COLUMBUS, OHIO — Ready Capital has closed a $54.3 million loan for the acquisition, renovation and stabilization of a two-property multifamily portfolio in metro Columbus. The portfolio totals 454 units. The undisclosed borrower plans to implement a capital improvement program to renovate unit interiors and property exteriors as well as perform various common area upgrades. The nonrecourse loan features a three-month term, floating rate and interest-only payments.
AUBURN HILLS, MICH. — Trigo Quality Solutions has signed a 102,377-square-foot industrial lease at 2430 E. Walton Blvd. in Auburn Hills. The company provides quality management and consulting solutions mainly for the automotive, aerospace and heavy transportation industries. Geoff Hill and Chris Hill of Newmark represented the new owner, Frain Cooper Holdings LLC, which purchased the 125,063-square-foot building via a partial sale-leaseback with Norma Group. The Newmark team secured a deal with Trigo to bring the building to full occupancy upon closing. Anthony Rubino of Pilot Property Group represented Trigo. Norma Group will remain in the building, leasing 22,686 square feet.
WEST CHESTER TOWNSHIP, OHIO — PMZ Realty Capital LLC has arranged an $18.4 million loan for the refinancing of two hotel properties in West Chester Township, about 18 miles north of Cincinnati. The adjacent properties include the 100-room Courtyard Cincinnati North at Union Center and the 100-suite Residence Inn Cincinnati North/West Chester. Both offer a fitness center, indoor pool, 24-hour food market and complimentary Wi-Fi. A life insurance company provided the loan, which features an interest rate below 4 percent and interest-only payments. The borrower was undisclosed.
MONONA, WIS. — Berkadia has negotiated the $10.3 million sale of Fairway Glen in Monona near Madison. The 56-unit, garden-style apartment community was built in 2014. Amenities include a community room, fitness room and underground parking. Ralph DePasquale, Pete Evans, Jack Maloney and Richard Evans of Berkadia represented the seller, Madison-based developer 5001 Monona Drive LLC. Wisconsin-based Spaulding Group was the buyer. The property was 97 percent occupied at the time of sale.
SAN FRANCISCO — San Francisco-based Sansome Pacific has acquired a value-add portfolio of 10 retail and hospitality properties in California, Oregon, Connecticut, Illinois, Maine and New Hampshire for $20.6 million. The portfolio offers a total of 204,000 square feet. A majority of the properties feature below-market rents and short-term leases. The properties were acquired from a debt fund that buys loans encumbering underperforming mall properties. The two hotel assets, located in California, are 60-key properties. The retail assets include both single-tenant and multi-tenant buildings with lease terms ranging from one to six years along with freestanding pad buildings located near shopping malls. The larger mall assets are in various phase of renovation and will be upgraded in the coming years. Skyline Pacific Properties provided financing for the portfolio.
CHICAGO, CINCINNATI AND INDIANAPOLIS — Taurus Investment Holdings LLC has purchased an 18-building industrial portfolio totaling 1.5 million square feet across metro Chicago, Cincinnati and Indianapolis. Prologis sold the portfolio for $145.3 million, according to Crain’s Chicago Business. The buildings are 94 percent leased to 40 national, regional and local tenants. Boston-based Taurus currently owns more than 15 million square feet of industrial product nationwide.
MINNEAPOLIS — JLL Capital Markets has arranged the $61.6 million sale of Marquee, a 231-unit apartment complex in the Loring Park neighborhood of Minneapolis. The mid-rise property features amenities such as a private conference room, dog wash station, clubroom, rooftop pool, fitness center, resident lounge and bike storage. The community also includes 8,865 square feet of retail space. Mox Gunderson and Dan Linnell of JLL represented the seller, Reuter Walton Development. KC Venture Group LLC was the buyer.
MINNETONKA, MINN. — Colliers Minneapolis-St. Paul has brokered the sale of a three-property industrial portfolio in Minnetonka for an undisclosed price. The portfolio totals 168,315 square feet and was 99 percent occupied at the time of sale. The buildings, constructed in the 1970s and 1980s, range in size from 37,094 square feet to 68,721 square feet. Mark Kolsrud, John McCarthy, Peter Loehrer, Pete Carbonneau, Kyle Delarosby and Lydia Turczyn of Colliers represented the undisclosed seller. Ryan Cos. US Inc. was the buyer.
TOLEDO, OHIO — Ready Capital has closed a $9 million loan for the acquisition, renovation and stabilization of a 233-pad manufactured housing community in the Ottawa Hills submarket of Toledo. The borrower plans to implement a capital improvement program to renovate lots, dispose of park-owned homes and lease up the vacant pads. The nonrecourse loan features a three-year term, floating rate and interest-only payments.
ADDISON, ILL. — A joint venture between Illinois-based real estate investor Clear Height Properties and Harbert US Real Estate, an investment strategy sponsored by Harbert Management Corp., has acquired an 83,745-square-foot industrial portfolio in Addison, a western suburb of Chicago. The purchase price was not provided. The four buildings are situated along Cortland Court. The portfolio is just over 90 percent leased to a variety of tenants. Erik Foster, Mike Wilson, Adam Haefner, Zeke Rowan and Martin Mikaitis of Avison Young represented the undisclosed seller.