GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of Foote Hills Apartments & Townhomes in Grand Rapids for an undisclosed price. The 182-unit, Class B multifamily property sits on 19.2 acres. The community features a pool, fitness center and newly remodeled clubhouse. Scott Nurski and Craig Black of NAI Wisinski represented the undisclosed buyer and seller.
HURON, S.D. — Dougherty Mortgage LLC has provided a $5.5 million Fannie Mae loan for the refinancing of Wheatgrass Village in Huron in eastern South Dakota. Constructed in 2018, the 81-unit property consists of one three-story apartment building and two two-story rental townhomes. The property also includes two single-story garage buildings. The 12-year loan features a 30-year amortization schedule. Wheatgrass Village LLC was the borrower.
ST. CHARLES, MO. — Marcus & Millichap has arranged the $1.4 million sale of a 5,159-square-foot urgent care facility net leased to Our Urgent Care in St. Charles near St. Louis. The property is located at 2893 Veterans Memorial Parkway. Benjamin Bach and Dominic Sulo of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. An out-of-state buyer completing a 1031 tax-deferred exchange purchased the building at 100 percent of the list price.
MINNEAPOLIS — Target (NYSE: TGT) has unveiled new safety measures to help reduce the spread of coronavirus. Effective April 4, Target will actively monitor and, when needed, meter guest traffic in its nearly 1,900 stores nationwide to promote social distancing. Additionally, Target will supply its more than 350,000 employees in stores and distribution centers with face masks and gloves to wear at work, while continuing to encourage healthy hygiene habits as provided by the Centers for Disease Control and Prevention (CDC). These updates are on top of action the company has taken in recent weeks, such as rigorous cleaning routines at its stores and distribution centers, social distancing measures, Plexiglass partitions at registers and contactless order pickup. Minneapolis-based Target maintains nearly 1,900 stores nationwide.
ROBBINSDALE, MINN. — NAI Legacy has acquired Birdtown Flats as part of its Opportunity Zone investment strategy. Among the first completed ground-up developments in a Minnesota Opportunity Zone, Birdtown Flats opened for initial occupancy in February. It is located in Robbinsdale, just north of Minneapolis. The 152-unit community includes a rooftop deck, fitness center, business center, common area and dog walk. The Beard Group was the developer and Steven Scott Management is the property manager. CliftonLarsonAllen Wealth Advisors assisted in capital raising efforts. NAI Legacy’s Opportunity Zone program offers institutional-quality investments for investors, along with Opportunity Zone tax benefits. Since launching the program, the firm has completed four investments totaling approximately $50 million.
CEDAR FALLS, IOWA — Marcus & Millichap Capital Corp. has arranged a $14.5 million nonrecourse loan for the refinancing of Willow Falls in Cedar Falls. Built in 2017, the 108-unit multifamily property is located at 1003 Bluegrass Circle. Marcus & Millichap arranged the loan at a fixed rate of 4.1 percent on behalf of the undisclosed developer.
CLARKSTON, MICH. — Hunt Real Estate Capital has provided a $6.4 million Freddie Mac small balance loan for the acquisition of Chalet Villa Apartments in Clarkston, about 40 miles north of Detroit. Built in 1974, the 123-unit apartment community is located at 6935 Tuson Blvd. It consists of eight two-story buildings. Larry Harwood of Q10 | Lutz Financial Services arranged the 10-year, fixed-rate loan. The borrower was 6935 Chalet Villa Apartments LLC. The seller recently invested approximately $1.8 million in capital improvements to the roofing, sidewalks and sewer.
WESTLAKE, OHIO — DiFranco Commercial Real Estate has brokered the sale of 2035 Crocker Road in Westlake, about 17 miles west of downtown Cleveland. The sales price was not disclosed. The 34,017-square-foot office and retail complex was 94 percent occupied at the time of listing. The building is situated directly across from the lifestyle center Crocker Park. Michael DiFranco of DiFranco brokered the sale. Buyer and seller information was not provided.
HAMILTON, OHIO — Preston Hollow Capital has completed a $38 million tax-exempt bond financing on behalf of the city of Hamilton, which is located 20 miles north of Cincinnati. The bonds will be used to support the redevelopment of the former Champion Paper Mill into a 20-acre sports and entertainment complex. The project will consist of a 650,000-square-foot sports complex and a 360,000-square-foot hotel, which will include convention, retail and commercial space in addition to the 235 hotel rooms. The Hamilton Community Authority issued the bonds, which were placed with Dallas-based Preston Hollow. Piper Sandler served as underwriter on the financing. Squire Patton Boggs LLP served as bond counsel and Bradley Payne Advisors LLC served as financial advisor.
TWINSBURG TOWNSHIP, OHIO — NAI Pleasant Valley has arranged the sale of 1550 Enterprise Parkway in Twinsburg Township, about 28 miles southeast of Cleveland. The sales price was not disclosed. The industrial building totals 31,480 square feet. Jeffrey Calig and David Hexter of NAI Pleasant Valley brokered the transaction. Innovation Food Service, a wholesale producer of contract meals for schools and senior programs, purchased the property from an undisclosed seller.
