ROCHESTER AND MINNEAPOLIS, MINN. — Minneapolis-based NorthMarq Capital has arranged two Minnesota loans totaling more than $8.5 million. Brian Hennen of NorthMarq Capital’s Minneapolis office has arranged $6 million in first-mortgage financing for Northwest Plaza retail center located in Rochester. Gander Mountain is a major tenant in the 75,294-square-foot development. Financing was based on a 10-year term, with a 25-year amortization schedule. The loan was arranged for the undisclosed borrower, through NorthMarq’s relationship with Thrivent Financial. Also in NorthMarq’s Indianapolis office, Daniel Trebil has arranged $2.66 million in first-mortgage acquisition financing for Apple Square Apartments. The 73-unit multifamily community is located at 1818 14th Ave. South in Minneapolis. Financing was based on a 10-year term with 2 years interest-only, and a 30-year amortization schedule. The loan was arranged for the borrower, a two-member tenants-in-common entity, through AmeriSphere Multifamily Finance.
CHERRY VALLEY, ILL. — Ragnar Benson Construction, acting as general contractor, has broken ground on One Bell Valley Commons, a 68,000-square-foot, Class A office building, which will be located along Interstate 90 in Cherry Valley. The three-story facility will be composed of custom-designed office spaces ranging in size from 1,000 to 22,000 square feet per floor. RSM McGladrey, which is relocating its operations from downtown Rockford, Ill., is the first tenant that has been announced for the building. Bell Valley Commons LLC owns the property; Rockford-based Cody Design Group Inc. is the designer/architect for the project. The estimated cost of construction was not disclosed.
HUGO, MINN. — Kraus-Anderson Realty is developing a 22,000-square-foot medical clinic located on the northwest corner of County Road 14 and Everton Avenue in Hugo. Scheduled to be completed in late fall, HealthEast Hugo Clinic will be located within the Victor Gardens Medical Office Building, which is part of Kraus-Anderson Construction Co.’s Frenchman Place development. The facility will be anchored by HealthEast’s 8,000-square-foot clinic, which has future options to expand to 10,500 square feet. The clinic includes two family doctors, as well as access to hospital services at St. John’s Hospital in Maplewood, Minn.
CHICAGO — Cambridge Realty Capital Cos. has provided a $24.2 million FHA-insured permanent mortgage loan to refinance Maple Point Apartments, a senior housing community located at 150 W. Maple St. in Chicago. An Illinois not-for-profit corporation owns the 342-unit independent senior living facility. The HUD Section 207 pursuant to section 223(f) loan was arranged for the property’s owner. Cambridge Realty Capital Ltd. of Illinois was the underwriter for the fully amortized, 35-year term loan. The interest rate was not disclosed.
What area is your expertise? Chicago Metropolitan Market What trends do you see presently in industrial development in your area? 1). A slowing in closing of sales and execution of leases. 2). A 1.3 percent rise in vacancy rates. Our Midway and South Cook County markets, however, have experienced the highest vacancy rates at 12.3 and 11.1 respectively. 3). Quarterly absorption in fourth quarter 2007 was a positive of 3.5 million square feet to first quarter 2008, which was a negative absorption of 2.5 million square feet. 4). Leasing activity has dipped 10 percent from same time last year. 5). Average sales prices have increased for Industrial product from $59.48 square feet fourth quarter 2007 to $61.81 first quarter 2008 even though sales during those two periods have dropped from 3,750,000 square feet to 3,250,000 square feet (first quarter 2008). Approximately 12 million square feet of projects are under construction at this time and much of the space has yet to lease to the first tenants. What type of industrial product is doing well in your area? Across the board: From 20,000 square feet to 1 million square feet, with a more rapid conclusion to sales and leases on the …
BOLINGBROOK, ILL. — Bannockburn, Ill.-based design/build firm Principle Construction Corp. has completed construction of a 40,337-square-foot warehouse/office facility located at 360 Veterans Pkwy. in Bolingbrook. The building was constructed for EZ-FLO International, which is headquartered in Ontario, Canada. EZ-FLO International is expanding its operations to the area in order to make it easier to service new and existing customers in the Midwest. The building, which is owned by Seefried Properties, consists of 39,040 square feet of warehouse space, with 30-foot clear ceiling heights and 1,297 square feet of office space. David Gaulin of Principle Construction Corp. acted as project manager; Interwork Architects provided architectural services.
STRONGVILLE, OHIO — PNC ARCS has arranged $6 million in financing for Southwest Commons Assisted Living community, which is located at 18090 Pearl Rd. in Strongville. Financing was based on a 10-year term, with a 30-year amortization schedule, at a rate of 6.77 percent. The 68-unit property contains 25,912 square feet of residential living space. The loan was originated by PNC ARCS’ Bend office, through Fannie Mae’s Senior Housing loan product.
PICKERINGTON, OHIO — Marcus & Millichap Real Estate Investment Services has brokered the sale of Cross Creek Shopping Center, a retail center located on Crosscreeks Boulevard in Pickerington. Tenants at the 9,785-square-foot development, which is 100 percent occupied, include Graeter’s, W.g. Grinders and Skyline Chili. The strip center was acquired by an undisclosed buyer for $1.85 million, based off of a cap rate of 7.92 percent. Erin Wiles-Patton and Scott Wiles of Marcus & Millichap’s Wiles Group represented the seller Arsh Investments in the transaction.
DETROIT AND MADISON HEIGHTS, MICH. — Colliers International has brokered two Michigan industrial sales totaling more than 100,000 square feet. In Detroit, Colliers International has arranged the sale of a 120,000-square-foot industrial facility located at 6555 E. Davison. Peter E. Kepic and Peter J. Kepic of Colliers International represented the seller, ThyssenKrupp Materials, in the transaction. Additionally, the company has brokered the acquisition of a 15,000-square-foot industrial building located at 1645 Avis Dr. in Madison Heights. Peter E. Kepic, Peter J. Kepic and Larry Balone of Colliers International represented the buyer, QMI Properties, in the transaction. The acquisition price of both properties was not disclosed.
SKOKIE, ILL. — ML Realty has acquired a 486,884-square-foot industrial building located at 7300 Linder Ave. in Skokie. The building, which has access to Interstate-94 via a four-way interchange, is 100 percent leased. Jeffrey Kahn, Steven Disse and Jeffrey Devine of Colliers Bennett & Kahnweiler represented the undisclosed seller in the transaction. The acquisition price was not disclosed.