COLUMBUS, OHIO — Marcus & Millichap has completed the sale of Countryside Apartments, a 229-unit multifamily property located in Columbus, for $5.12 million. The property, which is located at 5051 Open Meadows Dr., includes one-, two- and three-bedroom apartments, as well as two-bedroom townhome units. Amenities include a fitness center, garages, laundry facilities, a hot tub and an outdoor swimming pool. Occupancy was 85 percent at the time of closing. J. Rosenbusch and Matthew Gockstetter of Marcus & Millichap represented the seller, an undisclosed partnership, as well as the buyer, a limited liability corporation.
Midwest
INDEPENDENCE, MO. — NorthMarq Capital has secured $16.35 million in first-mortgage, acquisition financing for Pepperwood Apartments, a 300-unit multifamily property located in Independence. Sue Blumberg and Paul DeKruiff of NorthMarq’s Chicago office and David Farrell of the firm’s Kansas City, Mo., office originated the loan, which contains a 7-year term, a 30-year amortization schedule and a capped adjustable rate. The borrower was JVM Pepperwood Apartments LLC and the lender was Freddie Mac.
CHICAGO — Marcus & Millichap has brokered the sale of a 41-unit apartment building located 2245 West 111th St. in Chicago’s Beverly/Morgan Park neighborhood. The property sold for $2.5 million, or $60,975 per unit. Nicholas Kanich, Shaun Buss and Sean Lyons of Marcus & Millichap’s Chicago Downtown office exclusively listed the property for the undisclosed seller. The trio also secured the buyer, a limited liability company in the transaction.
CRANE, IND. — Science Applications International Corp. (SAIC), a Fortune 500 company and leading contractor for the Departments of Defense and Homeland Security, has opened its new facility in the WestGate@Crane Technology Park in Crane. The 38,000-square-foot building will house approximately 200 of SAIC’s 1,000 employees in Indiana. The state-of-the-art building includes a high-power laser and optics lab, more than 4,000 square feet of classified, secure space for Electronic Warfare system development and testing, a rapid prototyping and development lab, and an environmental lab. WestGate@Crane is a state Certified Technology Park and is located in close proximity to the U.S. Navy’s third-largest physical base, the Naval Surface Warfare Center, Crane Division.
JANESVILLE, WIS. — Steve Doran of Lee & Associates’ Madison, Wis., office has arranged a 30,431-square-foot lease for Slumberland Furniture. The tenant signed a 10-year, $2.5 million-square-foot lease within a portion of the space once occupied by Wal-Mart at the intersection of Highways 14 and 26 in Janesville. The owner and developer of the site is Northbrook, Ill.-based D&B Development.
CLEVELAND — Cleveland-based Love Funding has closed two loans totaling more than $4 million for properties in Michigan and Ohio. In Holland, Mich., Love secured approximately $3.93 million through HUD’s 241(a) program for the 131-unit Appledorn Living Center III. The loan is being used for a 30-unit addition and various capital improvements. Terms of the loan include a 7.5 percent interest rate and a 31-year amortization. In Zanesville, Ohio, Love arranged a $701,200 refinance loan for the 25-unit Muskingum Arc Apartments community. Financing for the 16,320-square-foot complex came from HUD’s 207/223(f) loan program. The loan included a 6.25 percent fixed interest rate over a 35-year term.
PAPILLION AND SARPY COUNTY, NEB. — Omaha, Neb.-based Darland Construction Co. has been selected for two Nebraska construction projects. In Papillion, Darland has broken ground for Midlands Data Center, a 63,000-square-foot, Tier IV data center located on the campus of Alegent Health Midlands Hospital. The two-story structure will feature a 5,000-square-foot, raised-floor data suite on each level, 13,000 square feet of support staff offices , a secured equipment yard and dual-functioning loading docks. The project is being developed by a joint venture between Omaha-based companies Alegent Health and CoSentry. The new data center will be used to store Alegent’s electronic medical records and digital medical imaging files, as well as data and equipment for other CoSentry clients. Altus Architectural Studios is providing design services. In Sarpy County, Darland has been chosen by Ford Mercantile Warehouse Co. to serve as design/builder for a 120,000-square-foot warehouse project. The building will be located on 12 acres within Hilltop Industrial Park. It will feature pre-cast concrete walls, 28-foot clear ceiling heights, up to 70 trailer storage spaces, 16,000 square feet of office space, an 8,000-square-foot truck repair shop and expansion capability. The construction timetable for both projects was not released.
CHICAGO — Chicago-based Essex Realty Group has negotiated the sale of three Chicago multifamily buildings for $3.15 million. The buildings are located at 1157-1159 W. Webster Ave. and 2149-53 N. Racine Ave.; they include two multifamily buildings and a two-story buildings with apartments above commercial space. Jim Darrow of Essex was the sole broker in the transaction. The buyer and seller were not disclosed.
WOODRIDGE, ILL. — Woodridge-based Morgan/Harbour Construction Co. has completed three tenant build-out projects at Park 355, an industrial development located at 2145 Internationale Pkwy. in Woodridge. The contractor completed a 57,525-square-foot build-out for Highway Distribution Systems, a 28,436-square-foot build-out for DIK Drugs and a 14,500-square-foot build-out for the village of Woodridge. The first two projects included the construction of office space within the warehouse space. Cornerstone Architects served as project architect in each of the transactions.
CHICAGO — Chicago-based Paine/Wetzel • ONCOR International has brokered four industrial leases totaling more than 100,000 square feet. In Waukegan, Ill., Ecologic Industries leased 40,110 square feet within Oak Grove Business Park at 3210 Oak Grove Ave. Paine/Wetzel’s Whit Heitman and Chris Schubel represented the landlord, ING Clarion. Ryan Bain of CB Richard Ellis represented the tenants. In Des Plaines, Ill., Super Color Digital Printing leased 21,400 square feet at 2485 Wolf Rd. Schubel and Samuel Badger, also of Paine/Wetzel, represented the tenant. Patrick Lederer of Korman Lederer & Associates represented the undisclosed landlord. Also in Des Plaines, Medco Inc. leased a 21,343-square-foot building located at 65 Bradrock Dr. Paine/Wetzel’s John Stump and Phil Reiff represented the tenant. The landlord, Acme Industries, was represented by Tome Rodeno and Jonathan Kohn of Colliers Bennett & Kahnweiler. Finally, in Kenosha, Wis., Bucher Hydraulic signed a lease for 18,889 square feet at 9900 58th Place within the Business Park of Kenosha. Badger and Jason Weinhaus, also of Paine/Wetzel, represented the landlord, Asyst Technologies. Terms of the leases were not disclosed.