AUBURN HILLS, MICH. — Fiat Chrysler Automobiles (FCA) is in the process of converting some of its North American plants to produce face masks that will be donated to first responders and healthcare workers. The first machinery has been delivered and installed. Donation of the face masks will come in the following weeks. FCA operates 36 production plants in North America, according to its website. FCA is also working in partnership with nonprofit organizations that are providing food to children until schools return to session. Starting immediately, FCA will help provide more than 1 million meals to school-age children in the communities around its principal manufacturing plants in Illinois, Indiana, Michigan and Ohio. The program will then be extended nationwide and to Canada and Mexico. FCA plants across the U.S. and Canada, as well as headquarters operations in Auburn Hills and construction projects, will remain closed until April 14, dependent upon various states’ stay-in-place orders and the readiness of each facility to return to normal production. Mopar Parts distribution centers, which have been deemed essential to keeping first responders and commercial vehicles on the road, will continue to operate with paid volunteers.
MINNEAPOLIS — Dougherty Mortgage has provided a $15.9 million HUD 221(d)(4) loan for the rehabilitation of Trinity Apartments, a 120-unit affordable seniors housing property in Minneapolis. All units at the eight-story building are restricted to heads of household over age 62 and are covered by a project-based Section 8 HAP contract. Under this program, the rents are subsidized by HUD. The borrower is Trinity Limited Partnership. The property will receive $6.7 million in renovation work, including dwelling unit and community space upgrades. In addition to the HUD-insured first mortgage, the project utilized low-income housing tax credits and tax-exempt bonds. Dougherty & Co., an affiliate of Dougherty Mortgage, underwrote the bonds. This is the second transaction to close under the new HUD 221(d)(4) pilot program through Minneapolis. The term is 40 years plus construction period with a 40-year amortization.
OMAHA, NEB. — Investors Realty has brokered the sale of a two-building office property in Omaha for $7.2 million. The two adjacent buildings, located at 16945 and 17055 Frances St., span 36,740 square feet. The property was fully leased at the time of sale to Creighton University, Insurance Solutions, Frost Periodontics and Midwest Allergy & Asthma Clinic. Ember Grummons of Investors Realty represented the buyer, Heiskell Properties LLC. Tracy Earnest of NAI/NP Dodge represented the seller, RFW Properties LLC.
EVERGREEN PARK, ILL. — Valore Ventures has sold Evergreen Park Towne Center in Evergreen Park, about 15 miles south of Chicago. The sales price was undisclosed. The 7,784-square-foot retail property is located at 8730 S. Kedzie Ave. It is fully leased to tenants such as Boost Mobile and Edible Arrangements. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented Valore in the sale. The buyer was undisclosed.
ST. LOUIS PARK, MINN. AND FISHERS, IND. — NorthMarq has arranged two separate loans with different life insurance companies for two retail properties in Minnesota and Indiana. First, NorthMarq arranged an $18.3 million acquisition loan for Park Place Plaza in St. Louis Park. The 87,975-square-foot property consists of four multi-tenant retail buildings. The center was fully leased at the time of closing. Major tenants include PetSmart and Office Depot. The 10-year loan features a 25-year amortization schedule. The second loan totaled $4.8 million for the refinancing of Fishers Gateway Shops in Fishers. The 21,330-square-foot neighborhood shopping center, located at 9001 E. 116th St., was also fully leased at the time of closing. The 10-year loan features a 25-year amortization schedule. David Garfinkel of NorthMarq arranged both loans. He also secured a $19.5 million acquisition loan for a property in Washington on behalf of the same borrower.
BANNOCKBURN, ILL. — Colliers International has brokered the $3.8 million sale of Bannockburn Office Court in Bannockburn, about 30 miles north of Chicago. The office property, comprised of two 20,000-square-foot buildings, is located at 2201-2231 Lakeside Drive. Built in 1981, the office complex has recently undergone improvements to its landscaping, parking lot and sidewalk. The asset was 77 percent leased at the time of sale. John Homsher and Alissa Adler of Colliers represented the seller, North Shore OpCo LLC. North Park Property Management LLC purchased the property.
KENOSHA, WIS. — JLL Capital Markets has negotiated the $2.4 million sale of a 4,500-square-foot, single-tenant retail building net leased to Giordano’s restaurant in Kenosha. Completed in late 2019, the property is located at 7060 Green Bay Road. It is the first Giordano’s location in Wisconsin. Chicago-based Giordano’s, famous for deep dish pizza, opened in 1974 and operates nearly 70 locations. Alex Sharrin, Nicholas Kanich and Larry Kilduff of JLL represented the seller, Speedwagon Properties. JLL also procured the buyer, a Chicago-based family.
NOVI, MICH. — Milan Laser and US Mattress will soon join the tenant lineup at West Oaks Shopping Center in Novi. Milan Laser will occupy the 1,624-square-foot space formerly home to GameStop. US Mattress will take the 2,600-square-foot space formerly occupied by Art Van Pure Sleep. Tjader Gerdom, Larry Siedell and Michael Murphy of Gerdom Realty & Investment represented the landlord, RPT Realty. West Oaks is located at I-96 and Novi Road, directly across the street from Twelve Oaks Mall.
SPRINGFIELD, ILL. — Marcus & Millichap has arranged the sale of Victoria Village Apartments in Springfield for $1.8 million. The 106-unit apartment community is located at 2473 Ladley Court. It is situated on 6.4 acres and consists of 24 buildings. An on-site leasing and maintenance office spans approximately 1,200 square feet. Bryan Kunze and Scott Harris of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured and represented the buyer, a limited liability company.
CHICAGO — Essex Realty Group Inc. has arranged the sale of 933 W. Belle Plaine Avenue, a 17-unit apartment building in Chicago’s Buena Park neighborhood, for $6.7 million. Constructed in 2017, the building features luxury units with secured keyless entry, private balconies, gourmet kitchens and in-unit washers and dryers. The property also includes a pet washing station, bike storage, 13-car garage and seven outdoor parking spaces. Doug Imber, Kate Varde and Clay Maxfield of Essex brokered the transaction. A local investor purchased the building from an undisclosed seller as part of 1031 tax-deferred exchange.