WATERFORD, MICH. — Ann Arbor, Mich.-based McKinley has been appointed receiver of Waterford Town Square, an 83,000-square-foot shopping center located in Waterford. Situated adjacent to Summit Place Mall, the property has a tenant roster that includes Applebee’s Neighborhood Grill & Bar, ABC Warehouse and Powerhouse Gym. The appointment was made by the Oakland County Circuit Court. Waterford Town Square is McKinley’s fourth commercial workout property in the Detroit metro area. The other three are Lincoln Park Shopping Center, Justin’s Music and 17625 Warren Avenue.
MICHIGAN CITY, IND. — Grubb & Ellis | Cressy & Everett has arranged two industrial sales in Michigan City. In the first transaction, Mulhern Realty Corp. purchased a 50,828-square-foot property located at 910 Highway 212. Christopher Davey of Grubb & Ellis represented the undisclosed seller. Davey again represented the undisclosed seller in the disposal of a 17,000-square-foot industrial building located at 600 Lumber City Rd. The buyer was Mersino Properties Co. The acquisition price was undisclosed in both transactions.
GREENVILLE, OHIO — Greenville Technologies Inc. (GTI) has signed a lease for 26,000 square feet of space at the Corning Plant, located in Greenville. The company plans to use the space as a docking station to sequence and pack automotive parts. Tim Echemann of Industrial Property Brokers arranged the deal. The Corning Plant was acquired by Aaron Wright and Richard Kennedy in 2003 and subsequently redeveloped into a multi-tenant industrial complex. GTI’s lease brings the property up to full occupancy, but the owners have announced plans to build a 40,000-square-foot warehouse addition to the facility. The expansion will include 22-foot clear ceiling heights, three docks and T-8 lighting.
MENOMONEE FALLS, WIS. — Milwaukee-based Colliers Barry has brokered the purchase of a 6.62-acre industrial lot located in Menomonee Falls. The parcel is situated on Shawn Circle within First Park Menomonee Falls and was one of three lots available in the 55-acre park. David Buckley of Colliers Barry represented the seller, First Industrial Investment. Steven Provancher of MLG Commercial represented the buyer, CTA Investment. Terms of the transaction were not released.
ST. ELIZABETH, MO. — Love Funding has arranged a $2.19 million loan for the refinancing of St. Elizabeth Care Center, a skilled nursing facility located in St. Elizabeth. The property contains 63 beds and 35 units. Terms of the loan include a 5.65 percent fixed interest rate and a 30-year term and amortization schedule. Robyn Cunningham of Love’s St. Louis office arranged the financing utilizing the HUD 232/223(f) program. The borrower is BKY Inc.
CHICAGO — Chicago-based Lillibridge has received a $30 million equity commitment from Prudential Real Estate Investors (PREI). The additional equity will be used for future development and acquisition opportunities by the healthcare real estate company. PREI has partnered with Lillibridge for three previous equity raises and was one of Lillibridge’s initial investors when the company first raised equity in 1999. This most recent commitment brings its total commitments to more than $135 million. Lillibridge currently has a portfolio of healthcare real estate across 16 states that totals approximately 6 million square feet.
Cincinnati-area multifamily developers are watching expenses, right-sizing and, if they have a management arm, expanding their third-party management operations to increase potential income streams. Buyers are seeking short sales and loan assumptions, allowing buyers to put very little money down to invest and continue to leverage their cash for future purchases. Of course, cash is still king. There are many new buyers in the market, but developers have been extremely quiet, as they shore up their portfolios by trimming overhead, cut costs, and become more lean and efficient. Also, developers have a limited supply of cash that may be needed elsewhere to shore up the company, which prevents them from pouring any money into new endeavors. Their resources are stretched, which limits their ability or desire to purchase land holdings for future development. As the recession recedes and demand grows, the downtown, north (Union Center and Liberty Township) and northeast (Mason and South Lebanon) submarkets will be in need of further multifamily development. In Northern Kentucky, outlying markets in close proximity to downtown that feature good access to the Interstate 75 or Interstate 275 corridors, will continue to need multifamily development. The central Cincinnati submarket, an area north of downtown …
ROCK ISLAND, ILL. — Davenport, Iowa-based NAI Ruhl & Ruhl Commercial Co. has completed a lease for 109,450 square feet of industrial space in Rock Island. The building is situated on a 10.59-acre site within Southwest Industrial Park. The lease includes a 10-year term with an extension option. NAI’s David Weiner and Rick Schaefer represented both undisclosed parties in lease negotiations.
MADISON, WIS. — Chattanooga, Tenn.-based CBL & Associates Properties has leased two junior anchor spaces at two of its Madison malls. At East Towne Mall, an 840,000-square-foot shopping center located at the intersection of East Washington Avenue, Zeier Road and Lein Road, Forever 21 will open a 37,000-square-foot location this fall. At West Towne Mall, a 915,000-square-foot center located at West Madison Beltline and Gammon Road, Steinhafels Furniture will open a 29,000-square-foot location this week. Both spaces were formerly occupied by Steve & Barry’s, which went out of business earlier this year.
CHICAGO — Meridian Capital Group has secured approximately $14 million for three multifamily loan transactions throughout Chicago. The first deal includes four buildings, located at 1530, 2319 & 2516 N. Kedzie Ave. and 2330 N. Spaulding Ave. The four buildings are part of a five-building, 283-unit portfolio. Gershon Friedman of Meridian negotiated on behalf of the borrower to secure a rate of 5.88 percent, non-recourse, for a 10-year term. The second deal is for a building, located at 6600 N. Glenwood Ave. that contains 18 residential units. Friedman also negotiated on behalf of the borrower to secure a rate of 5.57 percent for a 5-year term. The final deal is for two properties, located at 7800 Kedvale Ave. and 8026 Knox Ave. that total 18 residential units. Friedman secured a rate of 5.6 percent for a 10-year term.