GRAND BLANC, MICH. — Boston-based UC Funding has closed on a $4.3 million bridge financing loan on the 455-unit Maplebook Village Apartments in Grand Blanc. The proceeds of the loan will be used to purchase the property, fund repairs, fund an interest reserve and fund an escrow for taxes and insurance. The borrower is Michael O'Lynnger, owner of Erie Investments No. 10.
Midwest
CHICAGO — Construction has begun on a 151,000-square-foot Super Wal-Mart, to be built in the 400,000-square-foot Chatham Market, located at the intersection of 83rd St. and South Holland Rd. in Chicago. The store is expected to open in late 2011. Other tenants of the property include Lowe's, Potbelly Sandwich Works, Aldi and a Wal-Mart express, which will open July 1. The developer of the property is an affiliate of Monroe Investment Partners and Tartan Realty Group is the leasing agent.
PLEASANT PRARIE, WIS. — The 32,000-square-foot, three building Prairie Ridge Market Place, located in Pleasant Prairie, has been purchased for Berwick Properties for an undisclosed price. The center, anchored by Cardinal Stritch University, is currently 40 percent occupied. Other tenants include Target, JCPenney and Dick's Sporting Goods. Kenosha, Wis.-based Bear Commercial represented the seller in the transaction.
COLUMBUS, BEREA AND SANDUSKY, OHIO — Three freestanding Advance Auto Parts stores, located in Columbus, Berea and Sandusky, Ohio, have sold for $4.7 million. Mark Luttner of Luttner Retail Group represented both the seller, a private developer, and the buyer, an out-of-state private investor.
CHICAGO — A 13,439-square-foot, freestanding Walgreens, located at 5753 N. Canfield Rd. in Chicago, has sold for $4.65 million. Isaac Metzger of Syndicated Equities represented both the seller, an affiliate of Chicago-based Syndicated Equities, and the buyer, an institutional investor.
OMAHA AND LINCOLN, NEB. — Pacific Realty Group, with offices in Omaha and Lincoln, has joined Colliers International. Colliers has more than 15,000 employees in more than 480 offices worldwide. In 2010, Pacific Realty Group managed a portfolio of nearly 4.8 million square feet and was involved in 320 leasing and sale transactions comprising 2.4 million square feet of space and more than half a million square feet of land. Pacific Realty employs 62 professionals in its two offices.
MEDINA, OHIO. — Stonegate Corner, a two-tentant retail building currently leased to Panera Bread and Bullies' BBQ, located in Medina, sold for $2.35 million. Mark Luttner of the Luttner Retail Group marketed the property and procured the buyer, an out-of-state investor.
MACOMB, MICH. — A 27,610-square-foot industrial facility, located a 24700 Wood Court in Macomb, has sold for an undisclosed price to Cox Industries. Cox is doubling in size and expanding from its Chesterfield Township, Mich., facility. Joe DePonio and Jason Capitani of Troy, Mich.-based L. Mason Capitani CORFAC International represented the buyer and the seller.
LAFAYETTE AND VALPARAISO, IND. — New York-based Broad Street Advisors has arranged an equity investment for two Indiana lifestyle centers totaling 440,449 square feet. The joint venture is between an undisclosed U.S.-based institutional investor provided equity to Indianapolis-based Lauth Group, the prior owner and developer of the property. The first property is the 337,652-square-foot, Class A lifestyle center Lafayette Pavilions, located in Lafayette. It is 85 percent occupied and anchored by TJ Maxx, Office Depot and Hobby Lobby. The second is the 91,897-square-foot, Class A shopping center Porter's Vale, located in Valparaiso. It is 81 percent leased and anchored by Cinemark, Justice and Rue 21.
BROOKLYN PARK, MINN. — Diversified Distribution Systems has leased 124,000 square feet at 7401 Boone Ave. in Brooklyn Park. The bulk warehouse building, formerly known as the Wilson's Leather Buliding, is owned by Minot, N.D.-based Investors Real Estate Trust. The landlord was represented by Jason Meyer, Brent Masica and Dan Lofgren of NorthMarq's Minneapolis office. The tenant was represented by Tim Nesvold of Real Estate Advisors' Minneapolis office.