MILWAUKEE — Stadium Business Park, located at 1745 S. 38th St. in Milwaukee, has selected Inland Construction for its 23,200-square-foot tenant improvement project, which is scheduled for completion in December. The project consists of demolition and construction of new interiors, offices, lunchroom, bathroom and training room.
ILLINOIS, INDIANA AND OHIO — Exeter Property Group has acquired a portfolio of 19 industrial buildings from a partnership between Pinchal & Co. and American National Insurance Co. for $240 million. The portfolio comprises 6 million square feet of space that was 98 percent leased at the time of closing. The portfolio is leased to 27 tenants, a majority of which are publicly traded or credit-rated. The average remaining lease term is 5.8 years. The Jones Lang LaSalle team of John Huguenard, Peter Harwood, Garry Weiss and Sean Devaney represented the seller. Eight of the 19 buildings are located in the Midwest. One property is located in the St. Louis suburb of Granite City, Ill.; five properties are located in Indianapolis; and one property each is located in Whitestown, Ind., and Groveport, Ohio.
SOUTH LYON, MICH. — The Michigan office of Mid-America Real Estate has completed the sale of a 55,000-square-foot building within Lyon Town Square Shopping Center, a retail property located at the intersection of 8 Mile Road and Pontiac Trail in South Lyon. The Mid-America team of Richard Kerwin, Bill Wright and Ben Wineman represented the buyer, Topeko Inc., and the seller, Lyon Creek LLC. The acquisition price was not disclosed.
MARYLAND HEIGHTS, MO. — Kaplan Real Estate Co. has brokered the sale of an approximately 33,000-square-foot warehouse/office flex property located at 2282 Grissom Drive in the St. Louis suburb of Maryland Heights. Kaplan represented the seller, a lending institution that had foreclosed on the property. The buyer's name was not released.
LAKEWOOD AND FAIRVIEW PARK, OHIO — Love Funding has refinanced two Ohio apartment communities through the Federal Housing Administration's 223(a)(7) program. Love secured a $6.37 million loan for Fedor Manor, a 145-unit community located in Lakewood, and a $2.95 million loan for Willowood, a 70-unit community located in Fairview Park. The loans carry fixed interest rates of 4.55 percent and 4.95 percent, respectively, as well as 40-year terms. Robert Smallwood of Love's Cleveland office secured the funding.
BATAVIA AND GOSHEN, OHIO — Beech Street Capital has arranged $7.7 million in Fannie Mae financing for the acquisition of two low-income housing communities in the Cincinnati area. Stonelick Woods is a 176-unit property located in Batavia, and Country Lake is a 128-unit community located in nearby Goshen. The fixed-rate financing has a 7-year term and a 30-year amortization schedule. The Beech Street team of Kanett Curtis and Nathan Burlingame arranged the deal, and Jacob Katz of Meridian Capital Group originated it.
CHICAGO — RREEF has purchased Cityfront Place, a 40-story, 480-unit multifamily tower located in Chicago, for $107 million. Constructed in 1991, Cityfront Place is situated at 400 N. McClurg Court along the Chicago River. RREEF, which made the purchase on behalf of RREEF America REIT II, plans to complete a capital improvements program in the near term. RREEF has developed two multifamily high-rise towers in downtown Chicago during the last six years and currently controls a portfolio comprising more than 9 million square feet of retail, residential, industrial and office space in the Chicagoland market.
MORAINE, OHIO — California-based Industrial Realty Group (IRG) has purchased the shuttered General Motors (GM) plant located in Moraine. The buyer plans to convert the 4.1 million-square-foot campus into Progress Park, a four-building, multi-use park containing approximately half as much space as the original plant. IRG purchased the property from The RACER Trust, which was created by the U.S. Bankruptcy Court to redevelop and sell 89 former GM sites in 14 states. IRG specializes in redeveloping large-scale industrial campuses. It recently acquired the former United Parcel Service hub at Dayton International Airport as well as the former Goodrich rubber plant in Akron.
CHICAGO — Farbman Group has acquired the Randolph-Wells Building, a 23-story, Class C office building located at 204 West Randolph in Chicago's West Loop. Constructed in 1928, the tower is occupied by tenants that include Kaplan Educational Center; tenants at the building's street-level retail space include Baskin-Robbins and Dunkin Donuts. The building has recently undergone renovations that include a new roof and elevator upgrades. The seller's name was not released.
PAINESVILLE, OHIO — Cleveland-based Goodman Real Estate Services Group has brokered the sale of Painesville Commons Shopping Center, a 141,900-square-foot retail center located in Painesville. Tenants at the property include Cinema 20, Save-A-Lot, AutoZone and Sherwin-Williams Paints. Goodman's Kyle Hartung and Rob Yaskanich represented the undisclosed buyer, which purchased the center at auction.