FRASER, MICH. — Clinton Township, Mich.-based Complete Prototype Systems has purchased 18,000 square feet of space at 33710 Riviera in Fraser. The company is expanding its presence to accommodate the recent increase in automotive production. This site is the company’s fourth location. Joe DePonio and Jason Capitani of L. Mason Capitani CORFAC International represented the undisclosed seller in the transaction. Terms of the transaction were not released.
INDIANAPOLIS — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $6 million loan for Three Fountains West Cooperative in Indianapolis. The 300-unit affordable housing community is located at 5501 W. 43rd St. The 10-year loan has a 30-year amortization schedule and carries a note rate of 5.31 percent. Michael Jehle of Arbor’s Bloomfield Hills, Mich., office originated the loan, which was funded under the Fannie Mae DUS Coop product line.
SOUTHFIELD AND TROY, MICH. — NorthMarq Capital has arranged $3.2 million in first mortgage financing for retail properties located in Southfield and Troy, both suburbs of Detroit. The asset contains 140,000 square feet of retail space and is occupied by Dick’s Sporting Goods, Barnes & Noble and LA Fitness. The financing, which was provided by Bethpage Federal Credit Union, was based on a 10-year term and a 10-year amortization schedule. Ernest DesRochers and Charles Cotsalas of NorthMarq arranged the financing for the undisclosed borrower.
CEDAR RAPIDS, IOWA — Minneapolis-based Timberland Partners has acquired Granite Ridge Apartments, a 101-unit apartment property located in Cedar Rapids. Located at 620 Ashton Place Northeast, the property recently underwent an interior and exterior renovation. Alex Blagojevich, David Gaines and Matt Fitzgerald of Marcus & Millichap represented the buyer and the undisclosed seller. The property sold for $5.2 million.
ST. LOUIS — NorthMarq Capital has arranged an $8.67 million loan for Village Royale Apartments, a multifamily property located at 5602 Duessel Lane in St. Louis. The complex offers 196 apartment units. Financing was based on a 10-year term and a 30-year amortization schedule. Jeff Chaney of NorthMarq's St. Louis regional office arranged the loan for the borrower, VRA L.P., through its affiliate, AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
WARRENS, WIS. — CB Richard Ellis has arranged the sale of Three Bears Lodge and Indoor Waterpark in Yoga Bear's Jellystone Park in Warrens. The 93-unit hotel and themed indoor waterpark sold for $5 million. Brian Wolff and John Karver of CB Richard Ellis represented the receiver, Milwaukee-based Attorney Michael Polsky, in the transaction. Additional terms of the lease were not disclosed.
CARMEL, IND. — Browning Investments is developing a new headquarters facility for Indiana Spine Group. The new facility is located within Browning’s Meridian & Main development, located at the corner of U.S. Highway 31 and 131 Street in Carmel. Browning Construction will construct a three-story, 60,000-square-foot medical office building for the group. The facility will feature a 15,600-square-foot ambulatory surgery center with three class C operating rooms, and MRI and CT scanning equipment, as well as associated support facilities. Additionally, the building will house medical offices and a state-of-the-art learning-skills training lab. Construction is scheduled to begin in early August.
CHICAGO — A local private investor has acquired 1625 North Damen Avenue, an 8,768-square-foot multi-tenant property in Chicago’s Bucktown neighborhood. Current tenants include Potbelly’s and Nanette Lepore, a high-end women’s retailer. The undisclosed seller sold the property, which was formerly a firehouse, for $3.12 million. Kyle Stengle and Stephen Rachman of Marcus & Millichap’s Chicago Downtown office represented the seller; Marcus & Millichap’s Michael Marks and Evan Halkias represented the buyer in the transaction.
HAZELWOOD, MO. — St. Louis-based Luxco, a producer, bottler, importer and marketer of beverage alcohol products, has inked a deal to lease space at Park 370, a 450-acre industrial park located in Hazelwood. The company will occupy 213,558 square feet of distribution space at 1619 Park 370 Blvd. Luxco plans to relocate a portion of its warehousing operations to the new facility from its main production facility, which is located at 5050 Kemper Ave. in southwest St. Louis. The company is expected to take occupancy in July. Chicago-based HSA Commercial Real Estate developed 1619 Park 370 Boulevard and a 340,000-square-foot distribution center on an adjacent lot following its acquisition of a 30-acre vacant site from TRiSTAR Properties in 2001.
ROMULUS, MICH. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $1 million loan for Birch Run Cooperative in Romulus. The affordable multifamily property offers 111 units. The 30-year loan has a 30-year amortization schedule and carries a note rate of 7.41 percent. Michael Jehle of Arbor’s Bloomfield Hills, Mich., office originated the loan, which was funded through the Fannie Mae DUS Multifamily Affordable Housing Coop product line.