MINNEAPOLIS — The Minneapolis regional office of NorthMarq Capital has arranged two first mortgage loans totaling $11.95 million for two apartment complexes in North Dakota and Montana. The 270-unit Forest Park Estates, located in Grand Forks, N.D., received an $8.2 million loan, which carries a 10-year term and a 30-year amortization schedule. Additionally, a $3.75 million loan was arranged for Country Meadows Apartments – Phase II, a 67-unit multifamily property in Billings, Mont. Patrick Minea of NorthMarq arranged the loans through the company’s seller-servicer relationship with Freddie Mac.
Midwest
BROOKFIELD, WIS. — Friction Stir Link has leased 31,413 square feet of industrial space at 19975 W. Sommer Dr. in Brookfield. Terms of the lease were not disclosed. Paul McBride of RFP Commercial represented the tenant; Steve Stewart and Tom Shepherd of Inland Cos. represented the landlord, Real Estate Recycling, in the transaction.
OMAHA, NEB. — Patrick Minea of NorthMarq Capital’s Minneapolis office arranged a $5.1 million first mortgage loan for Cimarron Hills Apartments. The 234-unit multifamily property is located in Omaha. Financing was based on a 10-year term with a 30-year amortization schedule. NorthMarq arranged the loan for the undisclosed borrower through its affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS Lender.
LOVES PARK, ILL. — Ipswich, Mass.-based United Pipe & Steel Corp. has signed a deal to lease 111,850 square feet of industrial space at 1200 Windsor Road in Loves Park. The 557,000-square-foot distribution facility is located approximately 5 miles west of Interstate 90-39. The lease is valued at approximately $1.5 million. Jim Jay of Commercial Property Team represented the tenant and the landlord, Hendricks Commercial Partners.
GREEN OAKS, ILL. — Chesapeake, Va.-based Alutiiq has 96,461 square feet of industrial space within the International Airport Center’s 461,939-square-foot distribution facility in Green Oaks. The tenant plans to use the property, which is located at 13820 Business Center Dr., for logistics and storage services to provide furniture and equipment to the Veterans Health Administration Medical Center at the Great Lakes Naval Station in North Chicago, Ill. Alutiiq is a wholly owned subsidiary of Afognak Native Corp. Douglas Reed of HSA Commercial Real Estate represented both parties in the transaction. The landlord was not disclosed.
FAIRVIEW HEIGHTS, ILL. — Christ United Methodist Church has selected locally owned IMPACT Strategies as general contractor for the church’s 8,000-square-foot nursery addition. The addition will be added to the existing building, which is located at 339 Frank Scott Blvd. in Fairview Heights. The new space will include an activity area, laundry facilities, standard nursery accommodations for infant care, and classrooms for religion studies. Gale Hill & Associates are providing architectural services for the project, which is slated for completion in March 2010.
EAGAN, MINN. — A private investor has acquired a retail investment property, which is located at in Eagan. The property sold for $1.35 million at 11.31 percent cap rate. Current tenants of the property include Blockbuster and Potbelly Sandwich Works. The seller was not disclosed. Keith Sturm and Deborah Vannelli of Upland Real Estate represented the buyers in the transaction.
WAUKEGAN, ILL. — Crownhill Packaging Ltd. has leased 45,000 square feet of industrial space at 1696 S. Lakeside Dr. in Waukegan. Crownhill, a Canada-based distribution company, is entering the United States market with this new location. The facility features four loading docks, 2,000 square feet of office space, 24-foot clear ceiling heights and an ESFR sprinkler system. Steve Sullivan of NAI Hiffman represented the tenant; Whit Heitman, Samuel Badger and Jason Weinhaus of Paine/Wetzel•ONCOR International represented the landlord, Five Crowns Capital, in the transaction.
GRAND RAPIDS, MICH. — Service Express has leased a 24,000-square-foot facility, which is located at 3854 Broadmoor in Grand Rapids. Windmill Development leased the to the new tenant for an undisclosed price. Dave Smies of NAI West Michigan represented the landlord and tenant in the transaction.
WILLOWBROOK, ILL. — Walsroder Packaging has renewed its lease for 43,681 square feet of industrial space at 7330 S. Madison St. in Willowbrook. The tenant specializes in the sale and distribution of sausage casings. Terms of the lease were not disclosed. Adam Haefner and Victor Deboer of Darwin Realty & Development represented the tenant; Bill Waliewski provided in-house representation for the landlord, Morgan Realty Partners.