REBusinessOnline

Kennedy Funding Provides $1.8M Refinancing for Land Site in Bloomfield Hills, Michigan

BLOOMFIELD HILLS, MICH. — Kennedy Funding has provided a $1.8 million loan for the refinancing of 31.3 acres of land in Bloomfield Hills. Proceeds from the loan will be used to pay off the existing first mortgage. Remaining proceeds will be used as working capital. The property is zoned as a research park district and is currently listed for sale for $4.9 million. Bloomfield Technology Park LLC was the borrower. New Jersey-based Kennedy Funding is a direct private lender specializing in …

Industrial, Loans, Michigan, Midwest

JLL Arranges $30.7M in Construction Financing for Chicago Office Project

CHICAGO — JLL Capital Markets has arranged $30.7 million in construction financing for 601-609 W. Randolph in Chicago’s Fulton Market. The project scope includes the renovation of an existing five-story office building as well as the development of a new 15-story office building. Designed by Antunovich Associates, the new building will feature pandemic-related features such as small floorplans with flexible layouts, touchless options and fresh air exchange. Amenities will include a rooftop …

Illinois, Loans, Midwest, Office

Colliers Brokers Sale of 949-Unit Apartment Property in Euclid, Ohio

EUCLID, OHIO — Colliers International has brokered the sale of The Vista Apartments in Euclid near Cleveland. The sales price was $30.1 million, according to Crain’s Cleveland Business. The waterfront apartment property is located at 26151 Lake Shore Blvd. and features 949 units. Built in the early 1970s, it features a mix of one-, two- and three-bedroom floor plans as well as penthouses. Gary Cooper and Anthony DeMarco of The Cooper Multifamily Team at Colliers represented the seller. …

Acquisitions, Midwest, Multifamily, Ohio

Tryperion Partners Sells 106,814 SF Office Building in Carmel, Indiana

CARMEL, IND. — Tryperion Partners has sold 550 Congressional Boulevard in Carmel’s Meridian Corridor for an undisclosed price. The 106,814-square-foot, three-story office building was constructed in 1987 and renovated in 2016. The property is 91.8 percent occupied by tenants such as Fuzion Analytics, Corvel Risk Management and Kopka, Pinkus & Dolin law firm. Alex Cantu and Alex Davenport of Colliers International represented Tryperion in the sale. A private investor purchased the

Acquisitions, Indiana, Midwest, Office

KW Commercial | AMK Properties Brokers $3.7M Sale of Retail Strip Center in Suburban Minneapolis

BROOKLYN CENTER, MINN. — KW Commercial | AMK Properties has brokered the sale of Humboldt Square Shopping Center in Brooklyn Center for $3.7 million. The 40,390-square-foot property is located on Humboldt Avenue. Anchor tenants include Dollar Tree and New Horizon Academy. Matthew Klein and Andy Manthei of KW Commercial represented the seller, Kensington Property Management LLC, and secured the buyer, investor Thomas

Acquisitions, Midwest, Minnesota, Retail

Montecito Acquires 16,709 SF Surgery Center in Suburban Detroit

STERLING HEIGHTS, MICH. — Montecito Medical Real Estate has acquired an ophthalmic clinic and surgery center in Sterling Heights for an undisclosed price. Built in 1990, the 16,709-square-foot property is occupied by Vision Institute of Michigan. The group’s ambulatory surgery center accounts for roughly one-fourth of the building’s total square footage. This transaction marks Montecito’s first acquisition in Michigan. Collin Hart and Marc Flynn of ERE Healthcare Real Estate Advisors …

Acquisitions, Healthcare, Michigan, Midwest

AMC Theatres Raises $917M of Investment Capital, Says Bankruptcy is ‘Completely Off Table’

LEAWOOD, KAN. — In effort to remain financially afloat amid the COVID-19 pandemic, AMC Entertainment Holdings Inc. (NYSE: AMC) has raised or signed commitment letters to receive $917 million of new equity and debt capital. The Leawood-based movie theater company says the increased liquidity should enable it to survive well into 2021.Of the $917 million, AMC raised $506 million of equity from the issuance of new common shares. Additionally, the company executed commitment letters for $411 …

Kansas, Midwest, Retail, Top Stories

Peppercorn Capital Unveils Renovation Plans for 80,000 SF Office Building in Chicago’s Fulton Market

CHICAGO — Peppercorn Capital has unveiled renovation plans for 240 N. Ashland Ave. in Chicago’s Fulton Market. Plans call for lighted metal canopies and uniform signage. The west side of the office building will feature a new tenant entrance and lighting, along with a repaved parking lot and green space. Originally built in 1926, the adaptive reuse property formerly served as the headquarters for furnishings and décor company CB2. The building rises three stories and spans 80,000 square …

Development, Illinois, Midwest, Office

Taubman Announces CFO Transition as Simon Leopold Departs Company

BLOOMFIELD HILLS, MICH. — The Taubman Co. LLC has announced that Executive Vice President and CFO Simon Leopold will depart the company effective Jan. 31. Benjamin Meeker, who currently serves as vice president, capital markets and treasurer, will be promoted to senior vice president, CFO and treasurer. Meeker will report to Robert Taubman, who is chairman, president and CEO. Leopold will remain an advisor to the company to assist with the transition. Taubman is engaged in the management and …

Michigan, Midwest, Retail

Marcus & Millichap Arranges $8.1M Sale of Shopping Center in Waterloo, Iowa

WATERLOO, IOWA — Marcus & Millichap has arranged the sale of Crossroads Commons in Waterloo for $8.1 million. The 85,987-square-foot retail property is located at 1403 Flammang Drive. It was fully leased at the time of sale to tenants such as Dick’s Sporting Goods, Party City and Five Below. Zach Turner, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap’s Patton-Wiles-Fuller Group marketed the property on behalf of the undisclosed seller. The team also secured the …

Acquisitions, Iowa, Midwest, Retail
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