CHICAGO — Cambridge Realty Cos. has closed a $12.9 million FHA-insured HUD first-mortgage loan for the refinancing of Alden Village North in Chicago. The skilled pediatric facility offers 128 beds. The fully amortized loan carries a 40-year term and utilized HUD’s Section 232 MAP funding program.
BOLINGBROOK, ILL. — Tennessee-based Ozburn-Hessey Logistics (OHL) has signed a lease for 183,500 square feet of industrial space at Bolingbrook Corporate Center West Building II in Bolingbrook. The property features 32-foot clear heights, 48 docks and parking for 265 cars. The facility offers OHL the opportunity to expand into a 269,590-square-foot flex space. Jeff Smith of IDI, along with Ben Cremer and Mike Robbins of NAI Hiffman, represented the landlord, IDI, in the lease negotiations. J.D. Salazar of Champion Realty & Advisors represented OHL.
FAIRFIELD, IOWA — Pantheres LLC has purchased an 88,000-square-foot Class A office building in Fairfield. The Books are Fun division of Reader’s Digest sold the vacant property for an undisclosed price. The buyer plans to re-tenant the property. Kirk Hiland of NAI Iowa Realty represented both parties in the transaction.
COUNCIL BLUFFS, IOWA — Council Bluffs HDI LP has completed the disposition of a 5,000-square-foot Sherwin Williams retail store in Council Bluffs. Located at 3525 Metro Drive, the property sold for $1.3 million. Thomas DeWaay, Mark Ruble, Jamie Medress and Matt Fitzgerald of Marcus & Millichap brokered the transaction.
CEDAR RAPIDS, IOWA — Bronco Land has purchased a 24,000-square-foot former Chrysler Dodge automobile dealership in Cedar Rapids for $1.65 million. After extensive renovations, Modern Piping, a Midwest mechanical contractor, will occupy the property. Kirk Hiland of NAI Iowa Realty Commercial represented the buyer; Adam Gibbs of NAI Iowa Realty Commercial represented the undisclosed seller.
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.
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.