at Bluffs Park is located at the M-14/Main Street interchange. The 37,000-square-foot building includes 37 private rooms and 17 semi-private rooms. The property, which was renovated for more than $5 million, is designed to have the look of a boutique hotel. The facility includes physical and occupational therapy space, a dining room on each floor, a library and spa.
ADDISON, ILL. — Micromatic Spring and Stamping Co. has purchased a 72,000-square-foot industrial building at 45 N. Church St. in Addison. Micromatic, which manufactures springs, wireforms and stamped products, is moving to the property from 9325 King St. in Franklin Park, Ill. Phil Reiff and Phil Reiff, Jr. of Paine/Wetzel/TCN Worldwide represented the buyer. Dan Brown and Mike Antonelli of Brown Commercial Group represented the seller, Lillypad Development. The purchase price was undisclosed.
LISLE, ILL. — Duke Realty Corp.'s Chicago office has completed construction of Navistar Inc.'s new corporate headquarters campus in Lisle. The project involved renovating 1.2 million square feet of interconnected buildings and new construction totaling 27,000 square feet. Crews upgraded electrical systems, refurbished building exteriors and added a 15,000-square-foot technology design center. The Navistar project was completed in 12 stages over a one-year period.
