WHEELING, ILL. — Construction has commenced for a new community center at St. Joseph the Worker Parish, located at 181 W. Dundee Road in Wheeling. The project will include a 9,970-square-foot building containing meeting space, banquet space and a full kitchen. Completion is expected later this summer. The project team includes Woodridge, Ill.-based general contractor Morgan/Harbour Construction and architect Ruben L. Anastacio & Associates.
HARRISON TOWNSHIP, MICH. — L. Mason Capitani has brokered the sale of a 17,496-square-foot industrial building located at 42950 Executive Drive in Harrison Township. The buyer was Preferred Moving & Storage, which will use the building to expand its operations. The seller, was Comerica Bank, which recently foreclosed on the property. Jason Capitani and Tom Jablonski of L. Mason Capitani arranged the deal.
CHICAGO — Chicago-based Newcastle Limited has acquired 533 West Barry, a 17-story, 162-unit apartment tower located in Chicago's Lakeview neighborhood for $33.3 million. The property contains a mix of one- through three-bedroom units as well as an attached 162-space parking garage. Dan Cohen and John Jaeger of CB Richard Ellis represented the undisclosed seller in the deal. Newcastle purchased the property all-cash on behalf of its $500 million Chicago real estate investment platform.
SHAWNEE AND LAWRENCE, KAN. — Arbor Commercial Funding has arranged a total of $18.2 million in Fannie Mae DUS financing for two Kansas apartment communities. A $10.9 million loan was secured for Pine Meadows Townhomes, a 102-unit property located in Shawnee. A $7.3 million loan was secured for Greens at Alvamar, a 152-unit property located in Lawrence. Both loans carries 10-year terms and 30-year amortization schedules. Anthony Tarter of Arbor's Plano, Texas, office arranged the deals.
TOLEDO, OHIO — CB Richard Ellis (CBRE) | Reichle Klein has arranged the sale of a 187,368-square-foot industrial property located at 830 N. Westwood Ave. in Toledo for $2.1 million. CBRE's Lynette Reichle represented the seller, a Cincinnati-based ownership group, as well as the buyer, Toledo, Ohio-based SJR Properties.
DUBLIN, OHIO — Marcus & Millichap has brokered the sale of a 3,660-square-foot, freestanding building that is net-leased to Arby's. The restaurant is located at 5864 Sawmill Road in the Columbus, Ohio, suburb of Dublin. An out-of-state investor purchased the property for $1.82 million at an 8 percent cap rate. Dan Yozwiak and John Reehil of Marcus & Millichap's Columbus office represented the seller, a private investor.
GRAND RAPIDS, MICH. — CB Richard Ellis (CBRE)/Grand Rapids has brokered the sale of the former Big Boy restaurant located at 2817 Kraft Ave. in Grand Rapids. The buyer, Cascade Burgers Real Estate, plans to open a new Bagger Dave's Legendary Burger Tavern location in the 6,488-square-foot building. This will be Bagger Dave's fifth location, and a sixth location is set to open soon in East Lansing, Mich. The Grand Rapids location will open by the end of the year. CBRE's Robert Lotzar represented the seller, Union Bank, in the deal.
BEACHWOOD, OHIO — Developers Diversified Realty Corp. (DDR) has refinanced its $550 million senior secured term loan that was set to mature next February. The new financing consists of a $500 million senior secured term loan with a 39-month term and a 12-month extension option. The lending group consists of 21 financial institutions. KeyBanc Capital Markets and J.P. Morgan Securities arranged the financing. DDR also amended its two senior unsecured revolving credit facilities with a two-year extension and a lower capacity.
CHESTER, ILL. — Marcus & Millichap has brokered the sale of St. Ann's Healthcare Center, a 119-bed skilled nursing facility located in Chester. The property was constructed in 1937 and expanded in 1976. It traded between two undisclosed parties for $1.45 million. Mark Myers, senior director of Marcus & Millichap's National Seniors Housing Group, arranged the deal.
EVANSVILLE, IND. — Rotary Corp. has purchased a 37,080-square-foot industrial building from ETFCU for $741,600. The property is located on 4.86 acres at 4916 O'Hara Drive in Evansville. Chris Stuard and Steve Martin of Sperry Van Ness/Martin Commercial Group represented the seller in the deal. CB Richard Ellis/Louisville represented the buyer.