BELLEVILLE, MICH. — Cox Automotive Mobility Solutions has signed a 75,751-square-foot industrial lease at 39635 S. I-94 Service Drive in Belleville, a western suburb of Detroit. The tenant will use the 20-acre property to develop and launch its new global electric vehicle battery service network. Jim Chaconas and Jim Roberts of Colliers International Detroit represented the landlord, Service Drive Investments LLC.
ADDISON, ILL. — ML Realty Partners has acquired a fully leased industrial building located at 2105 Corporate Drive in Addison, about 20 miles west of Chicago. The purchase price was undisclosed. Occupied by Huskie Tools LLC and Shape LLC, the 65,003-square-foot building is located near I-355. Huskie Tools provides hydraulic cutting and compression tools for utility linemen and professional electrical contractors. Shape is a global provider of custom transformers, magnetic assemblies and voltage regulators. Steve Disse, Jeff Devine and Tyler Ziebel of Colliers International brokered the transaction.
EDEN PRAIRIE, MINN. — JLL Capital Markets has arranged $85.1 million in joint venture equity and construction financing for Paravel, a 246-unit apartment complex in the Minneapolis suburb of Eden Prairie. JLL secured a $59.5 million construction-to-permanent, fixed-rate loan through a life insurance company, and sourced $25.6 million in joint venture equity from a high-net-worth family office. Located at 8300 Commonwealth Drive, Paravel will be part of the Castle Ridge mixed-use development. The complex will include 358 underground parking stalls and 67 surface parking spaces. Josh Talberg, Brock Yaffe, Dan Linnell, Mox Gunderson, Pat McMullen, Adam Haydon, William Haass and Ken Dayton of JLL represented the borrower, Timberland Partners.
COVINGTON, OHIO — Natixis has provided a $53 million loan for the refinancing of River Haus Apartments in Covington, about two miles from downtown Cincinnati. The borrower, Flaherty & Collins, completed development of the 192-unit, Class A multifamily community in 2019. Daniel Geuther and Michael Slovitt of Berkadia arranged the five-year, floating-rate loan, which replaced the initial construction financing.
MANTENO, ILL. — Provender Partners has acquired a 570,028-square-foot industrial facility in Manteno, about 55 miles south of downtown Chicago. The purchase price was $30 million. Located at 1125 Sycamore Road and built in 1999, the property is fully temperature-controlled. It features 84 docks, 132 trailer stalls and rail service. The facility serves as the Midwest distribution center for McKesson’s pharmaceutical supply chain. The acquisition also includes 50 acres of excess land, which is fully entitled for the development of an additional 620,000 square feet of industrial space. Provender is considering several options for the land, including future expansion of the existing building, speculative or build-to-suit development. This is the fourth and largest food-related industrial building that Provender has acquired in the Chicago area over the past 18 months. Will Mura and Ted Gates of CBRE brokered the sale, the seller in which was undisclosed.
CHICAGO — Becovic, a Chicago-based multifamily owner and operator, has acquired The Fleetwood in Chicago’s Edgewater Beach neighborhood for $7.2 million. The 59-unit apartment building is located at 6026 N. Winthrop Ave. Originally built in 1929, The Fleetwood rises eight stories with 21 studios, 37 one-bedroom units and one two-bedroom unit. The seller, an owner and operator of several apartments in the area, owned the property for almost 40 years.
CEDAR RAPIDS, IOWA — Construction is underway on Edgewood Logistics Park, a 204,000-square-foot speculative industrial building in Cedar Rapids. The 21-acre project will feature a clear height of 36 feet, 48 docks, 200 vehicle parking stalls and 130 semi-trailer parking spaces. Completion is slated for spring 2022. Dave Drown of GLD Commercial is marketing the project for lease. The development group is privately held and locally owned. Garling Construction is the general contractor.
MINNEAPOLIS — Monarch Alternative Capital LP has acquired the Westin Minneapolis hotel in partnership with HEI Hotels & Resorts. Although the purchase price was undisclosed, Monarch says it acquired the hotel at a significant discount due to disruptions caused by the pandemic. The acquisition marks Monarch’s 12th hotel purchase this year. The 214-room, business-oriented hotel is in the heart of downtown. Monarch plans to improve the asset with an upcoming renovation. Monarch will operate the property in partnership with HEI Hotels & Resorts.
COLUMBUS, OHIO — Nine new retailers and restaurants are now open at Easton Town Center in Columbus. Levi’s has opened its first NextGen store in the state of Ohio. NextGen stores offer shoppers the opportunity to customize new looks and work directly with in-store stylists. Dr. Martens opened its second retail location in Ohio and its first in Columbus. Customers can shop a wide range of boots, shoes and accessories. Urban Outfitters has opened its only Columbus location. Fay’s Crepes, which serves specialty crepes and waffles, debuted its only Columbus location. Italian restaurant Sono Wood Fired and Vietnamese restaurant Pho Social opened their first locations in Ohio. Boss Gal Beauty Bar has debuted its third central Ohio location. The space features a facial bar and private medical treatment rooms. Grandview Heights, Ohio-based Glenn Avenue Soap Co. opened its second retail location. Lastly, Solich Piano, a fast-growing piano dealer in the Midwest, has opened its only Columbus location, which spans 8,100 square feet. Easton Town Center, co-developed by L Brands, The Georgetown Co. and Steiner + Associates, is home to more than 250 shops, restaurants and entertainment concepts.
OMAHA, NEB. — Equity Partnership Holdings LLC (EPH) has purchased Dundee Flats in Omaha for $12.5 million. Built in 2019, the Class A property consists of 62 apartment units and two commercial spaces. Located at the corner of 49th and Dodge streets, the building is within walking distance to the University of Nebraska Medical Center. A new Omaha Rapid Bus Transit station is situated directly in front of the property. The acquisition marks EPH’s second transaction in Omaha this year, and its seventh overall in the Omaha market. EPH’s portfolio in the Omaha market now totals 483 units. Seller information was not provided.