MINNEAPOLIS AND SHAKOPEE, MINN. — Twin Cities-based NAI Welsh has brokered three sales. In the first transaction, Yingua Academy Charter School has purchased the former Putnam Community School building, located at 1616 Buchanan St. in Minneapolis, for $3 million. Yingua plans to operate a private Chinese immersion school in the 45,280-square-foot facility starting in the 2009-2010 school year. Eric Rapp of NAI Welsh represented Yingua. The seller was Minneapolis Public Schools. Also in Minneapolis, Southwest Transit acquired a 95,821-square-foot industrial building, located at 4201 Norex Dr., for $4.3 million. The company plans to use the facility for its bus storage and service station. Brian Netz of NAI Welsh represented the seller, CSM Investors. Finally, Netz completed the sale of a 9,336-square-foot office building, located at 1335 10th Ave. in Shakopee. The property, which was acquired by Dr. Douglas Vayda for $1.15 million, will be primarily used for his orthodontist clinic. Additional space in the building will be made available for lease.
Midwest
NEENAH, WIS. — Marcus & Millichap has brokered the sale of Gateway Center, a 34,950-square-foot, bank-owned retail property located at 1575 Plaza Dr. in Neenah, for $2 million. Tenants at the property include Curves, Sidelines Bar & Grill, St. James Lounge and Comedy Quarter. Evan Halkias, Michael Marks and Matthew Fitzgerald of Marcus & Millichap’s Chicago Downtown office represented the seller. The buyer, a private investor, plans to reposition the property and lease its vacant space.
FOREST PARK, ILL. — Essex Realty Group has arranged the sale of 7542 West Adams Street, a 40-unit walk-up apartment property located in Forest Park, for $1.11 million. The property contains 32 studio units and eight one-bedroom units. Doug Fisher and Jim Barcelona of Essex represented the seller. David Goss and Jon Morgan, also of Essex, represented the buyer. Both parties were undisclosed.
CLINTON TOWNSHIP, MICH. — Stamford, Conn.-based Alliant Capital has secured $10.2 million for the refinancing of Eastwood Village, a 351-unit apartment community located in Clinton Township. Constructed in 1987, the property consists of 29 two-story, garden-style buildings. Occupancy was 92 percent at the time of closing. The borrower was Paragon Properties. The lender was Fannie Mae and the loan was secured through the lender’s DUS Extended Rate Lock program.
COLUMBUS, OHIO — Marcus & Millichap has brokered the sale of the 248-unit distressed apartment property, La Vista Townhomes, located at 6797 Springhouse Lane in Columbus. Midland Special Servicing serviced the property’s loan, and the receiver, McKinley, facilitated the sale. The buyer, an East Coast real estate fund focusing on distressed assets, assumed the debt for $4.75 million plus cash for immediate property repairs. The property was 80 percent occupied at closing and contains two-bedroom townhome and garden-style units.
FRASER, MICH. — Troy, Mich.-based L. Mason Capitani has brokered the sale of three industrial buildings totaling 62,364 square feet. The properties are located at 17300, 17350 and 17400 Malyn Blvd. in Fraser. The buyer, NOVA Industries, plans to expand its plastic injection molding operations into all three buildings. Jason Capitani and Joe DePonio of L. Mason Capitani represented both parties in the transaction. The seller’s name was not released. L. Mason Capitani is an affiliate of CORFAC International.
FITCHBURG, WIS. — A new 45,000-square-foot, two-story Gold’s Gym is set to open this month in Fitchburg. Located at 2920 Hard Rock Rd. within The Shops at Orchard Point, the gym will feature slate tile, a 35-foot stone fireplace, a 12-foot waterfall, VIP locker room, a cardio movie theater, a women-only section, special sections for children and more than 80 classes per week. Charles Redjinski and David Haug of NAI MLG Commercial represented Gold’s Gym in the leasing of the building.
CHICAGO — Cohen Financial has secured a total of $4.8 million in Fannie Mae funds for the refinancing of two multifamily properties located in Chicago’s Lakeview neighborhood. The properties include a 32-unit building located at 3500 N. Fremont St. and a 16-unit building located at 3433 N. Lakewood St. Both were fully occupied at the time of closing. Both loans include a 10-year term with a 30-year amortization schedule and a 75-percent loan-to-value ratio. The borrower is Frank Campise, a local real estate investor, and the transaction was arranged by Steve Kundert of Cohen Financial’s Skokie, Ill., office.
LEMONT AND WEST CHICAGO, ILL. — Lee & Associates of Illinois has arranged two Chicago-area industrial leases totaling 124,194 square feet. In Lemont, Sweet Holdings LLC leased 67,928 square feet of space at 19W661 101st St. Jim Planey and Jeff Janda of Lee & Associates represented the tenant. The landlord, First Industrial Realty Trust, was represented by Jim Estus of Colliers Bennett & Kahnweiler. In addition, Norix leased 56,266 square feet of warehouse space at 1800 Hawthorne in West Chicago. Planey and Janda represented the landlord, LaGrou Distribution, in the lease negotiations. Michael Marconi of Epic Realty Partners represented the tenant. Terms of both leases were not disclosed.
ROGERS, MINN. — CB Richard Ellis Realty Trust has acquired a 335,400-square-foot, Class A warehouse, located at 13201 Wilfred Lane in Rogers. The facility is currently leased to Walgreens as one of the company’s distribution centers. Constructed in 1999, the building was renovated in 2008 to accommodate Walgreens’ package conveyor system; an air conditioning system was also installed in approximately 43,000 square feet of the warehouse. Walgreens is leasing the building through 2018. The property contains expansion capability up to an additional 75,000 square feet. It is situated within Diamond Lake Park, which currently has a 94 percent occupancy rate. The acquisition price and the seller were not disclosed.