BROOKLYN PARK, MINN. — Marcus & Millichap Capital Corp. has arranged $9.1 million for the refinancing of a 171-unit apartment property in Brooklyn Park, the second-largest suburb in the Twin Cities. John Mulcahey of Marcus & Millichap's Minneapolis office arranged the loan. The 10-year loan has a 30-year amortization schedule.
DETROIT — Rock Ventures is closing on its purchase of the historic Federal Reserve building in Detroit, a 176,000-square-foot building that has sat vacant since 2004. Built in 1927, the building is located at 160 W. Fort St. The Federal Reserve Bank moved to a new building in 2004, leaving the property empty. Rock Ventures was formed by Dan Gilbert, chairman and founder of Quicken Loans. In the past year, Gilbert has purchased nine buildings, three parking structures and one parking lot in downtown Detroit. Gilbert broke the news of the Federal Reserve purchase during the opening of Rock Venture's $12 million renovation of the Madison Theater Building in Detroit. The building has been renamed The M@dison.
MADISON, IND. — The Lodging Unlimited Group of Cos. has been appointed receiver of the Country Hearth Inns & Suites hotel in Madison by a Midwestern savings bank. The hotel is located at 308 DeMaree Dr. and will be operated by Lodging Unlimited's Chicago-based hotel management division. The hotel investment company reports a 50-year track record of operating and turning around troubled hotels. It is the eighth hotel currently owned and operated by the company.
FORT WAYNE, IND. — The University of Saint Francis has purchased an 83,000-square-foot complex at 431 W. Berry St. in downtown Fort Wayne. The center will serve as the main location for several of the university's new and existing media arts programs. It will also be available for use by the public for events, meetings and concerts. Barry Sturges and Carolyn Spake-Leeper of CBRE/Sturges represented the buyer and seller in the transaction.
CHICAGO — Chicago-based Structured Development has signed leases with PetSmart and buybuyBaby to occupy 45,000 square feet at 1415 N. Kingsbury St., a 2.3-acre retail development that will break ground early this year in Chicago. The Kingsbury Center project will also include an additional 8,500 square feet of retail space for lease. Structured Development moved forward with the project after its partner, Commonfund of Wilton, Conn., withdrew from the LLC. Structured paid off the existing PNC loan through a refinancing provided by The Private Bank in the amount of $14 million.
INDIANAPOLIS — Record Street Warehouse LLC has purchased a 110,000-square-foot industrial property in Indianapolis for an undisclosed amount. The building is located at 7800 Record St. Andrew Schrage of Coldwell Banker Commercial Realty Services represented Record Street in the transaction. The seller, LBC Corp. was represented in-house.
CHICAGO — BL Restaurant Operations will open a new Bar Louie location in Chicago's River North neighborhood on Feb. 1. The 11,591-square-foot restaurant and bar will be the eleventh Bar Louie in the Chicago area. Located at 333-335 N. Dearborn St., Bar Louie will seat about 260, with an additional 73 seats on the patio. The bar opens Feb. 1.
TROTWOOD, OHIO — The Boulder Group has completed the $1.9 million sale of a net-leased CVS property, located at 1001 E. Main St. in Trotwood. CVS has a 25-year lease at the 10,722-square-foot retail building, which was developed in 1996. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Texas-based investment firm, in the transaction. The buyer was a New York-based 1031 exchange investor.
MILWAUKEE — Spanish manufacturer Sic Lazaro U.S. Inc. has purchased the former Rexcon Building in Milwaukee for $1.7 million. The company signed a short-term lease at the 138,870-square-foot plant last May to manufacture industrial counterweights. The lease deal included an option to buy the factory, which is located at 7044-7100 N. Teutonia Ave. Russ Sagmoen and Steve Sewart of Inland Co. represented the seller, Rose Industries, in the transaction.
ELK GROVE VILLAGE, ILL. —Meridian Design Build has completed the renovation and expansion of a 14,626-square-foot medical office facility for Barrington Orthopedic Specialists at 120 E. Higgins Rd. in Elk Grove Village. The project, completed in 64 days, included the full renovation of an existing single-story office building to repurpose it for medical use. The facility includes a physical therapy gym, cast rooms and imaging areas. Bob Kolcz and Fred Jennings coordinated the project for Meridian Design Build. Arete-Knight provided design services.