PRATT, KAN. — Marcus & Millichap has brokered the sale of Country Estates Mobile Home Park in Pratt. The 128-site manufactured home community sold for $600,000. Situated on 27 acres at 620 Country Club Road, the property was 60-percent occupied at the time of closing. Jeff Mueller and Adam Christofferson of Marcus & Millichap represented the undisclosed seller and undisclosed buyer in the transaction.
Midwest
ANN ARBOR, MICH. — Hendricks & Partners has brokered the sale of Woodland Mews, a multifamily property located at 275 Fieldcrest St. in Ann Arbor. Woodland Mews Partners, assignee of Hartman & Tyner Inc. and Bleznak Real Estate Investment Group, purchased the 233-unit REO property for $11.6 million. Mark Rohr and Eric Taylor of Hendricks & Partners' Michigan office represented the seller, Bank of America, in the transaction.
ROMEO, MICH. — Express Gage has purchased an 18,746-square-foot industrial building in Romeo for an undisclosed price. The buyer plans to expand its Sterling Heights, Mich., operations to the new facility, which is located at 181 Shafer. Joe DePonio and Jason Capitani of L. Mason Capitani represented the buyer and the undisclosed seller in the transaction. The acquisition price was not released.
COLUMBUS, IND. — San Francisco-based Fox Pointe Partners LLC has acquired Fox Pointe, an apartment community in Columbus. Located at 4740 Fox Trail Lane, the 120-unit community sold for $4.7 million. The property was 96 percent occupied at the time of closing. Eric Taylor and Mark Rohr of Hendricks & Partners' Michigan office represented the seller, Columbus Development Associates, in the transaction.
LAKE ORION, MICH. — Friedman Real Estate Group has brokered the sale of a gas station facility located at 605 S. Lapeer Road in Lake Orion. The Kroger Co. of Michigan acquired the property from F & K Lake Orion Properties for an undisclosed price. Kroger plans to operate the facility as a Kroger-branded gas station. Larry Shultz of Friedman Real Estate Group represented the seller in the transaction.
CHICAGO — J.P. Morgan Asset Management has invested $182 million for a majority stake in the 474-rental apartment portion and parking and commercial space of Aqua at Lakeshore East in Chicago. The 87-story, mixed-used tower includes 474 studio, one- and two-bedroom luxury apartment units on floors 19 through 52. The building also offers 262 condominium residences and the 14-story Radisson Blu Aqua hotel.
NEW HOPE, MINN. — FLS Properties has completed the disposition of an industrial distribution property in New Hope. The 80,000-square-foot property is situated on 5 acres at 5621 International Parkway. Waymouth Farms acquired the property and will use it as a distribution center. Fred Hedberg, John Young and Luke Hedberg of Paramount Real Estate Corp./TCN Worldwide represented the seller in the transaction. The acquisition price was not released.
ONALASKA, WIS., ORLAND PARK, ILL., AND INDIANAPOLIS — Mid-America Real Estate Corp. has completed three sales in Wisconsin, Illinois and Indianapolis totaling $13.99 million. In the first transaction, Mid-America's Mark Goldberg and Tom Fritz represented a Wisconsin-based developer in the sale of an 86,432-square-foot, Kohl's building in Onalaska. An out-of-state investment fund acquired the property for $7.25 million. In the second transaction, Goldberg and Fritz represented a Chicago-based seller in the disposition of a Fifth Third Bank ground lease in Orland Park. Fifth Third Bank acquired the 58,806-square-foot bank pad for $3.46 million. In the final transaction, Mid-America brokered the sale of a Social Security office building in Indianapolis to a Chicago-based investment fund for $3.28 million. Goldberg and Fritz represented the seller, a Davenport, Iowa-based developer, in the transaction.
STERLING AND DOWNERS GROVE, ILL., AND MISSION, KAN. — Arbor Commercial Funding has funded three loans totaling $8.51 million under the Fannie Mae DUS Loan, Fannie Mae DUS Small Loan and Fannie Mae Multifamily Affordable Housing Low-Income Housing Tax Credit Loan product lines for three properties in Illinois and Kansas. The 160-unit Northland Park Apartments in Sterling received a 10-year loan, which amortizes on a 30-year schedule, in the amount of $4.13 million; the 26-unit Curtiss Apartments in Downers Grove received a $1.87 million loan, which carries a 10-year term and a 30-year amortization schedule; and the 84-unit Lamar Place in Mission received a $2.5 million loan, which carries a 10-year term and a 30-year amortization schedule. Patrick McNutley of Arbor's Chicago office originated the loans.
CHICAGO — Oxford Capital Group and Langham Hotels and Resorts are relaunching the development of Langham Chicago Hotel at 330 North Wabash in Chicago. Expected to open in 2012, the hotel will occupy approximately 375,000 square feet at 330 Wabash, including floors two through 13 and a portion of the first floor and riverfront plaza. The hotel will offer 330 guestrooms and suites ranging from 525 to more than 2,000 square feet. Additionally, the hotel will feature 20,000 square feet of meeting and event space, including a 5,000-square-foot ballroom with urban and river views. The hotel will also house a 9,000-square-foot chef-driven restaurant, as well as a wine room, a fitness center, an indoor pool and Langham's signature Palm Court and award-winning Chuan Spa. Oxford OG Hospitality Chicago is developing the project.