NEW HUDSON, MICH. — Marcus & Millichap has brokered the $2.8 million sale of a 9,451-square-foot property net leased to KinderCare in New Hudson, about 40 miles northwest of Detroit. The building is located at 30786 Lyon Center Drive. KinderCare has signed a new 15-year lease. Dominic Sulo and Chad Lieber of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Andrean Angelov, Chad Lieber, Dominic Sulo, Ryan Engle and Timothy Stephenson Jr. of Marcus & Millichap represented the buyer, a limited liability company.
MINNETONKA, MINN. — Dominium has acquired Crest Ridge, a 120,000-square-foot office building in Minnetonka. The purchase price was undisclosed. Dominium, a Minnesota-based apartment owner, developer and manager, plans to relocate its corporate office to the building and occupy approximately half of the property. Dominium also plans to begin renovating the building early this year. Constructed in 2009, Crest Ridge was formerly home to Syngenta Seeds.
BELTON, MO. — An 82-room Fairfield Inn & Suites hotel has opened in Belton, about 20 miles south of Kansas City. Located just north of Highway 58 between Mullen Road and I-49, the four-story property features complimentary Wi-Fi, meeting rooms, free parking and electric car charging stations. Other amenities include a fitness center, indoor swimming pool and valet laundry. The hotel will operate as a Marriott franchise, owned and managed by Kansas Hospitality Management Services.
ROMULUS, MICH. — Bernard Financial Group has arranged an $8.5 million loan for the refinancing of a 139,733-square-foot industrial property in Romulus, about 25 miles southwest of Detroit. Dan Duggan of Bernard arranged the loan with the life insurance company Aegon. The borrower was DNM Industrial Park LLC.
O’FALLON, MO. — Colliers International has brokered the sale of a 37,500-square-foot industrial building in O’Fallon, about 37 miles northwest of St. Louis. The sales price was undisclosed. Permian Plastics, a manufacturer of plastic injection molding, occupies the property, which is located at 1477 Hoff Industrial Drive. Chad Burkemper, Joseph Hill and Geoff Orf of Colliers represented the seller, Permian Holdings Inc. The buyer was GK2-Hoff LLC.
SAINT LOUIS PARK, MINN. — Marcus & Millichap has negotiated the sale of Idaho Flats in Saint Louis Park for $1.7 million. The 12-unit apartment building is located at 1328 Idaho Ave. in the Eliot neighborhood of Saint Louis Park, a western suburb of Minneapolis. Built in 1964, the asset was remodeled in 2019. It includes 11 one-bedroom units totaling 750 square feet each and one studio totaling 250 square feet. Abe Roberts, Evan Miller and Chris Collins of Marcus & Millichap brokered the sale on behalf of the undisclosed buyer and seller.
VERNON HILLS, ILL. — Passco Cos. has acquired The Atworth at Mellody Farm in Vernon Hills, a northern suburb of Chicago. The 260-unit multifamily community was developed in 2018 adjacent to Mellody Farm, a dining and retail destination. The Atworth’s seven-acre site is divided into several common areas in order to create a resort-style feel. The common areas include: The Conservatory, a two-story lounge with complimentary coffee, Wi-Fi, computer and televisions; The Courtyard, which features a pool and sundeck; The Game Loft, home to billiards, shuffle board, table tennis and foosball; and The Tasting Room, which features seating arrangements for casual or formal events. Additional amenities include a bike room, fitness center, yoga room and pet grooming stations. Units range in size from 556 to 1,465 square feet. The property was 97 percent occupied at the time of sale. A venture between AEW Capital Management, Focus and Atlantic Residential was the seller. Peter Evans and Richard Evans of Moran & Co. Midwest represented both parties in the transaction. Caleb Marten and Chris Black of KeyBank Real Estate Capital arranged $57.2 million in fixed-rate Fannie Mae financing for the acquisition.
CHICAGO — Chicago’s Willis Tower has become the largest building in the country to earn the LEED Platinum designation, the highest ranking possible given by the U.S. Green Building Council. The property owner, EQ Office, made energy, sustainability and comfort improvements to achieve the designation. EQ worked with Rivion, a Wisconsin-based energy consulting firm. Some of the enhancements include revamping the heating and cooling system, replacing electric hot-water generators with natural gas hot-water boilers, upgrading the building’s lighting and installing low-flow faucets and toilets. The 110-story Willis Tower is undergoing a $500 million renovation. The property, largest in the United States by square footage, earned LEED Gold certification in 2018.
CHICAGO — Essex Realty Group Inc. has negotiated the $4 million sale of 747 N. May St., a 22-unit building operating as an apartment hotel, also known as an apartel. This type of property is an apartment building that functions with a hotel-style booking system. At 747 N. May St., hotel operator Ginosi operates the units, which feature full kitchens and washers and dryers. The building underwent a full renovation in 2017. Jim Darrow, Jordan Gottlieb and Jordan Multack of Essex brokered the sale. A Chicago investor purchased the asset from local development firm City Pads.
ROSEMONT, ILL. — Mumford Co. has brokered the sale of the 141-room Best Western hotel in Rosemont for an undisclosed price. The three-story property is situated near Chicago’s O’Hare International Airport. Ed James and George Arvanitis of Mumford represented the seller, OMS O’Hare LLC. The team also procured the buyer, North Star Real Estate Group LLC, a Minnesota-based hotel investment group.