MILWAUKEE — Brian Parrish of The Dickman Company has completed two sales totaling 24,330 square feet in Milwaukee. In the first transaction, 13TH4828 LLC acquired a 12,830-square-foot industrial property, which is located at 4828 S. 13th St. in Milwaukee. Hartmann Properties sold the building for $475,000. Parrish represented both parties in the transaction. In the second deal, Parrish represented Seeds of Health in the acquisition of an 11,500-square-foot office building, located at 131-141 S. 1st St. in Milwaukee. The buyer plans to convert the property into a virtual school, which will be ready for occupancy in this fall. JRB VII LLC sold the property for an undisclosed price. Marianne Burish of Siegel-Gallagher represented the seller in the transaction.
SKOKIE, ILL. — Cambridge Realty Capital Cos. has arranged a 12-month construction and 40-year FHA-insured permanent mortgage loan for a skilled nursing home facility in Skokie. The $8.46 million loan will finance extensive rehabilitation efforts at the 56-bed Alden Estates of Skokie. The fully amortized loan was underwritten by Cambridge Realty Capital Ltd. of Illinois. Terms of the loan were not disclosed.
OAK LAWN, ILL. — Chicago-based MedProperties has completed the disposition of Oak Lawn Medical Center, a 26,324-square-foot medical office building located at 10837 S. Cicero Ave. in Oak Lawn. A private equity partnership, including Chicago-based Stage Equity Partners, acquired the property for approximately $8.7 million or $331 per rentable square foot. Built in 2007, the Class A office property is anchored by MidAmerica Cardiovascular Consultants. Ted Rusthoven, Ted Buenger and Gary Fazzio of CB Richard Ellis represented the seller in the transaction.
CHICAGO — Cambridge Realty Capital Cos. has arranged $1.39 million FHA-insured first mortgage loan for an undisclosed Illinois-based borrower. The loan will be used to refinance McGill Terrace Apartments, a 48-unit multifamily property located at 821-829 49th St. in Chicago. Cambridge Realty Capital Ltd. of Illinois underwrote the fully amortized, 38-year term loan. Additional terms of the loan were not released.
CHICAGO — Aries Capital has secured $1 million in financing for an apartment complex on the North Side of Chicago. Built in 1929, the walk-up complex features 19 one-bedroom units. Eric Jones of Aries’ Phoenix office arranged the 10-year loan, which carries at 30-year amortization schedule. The loan was financed by a Fannie Mae DUS lender.
INDIANAPOLIS — InterContinental Hotels Group (IHG) has opened Candlewood Suites Indianapolis East, an 81-room hotel located at 7040 E. 21st St. in Indianapolis. The property features complimentary high-speed Internet access, free local phone calls, free on-site guest laundry, a 24-hour fitness center and Candlewood Cupboard, a convenience retailer. Guestrooms feature studio or one-bedroom suite floorplans with a full kitchen, a comfortable recliner and a workspace with a desk chair and overhead lighting. The hotel is owned and managed by Sohum Hospitality under a license agreement with a company in the IHG.
ZION, ILL. — Essex Realty Group has completed the sale of a multifamily property in Zion. Located at 2711 Gabriel in Lake County, the garden-style apartment building offers 18 units. The property consists of three six-unit buildings with five two-bedroom/one-bath units and one one-bedroom/one-bath unit in each. Jim Darrow of Essex represented the undisclosed buyer and seller in the transaction, which totaled approximately $620,000.
MILWAUKEE — Education Management Corp. (EDMC), on behalf of The Art Institute of Wisconsin (Ai), has leased 40,000 square feet of office space at the P.H. Dye House, which is located at 320 E. Buffalo St. in Milwaukee’s Third Ward. Ai is one of The Art Institutes, a system of more than 45 educational institutions located throughout North America. Additionally, Ai is a school of EDMC, which is one of the largest providers of post-secondary education in the country. Chris Joyner and Trey Campbell of Fischer & Co. represented EDMC; Michael Seramur of Ogden & Co. represented the property owner and managing member, Michael Gardner of the Gardner Group, in the transaction. Terms of the lease were not released.
COLUMBUS, OHIO — CB Richard Ellis | Hotels group has been awarded the disposition of a 600-unit, five-hotel portfolio. The hotels, which are located in various metropolitan Ohio locations, are estimated to be worth a combined $62.5 million. Eric Belfrage of CBRE’s Columbus office is representing the undisclosed seller. The portfolio consists of Hilton, Marriott and InterContinental branded hotels.
MINNETONKA, MINN. — Tim Murnane has been hired as president of Minnetonka-based Opus Holding LLC and Opus Holding Inc., the respective parent companies of Opus Design Build LLC and Opus North Corp. As president, Murane will oversee the operations of Opus North, which is led by Tom Shaver, and Opus Design Build, which is led by Dave Bangasser. Most recently, Murnane served as a regional general manager for Clayco, a St. Louis-based construction and development company.