MENDOTA HEIGHTS, MINN. — Grandbridge Real Estate Capital has arranged a $23.5 million loan for the refinancing of a six-building, 420,000-square-foot office park in Mendota Heights within the Twin Cities metro area. Tony Carlson of Grandbridge arranged the loan on behalf of the undisclosed borrower. A life insurance company provided the loan, which features a fixed rate, 10-year term and 25-year amortization schedule.
GILBERTS, ILL. — Methods Machine Tools Inc. has signed a 36,000-square-foot industrial lease at 70 Prairie Parkway in Gilberts, a northwest suburb of Chicago. The tenant, which is relocating from 2400 Vantage Drive in Elgin, will more than double its space. Dan Brown of Brown Commercial Group represented both the tenant and the landlord, Cratos LLC. Methods is a North American supplier of precision machine tools and automation. The company maintains 10 showrooms and technical centers across the U.S. and expects to take occupancy of the Gilberts facility in March.
MUNDELEIN, ILL. — Entre Commercial Realty has brokered the sale of a 21,460-square-foot industrial building in Mundelein, a northern suburb of Chicago. The sales price was undisclosed. Located at 300 Townline Road, the property features a clear height of 18 feet, one exterior dock, two drive-in doors and parking for 100 cars. Brian Bocci of Entre represented the buyer, a private investor that plans to convert the building into a baseball training facility. John Coleman of MK Asset Brokerage represented the undisclosed seller.
MILWAUKEE — JLL Capital Markets has arranged $87.6 million in construction financing for Ascent, a 25-story, 259-unit luxury apartment tower in Milwaukee. Upon completion, Ascent will be the tallest mass timber building in the world, according to JLL. The 272,475-square-foot development will offer one-, two- and three-bedroom units averaging 1,052 square feet. Slated to deliver in summer 2022, the development will also include 8,000 square feet of retail space. Amenities will include an indoor and outdoor pool, sauna, lounge, fitness center and a rooftop with event space, fire pits, outdoor cinema area, shared workspaces and views of Lake Michigan. Timothy Joyce and Trent Niederberger of JLL arranged the financing on behalf of the borrower, a partnership between New Land Enterprises and Wiechmann Enterprises. Bank OZK provided senior financing while Hines Realty Income Fund provided a mezzanine loan. Construction is now underway. Mass timber is a category of framing styles typically characterized by the use of large solid wood panels for wall, floor, and roof construction.
DETROIT — NorthPoint Development and Michigan-based LoPatin & Co. have unveiled plans to redevelop the 44.8-acre former Cadillac stamping plant in Detroit. The project scope includes the demolition of an abandoned factory and the construction of a new 684,000-square-foot, Class A industrial building that will be geared toward automotive suppliers, advanced manufacturing and logistics users. The project is expected to generate a total private investment of $47.9 million and create 450 full-time jobs. The city and Michigan Strategic Fund are reimbursing $3.3 million for brownfield remediation work. The property has a history of manufacturing uses dating back to the early 1900s and requires extensive cleanup of the soil and asbestos removal in addition to high demolition costs, according to NorthPoint.
CINCINNATI — Stan Johnson Co. has brokered the sale of a 134,000-square-foot industrial building in Cincinnati for approximately $29 million. Located at 3191 Railside Ave., the last-mile facility is fully leased to an undisclosed e-commerce company. The newly constructed facility sits on 22.5 acres. Craig Tomlinson and John Zimmerman of Stan Johnson represented the seller, Neyer Properties. EXAN Group represented the buyer, a discretionary Spanish commercial real estate group. The property is part of a larger tract of land that Neyer had acquired in recent years from the city.
SCHAUMBURG, ILL. — Marcus & Millichap has arranged the sale of a 130,105-square-foot shopping center in Schaumburg for $11 million. The property is home to PGA Tour Superstore and XSport Fitness. It is located at 1317-1321 E. Golf Road. Sean Sharko, Austin Weisenbeck and Adrian Mendoza of Marcus & Millichap marketed the property on behalf of the seller, a trust. The team also secured and represented the buyer, a Chicago-based limited liability company completing a 1031 exchange.
ITASCA, ILL. — Costco-Innovel Solutions has signed a long-term lease to occupy 111,909 square feet of Building I at Bridge Point Itasca, a three-building, 741,162-square-foot industrial campus in Itasca. Costco will use the facility for last-mile distribution of consumer products. The company will begin occupying the space immediately while the developer, Bridge Development Partners, continues to build out the interior space. Bridge Point Itasca is now 65 percent leased. It was completed this summer. Chris Nelson and Jeffrey Janda of Lee & Associates represented Bridge in the lease transaction. Chris Lydon and Brian Pomorski of Avison Young represented Costco, which acquired logistics company Innovel Solutions earlier this year.
WEST BLOOMFIELD TOWNSHIP, MICH. — Henry Ford Health System and Acadia Healthcare Co. Inc. have formed a joint venture to build a behavioral health facility in West Bloomfield Township, about 30 miles northwest of Detroit. This week, the West Bloomfield Township Board approved the rezoning request for the parcel of land on which Henry Ford and Franklin, Tenn.-based Acadia intend to build the new hospital. Henry Ford already owns the land, which is adjacent to its Henry Ford West Bloomfield Hospital campus. The next step is to seek a Certificate of Need from the Michigan Department of Health and Human Services. Construction will begin once all regulatory approvals are met. Slated to open in late 2022, the hospital will be able to accommodate 192 beds with the potential to expand to meet future demand for inpatient services in the area. Comprehensive inpatient treatment will be provided for adults, seniors and adolescents who struggle with acute symptoms of mental health disorders such as anxiety, depression, bipolar disorder and posttraumatic stress disorder. The hospital will also serve as an academic site for the training of inpatient psychiatry residents, medical students, nurses and other healthcare professionals. As part of the agreement, Henry Ford …
FORT WAYNE, IND. AND FARMINGTON HILLS, MICH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two Kroger-anchored shopping centers for a combined $22 million. The first property is West State Plaza, a 96,334-square-foot center in Fort Wayne. The second is Mid-Eleven Center, a 74,525-square-foot property in the Detroit suburb of Farmington Hills. West State Plaza, also home to Dollar Tree, a freestanding Pizza Hut and a freestanding Chase Bank, was 91.7 percent occupied at the time of sale. It was built in 1987. Mid Eleven Center, built in 1980, was 97 percent leased at the time of sale. Erin Patton, Scott Wiles and Craig Fuller of IPA represented the seller, a San Francisco-based private equity fund. An institutional buyer purchased the portfolio.
