PHILLIPS EDISON & CO. COMPLETES $27 MILLION FINANCE DEAL FAIRFIELD TOWNSHIP, OHIO — Phillips Edison & Co. has completed a $27 million secured loan, which was collateralized by the regional shopping center Bridgewater Falls. Located in Fairfield Township, the 600,000-square-foot retail center is anchored by Target, JC Penney and Dick’s Sporting Goods. Phillips Edison & Co.’s Strategic Investment Fund acquired the property for $44 million in early October. The 4-year loan was provided by US Bank, N.A.
Midwest
CHICAGO — Meridian Design Build has completed a 31,093-square-foot renovation at 1419 W. Carroll Ave. in Chicago. The industrial property will house the Wicker Park Carrier Annex for the United States Post Office (USPS). The USPS recently leased the property from building owner CF III Carroll Building. The renovation included selective interior demolition and construction of new interior improvements, including a complete build out of partition walls and interior finishes and new HVAC throughout the entire space. Additional improvements included upgrades to the building electrical service, new locker rooms and construction of a fully enclosed interior loading dock area.
DEERFIELD, ILL. — California-based Tragon Corp. has signed a leased for 6,267 square feet of office space at the 75,000-square-foot Deer Tech building, which is located at 111 Deer Lake Rd. in Deerfield. The lease was valued at approximately $1 million. Michael Flynn and Jason Wurtz of NAI Hiffman represented the ownership, ECD Co., in the lease transaction.
MARION, ILL. — Swansea, Ill.-based Holland Construction Services and Project Management Solutions Group are developing a new Behavioral Medicine Building for the U.S. Department of Veterans Affairs on the campus of the Veterans Affairs Medical Center in Marion. The 17,000-square-foot, freestanding building will feature four private and four semi-private rooms, a large day room, additional patient rooms for education and group therapy, a laundry area and 11 staff and administration offices. Additionally, the facility features a central courtyard and patio. Syracuse, N.Y.-based N.K. Bhandari, Consulting Engineers P.C. provided architectural services for the $5.7 million project.
KANSAS CITY, MO. — Ingredient is opening two new restaurant locations in the Kansas City. The first location, which opened in October, is located at in Town Pavilion at 12th & Main Street. The 5,600-square-foot restaurant occupies the former Mango Room space on the first floor of the 34-story office and retail complex. The second location, which is slated to open in mid-January 2010, will be located at 4807 Jefferson St. within the Country Club Plaza. The 5,034-square-foot property is currently under construction. Ingredient is a fast-casual restaurant serving customizable salads, brick-oven pizzas, sandwiches, wraps and fresh soups.
TROY, MICH. — Ronal Industries has leased 27,280 square feet of industrial space, which is located at 1400 Allen in Troy, for an undisclosed price. The company, which is a defense contractor, plans to use the property to develop military vehicles. Matthew Osiecki and Lauren Scarpace of CB Richard Ellis represented the landlord, First Industrial, in the transaction.
ROCKFORD, ILL. — Rockford-based Urban Equity Properties, dba JMZ Properties, has acquired a two-story, 6,500-square-foot property, which is located at 110 N. First St. in Rockford. The purchase price was not disclosed. The buyer plans to renovate the property as a mixed-use commercial and residential property. Melissa Miller of Century 21 Country North represented the buyer; John Funderburg of Doyle, Woodhouse and Moore represented the undisclosed seller.
COLUMBUS, OHIO — Winthrop Realty has completed the disposition of Hawthorne Hall, a 116-unit REO multifamily property in Columbus. A local investor acquired the property for $1.11 million. The property was constructed in 1972 and features one- and two-bedroom units and two- and three-bedroom townhomes. At the time of acquisition, the property was 30 percent occupied. J Rosenbusch and Matt Gockstetter of Marcus & Millichap represented the seller in the transaction.
CLEVELAND — Andy Burgess of Infinite Capital has assisted Cleveland-based Musca Properties in the $17.12 million acquisition of investment-grade properties in Ohio. The properties include a Home Depot in Macedonia, a Walgreens in Lyndhurst and a Walgreens in Beavercreek. The seller was not disclosed.
CANTON, ILL. — Cambridge Realty Capital has provided a $12.9 million FHA-insured first mortgage loan to Renaissance Care Center in Canton. The 136-bed skilled pediatric and skilled nursing facility currently offers 69 skilled pediatric units and 76 skilled nursing units. The fully amortized, 40-year term loan was arranged for the owner, an Illinois limited liability company.