TOLEDO, OHIO — Toledo-based Bostwick Braun has acquired a 19,000-square-foot, build-to-suit office property in Toledo. Located at 7349 Crossleigh Court – Lot 6, the property sold for $2.5 million. CB Richard Ellis|Reichle Klein’s Dean Skillman represented the buyer; the seller, Toledo-based RL West Properties, represented itself in the transaction.
OXFORD, MICH. — TMJ Realty Management has purchased 3,408 square feet of retail/office space at 5 N. Washington in Oxford. The buyer plans to use the space for its business, Funky Monkey Toys, which will open in August. Paul Feldman and Larry Schultz of Friedman Real Estate Group represented the seller, PNC Bank, in the transaction. Terms of the transaction were not released.
OAK CREEK, WIS. — Bucyrus International has purchased a 120,000-square-foot industrial property in Oak Creek. Situated on 27 acres at 6744 S. Howell Ave., the property sold for an undisclosed price. The Dickman Company represented the buyer; RFP Commercial represented the seller, Westminster Badger, in the transaction. Terms of the deal were not released.
CHICAGO — George Ghattas and John Abuja of Marcus & Millichap have brokered the sale of the MCL Center, a 16,804-square-foot retail property located in Chicago’s Lincoln Park neighborhood. The multi-tenant property, which was 100 percent occupied, consists of two buildings situated on five land parcels. An undisclosed buyer acquired the property for $5.65 million at a 7.48 percent cap rate. Ghattas and Abuja represented the seller, a local private real estate developer, in the transaction.
CHICAGO — An undisclosed buyer has acquired an apartment building in Chicago’s Rogers Park neighborhood for $1.57 million. Located at 7514-22 N. Hoyne, the 43-unit property features three studio units, 34 one-bedroom units and six two-bedroom units. Doug Imber and Matt Welke of Essex Realty Group represented the undisclosed seller; Doug Fisher, also of Essex, represented the buyer in the transaction.
What a difference a year can make. At this time last year, the Detroit and Southeastern Michigan multifamily housing markets were experiencing some of their worst economic times since the early 1970s. But with recent announcements from Ford and General Motors concerning first quarter profits, there appears to be hope for the troubled region. Because the region has been so challenged during the past 18 months, there has been very little new development planned for 2010. But in 2011, nearly 2,800 apartment units are planned in the metro region, representing a potential 1.3 percent increase in the current inventory. One recent success story within the city is Garden View Estates, a mixed-use development with affordable housing, including rental units, senior co-ops and single-family homes. Bloomfield Hills, Michigan-based Windham Development is the principal in the residential portion of the project, which celebrated its grand opening in September 2009. These types of developments are going to play a key role in re-growth within the city because of joint efforts between private developers, the U.S. Department of Housing and Urban Development, the Detroit Housing Commission and the City of Detroit. We can anticipate new development in Ann Arbor and downtown Detroit. Ann Arbor …
FAIRLAWN, OHIO — Bryn Mawr, Pa.-based WP Realty has acquired Fairlawn Town Centre in Fairlawn for an undisclosed price. The five-building, 447,0037-square-foot retail center is occupied by Giant Eagle, Target, Home Goods, Pet Supplies Plus, Marc’s, U.S. Post Office, Chuck E. Cheese, Panera Bread, GNC, Subway and Radio Shack. The acquisition also included a vacant 39,840-square-foot junior anchor box, which was formerly occupied by Circuit City. Angelo, Gordon & Co. brokered the transaction. The seller was not released.
EAST LANSING, MICH. — Homestead on Lake Lansing LLC has purchased Homestead, a multifamily community located at 426 W. Lake Lansing Road in East Lansing. The 168-unit property sold for $7 million. The community features 48 one-bedroom units and 120 two-bedroom units. Community amenities include a 24-hour fitness facility, a volleyball court, a resident lounge and access to the East Lansing nature trail. Hendricks & Partners’ Kevin Dillon, Rick Vidrio, Rick Brace and Cary Scott Belovicz represented the seller, Angeles Income Properties Ltd.6, in the transaction.
MINNEAPOLIS — Norwalk, Conn.-based HEI Hotels & Resorts has formed a joint venture with Minneapolis-based Hempel Properties to acquired and convert The Hotel Minneapolis, which is located at 215 Fourth Street in Minneapolis. The joint venture acquired a majority equity interest in the property for an undisclosed price. The 10-story, 222-room hotel will be converted to Marriott’s new Autograph Collection brand. The hotel features the 250-seat Max restaurant, 6,000 square feet of function space, a business center, a boutique convenience store and a fitness center. HEI will operate the hotel property, while Hempel will serve as asset manager and will manage the office and retail portions of the building. CB Richard Ellis|Finance, along with the debt and equity finance team of CB Richard Ellis Capital Markets, served as the financial advisor to Hempel in the restructuring and recapitalization of the property with HEI.
GREENFIELD, IND. — Browning Investments has completed the development of the global headquarters for Elanco Animal Health, a division of Eli Lilly and Co. Located within Progress Park at Interstate 70 and State Route 9 in Greenfield, the three-building campus totals 129,000 square feet, including 14,000 square feet of lab space, a credit union and a cafeteria. Progress Park is a 52-acre business and life sciences park being developed by Browning. Jeff Luebker of CB Richard Ellis represented Elanco in the real estate transaction; Terry Busch, also of CB Richard Ellis, represented Browning.