FRENCHTOWN TOWNSHIP, MICH. — The Hinman Company and Kerr Real Estate have partnered to acquire a 131,000-square-foot former Walmart property in Frenchtown Township. The partnership plans to redevelop the property with new tenants, including a 55,000-square-foot Hobby Lobby and a 40,000-square-foot Dunham’s Sporting Goods store. Upon completion in late spring, the property will feature more than 140,000 square feet of retail space.
Midwest
BEACHWOOD, OHIO — Grubb & Ellis Healthcare REIT II has entered into an agreement to acquire Parkway Medical Center, a two-building medical office campus in Beachwood. Located at 3609 and 3619 Park East Drive, the campus features a 51,000-square-foot building, which was built in 1972, and a 37,000-square-foot building that was constructed in 1987. Since 2004, approximately $1.6 million of capital improvements have been completed at the center. The facility is currently 87 percent leased to 35 tenants, including University Hospital of Cleveland, Rapid Medical Research, The MetroHealth System and ID Consultants. The seller and acquisition price were not disclosed.
SPRINGFIELD, MO. — NorthMarq Capital has arranged $3.7 million in first mortgage acquisition financing for Hunter’s Glen Apartments. Located in Springfield, the property offers 168 apartment units. The financing was based on a 10-year term with a 30-year amortization schedule. Greg Duvall of NorthMarq arranged the financing through the company’s seller-servicer relationship with Freddie Mac. The borrower was not disclosed.
SKOKIE, ILL. — A regionally based nursing home management company has purchased a 10,000-square-foot, one-story office property in Skokie. Located at 8131 N. Monticello, the property features 12 private offices, two conference rooms and a full kitchen. The buyer plans to use the facility as its corporate office. Andrew Glatz of Crown Heights Realty represented the buyer; Josh Rosenberg of ICI Commercial represented the seller, SRF Investments, in the transaction. The asking price was $1.15 million.
PEORIA, ILL. — Cambridge Realty Capital Cos. has closed a $10.9 million FHA-insured HUD Lean mortgage loan to fund the purchase of Manor Court of Peoria, a 118-bed skilled nursing and assisted living property in Peoria. The fully amortized, 35-year loan was arranged for the property's owner, an Illinois not-for-profit corporation, using HUD's Section 232 to Section 223(f) – Lean funding program. The loan was underwritten by a subsidiary of Cambridge, Cambridge Realty Capital Ltd. of Illinois.
SPRINGFIELD, MO. — NorthMarq Capital has arranged first mortgage acqusition financing of $3.7 million for Hunter's Glen Apartments, a 168-unit multifamily complex in Springfield. Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower through NorthMarq's seller-servicer relationship with Freddie Mac. Greg Duvall of the firm's Kansas City regional office completed the deal.
SANDUSKY, OHIO — Plano, Texas-based Cinemark Holdings is set to open the 12-screen Cinemark Sandusky Theatre at the Sandusky Mall Complex in Sandusky. A formal groundbreaking is scheduled for March 1, with completion for the venue slated for before the 2010 holiday season. An existing theater already located on the property will be redeveloped for new retail and restaurant uses. The Cinemark Sandusky Theatre will offer stadium seating, digital and 3-D capabilities and a self-serve concession stand. Located at 4314 Milan Road, Sandusky Mall Complex is owned by The Cafaro Company.
MINOT, N.D., AND ARDEN HILLS AND MINNEAPOLIS, MINN. — Graham Construction Services has been awarded three construction contracts totaling $33.5 million. The first project will consist of a two-building, three-story dormitory for Minot Air Force Base in Minot. The $18.8 million project will provide housing for 168 people. Groundbreaking will occur in April, and completion is expected in August 2011. Spokane, Wash.-based ALSC Architects is the project architect. The second project is a 90,000-square-foot Arden Hills Army Training Readiness Center that is being built in Arden Hills in a joint venture with Holte. The $11.1 million project will break ground in April and will be complete in January 2011. The final project is a $3.6 million Landcare Facility for the University of Minnesota – Twin Cities in Minneapolis. Situated at 2613 4th St., the project will include a two-story, 20,000-square-foot building and a 14,000-square-foot, fenced yard. Completion is expected in July 2010. The project architect is Minneapolis-based DLR Group.
CHICAGO AND ELK GROVE VILLAGE, ILL. — Chicago-based Paine/Wetzel • ONCOR International has completed a sale and a lease transaction in the Chicagoland. First, a private investor purchased a 3,200-square-foot commercial building located at 4153 W. Lake St. in Chicago. Kim Aigner of Paine/Wetzel represented the buyer. Bill Gold of Troy Realty represented the undisclosed seller. In the second deal, Science Supply Solutions signed a lease for 5,000 square feet within a 20,000-square-foot building located at 80 Lively Blvd. in Elk Grove Village. Paine/Wetzel's Elise Couston and Patrick Fitzgerald of Paine/Wetzel represented the landlord, Chicago Properties. Brad Bullington of Brown Commercial Group represented the tenant.
ST. LOUIS — The St. Louis office of NorthMarq Capital has secured $7.03 million in first-mortgage financing for Lofts of Lafayette, a 109-unit multifamily property located in St. Louis. The loan carries a 10-year term and a 30-year amortization schedule. David Garfinkel and Jeffrey Chaney of NorthMarq's St. Louis office arranged the loan on behalf of the undisclosed borrower through Freddie Mac. The loan was secured utilizing the borrower's Adjustable Rate Mortgage program.