FORT WAYNE, IND. — Towne Investments has acquired a vacant 60,000-square-foot industrial property in Fort Wayne. Additionally, the company has inked a long-term lease for the entire building with Stonhard, a division of RPM International. The property is located in close proximity to the Fort Wayne International Airport along the Interstate 69 Corridor. Towne Investments plans to redevelop the property to accommodate the tenant’s needs. Steve Zacher of The Zacher Company represented the undisclosed seller in the transaction. The acquisition price was not released. Towne Investments is the trade name under which Zilber Ltd. markets its commercial investment portfolio.
KENT, OHIO — Dix Communications, the corporate owner of Portage County, Ohio-based newspaper publisher Record Publishing, has purchased a former Mazda dealership in Kent. The 24,852-square-foot property sold for $840,000. Dix plans to repurpose the facility into a corporate marketing headquarters. Jennifer Fernandez of NAI Cummins was the listing broker for the property. Additional details of the transaction were not released.
RIVERVIEW, MICH. — Salt Lake City-based Zions First National Bank has completed the disposition of Riverview Club Condominiums in Riverview. West Bloomfield, Mich.-based Penn Street Properties purchased the 32-unit multifamily property for an undisclosed price. Located at 14411 Pennsylvania Road, the property offers six one-bedroom and 26 two-bedroom units. The property was built in 1967 and renovated in 2007. Eric Taylor and Mark Rohr of Hendricks & Partners’ Michigan office represented the seller in the transaction.
DES PLAINES, ILL. — Inland Real Estate Brokerage has brokered the sale of two apartment buildings in Des Plaines. Located in the Hamilton Court apartment complex, the properties offer a total of 10 two-bedroom and two one-bedroom apartment units. The fully occupied properties sold for $625,000 each for a total of $1.25 million. Bob Edmiston of Inland represented both undisclosed parties in the transaction.
OMAHA, NEB. — Gary Rifkin of NorthMarq Capital’s Omaha Regional office has arranged $2.15 million in first mortgage financing for a Walgreens pharmacy location. The 14,904-square-foot retail property is located at 2323 L Street in Omaha. The loan has a 10-year, fixed-rate term with a 20-year amortization schedule. NorthMarq arranged the loan for the borrower, BDRE – L Street LLC, through its relationship with American National Bank.
SOUTHFIELD, MICH. — An undisclosed information technology company has leased 28,000 square feet of office space in Southfield. Located at 300 Galleria Officentre, the property is owned by Nemer Property Group. John Khami of Lee & Associates Michigan represented the tenant. Terms of the lease were not released.
BARRINGTON, ILL. — Walgreens Barrington 1 LLC has acquired a 14,490-square-foot Walgreens location in Barrington. Located at 189 Northwest Highway, the property sold for $9.27 million. The retail property is 100 percent leased to Walgreens on a long-term basis. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private Chicago-based developer, in the transaction.
LAWRENCE, KAN. — NorthMarq Capital’s Kansas City Regional office has arranged $19.8 million in first mortgage financing for Hutton Farms, multifamily property in Lawrence. Located at 3401 Hutton Dr., the property offers 212 apartment units. The 7-year loan has a 30-year amortization schedule. Brent Blake of NorthMarq arranged the financing for Hutton Farms LC through NorthMarq’s seller-servicer relationship with Freddie Mac.
LAKE IN THE HILLS, ILL. — Agree Realty has purchased a CVS/pharmacy retail property, which is located at the intersection of West Algonquin and Lakewood roads in Lake in the Hills. The property was acquired for approximately $5.8 million. The building is currently net leased to CVS/Caremark Corp., which has 24 years remaining on the base term of the lease.
BELLEVILLE, ILL. — Swansea, Ill.-based Holland Construction Services has completed the first phase of renovations at an Eckert’s Country and Farm location in Belleville. The $5 million renovation included a 22,000-square-foot expansion, which will provide more space for local produce and meat, specialty food and a bakery, and a 1,200-square-foot cooking and workshop classroom. The second phase of construction is currently under way. The second phase includes the renovation and expansion of Eckert’s Country Restaurant, doubling its capacity and adding curbside meal pick-up, the additional parking and a new outdoor plaza space. The Lawrence Group provided architectural services for the project.