CHICAGO — Milwaukee-based Roundy’s Supermarkets Inc. has signed a long-term lease to anchor The Metropolis, a $50 million planned retail development located in Chicago’s Bronzeville area. The 123,000-square-foot development is a joint venture between the Capri Select Income II Fund and Judson Investment Co. of Chicago. Locally based The Prime Group Inc. is developing the project. Roundy’s is scheduled to open a 60,000-square-foot, full-service supermarket at the center in the fall of 2010. CB Richard Ellis is the exclusive leasing agent for The Metropolis.
CLEVELAND — Minnesota-based Dominium Development and Acquisition LLC has purchased Lakeshore Village, a 108-unit apartment community providing low-income housing in Cleveland. The company plans to complete substantial capital improvements to the property by the end of the year. Plans for the project call for the renovation of all of the units, as well as the addition of a community building, with a computer center and gathering space. Upon completion of the project, Lakeshore Village is expected to achieve Enterprise Green Community distinction. The acquisition price for Lakeshore Village was not disclosed.
WORTHINGTON, OHIO — St. Louis-based Pace Properties Inc. has acquired a 119,700-sqaure-foot office building located in Worthington, a northern suburb of Columbus. Northwoods I was formerly owned by a Dutch investment group. The building was 60 percent occupied at the time of acquisition. Pace evaluated more than 50 properties before committing to Northwoods I.
INDIANAPOLIS — The Phoenix and Indianapolis offices of CB Richard Ellis have collaborated in the sale of a 2,103-unit multifamily portfolio located in Indianapolis. Brooklyn, N.Y.-based Hampshire Properties acquired the six-property portfolio from AIMCO for an undisclosed amount. The apartment properties include the 1,381-unit Westlake and the 166-unit Wind Drift located on the west side of the city; as well as the 190-unit Woods Edge, the 126-unit Villa Nova, the 120-unit Spyglass and the 120-unit Riverwood located on the north side of the city. Hampshire Properties has hired locally based Buckingham Cos. and Flaherty & Collins to manage the portfolio. CB Richard Ellis’ Multi-Housing Group represented AIMCO in the transaction.
JOLIET, MORRIS AND CHICAGO, ILL. — New York-based Meridian Capital Group has arranged approximately $10.45 million in loans for four Illinois multifamily properties. In Joliet and Morris, the company has arranged $8.83 million in financing for three apartment communities totaling 237 units. The properties, which are located on Marbel Court in Morris and Larkin Avenue in Joliet, were recently remodeled. Joseph Schwimmer in the Illinois office of Meridian negotiated on behalf of the undisclosed borrower. Financing for all of the properties was based on a 10-year term, with rates ranging from 5.63 percent to 5.79 percent. In Chicago, Meridian has arranged approximately $1.62 million in financing for an apartment community located at 6110 N. Winthrop Ave. The loan for the 37-unit property was based on a 5-year term with a rate of 5.72 percent. Tannie Schnell in Meridian’s Illinois office secured financing for the undisclosed borrower.
BROADVIEW, ILL. — Darwin Realty & Development Corp. has brokered the sale of a 12,800-square-foot industrial building located at 1814 Beach St. in Broadview. Construction Products Services acquired the facility from an undisclosed land trust, and will be relocating its operation from Villa Park, Ill. The building features a 2,100-square-foot office component, one dock and one drive-in door. Daniel Fanelli of Darwin represented the seller; Brian Gedvilas and Rollo Dace, also of Darwin, represented the buyer in the transaction. The acquisition price was not disclosed.
FORT WAYNE, IND. — Paramus, N.J.-based Metro Funding Corp. has provided a $590,000 loan for the acquisition and rehabilitation of a vacant hotel located in Fort Wayne. The borrower was an experienced hotel owner that completed improvements at the 120-room property and re-opened the hotel. Additional terms of the loan were not disclosed.
NILES, ILL. — Don Trossman in the Chicago office of Cohen Financial has arranged $3.4 million in financing for a four-tenant warehouse/distribution center located at 6333 Howard St. in Niles. The borrower for the 78,091-square-foot facility was commercial real estate entity 6333 Howard LLC. The fixed-rate, 75 percent loan-to-value financing was based on a 5-year term with a 5-year renewal option and a 30-year amortization schedule. Oxford Bank of Oak Brook, Ill., provided the loan, which closed in the fourth quarter of 2008.
CHICAGO — Hoffman Estates, Ill.-based Leopardo Cos., in a joint venture partnership with Markham, Ill.-based Reyes Group, has been selected to build an elementary and middle school located in the Avondale neighborhood of Chicago. The Public Building Commission of Chicago awarded the contract for the three-story, 106,000-square-foot facility. The $25 million building, which will house students ranging from pre-kindergarten through 8th grade, is being designed to achieve LEED for Schools Silver Certification. Serving 900 students, the facility will include science, computer, music and art classrooms, as well as a library, a gymnasium and dining facilities.
WARREN, MICH. — Grubb & Ellis has arranged the acquisition of two industrial buildings located at 22100 and 22200 Sherwood Ave. in Warren. Great Lakes Electronics Corp. has purchased the facilities, which total 95,922 square feet, for an undisclosed amount. The company is relocating to the property from Detroit. The location supports the processing of scrap metal, which is a new business endeavor for the company. Daniel Canvasser and Mike Davidson in the Industrial Group of Grubb & Ellis facilitated the transaction. The seller was not disclosed.