STURTEVANT, WIS. — Ashley Capital has completed the development of the third speculative industrial building at Enterprise Business Park in Sturtevant, about 30 miles south of Milwaukee. Located at 11101 Enterprise Way, the building spans 397,000 square feet and is known as Enterprise III. The Class A facility offers LED lighting, an ESFR sprinkler system, a clear height of 36 feet, cross-dock loading and build-to-suit office space. John Sharpe and Tom Boyle of Lee & Associates, along with Terry McMahon and Cody Ziegler of Cushman & Wakefield | Boerke, will market the property for lease. Existing tenants at Enterprise Business Park include Amazon, Fresenius USA Manufacturing, Andis Co. and Brown West Logistics.
BLOOMFIELD HILLS, MICH. — Kennedy Funding has provided a $1.8 million loan for the refinancing of 31.3 acres of land in Bloomfield Hills. Proceeds from the loan will be used to pay off the existing first mortgage. Remaining proceeds will be used as working capital. The property is zoned as a research park district and is currently listed for sale for $4.9 million. Bloomfield Technology Park LLC was the borrower. New Jersey-based Kennedy Funding is a direct private lender specializing in bridge loans for commercial property and land acquisition, developments, workouts, bankruptcies and foreclosures.
CHICAGO — JLL Capital Markets has arranged $30.7 million in construction financing for 601-609 W. Randolph in Chicago’s Fulton Market. The project scope includes the renovation of an existing five-story office building as well as the development of a new 15-story office building. Designed by Antunovich Associates, the new building will feature pandemic-related features such as small floorplans with flexible layouts, touchless options and fresh air exchange. Amenities will include a rooftop terrace, fitness room, bike room, business lounge, café and coworking space. A JLL team led by Christopher Knight represented the borrower, Vista Property Group. Bank OZK was the lender. Skender is the general contractor. Completion is slated for early 2022.
EUCLID, OHIO — Colliers International has brokered the sale of The Vista Apartments in Euclid near Cleveland. The sales price was $30.1 million, according to Crain’s Cleveland Business. The waterfront apartment property is located at 26151 Lake Shore Blvd. and features 949 units. Built in the early 1970s, it features a mix of one-, two- and three-bedroom floor plans as well as penthouses. Gary Cooper and Anthony DeMarco of The Cooper Multifamily Team at Colliers represented the seller. Buyer and seller information was undisclosed.
CARMEL, IND. — Tryperion Partners has sold 550 Congressional Boulevard in Carmel’s Meridian Corridor for an undisclosed price. The 106,814-square-foot, three-story office building was constructed in 1987 and renovated in 2016. The property is 91.8 percent occupied by tenants such as Fuzion Analytics, Corvel Risk Management and Kopka, Pinkus & Dolin law firm. Alex Cantu and Alex Davenport of Colliers International represented Tryperion in the sale. A private investor purchased the asset.
BROOKLYN CENTER, MINN. — KW Commercial | AMK Properties has brokered the sale of Humboldt Square Shopping Center in Brooklyn Center for $3.7 million. The 40,390-square-foot property is located on Humboldt Avenue. Anchor tenants include Dollar Tree and New Horizon Academy. Matthew Klein and Andy Manthei of KW Commercial represented the seller, Kensington Property Management LLC, and secured the buyer, investor Thomas Kite.
STERLING HEIGHTS, MICH. — Montecito Medical Real Estate has acquired an ophthalmic clinic and surgery center in Sterling Heights for an undisclosed price. Built in 1990, the 16,709-square-foot property is occupied by Vision Institute of Michigan. The group’s ambulatory surgery center accounts for roughly one-fourth of the building’s total square footage. This transaction marks Montecito’s first acquisition in Michigan. Collin Hart and Marc Flynn of ERE Healthcare Real Estate Advisors brokered the deal.
LEAWOOD, KAN. — In effort to remain financially afloat amid the COVID-19 pandemic, AMC Entertainment Holdings Inc. (NYSE: AMC) has raised or signed commitment letters to receive $917 million of new equity and debt capital. The Leawood-based movie theater company says the increased liquidity should enable it to survive well into 2021. Of the $917 million, AMC raised $506 million of equity from the issuance of new common shares. Additionally, the company executed commitment letters for $411 million of incremental debt capital from upsizing and refinancing its European revolving credit facility. The $917 million capital infusion is on top of $1 billion of cash that AMC raised between April and November of 2020. “Any talk of an imminent bankruptcy for AMC is completely off the table,” says Adam Aron, CEO and president. AMC says that an increase in cinema attendance is likely given the push to vaccinate the general population. AMC also presumes it will continue to make progress in its ongoing dialogue with theater landlords about the amounts and timing of owed theater lease payments. Following the news, AMC’s stock price jumped from $3.51 per share at Friday’s close to $4.72 per share on Monday’s opening. The stock traded …
Peppercorn Capital Unveils Renovation Plans for 80,000 SF Office Building in Chicago’s Fulton Market
CHICAGO — Peppercorn Capital has unveiled renovation plans for 240 N. Ashland Ave. in Chicago’s Fulton Market. Plans call for lighted metal canopies and uniform signage. The west side of the office building will feature a new tenant entrance and lighting, along with a repaved parking lot and green space. Originally built in 1926, the adaptive reuse property formerly served as the headquarters for furnishings and décor company CB2. The building rises three stories and spans 80,000 square feet. Peppercorn is a commercial real estate development company strictly focused on the West Loop and Fulton Market neighborhood of Chicago.
BLOOMFIELD HILLS, MICH. — The Taubman Co. LLC has announced that Executive Vice President and CFO Simon Leopold will depart the company effective Jan. 31. Benjamin Meeker, who currently serves as vice president, capital markets and treasurer, will be promoted to senior vice president, CFO and treasurer. Meeker will report to Robert Taubman, who is chairman, president and CEO. Leopold will remain an advisor to the company to assist with the transition. Taubman is engaged in the management and leasing of 26 regional, super-regional and outlet malls in the U.S. and Asia. The Taubman Realty Group LLC is a joint venture between affiliates of Simon Property Group and the Taubman family and is headquartered in Bloomfield Hills, Mich.