SOUTH BEND, IND. — Columbia Pacific Advisors Bridge Lending has provided a $66 million bridge loan to fund the acquisition of Prosper Apartments in South Bend. The 739-unit, garden-style apartment community is located at 3001 E. Jefferson Blvd. The property comprises 28 buildings across 47 acres. Amenities include a theater room, fitness center, indoor pool, billiards room, playground, dog park and community room. H&A Properties was the borrower. The property was 99 percent leased at the time of loan closing. Loan terms were not disclosed.
Greystone Funds $50.1M Bridge Loan for Acquisition of Six-Property Skilled Nursing Portfolio in Ohio
OHIO — Greystone has provided a $50.1 million bridge loan for the acquisition of a six-property skilled nursing portfolio in Ohio. The communities total 719 beds and are located in Berea, Cleveland, Clyde, Kent and Waterville. Fred Levine of Greystone originated the floating-rate, interest-only loan through Greystone’s nonrecourse bridge loan program. Greystone says it will work with the borrower to secure a permanent HUD-insured loan for the skilled nursing portfolio as soon as possible. The borrower was undisclosed.
WALKER, MICH. — Lee Contracting has acquired the former Grand Rapids Press printing plant campus at 3100 Walker Ridge Drive in Walker, a suburb of Grand Rapids. The industrial contractor plans to open a new satellite office at the facility. This will be Lee’s first location outside of Pontiac, where the company is headquartered. The Grand Rapids office will start by offering electrical and mechanical services, with rigging and machinery moving and concrete machine foundations to follow. The 235,963-square-foot warehouse includes a 40,000-square-foot office space. The facility closed last year after MLive Media Group announced it would transfer production of eight of its newspapers to Cleveland. Bob Horn of JLL represented Lee in the purchase. MLive sold the facility for $9.7 million, according to local media reports.
CHICAGO — Summit Design + Build has completed construction of 1111 W. Addison in Chicago’s Wrigleyville neighborhood. The four-story, 59,000-square-foot project features retail space on the ground floor and a fitness and bouldering center on the second through fourth floors. The 41,895-square-foot climbing gym is home to Movement Wrigleyville, a climbing, yoga and fitness center. Hirsch/MPG Architecture + Planning was the project architect and Clausen Management Services was the owner’s representative.
HOFFMAN ESTATES, ILL. — Headline Solar has signed a 15,690-square-foot office lease at Bell Works Chicagoland, the redevelopment of the former AT&T campus in Hoffman Estates. The solar panel installation company will make the office its national headquarters. Headline Solar currently operates in Texas and Illinois and plans to expand to Virginia, Florida and the Carolinas by 2023. The company expects to take occupancy of its new space in the first quarter of 2022. Headline Solar joins office tenants Platinum Home Mortgage, CPA Advisors Group, Mosquito Hunters and The Next Unicorn at Bell Works Chicagoland. Somerset Development is the owner and developer.
MILWAUKEE — Physicians Realty Trust (NYSE: DOC), through its operating partnership Physicians Realty LP, has agreed to acquire a 15-building medical office portfolio for $764.3 million. The Class A buildings are located in eight states and comprise approximately 1.4 million square feet. The portfolio is roughly 95 percent leased. Each of the buildings are either located on a health system campus or are affiliated with a health system. The transaction is expected to close before the end of the year. The seller and property names were undisclosed. Physicians Realty Trust is a Milwaukee-based healthcare real estate company that acquires, develops, owns and manages properties that are leased to physicians, hospitals and healthcare delivery systems.
SPRINGFIELD, OHIO — Gabriel Brothers Inc. (Gabe’s) has unveiled plans to open an 850,000-square-foot distribution center in Springfield, about 45 miles west of Columbus. Located at 1801 Prime Parkway within the PrimeOhioII Industrial Park, the $77.5 million project will be the company’s largest distribution center. Construction at the 114-acre site is set to begin in mid-October. The facility is expected to open in February 2023. The project will create more than 800 full-time and part-time jobs over five years. Positions will include material handlers, packers, sorters, equipment operation, truck drivers, counters, maintenance, administration, supervisors and managers. JLL coordinated site selection, business consulting and project management services on behalf of Gabe’s, which is a discount retailer that offers apparel, footwear and home goods. NorthPoint Development will serve as developer.
EVERGREEN PARK, ILL. — Evergreen Plaza, a recently redeveloped, 255,249-square-foot retail center in the Chicago suburb of Evergreen Park, has sold for $67.2 million. The sale represents the largest single-asset retail sales transaction in the Chicago area this year, according to JLL, which brokered the sale. Anchored by Whole Foods Market, Evergreen Plaza is also home to TJ Maxx, Burlington, Five Below, Ulta Beauty, DSW and Planet Fitness. The property is 94 percent leased. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, a partnership between funds managed by affiliates of Fortress Investment Group LLC and Lormax Stern. LBX Investments acquired the asset. Christopher Knight and Gregg Shapiro of JLL arranged a 10-year, fixed-rate acquisition loan in the amount of $45.4 million through Angel Oak Commercial Lending.
CHICAGO — Associated Bank has arranged a $57.2 million loan for the construction of a 22-story apartment tower located at 513 S. Damen Ave. in Chicago. Marquette Cos. is developing the project, which is situated in the Illinois Medical District and within walking distance of Rush University Medical Center. The development will include 279 studios, one-, two- and three-bedroom units. Amenities will include a pool, fitness center, coworking space, tenant lounge, rooftop deck, dog park, dog wash and bike storage. Completion is slated for March 2023. Elizabeth Hozian of Associated Bank arranged the loan with Wheaton Bank & Trust.
ST. LOUIS — Remiger Design has opened a new 6,100-square-foot office at 2921 Olive St. in downtown St. Louis. The historic storefront was originally built in 1894. It took a year to outfit the office with the right furniture, lighting and technology and to build out the three-level space. A fourth level now houses the design firm’s extensive files. The office features a conference room, resource library and private room. The third floor houses employee workstations that are carefully spaced to allow for social distancing. Remiger’s team of 12 is able to work from home or in the office.