PLEASANT HILL, IOWA — Dougherty Mortgage LLC has provided a $3.7 million Fannie Mae loan for the refinancing of The Cottages of Pleasant Hill, a 60-unit multifamily property located just east of Des Moines. Constructed in 1995, the community consists of five buildings. The age-restricted property is for persons age 55 and older. The 12-year loan features a 30-year amortization schedule. The Cottages of Pleasant Hill LLC was the borrower.
CLEVELAND — Konover South LLC has acquired the University Corners retail center, which is situated in Cleveland’s University Heights neighborhood. The purchase price was $3 million. The seller was undisclosed. Family Dollar anchors the 43,000-square-foot retail center. Other tenants include Anytime Fitness, Sherwin-Williams, Boost Mobile and Nationwide Insurance. KS Lending Corp. provided a $2.3 million loan for the acquisition, which was completed through Ten-X Commercial. Konover South Development Corp. will manage the property. Tori Nook and Ben McMillon of Anchor Cleveland will serve as leasing agents. Deerfield Beach, Fla.-based Konover South is a fully integrated acquisition, development and management company operating thought the Southeast and Midwest regions.
MICHIGAN — Michigan Gov. Gretchen Whitmer has signed an executive order to enable the resumption of construction and real estate activities starting Thursday, May 7. Construction sites must adopt a set of best practices to protect workers from infection. These practices include designating a site supervisor to enforce COVID-19 control strategies, conducting daily health screenings for workers, creating dedicated entry points, identifying high-risk areas and controlling them for social distancing practices, and ensuring sufficient hand washing or hand-sanitizing stations at the worksite. The governor’s Stay Home, Stay Safe order remains in effect until Friday, May 15. Under this order, Michiganders must not leave their homes except to run critical errands, engage in safe outdoor activities or go to specified jobs in effort to reduce the spread of COVID-19. Citizens are also required to wear face coverings while in enclosed, public spaces.
MIDDLEBURG HEIGHTS, OHIO — Kintetsu World Express has renewed its 33,824-square-foot industrial lease at 17820 Englewood Drive in Middleburg Heights, about 17 miles south of Cleveland. Japan-based Kintetsu is an air freight forwarding company. Mark Miller of NAI Robert Lynn, along with David Hexter and Jeffrey Calig of NAI Plesant Valley, represented the tenant in the lease transaction. Kintetsu has operated at the location since 1999.
JOLIET, ILL. — Pathway Logistics has signed a 30,962-square-foot industrial lease at 1600 Rock Creek Blvd. in Joliet. The company began occupying space at the multi-tenant warehouse in April. Joshua Hearne of Cawley Chicago brokered the lease transaction. The landlord was undisclosed.
ITASCA, ILL. — Marcus & Millichap has brokered the sale of a 15,700-square-foot industrial building in Itasca for $1.7 million. The property is located at 1437 Harmony Court. It was vacant at the time of sale. Tammy Saia and Tami Andrew of Marcus & Millichap marketed the property on behalf of the seller, a New York-based corporation. The undisclosed buyer plans to occupy the building.
MERRILLVILLE, IND. — Jameson Commercial has arranged the $1.1 million sale of a roughly 7,000-square-foot retail building occupied by Advance Auto Parts in Merrillville in Northwest Indiana. The property sits on 1.3 acres at 5790 Broadway St. Rick Gardella and Michele Coleman of Jameson represented the undisclosed buyer. Tammy Saia and Tami Andrew of Marcus & Millichap marketed the property on behalf of the seller, a private investor.
KANSAS CITY, MO. — The Yards, a $41 million luxury apartment development, is scheduled to open in Kansas City’s Stockyards District this month. Located at 1660 Genessee St. in downtown Kansas City, the project features 232 apartment units and 3,150 square feet of retail space. The amenities, spread over approximately 9,500 square feet, includes a saltwater pool, outdoor area, community kitchen, activity lounge, fitness center and dog park. Residents can also use kayaks to access the Kansas River. Plans also call for a partnership with Amigoni Winery to create the first vineyard within an apartment community in Kansas City. Prospective residents can now schedule virtual tours and take advantage of two months of free rent and reduced fees. Monthly rental rates range from $825 to $1,650. Flaherty & Collins is the developer and KEM Studio is the architect.
CRYSTAL LAKE, ILL. — Skender has completed the construction of Residences of Crystal Lake, an affordable independent senior living facility in Crystal Lake. Turnstone Development owns the 60-unit, 63,000-square-foot property. Residents have access to a fitness area, theater room, community rooms, computer rooms, a gazebo and outdoor spaces. Residents must be age 55 or older and meet the annual income restriction. The project team included UrbanWorks, Groundwork, DKI and TH Associates. Turnstone is a nonprofit that has developed more than 1,680 affordable housing units in Illinois and Florida since 1998.
EAST TROY, WIS. — Marcus & Millichap has arranged the $2.7 million sale of the Quality Inn & Suites in East Troy, about 35 miles southwest of Milwaukee. Built in 1999, the 51-room hotel is located at 2921 O’Leary Lane. The property spans 38,660 square feet. Ebrahim Valliani, John Yurich, Allan Miller and Chris Gomes of Marcus & Millichap’s Chicago Oak Brook office marketed the hotel on behalf of the seller, a private investor. The team also secured and represented the buyer, a private investor. Todd Lindblom assisted on the transaction as the broker of record in Marcus & Millichap’s Wisconsin office.
