WICKLIFFE, OHIO — Phorcys Capital Partners, the investment advisor to Phorcys Senior Housing Recovery Fund LP, has acquired Prosper at Wickliffe in Wickliffe, about 15 miles northeast of Cleveland. The assisted living facility features 160 units. Phorcys made the purchase through a trustee-directed short sale for $13 million. Prosper Life Care will take over management of the property.
CHICAGO — Kiser Group has brokered the sale of a fully leased multifamily property in Chicago’s West Town neighborhood for nearly $4 million. The four-building asset was renovated in 2019. Noah Clark and Jack Petrando of Kiser Group brokered the sale. The locally based buyer is assuming the loan on the property.
LAKE ZURICH, ILL. — Marcus & Millichap has arranged the sale of the Holiday Inn Express & Suites Lake Zurich-Barrington, an 86-room hotel in the northwest Chicago suburb of Lake Zurich. The sales price was undisclosed. The three-story property is located at 197 S. Rand Road. Amenities include an indoor heated pool, breakfast area and fitness center. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the buyer and seller, both of which were private investors. Chris Gomes and Allan Miller of Marcus & Millichap were also listed on the deal as supporting brokers.
ELWOOD, ILL. — PGIM Real Estate has provided a $74.5 million loan for the acquisition of a three-property industrial portfolio in Elwood, about 40 miles southwest of Chicago. The fully leased buildings total 1.7 million square feet and are located within the CenterPoint Intermodal Center. The properties feature access to the BNSF intermodal terminal. PGIM provided the fixed-rate financing on behalf of Stonepeak.
CHICAGO — Interra Realty has brokered the sale of an apartment building located at 2827-2847 N. Clybourn Ave. in Chicago’s West Lakeview neighborhood for $12.7 million. The property features 30 apartment units and six commercial spaces. The residential portion was more than 95 percent occupied at the time of sale. The building features a heated indoor parking garage for 34 vehicles and an additional 12 exterior spaces for the commercial units. Brad Feldman of Interra represented the seller, a private local investor. Patrick Kennelly and Paul Waterloo of Interra represented the buyer, also a local investor. The buyer assumed the asset’s existing mortgage, which carries a 3 percent interest rate.
TROY, MICH. — Burlington Stores Inc. has signed a lease to open a new store at Oakland Square in Troy. Continental Realty Corp. (CRC) owns the 220,000-square-foot shopping center. Burlington joins HomeGoods, Five Below, Kohl’s and Ulta as anchor tenants at the center, which is now 83 percent leased. Rachel Lee of CRC and Daniel Stern, Jared Gell, Eric Unatin and Eric Birnholtz of Mid-America Real Estate represented the landlord. Bradley Gershman of Gershman Partners and Andrew Luckoff of Landmark Commercial Real Estate Services represented the tenant. Burlington currently operates eight stores in the northwest Detroit area, including Bloomfield Township, Rochester Hills, Southfield and Sterling Heights. Baltimore-based CRC acquired Oakland Square together with the adjacent Oakland Plaza in 2021. Built in 1986 with additional construction completed in 1997, Oakland Square consists of three buildings.
WAUKEGAN, ILL. — BWE has provided an $8.3 million Fannie Mae loan for the acquisition of Brookstone Apartments in the Chicago suburb of Waukegan. Built in 1986, the garden-style affordable housing property features 168 units across four buildings. Of the total units, 50 are reserved for residents earning up to 50 percent of the area median income (AMI) and 110 are designated for residents earning up to 60 percent of AMI. Adam Gould of BWE originated the 10-year loan, which features 36 months of interest-only payments and a 30-year amortization secured by a first lien.
NAPERVILLE, ILL. — Phoenix Closures Inc. has sold its former corporate headquarters and manufacturing facility located at 1899 Highgrove Lane in the Chicago suburb of Naperville. The buyer, Amerikoa Ingredients, is a natural and sustainable ingredients distributor that is relocating from Melrose Park. Built in the late 1970s, the 113,124-square-foot building features BNSF rail access. Jeff Blake of DarwinPW Realty/CORFAC International represented the seller, while Todd Heine of Colliers represented the buyer.
EVANSTON, ILL. — Summit Design + Build has completed construction of Tapestry Station, a 120-unit luxury apartment complex located at 740 W. Main St. in Evanston. The five-story property features ground-floor commercial space. Amenities include a rooftop deck, fitness center, heated parking and coworking space. Located on the site of the former Vogue Fabrics, Tapestry Station is situated next to a Metra Line station. City Pads and Catapult Real Estate Group served as the project developers and Built From was the architect. According to the property website, a grand opening special puts monthly rents starting at $1,495.
CINCINNATI — BWE has provided a $14.5 million Fannie Mae loan for the acquisition of Page Tower, a 169-unit affordable housing building in Cincinnati. The 14-story property was constructed in 1971. Amenities include a community room, mail room and central laundry area. The first floor features 7,500 square feet of commercial space. Victor Agusta Jr. of BWE originated the seven-year loan, which features 24 months of interest-only payments and a 35-year amortization. The property includes a 100 percent Section 8 HAP contract for four years.