ROCHESTER, MINN. — Upland Real Estate Group has brokered the sale of a Sleep Number-occupied retail property in Rochester for $2.4 million. Sleep Number relocated from Apache Mall in 2018 to this 3,000-square-foot, freestanding store at 2257 Commerce Drive NW. Deborah Vannelli, Keith Sturm and Amanda Leathers of Upland represented the 1031 exchange buyer in the acquisition of the net-leased property. Tom Gommels of Marchs & Millichap represented the seller, a limited liability company.
DEERFIELD, ILL. — Lamar Johnson Collaborative (LJC) has completed a full renovation of the office campus for Horizon Therapeutics in Deerfield, a northern suburb of Chicago. The U.S. headquarters for the Ireland-based biopharmaceutical company spans more than 650,000 square feet on 70 acres. Horizon purchased it in early 2020. LJC completed the renovation project in 10 months. Horizon tasked LJC with creating a space that reflected its refreshed brand. The company also sought out amenities for employee retention and recruiting, as well as flexible space for collaboration. New amenities include a coffee shop, full-service cafeteria, tech pub, multipurpose training center, fitness center, game lounge, outdoor terrace and pantries on each floor.
ANTIGO, BURLINGTON, MANITOWOC AND KENOSHA, WIS. — Greystone has provided $35 million in HUD-insured loans for the refinancing of a five-property, 558-bed skilled nursing portfolio across Southeast Wisconsin. The facilities are located in Antigo, Burlington, Manitowoc and Kenosha. Each of the nonrecourse loans features a fixed interest rate and is fully amortized over 30 years. The loans refinance the existing debt on the properties, which were purchased in 2017. The undisclosed borrower plans to continue ongoing property improvements. Fred Levine of Greystone originated the loans.
DETROIT — The U.S. Department of Housing & Urban Development (HUD) has selected Detroit as a winner of its Choice Neighborhoods grant program, which will enable the city to bring more than 500 new units of affordable housing to the Corktown area. Detroit, which was one of five cities selected nationally, will receive a $30 million HUD grant, the largest amount offered under the Choice program. The grant is supported by $1 billion in leverage commitments from grant partners, including Ford’s new $740 million mobility campus and other economic development initiatives in Corktown. The Corktown neighborhood, which is experiencing escalating rents as a result of new development, is now on track to receive $200 million invested in 840 units over the next six years. At least 60 percent, or 504 units, will be set aside as “deeply affordable housing,” according to the city. Of the units, 40 percent will serve households earning between 30 and 80 percent of area median income (AMI); 20 percent will serve households making up to 30 percent of AMI; and 20 percent will serve households earning 80 to 120 percent of AMI. The remaining 20 percent of the units will be rented at market rate.
RICHFIELD, MINN. — Best Buy Co. Inc. (NYSE: BBY) reported that its revenue increased 36 percent in the first quarter compared with the same period a year ago. The Richfield-based electronics retailer’s first quarter ended May 1. Additionally, enterprise comparable sales increased 37.2 percent. “Customer demand for technology products and services during the quarter was extraordinarily high,” says Corie Barry, CEO. “This demand is being driven by a continued focus on the home, which encompasses many aspects of our lives including working, learning, cooking, entertainment, redecorating and remodeling. The demand was also bolstered by government stimulus programs and the strong housing environment.” As sales momentum is continuing into the second quarter, Best Buy is raising its annual comparable sales growth outlook to a range of 3 to 6 percent, according to CFO Matt Bilunas. In the first quarter, the company generated comparable sales growth across almost all of its categories, with the largest drivers being home theater, computing and appliances. Best Buy’s stock price opened at $121 per share Thursday, May 27, up from $79.08 one year ago. The retailer operates more than 900 stores nationwide.
NEW HAVEN, IND. — Lunar Distribution LLC has signed a 145,600-square-foot industrial lease at 10785 Rose Ave. within the Cedar Oak Industrial Park in New Haven, just east of Fort Wayne. The distributor of comic books for publishers such as DC and Marvel will occupy the space beginning in June. The facility, which features a clear height of 30 feet, is located at the corner of I-469 and U.S. Highway 24. Bill Drinkall and Brook Steed of Bradley Co. represented the undisclosed landlord.
INDIANAPOLIS — Real estate owner and developer SomeraRoad has opened an office in Indianapolis. The company maintains headquarters in Nashville and New York City, with satellite offices in Cleveland and Pittsburgh. SomeraRoad first entered the Indianapolis market with the purchase of an industrial property in 2017. SomeraRoad acquired several former Marsh supermarket properties in 2019, and in January of this year it became majority owner of the historic Stutz factory, which was originally built in 1912 for Stutz Motor Car Co. In addition to opening the new office, SomeraRoad also added Imran Harris to its staff. Based in Indianapolis, Harris will focus on the redevelopment of the Stutz building as well as other projects in the region. Harris previously worked for Indianapolis-based Keystone Group.
ZANESVILLE, OHIO — Grandbridge Real Estate Capital LLC has arranged an $8.5 million loan for the refinancing of Kensington Village Apartments Phase I, a 156-unit property in Zanesville, about 55 miles east of Columbus. Developed in 2007 and 2008, the community sits on 21.3 acres. Amenities include a clubhouse and pool. Ken Bowen and Ben Williams of Grandbridge’s Columbus office arranged the fixed-rate loan through Freddie Mac. The borrower was undisclosed.
EUCLID, OHIO — Trevian Capital has provided a $3.5 million bridge loan for the acquisition and renovation of a 94-unit apartment complex in Euclid, an inner-ring suburb of Cleveland. The seller, which acquired the garden-style property in 2018 as part of a 3,500-unit portfolio, elected to dispose of the property since it was one of only two assets outside the Columbus market, according to Trevian. Proceeds from the acquisition loan also funded $1.1 million for capital expenditures. The borrower was undisclosed.
WATERTOWN, WIS. — The Boulder Group has brokered the $3.2 million sale of a retail property net leased to Piggly Wiggly in Watertown, about 50 miles west of Milwaukee. The 27,000-square-foot building is located at 1330 Memorial Drive next to Watertown Regional Medical Center. Jimmy Goodman and John Feeney of Boulder represented the seller, a Wisconsin-based private investor. The buyer was also a Wisconsin-based investor. Piggly Wiggly’s lease expires in December 2029. There are more than 530 Piggly Wiggly stores in 17 states.