EAGLE RIVER, WIS. — Hotel Source Inc. has brokered the sale of the Days Inn located at 844 Railroad St. in Eagle River. The hotel features an indoor swimming pool, a hot tub and a sauna. The Hotel Source team of Seth Glickman and Steve Marx arranged the deal between the two undisclosed parties.
AVON, IND. — Northbrook, Ill.-based The Boulder Group has brokered the sale of a 56,100-square-foot retail building located in the Indianapolis suburb of Avon for $5.75 million. Recently developed, the property, which is situated at 212 Gable Crossing Drive, is leased on a long-term basis to Hobby Lobby. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a private company, as well as the buyer, an institutional investment firm.
KENOSHA, WIS. — Marcus & Millichap has completed the sale of Golden Living Centers of Kenosha, a 97-unit senior housing property located in Kenosha for $3.95 million. The property traded for approximately $500,000 above the asking price despite the expiring lease of the tenant, a national nursing home company. Mark Myers of Marcus & Millichap's Chicago office and Ray Giannini of the firm's Milwaukee office, both of whom are also members of the firm's National Seniors Housing Group, arranged the deal. Matt Fitzgerald of Marcus & Millichap's Milwaukee office provided additional representation.
KANSAS CITY, MO. — NorthMarq Capital has arranged $16.5 milllion in Freddie Mac financing for a Kansas City apartment community. Wild Oak Apartments contains 348 units and is located at 7987 NE Flintlock Road in Kansas City. The loan carries a 10-year term and a 30-year amortization schedule. David Farrell of NorthMarq's Kansas City office secured the funds on behalf of the undisclosed borrower.
WARREN, MICH. — Neuner's Auto & Truck Repair has acquired a 50,675-square-foot industrial property located at 27365 Mound Road in Warren. Michael Grammatico, Joe DePonio and Jason Capitani of L. Mason Capitani represented the seller, Comerica Bank, in the deal. The purchased price and the seller's name were not released.
WICHITA, KAN. — American Tire Distributors has signed a 10-year lease for 113,524 square feet of manufacturing and warehouse space at 5015 S. Water Circle in Wichita. The space will be used as a local tire distribution center. Eric Dienstbach of the Denver office of Binswanger partnered with Marlin Penner and Lowell Richardson of local brokerage firm John T. Arnold Associates to represent the landlord, Blue Dog LLC.
INDIANA AND OHIO — Savills has arranged the workout, sale and recapitalization of a 4,681-unit distressed apartment portfolio. The properties include two communities in Cleveland; four communities in Cincinnati; five communities located in Toledo, Ohio; one community located in Speedway, Ind.; and one community located in Pittsburgh.The ownership group purchased the portfolio in 2006 and 2007 and capitalized the community with approximately $172 million in debt and equity; however, occupancies fell to under 75 percent, and the properties defaulted on their loans. Savills arranged the modification of the properties' existing debt as well as the transfer of ownership to a partnership between Square Mile Capital, The Kushner Companies and Apollo Property Management. The new owners plan to complete a major repositioning and capital improvements program. Apollo will now manage all of the communities.
CHICAGO — Chicago-based Newcastle Limited has purchased a 98-unit apartment building located at 426 West Belmont in Chicago's Lakeview neighborhood for $10.55 million. The 13-story building contains a mix of studio and one-bedroom units. Bill Baumann of Kiser Group represented the undisclosed seller in the deal.
INDIANAPOLIS — Trinity Metals has purchased the former Smurfit Stone corrugated container facility located at 6400 English Ave. in Indianapolis. The buyer plans to use the 120,000-square-foot facility as its new headquarters. Mark Writt of the Indianapolis office of CB Richard Ellis represented the seller, Covington Capital Corporation. The acquisition price was not disclosed.
MUNDELEIN, ILL. — Larsen Manufacturing has acquired a 56,640-square-foot industrial building located at 1201 Allanson in Mundelein. The company plans to relocate its operations to the building. Whit Heitman of Paine/Wetzel • ONCOR International represented the buyer. Coldwell Banker Commercial represented the seller, a private investor.