LANCASTER, OHIO — Monmouth Real Estate Investment Corp. has acquired a 153,000-square-foot industrial building in Lancaster within metro Columbus for $17.9 million. The property is net leased for 10 years to Magna Seating of America Inc., a division of Magna International. The building sits on 24.5 acres at 747 Mill Park Drive. The seller was not disclosed.
STILLWATER, MINN. — Dougherty Mortgage LLC has provided a $6.5 million Fannie Mae loan for the refinancing of Long Lake Villas in Stillwater, about 25 miles east of Minneapolis. The 59-unit affordable housing property consists of 10 buildings. The 12-year loan features a 30-year amortization schedule. Long Lake Villa LP was the borrower.
SPRINGFIELD, ILL. — Marcus & Millichap has brokered the sale of Lake Victoria Apartments in Springfield for $4.1 million. Built in 1982, the 156-unit multifamily community is located at 2925 Taylor St. It consists of 19 two-story buildings, all of which underwent extensive renovations beginning in 2013. Bryan Kunze and Scott Harris of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The duo also secured and represented the buyer, a limited liability company.
MINNEAPOLIS — Rafter, a 26-story, 283-unit luxury apartment tower in northeast Minneapolis, has opened. Cuningham Group designed the 407,530-square-foot project. Mortenson Development was the developer. The tower’s exterior is a blend of white and textured charcoal concrete that creates a look reminiscent of modern ceramic arts, according to Cuningham. Photographs, paintings and sculptures by local artists can be found throughout Rafter’s shared spaces. Located at 333 Hennepin Ave., the development also features 6,000 square feet of retail space and a seven-story, 279-space parking garage. Monthly rents start at $1,425. The property name comes from the fact that a group of turkeys is called a “rafter.” Many wild turkeys call this part of Minneapolis home.
KANSAS CITY, MO. — Community Builders of Kansas City (CBKC) has unveiled plans to develop The Rochester on Blue Parkway, a $12.6 million multifamily project within an Opportunity Zone in Kansas City. The 81,400-square-foot, four-story development will house 64 units. Amenities will include a rooftop deck, fitness center, package room and community meeting space. Monthly rents will range from $985 to $1,275. The property was named after Rochester Gatson, the founder of CBKC. Straub Construction and Hufft Projects make up the project team. A timeline for completion was not disclosed. CBKC says it is working with several partners to finalize the project’s capital stack.
FENTON, MICH. — The State Bank has unveiled a set of initiatives to support its consumer and business customers as well as local communities as they face mounting financial challenges as a result of the COVID-19 pandemic. Key components of the relief measures include: access to an interest-free emergency loan of up to $1,000 with no payments due for 90 days and a 12-month repayment period; a community support program where people in financial need can be nominated by family or neighbors to receive one of 10 checks of $250 paid daily between April 6 and May 1; payment deferrals of up to 90 days or interest-only payments up to 180 days for all small business association and commercial loans; relief from everyday banking and credit card fees; payment deferrals on mortgages and consumer loans; and appointments to discuss assistance available through federal and state relief programs. Fenton-based The State Bank has assets of $950 million and currently operates 15 full-service offices in Genesee, Livingston, Oakland, Saginaw and Shiawassee counties as well as loan production offices in Washtenaw and Saginaw counties.
OMAHA, NEB. — NorthMarq has secured a $13 million loan for the refinancing of Ontario Place Apartments in Omaha. The 156-unit apartment complex is located at 7325 Ontario St. Amenities include a pool, clubhouse, fitness center and business center. John Reed of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. A life insurance company provided the loan, which features a fixed rate of 3.32 percent.
WOODRIDGE, ILL. — Marcus & Millichap has arranged the $2.8 million sale of a 5,972-square-foot retail property in Woodridge, about 30 miles west of Chicago. Located at 1001 W. 75th St., the building serves as an outparcel to Woodgrove Festival shopping center. It is fully leased to Noodles & Co., T-Mobile and Zoup. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The buyer was undisclosed.
SAN FRANCISCO, NEW YORK CITY AND MENOMONEE FALLS, WIS. — Prominent retailers Gap Inc., Macy’s Inc. and Kohl’s have announced separately that they’re planning to furlough a majority of employees at their stores and some distribution centers beginning this week in response to the COVID-19 outbreak. Combined, the total number of affected employees is nearly 290,000, according to the Los Angeles Times. The three retailers have extended their temporary store closures indefinitely to stop the spread of the novel coronavirus. The Centers for Disease Control and Prevention (CDC) reported that the United States has 140,904 confirmed cases of COVID-19 and 2,405 related deaths as of Monday, March 30. Until stores begin to reopen, the companies will pause payments to a majority of their staff while still offering applicable benefits to those affected. Luxury retailer Neiman Marcus is also reportedly furloughing most of its 14,000 employees. Gap (NYSE: GPS) has announced that its leadership team and board of directors will take a temporary reduction in pay. Gap’s brands, which include Gap, Old Navy, Banana Republic, Athleta, Hill City, Janie and Jack and Intermix, will still be available through the company’s online platform. “After taking the extraordinary measures of temporarily closing all …
DETROIT — In response to the COVID-19 pandemic, TCF Center in Detroit has been designated by Michigan Gov. Gretchen Whitmer and the Federal Emergency Management Agency (FEMA) as a temporary alternate care facility. Mobilization has already begun, and construction will be performed by the TCF Center workforce and union labor. The temporary site is planned for COVID-19 patients to relieve the burden on local hospitals treating patients with the virus. The temporary care site may be used for as long as six months, according to local media. As of late Sunday, the Michigan Department of Health and Human Services reported 5,486 cases of the coronavirus and 132 deaths. Consequently, the 2020 North American International Auto Show, which was set to take place at TCF Center, formerly Cobo Hall, has been cancelled. The annual show, one of the largest in North America, was scheduled to take place June 9-20 and will now be postponed until June 11-26, 2021.