HARVEY, ILL. — Berkadia has arranged a $17.6 million Low-Income Housing Tax Credit (LIHTC) equity investment for the preservation of Jesse Jackson Jr. Senior Housing in Harvey, a southern suburb of Chicago. The 120-unit affordable seniors housing property consists of two three-story buildings that were originally constructed in 2007 and 2011. The one-bedroom units are designated for seniors age 62 and above, with 114 of them set aside for those whose income is at or below 50 percent of the area median income. The remaining six units are for persons with disabilities whose income is at or below 30 percent AMI as part of the Illinois Housing Development Authority’s Statewide Referral Network program. The renovation project will include new roofing, windows, flooring, kitchen appliances, kitchen and bathroom plumbing fixtures, intercom system, nurse call system, smoke detectors, fire extinguishers and new paint. The renovation will also include the installation of solar panels and will receive Renewable Energy Investment Tax Credits under Section 48 of the U.S. Internal Revenue Code. Brian Blanchard and James Grande of Berkadia arranged the financing on behalf of the sponsor, Preservation of Affordable Housing.
NOVI, MICH. — Marcus & Millichap has brokered the $9.3 million sale of Infinity Medical, a 36,338-square-foot medical office building in Novi. The two-story property is fully leased to Rehabilitation Physicians PC and Ascension Medical Group of Michigan. Seth Haron, Ashish Vakhariya and Darin Gross of Marcus & Millichap represented the buyer and seller in partnership with Scott Marcus of RSM Development. The asset sold to Nova Sky Investments LLC, a Michigan-based investment firm.
MASSILLON, OHIO — Axiom Realty has acquired Amherst Shopping Center, a 98,305-square-foot property in Massillon near Canton. The purchase price and seller were undisclosed. The center was 64 percent occupied at the time of sale. Jonah Warsaw and Jacob Baruch of Legacy Realty Group Advisors brokered the sale. Axiom is finalizing lease negotiations with a national fitness user that will bring occupancy up to 81 percent. Marc’s, a discount grocery and drug store chain with 60 locations in Ohio, has anchored the property since 1995.
CHICAGO — SweatHouz, an infrared-sauna and cold-plunge wellness and recovery concept, has signed leases to open three locations in Chicago’s Old Town, West Loop and Lakeview East neighborhoods. The new locations range from 2,000 to 2,700 square feet and mark the company’s entrance into the state. SweatHouz plans to open 30 locations in metro Chicago. Anthony Ciaravino of Cushman & Wakefield represented the tenant in the leases at 1435 N. Wells St., 917 W. Madison St. and 3101 N. Clark St. Landlords were not provided.
CHICAGO — A joint venture between The Prime Group Inc. and CRG, the development and investment management arm of Clayco, has acquired the 40-story historic Jewelers Building in Chicago. Located at 35 E. Wacker Drive, the Jewelers Building comprises 556,200 square feet of rentable office space. The building is currently 70 percent occupied. Designed by Giaver & Dinkelber, the Jewelers Building was originally built in 1926. At the time of its completion, it was the tallest building west of New York City. The building is recognized by the National Register of Historic Places. Chicago-based architecture firm Goettsch Partners recently renovated the lobby, main entry and storefronts at the property. The price was not disclosed. According to CoStar, the price was expected to be more than $70 per square foot, which would equate to approximately $39 million. However, those numbers were based on Prime’s original offer in November before CRG was brought in as a partner. The previous owner had defaulted on over $50 million in debt on the building, according to multiple sources, leading to the sale. Although Prime Group’s initial plans for the property in November called for a potential hotel conversion, that concept has apparently been sidelined. As an existing tenant …
DETROIT — Bedrock has acquired the Millender Center, including the attached garage and retail atrium, in Detroit for an undisclosed price. Completed in 1985, the 729,079-square-foot property includes 1,738 parking spaces and eight dining and retail tenants. Current Millender Center tenants will continue to occupy the eight-story building. Bedrock says the acquisition provides synergies to its Courtyard Detroit Downtown hotel property as well as mixed-use amenities in the area. An affiliate of General Motors Co. was the seller, according to Crain’s Detroit Business. The property is situated across from GM’s Renaissance Center. Bedrock, the real estate arm of Quicken Loans founder Dan Gilbert, has invested more than $7.5 billion to developing and restoring over 140 properties totaling 21 million square feet since 2011.
LA VISTA, NEB. — IPA Capital Markets, a division of Marcus & Millichap, has arranged a $72.2 million loan for the refinancing of La Vista City Centre, a mixed-use development in the Omaha suburb of La Vista. The property features the Vivere Apartments, a 392-unit luxury apartment complex, along with 32,878 square feet of retail space and 64,883 square feet of office space. Located adjacent to the Vivere Apartments is The Astro, an indoor and outdoor music venue, and a 34-acre park. Frank Montalto of IPA arranged the financing on behalf of the borrower, City+Ventures, a Nebraska-based investment and development company that partnered with the City of La Vista beginning in 2015 for the development. The seven-year loan features a loan-to-value ratio of 70 percent.
MIAMI TOWNSHIP, OHIO — Accelevation, a data center infrastructure manufacturing company, has signed a 264,000-square-foot industrial lease at First Flight Commerce Center in Miami Township near Dayton. The industrial business park, which is currently under development, will total six buildings and 1.8 million square feet upon full build-out. Acclevation is scheduled to take occupancy in the first quarter of 2025 and will fully occupy Building 1. Doug Whitten of CBRE represented the landlord, Kansas City-based NorthPoint Development. Bill Buntyn and Todd Cochran of Colliers represented the tenant. Building 1 will feature a clear height of 36 feet, eight dock-high doors, four drive-in doors, 267 parking spaces and 66 trailer parking spaces.
BROOKFIELD, WIS. — Mid-America Real Estate has brokered the sale of the Galleria West shopping center in the Milwaukee suburb of Brookfield for an undisclosed price. Located at 18900 W. Bluemound Road, the property totals 65,000 square feet. Tenants include Allen Edmonds, Allure Intimate Apparel, Picardy Shoe Parlour, Bullwinkle’s and Kopp’s Frozen Custard. Dan Rosenfeld of Mid-America represented the buyer, Last Mile Investments, a North American Properties portfolio company based in Cincinnati. Rosenfeld also represented the seller, Galleria West Associates, which has owned and operated the center since the early 1980s. Last Mile Investments plans to begin capital improvements shortly, including a new 20-foot monument sign to enhance visibility for tenants, façade improvements to refresh the exterior and enhanced patio opportunities to accommodate future restaurants and retailers. Andrew Prater of Mid-America will handle leasing.
MICHIGAN — District Capital has arranged an $11.6 million loan for the acquisition of a 135-unit townhome apartment community in southeast Michigan. The agency loan features an initial interest-only period followed by a 30-year amortization. Dave Dismondy of District Capital arranged the nonrecourse loan, which allows for additional loan proceeds once a value-add plan is accomplished.