SOUTH LYON, MICH. — Marcus & Millichap has brokered the sale of Huntington Square Shopping Center, a 57,056-square-foot retail property located at 546-644 N. Lafayette Rd. in South Lyon, for $5 million, representing a 9.28 percent cap rate. Bill O’Connor and DeVon Jackson of Marcus & Millichap’s Detroit office represented the undisclosed seller. The property was acquired by undisclosed local investors.
MIDLAND, MICH. — Southfield, Mich.-based Bernard Financial Group has arranged $7.24 million in financing for the 264-unit Mulberry Lane Apartments, located in Midland. Bernard arranged financing for the borrower, Midland Mulberry LLC, with Citizens Bank. Terms of the loan were not disclosed.
MIDLAND, MICH. — Southfield, Mich.-based Bernard Financial Group has arranged $7.24 million in financing for the 264-unit Mulberry Lane Apartments, located in Midland. Bernard arranged financing for the borrower, Midland Mulberry LLC, with Citizens Bank. Terms of the loan were not disclosed.
EVANSTON, ILL. — Rosemont, Ill.-based McShane Construction Corp. has completed the design/build construction of 900 Chicago Avenue Condominiums, a seven-story, 77-unit condominium development at the corner of Chicago Avenue and Main Street in downtown Evanston. The development comprises one-, two- and three-bedroom units on floors three through seven. The residences range in size from 788 to 2,487 square feet and feature balconies, terraces and private storage areas. The lower level, first and second floors feature integrated parking, and the street level features 7,500 square feet of retail space. Additionally, the American Toby Jug Museum is located on the lower level, and British Collectibles occupies space on the first floor. The property, which is a development of Chicago-based Matthews Development Corp., is located within walking distance of Lake Michigan and downtown Evanston.
RIVERSIDE, MO. — The city of Riverside has selected Block & Co. as the master developer for Horizons Business Park, a $300 million industrial development located at the interchange of Interstate 635 and Highway 9 in the Kansas City suburb of Riverside. The project, which comprises more than 400 acres, will feature up to 5.3 million square feet of industrial space, as well as retail and support services for the development. The city of Riverside sold the land to Block for development; it will also be constructing two parkways to connect the industrial park to nearby arterial roads.
LAFAYETTE, IND. — Castle Coch Development is set to break ground for the construction of a 150,000-square-foot industrial building located at 3701 Dave Howarth Dr. in the Park 350 industrial park in Lafayette. The building, which can be subdivided for up to four tenants, features 28-foot clear ceiling heights, dock-height, flow-thru loading, trailer and car parking spaces, an ESFR sprinkler system and office areas. The approximately $15 million project is also expandable up to 300,000 square feet. The project is being developed by Castle Coch, with JRA Architecture providing design services and Shiel Sexton Co. serving as general contractor. Completion is scheduled for October.
SKOKIE, ILL. — GMAC Commercial Mortgage Corp. (GMACCM) has provided a financing package totaling approximately $32.6 million for the renovation and conversion of the North Shore Skokie Hotel in Skokie. The hotel, located at 9599 Skokie Blvd., will be renovated and converted into the Doubletree North Shore Hotel and Conference Center — Skokie. The 12-story tower comprises 270 guestrooms and a four-story executive wing containing an additional 97 guestrooms. The hotel also features approximately 22,500 square feet of meeting space, a kosher kitchen, a fitness center, a business center, an indoor/outdoor pool and the 238-seat Daily Grill restaurant. GMACCM's hospitality industry division arranged and underwrote the transaction, which included approximately $28.6 million in floating-rate acquisition financing and $4 million in floating-rate mezzanine financing. Oxford OBG-Waterton Skokie Hotel Mezz LLC and Oxford OBG-Waterton Skokie Hotel Property received the funding.
ROMEOVILLE, ILL. — J.D. Salazar of Downers Grove, Ill.-based Champion Realty Advisors, along with Randy Wolcott of ProVenture Commercial Real Estate, recently arranged a 230,007-square-foot lease in Romeoville on behalf of the tenant, Ozburn-Hessey Logistics. The Nashville, Tenn.-based logistics company leased the space, which is within a 562,624-square-foot industrial building at 99 N. Pinnacle Dr., to expand its operations. The cross-dock facility includes 2,500 square feet of office space, 28 exterior docks, 23 trailer stalls and parking for 75 cars. Ozburn-Hessey will also have the opportunity to expand into the remaining space of the building. Kirk Armour of CB Richard Ellis represented the developer, The Pizzuti Companies, in the transaction.
MT. CARMEL, ILL., AND BEAVERTON, MICH. — CB Richard Ellis’ Sale Leaseback Group (CBRE) has completed the $7.3 million sale/leaseback of a two-building industrial portfolio. The first property is a 128,636-square-foot building located at 714 Walnut St. in Mt. Carmel. The second property comprises a 142,770-square-foot freestanding industrial building, as well as three outlot buildings totaling 8,940 square feet, and is located at 330 N. Ross St. in Beaverton. Both properties are occupied by Pacific Production Technologies, a portfolio company of Madison Capital Partners. Robert Brennan, Andrew Sandquist and Jonathan Wolfe of CBRE represented the seller, a partnership between Madison Capital Partners, Edgewater Funds and Rocky Mountain Bank. The deal also included the sale/leaseback of two additional properties located in Texas and Wyoming.
MADISON, WIS. — Steve Doran of the Madison office of Lee & Associates has represented the buyer in the $6.7 million acquisition of East Prairie Commons, a 48,815-square-foot shopping center located at 4271-4275 Lien Rd. in Madison. Tenants at the property include Target, Ashley Furniture, Bed Bath & Beyond and Michaels. Shawnee Mission, Kan.-based Rubenstein Real Estate represented the seller.