REYNOLDSBURG, OHIO — RED Mortgage Capital, a division of ORIX Real Estate Capital, has provided an $11.4 million Freddie Mac loan for the refinancing of Redwood Reynoldsburg in suburban Columbus. Formerly known as Blacklick Pointe, the 89-unit multifamily community consists of 20 one-story buildings. Each residence has an attached two-car garage. Built in 2018, the property is 94.4 percent occupied. Reynoldsburg One LLC was the borrower. The 10-year loan features a 30-year amortization schedule.
PAINESVILLE, OHIO — The Boulder Group has arranged the $2.6 million sale of a 15,048-square-foot property net leased to Walgreens in Painesville within metro Cleveland. The building is located at 132 Richmond St. Walgreens has nearly eight years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Northeast-based private real estate company. A West Coast-based investor purchased the asset.
CLINTON TOWNSHIP, MICH. — Fast-casual seafood restaurant Captain D’s has opened its newest franchised location in Clinton Township, about 25 miles north of Detroit. Situated at 35134 Groesbeck Highway, the restaurant marks Captain D’s only Michigan location and expands the brand’s footprint into its 23rd state. Currently, the Clinton Township Captain D’s is open for drive-thru, call-ahead ordering for curbside pickup and delivery. The dining room will remain closed for the immediate future due to COVID-19. Detroit native and restaurant industry veteran Kirit Patel of J&D Restaurant Group LLC owns and operates the Clinton Township building, which was formerly occupied by Dunkin’. Patel has plans to develop two additional Captain D’s restaurants in metro Detroit by 2023. There are now more than 530 Captain D’s locations across 23 states.
FLORIDA AND MICHIGAN — KeyBank Real Estate Capital has structured $557.4 million in Fannie Mae loans on behalf of Ann Arbor, Mich.-based McKinley, which invests in and manages residential and commercial properties nationwide. The 15-year, fixed-rate loans will be used to refinance 18 multifamily properties located in Florida and Michigan. Built between 1967 and 1997, the communities comprise 5,387 units. Todd Linehan and David Baker of Cleveland-based KeyBank originated the financing.
MENOMONEE FALLS, WIS. — The Boulder Group has arranged the $28 million sale of a 103,611-square-foot property net leased to Pick ‘n Save in Menomonee Falls within metro Milwaukee. Constructed in 2011, the single-tenant building is located on Appleton Avenue. There are approximately 11 years remaining on the lease, which is guaranteed by Kroger. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate company. A West Coast-based real estate investment company purchased the asset. Roundy’s, now a subsidiary of Kroger, owns Pick ‘n Save.
NEW BERLIN, WIS. — Associated Bank has provided a $10.5 million loan to WRP New Berlin II for the construction of a 192,800-square-foot warehouse in New Berlin, a suburb of Milwaukee. The project will be located at the intersection of West Small and Moorland roads. Completion is slated for fall 2021. The borrower is a fund managed by Lake Forest, Ill.-based Westminster Capital. Ted Notz of Associated Bank managed the loan and closing.
CHICAGO — Johnstone Supply has leased an entire industrial building located at 4150 N. Knox Ave. in Chicago. Dayton Street Partners completed development of the 41,000-square-foot property in late 2017. The facility features a clear height of 30 feet, six docks, four drive-in doors and parking for 55 cars. Matt Cowie, Larry Goldwasser, Colin Green and John Marks of Cushman & Wakefield represented Dayton Street in the lease. Brendan Green of Colliers International represented Johnstone, which is a Portland, Ore.-based wholesale distributor of HVAC equipment and supplies. Johnstone will use the building as a showroom and distribution hub.
SHAKER HEIGHTS, OHIO — NAI Pleasant Valley has brokered the sale of a 37,000-square-foot office building located at 20820 Chagrin Blvd. in Shaker Heights, just east of Cleveland. The sales price was undisclosed. Gerilyn Gleason and Jeffrey Kahn of NAI Pleasant Valley represented the seller. The local buyer plans to occupy the property, which is near the Van Aken District, an $18.5 million mixed-use project featuring multiple retailers and apartments.
CHICAGO — Ascend Real Estate Group has delivered Superior House, a 12-story, 33-unit luxury condominium tower located at 366 W. Superior St. in Chicago’s River North neighborhood. @properties Developer Services is the exclusive sales and marketing firm for the project, which is currently 70 percent sold. Prices range from $1.8 million to $2.5 million. FitzGerald Associates Architects designed the building to include only four units per floor in order to increase privacy and natural light. Power Construction was the general contractor and Gary Lee Partners designed the interiors and amenity spaces, which include a rooftop deck, outdoor bar and lounge, vegetable garden, fenced dog run, entertainment room and fitness center.
INDIANAPOLIS — Indianapolis-based mall owner Simon Property Group has sued Gap Inc. for refusing to pay rent for stores temporarily closed during the coronavirus pandemic, according to The Wall Street Journal. The retailer owes three months of rent amounting to nearly $66 million. The lawsuit was filed in Delaware state court. Both Banana Republic and Old Navy fall under the Gap umbrella of brands. Gap is one of Simon’s biggest tenant in terms of rent. Simon has 412 stores that are leased to Gap, Banana Republic or Old Navy within its portfolio nationwide, according to The Wall Street Journal.