EAST LANSING, MICH. — A joint venture between Centurion Property Group and IDE has acquired The Rocks, a 376-bed student housing community located near Michigan State University in East Lansing. The purchase price was undisclosed. Built in 2015, the property features one, two-, three- and four-bedroom layouts, all with 100 percent bed-to-bath parity. Amenities include a fitness area, game room and study lounge. The community is fully occupied. Aaron Moll of Berkadia originated a Freddie Mac loan for the acquisition that features a fixed interest rate and interest-only payments for the full term. Kevin Larimer and Brandon Buell of Berkadia represented the seller, Nuveen Real Estate.
KANSAS CITY, MO. — Amerhart has leased 144,490 square feet of industrial space at Blue River Commerce Center Building IV in Kansas City. NorthPoint Development owns the business park, which is now fully leased. Wisconsin-based Amerhart will use the facility to warehouse and distribute its building products and plans to take occupancy in December. Jack Goldsborough of Cushman & Wakefield and Ed O’Connor of Lavista Associates represented the tenant, while Joe Accurso of Cushman & Wakefield represented ownership.
HOLLAND TOWNSHIP, MICH. — Bayview PACE has provided $2 million in C-PACE financing for a 132,000-square-foot office building in Holland Township near Grand Rapids that was converted into a church. Family Church, a West Michigan-based religious group with 2,400 current members, spearheaded the project. Located at 10717 Adams St., the three-story former bank headquarters was converted into a church facility with a large sanctuary, fellowship hall, café with commercial kitchen, new offices, classrooms, restrooms and other supporting spaces. The C-PACE funding supported upgrades of primary building systems, including HVAC, electrical and plumbing. C-PACE, or Commercial Property Assessed Clean Energy, is a financing tool that provides long-term, low-cost construction financing for new and existing buildings. Eligible improvements include energy efficiency, water efficiency, renewable energy and resiliency measures such as seismic and stormwater measures. The new location for Family Church serves as the largest of three campuses in the area.
WOODBURY, MINN. — Montecito Medical has acquired a 32,711-square-foot medical office building in the Twin Cities suburb of Woodbury for an undisclosed price. The property is home to Minnesota Women’s Care, which serves patients throughout the Twin Cities area and western Wisconsin. The group maintains four office locations across this area. The seller was undisclosed.
SUN PRAIRIE, WIS. — McShane Construction Co. has completed The Wildwood at Main in Sun Prairie, a northwest suburb of Madison. Roers Cos. was the developer. The 172-unit affordable housing community is comprised of two buildings at 150 Schneider Road. Units come in one, two- and three-bedroom layouts. Amenities include a clubroom, fitness center, yoga studio, outdoor patio, playground and storage lockers. A heated underground parking garage provides 209 spaces for residents. Korb + Associates provided architectural services. Income restrictions for residents were not disclosed.
ROCKFORD, ILL. — PACE Equity has provided $10.9 million in Commercial Property Assessed Clean Energy (C-PACE) financing for a multifamily conversion project in Rockford. The C-PACE capital will help fund energy-efficient improvements for a 215-unit multifamily development to be built at 150 Loomis St. Specifically, the financing is for HVAC, LED lighting, windows, walls, roof and water conservation improvements. The property previously served as industrial space and consists of two buildings. The Illinois Energy Conservation Authority (IECA), an Illinois tax-exempt 501(c)(3) nonprofit organization, worked to close the financing with PACE Equity.
VERNON HILLS, ILL. — PREMIER Design + Build Group will soon break ground on a new headquarters for Heathrow Scientific, a global manufacturer of laboratory supplies and instruments designed to support scientific research, analysis and experimentation. The new facility will be located at 440 N. Fairway Drive in the Chicago suburb of Vernon Hills and will house the company’s manufacturing, laboratory and office operations. Construction of the two-story, 112,000-square-foot building will commence once demolition of an existing structure on the site is complete. The project will feature a large laboratory, employee fitness center, outdoor dining area, 12 dock positions, two drive-in doors and parking for 63 vehicles. Completion is slated for August 2024. PREMIER is actively exploring green building initiatives, including a solar array and hybrid rooftop units that use electricity instead of natural gas. The project team includes Cornerstone Architects Ltd. and SPACECO Inc. as civil engineer. Brett Kroner of Cushman & Wakefield brokered the sale of the site.
WAUCONDA, ILL. — Cherokee Manufacturing has leased a 50,000-square-foot industrial building located at 1225 Karl Court in Wauconda, a far north suburb of Chicago. The property features a clear height of 30 feet, six exterior docks and one drive-in doors. Brian Bocci of Entre Commercial Realty represented the undisclosed landlord, while Joe Karmin of Transwestern represented the tenant.
MINNEAPOLIS — Kraus-Anderson has completed construction on a 15,314-square-foot office build-out for Grant Thornton LLP at the Steelman Exchange building in Minneapolis. Grant Thornton is an audit, tax and advisory firm. The Steelman Exchange building is located at 241 5th Ave. North in the city’s North Loop. The new office features workspaces and layouts designed for collaboration. LB Design Group was the architect.
SANDUSKY, OHIO AND ARLINGTON, TEXAS — Sandusky-based Cedar Fair Entertainment Co. (NYSE: FUN) and Arlington-based Six Flags Entertainment Corp. (NYSE: SIX) have entered into a definitive merger agreement to combine in a merger of equals transaction. The all-stock deal values the combined company at approximately $8 billion, including debt. Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, Cedar Fair investors will receive one share of common stock for each unit they own, and Six Flags shareholders will receive .58 shares for each share they own. Following the close of the transaction, Cedar Fair unitholders will own approximately 51.2 percent and Six Flags shareholders will own about 48.8 percent of the combined company’s equity. “Our merger with Six Flags will bring together two of North America’s iconic amusement park companies to establish a highly diversified footprint and a more robust operating model to enhance park offerings and performance,” says Richard Zimmerman, president and CEO of Cedar Fair. The combined company will operate a portfolio of 27 amusement parks, 15 water parks and nine resort properties across 17 states in the U.S., Canada and Mexico. The companies expect the merger to …