GRAND RAPIDS, MICH. — CB Richard Ellis (CBRE)/Grand Rapids has brokered the sale of the former Big Boy restaurant located at 2817 Kraft Ave. in Grand Rapids. The buyer, Cascade Burgers Real Estate, plans to open a new Bagger Dave's Legendary Burger Tavern location in the 6,488-square-foot building. This will be Bagger Dave's fifth location, and a sixth location is set to open soon in East Lansing, Mich. The Grand Rapids location will open by the end of the year. CBRE's Robert Lotzar represented the seller, Union Bank, in the deal.
BEACHWOOD, OHIO — Developers Diversified Realty Corp. (DDR) has refinanced its $550 million senior secured term loan that was set to mature next February. The new financing consists of a $500 million senior secured term loan with a 39-month term and a 12-month extension option. The lending group consists of 21 financial institutions. KeyBanc Capital Markets and J.P. Morgan Securities arranged the financing. DDR also amended its two senior unsecured revolving credit facilities with a two-year extension and a lower capacity.
CHESTER, ILL. — Marcus & Millichap has brokered the sale of St. Ann's Healthcare Center, a 119-bed skilled nursing facility located in Chester. The property was constructed in 1937 and expanded in 1976. It traded between two undisclosed parties for $1.45 million. Mark Myers, senior director of Marcus & Millichap's National Seniors Housing Group, arranged the deal.
EVANSVILLE, IND. — Rotary Corp. has purchased a 37,080-square-foot industrial building from ETFCU for $741,600. The property is located on 4.86 acres at 4916 O'Hara Drive in Evansville. Chris Stuard and Steve Martin of Sperry Van Ness/Martin Commercial Group represented the seller in the deal. CB Richard Ellis/Louisville represented the buyer.
DAVENPORT AND WEST DES MOINES, IOWA — CB Richard Elis (CBRE)/Hubbell Commercial has completed the sale of two Class A multifamily communities in Iowa. The first property is Alexis at Perry Pointe Apartments, a 192-unit community located at 5001 Sheridan St. in Davenport. The second property is The Mansions at Jordan Creek, a 140-unit community loctaed at 355 88th St. in West Des Moines. The CBRE team of Linda Gibbs and Timothy Sharpe represented the sellers in both deals and procured the buyer, MFR Partners XI LLC. The acquisition price was not disclosed.
ZIONSVILLE, IND. — Beech Street Capital has arranged $9.25 million in Fannie Mae financing for the acquisition of Quail Run Apartments, a 166-unit community located in the Indianapolis suburb of Zionsville. The property contains a mix of one- through four-bedroom, garden-style and townhouse units. Amenities include a swimming pool, tennis and basketball courts, a clubhouse, a playground and covered parking. The loan carries a 10-year term with three years of interest-only payments and a 30-year amortization schedule. Jacob Katz of Meridian Capital Group originated the loan and Nathan Burlingame of Beech Street financed it through Fannie Mae. The borrower is an established multifamily owner in the Indianapolis market.
EVANSVILLE, IND. — Global Investments LLC has purchased Highland Hills Apartments from Seven Oaks Properties III LLC for $2.83 million. The Class C community was constructed in 1973. It contains 132 units within 14 two-story buildings situated on 7.3 acres. Chris Stuard and Steve Martin of Sperry Van Ness/Martin Commercial Group arranged the deal.
HUNTLEY, ILL. — The ribbon cutting has been held for the new General RV dealership located at 1400 Automall Drive in Huntley, within the Huntley Automall. Completed by Principle Construction Corp., the project consisted of a 35,244-square-foot showroom and sales area, a 14,500-square-foot vehicle service area and parking for 152 recreational vehicles.
MUSKEGON, MICH. — A new Ulta is is opening at Lakes Crossing, which is located on Harvey Street in Muskegon. The new store will be 11,000 square feet. Michael Lippitt and Richard Shlom of Farmington Hills, Mich.-based Landmark Commercial Real Estate Services represented Ulta in lease negotiations. Brian Mychajluk and Tony Michalak provided in-house representation for the landlord, Centro Properties Group.
GAYLORD, MICH. — Cleveland-based Cooper Commercial Investment Group has brokered the sale of a 188,219-square-foot shopping center located in Gaylord for $4 million. Pine Ridge Square is located at 1401 W. Main St. Its anchors include Hobby Lobby, Dunham's Sports, Big Lots, and Family Farm & Home. Dan Cooper of Cooper Commercial represented the seller, Beachwood, Ohio-based DDR Michigan LLC, and procured the buyer, a private group from Birmingham, Mich. The property traded at a 10.25 percent cap rate.