INDIANAPOLIS — Eastern Union has arranged $54 million in acquisition financing for a three-property multifamily portfolio totaling 628 units in Indianapolis. Built in 1980, Lake Marina features 348 units across 28 buildings. Lake Marina Realty LLC was the seller. Country Lake Townhomes is a 184-unit property that was built in 1974. Country Lake Apartments LLC was the seller. Zidan Realty Investments sold the 96-unit Fountainview, which was constructed in 1965. Michael Muller of Eastern Union arranged the 10-year, floating-rate loan with interest-only payments for the first five years. Arbor provided the Fannie Mae loan. The borrower was undisclosed.
CLAWSON, MICH. — Mid-America Real Estate Corp. has brokered the sale of Clawson Center in the northern Detroit suburb of Clawson for an undisclosed price. The fully leased shopping center spans 91,266 square feet. Tenants include Staples, Dollar Tree, Billings Lawn Equipment, Burn Fitness, Cosmoprof, H&R Block, Joe’s Army/Navy, Play It Again Sports and Salon Suites. Ben Wineman and Daniel Stern of Mid-America represented the seller, a Dallas-based family office. Kevin Jappaya, David Jappaya and Preston Rabban of KJ Commercial Real Estate Advisors represented the buyer, a metro Detroit-based private investment group.
INDIANAPOLIS — Industrious, a flexible workspace provider, is opening a new location at 71060 N. Capitol Ave. in the former Stutz Motor Car Co. factory in Indianapolis. SomeraRoad is repositioning the property as retail, office, arts and event space. The new location marks the third for Industrious in the Indianapolis market and is slated to open in December. The workspace will feature 350 seats across 28,000 square feet and include a mix of private offices, shared workspaces, conference rooms and lounge areas.
KALAMAZOO AND OKEMOS, MICH. — Northmarq has arranged a $12.2 million loan for the refinancing of two Staybridge Suites hotels in Michigan. The Kalamazoo property, located at 2001 Seneca Lane, was built in 2006. The Okemos hotel, located at 3553 Meridian Crossing Drive, was built in 2008. Each hotel features 95 rooms and rises three stories. Jeff Dietz of Northmarq arranged the fixed-rate loan, which features a five-year term and a 25-year amortization schedule. A life insurance company provided the loan to the borrower, Hotel Development Services LLC, which will use the loan proceeds to take out maturing CMBS loans. The Staybridge Suites brand targets extended-stay and corporate travelers.
CHICAGO — Wellington Management has signed a 24,000-square-foot office lease at 345 N. Morgan in Chicago’s Fulton Market. Sterling Bay broke ground on the office and retail development in August 2021 and expects to wrap up construction this September. Amenities include private outdoor terraces, a 5,000-square-foot roof deck, lounge, fitness center, coworking library and conference spaces. Eckenhoff Saunders Architects was the project architect. Russ Cora and Austin Lusson negotiated the lease transaction on an internal basis for Sterling Bay. Brendan Callahan, Gabrielle Harvey, Eddie Viliunas and Matt Carolan of JLL represented Wellington Management, which currently houses its Chicago operations in a 6,000-square-foot space in the Loop. The company is a private investment management firm.
MAPLE GROVE, MINN. — Associated Bank has provided a $67.5 million loan for the construction of Summerwell Maple Grove. The project will consist of 220 luxury rental townhomes in the Minneapolis suburb of Maple Grove. The two-story units will range in size from 1,187 to 1,996 square feet. Amenities will include a clubhouse, fitness center, yoga room, business center, outdoor pool, dog walk, playground, putting green and walking trails. The borrower, Greystar, plans to begin construction shortly. Completion is slated for this time next year. Edward Notz of Associated Bank handled the loan arrangements and closing. Loan terms were not provided.
KANSAS CITY, MO. — Milhaus has begun development of a $66.8 million apartment complex in Kansas City’s Volker neighborhood. The yet-to-be named project will consist of 226 studio, one- and two-bedroom units. Amenities will include a coworking area, conference spaces, fitness center, movie room, outdoor pool, pet spa, package room and garage parking. Financing came from Cadence Commercial Real Estate, Humphreys Capital and CrossFirst Bank. Helix is the architect and interior designer, while Taliaferro & Browne Inc. is the civil engineer. The project marks Milhaus’ ninth in metro Kansas City and will bring its total apartment count in the area to nearly 2,000 units. Completion is slated for October 2024.
GRAND RAPIDS, MICH. — A fund managed by DRA Advisors in partnership with Pine Tree has acquired The Shops at CenterPoint in Grand Rapids for $63.5 million. The 537,948-square-foot regional shopping center is home to TJ Maxx, HomeGoods, Nordstrom Rack, Sierra Trading Post, DSW, Ulta, Five Below, Jo-Ann Fabrics, Planet Fitness and Dunham Sports. Previously an enclosed mall, the property underwent $38 million in renovations throughout 2012 and 2013 to transform it into an open-air retail center. CBRE represented the undisclosed seller in the off-market transaction.
SOUTHFIELD, MICH. — JLL Capital Markets has brokered the sale of Tel Twelve shopping center in Southfield for $45 million. The 193,850-square-foot, open-air property was built in 1968 and renovated in 2005. Tel Twelve is nearly 98 percent leased to tenants such as Best Buy, Ulta, DSW, PetSmart, BuyBuy Baby and Michaels. The property is situated at the intersection of Telegraph and 12 Mile roads. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, RPT Realty, and procured the buyer, Kaufman & Jacobs LLC.
FORT WAYNE, IND. — LBX Investments has purchased Orchard Crossing in Fort Wayne for an undisclosed price. The 130,100-square-foot, open-air shopping center is home to Hobby Lobby, Barnes & Noble, Dollar Tree and Five Below. A Target store shadow anchors the property, which was built in 2008 and is 99 percent leased. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, DRA Advisors.