FARMINGTON HILLS, MICH. — Samuel and Susan Bernstein have completed the disposition of a 7,200-square-foot property in Farmington Hills. Located at 31100 Northwestern Highway, the property offers 7,200 square feet of office space. The buyer and acquisition price were not disclosed. Todd Hawley of Friedman Real Estate Group negotiated the transaction on behalf of the seller.
TOPEKA, KAN. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $4 million loan under the Fannie Mae DUS MAH Coop Loan product line for a multifamily property in Topeka. Located at 1209 S.W. Glendale Drive, Fox Ridge Townhouses offers 200 multifamily units. The 30-year loan amortizes on a 30-year schedule and carries a note rate of 7.49 percent. Michael Jehle of Arbor's Bloomfield Hills, Mich., office originated the loan. The borrower was not disclosed.
TROY, MICH. — AAM I has acquired The Handleman Building, which is located at 500 Kirts Blvd. in Troy. The 147,609-square-foot office property sold for an undisclosed price. The seller was Handleman Co. Todd Hawley of Friedman Real Estate Group represented both parties in the transaction.
NAPERVILLE, ILL. — Anchor Bolt & Screw Co. has completed the disposition of an 85,600-square-foot manufacturing/warehouse facility in Naperville. Primavesta purchased the property, which is located at 1560 N. Frontenac, for an undisclosed price. The facility offers 11,000 square feet of office space and 22-foot clear ceiling heights. Richard Daly and Cory Ramey of Darwin Realty & Development Corp. represented the seller; Sam Adam of Charles Rutenberg Realty represented the buyer in the transaction.
PORTAGE, IND. — BP Products North America, as part of the Whiting Refinery Modernization Project, has signed a lease to occupy the Midpoint USA distribution facility in Portage. Located within the AmeriPlex at the Port, the facility, which encompasses 54 acres, offers 574,249 square feet of industrial space. TCB Development/Tobin Development LLC developed the complex, which came online last year. Brian Vanosky and Justin Fierz of Lee & Associates of Illinois represented the developer/owner; Jen Wrinkle of Jones Lang LaSalle represented the tenant in the transaction. New Vista Investment Group, on behalf of Workers Realty Trust II, also had a hand in the transaction. Additional details of the transaction were not released.
ROMEOVILLE, ILL. — Adam Haefner and Victor DeBoer of Darwin Realty & Development Corp. represented landlord Ardmin Properties Real Estate Investment Group in the leasing of 36,734 square feet of flex space, located at 1265 Naperville Drive in Romeoville. In the first transaction, Primus Natural Stone inked a deal for Unit A, which offers 18,226 square feet of space. Jeffrey Galante of Lee & Associates represented Primus. In the second transaction, Brent DeNoble of Interstate Realty represented Ruhrpumpen Inc. in the leasing of the 18,508-square-foot Unit B. Terms of the transactions were not disclosed.
BERKELEY, MO. — The City of Berkeley has selected St. Louis-based Kwame Building Group to construct the new Berkeley Municipal Complex in Berkeley. The company is overseeing the design and construction of a two-story, 29,500-square-foot city hall and a 17,200-square-foot fire station, as well as the renovation of an existing police station. The first phase of the project is scheduled for completion in spring 2011. St. Louis-based ArchImage is providing architectural services for the project.
CHICAGO AND APPLETON, WIS. — Alliant Capital has arranged $52.4 million in Fannie Mae DUS loans for seven multifamily properties in Chicago and two multifamily properties in Appleton. The company secured six loans, totaling more than $37.5 million, on behalf of Horizon Realty Group for properties in Chicago. The 500-unit portfolio includes Buena Terrace, Oakdale Terrace, Sheridan Glen, Barry Court, Wolcott Terrace and The Covington. Additionally, Mickelson Brothers III received a $1.42 million loan for the refinancing of the 23-unit 4840 South Indiana Street property in Chicago. Additionally, a private investor received more than $13.5 million for the refinancing of the 292-unit Lynndale Apartments and the 56-unit Fox Shore Apartments in Appleton. Aaron Abelson of Alliant Capital’s Chicago office closed the transactions.
OKAWVILLE, ILL. — West Washington County Community Unit District #10 has selected Swansea, Ill.-based Holland Construction Services to construct its new $29 million kindergarten through 12th grade school in Okawville. The 166,000-square-foot project will be completed in two phases, with first phase move-in expected in December 2011. The first phase includes the upper-grade wing, a cafeteria, a multi-purpose area, offices and a new gymnasium for the upper grades. The high school area features 12 classrooms, a band room, a computer lab and a stand-alone agricultural building for shop classes. The junior high area features five classrooms, art and music rooms and a computer lab. The second phase includes the demolition of the existing school and construction of the kindergarten through sixth wing. The second phase will feature 18 classrooms, art and music rooms, a computer lab and a new library. Construction of the second phase is expected to begin in January 2012.
NEW YORK CITY — New York City-based Edge Principal Advisors has launched a dedicated investment program in multifamily properties. Initially targeting Chicago and Atlanta, the firm plans to invest in quality apartment communities located in select markets. Edge expects to benefit from out-sized rental demand during the next several years. As part of the program, Edge recently acquired a 295-unit Class A apartment community in Wheaton, Ill. The property, which is currently 95 percent occupied, will be upgraded, re-named and re-launched into the marketplace this spring.