FLORIDA AND MICHIGAN — KeyBank Real Estate Capital has structured $557.4 million in Fannie Mae loans on behalf of Ann Arbor, Mich.-based McKinley, which invests in and manages residential and commercial properties nationwide. The 15-year, fixed-rate loans will be used to refinance 18 multifamily properties located in Florida and Michigan. Built between 1967 and 1997, the communities comprise 5,387 units. Todd Linehan and David Baker of Cleveland-based KeyBank originated the financing.
MENOMONEE FALLS, WIS. — The Boulder Group has arranged the $28 million sale of a 103,611-square-foot property net leased to Pick ‘n Save in Menomonee Falls within metro Milwaukee. Constructed in 2011, the single-tenant building is located on Appleton Avenue. There are approximately 11 years remaining on the lease, which is guaranteed by Kroger. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate company. A West Coast-based real estate investment company purchased the asset. Roundy’s, now a subsidiary of Kroger, owns Pick ‘n Save.
NEW BERLIN, WIS. — Associated Bank has provided a $10.5 million loan to WRP New Berlin II for the construction of a 192,800-square-foot warehouse in New Berlin, a suburb of Milwaukee. The project will be located at the intersection of West Small and Moorland roads. Completion is slated for fall 2021. The borrower is a fund managed by Lake Forest, Ill.-based Westminster Capital. Ted Notz of Associated Bank managed the loan and closing.
CHICAGO — Johnstone Supply has leased an entire industrial building located at 4150 N. Knox Ave. in Chicago. Dayton Street Partners completed development of the 41,000-square-foot property in late 2017. The facility features a clear height of 30 feet, six docks, four drive-in doors and parking for 55 cars. Matt Cowie, Larry Goldwasser, Colin Green and John Marks of Cushman & Wakefield represented Dayton Street in the lease. Brendan Green of Colliers International represented Johnstone, which is a Portland, Ore.-based wholesale distributor of HVAC equipment and supplies. Johnstone will use the building as a showroom and distribution hub.
SHAKER HEIGHTS, OHIO — NAI Pleasant Valley has brokered the sale of a 37,000-square-foot office building located at 20820 Chagrin Blvd. in Shaker Heights, just east of Cleveland. The sales price was undisclosed. Gerilyn Gleason and Jeffrey Kahn of NAI Pleasant Valley represented the seller. The local buyer plans to occupy the property, which is near the Van Aken District, an $18.5 million mixed-use project featuring multiple retailers and apartments.
CHICAGO — Ascend Real Estate Group has delivered Superior House, a 12-story, 33-unit luxury condominium tower located at 366 W. Superior St. in Chicago’s River North neighborhood. @properties Developer Services is the exclusive sales and marketing firm for the project, which is currently 70 percent sold. Prices range from $1.8 million to $2.5 million. FitzGerald Associates Architects designed the building to include only four units per floor in order to increase privacy and natural light. Power Construction was the general contractor and Gary Lee Partners designed the interiors and amenity spaces, which include a rooftop deck, outdoor bar and lounge, vegetable garden, fenced dog run, entertainment room and fitness center.
INDIANAPOLIS — Indianapolis-based mall owner Simon Property Group has sued Gap Inc. for refusing to pay rent for stores temporarily closed during the coronavirus pandemic, according to The Wall Street Journal. The retailer owes three months of rent amounting to nearly $66 million. The lawsuit was filed in Delaware state court. Both Banana Republic and Old Navy fall under the Gap umbrella of brands. Gap is one of Simon’s biggest tenant in terms of rent. Simon has 412 stores that are leased to Gap, Banana Republic or Old Navy within its portfolio nationwide, according to The Wall Street Journal.
CHICAGO, LYONS AND BARTLETT, ILL. — JLL Capital Markets has brokered the sale of a three-property cold storage portfolio totaling 712,051 square feet in metro Chicago for an undisclosed price. The facilities are located in Chicago, Lyons and Bartlett. They are fully leased to 11 tenants. John Huguenard, Ed Halaburt, Sean Devaney, Kurt Sarbaugh and Robin Stolberg of JLL represented the seller, Investcorp. Lineage Logistics, which is controlled and operated by Bay Grove, purchased the assets.
KANSAS CITY, MO. — Grand Place is slated to be the first WELL-certified project in Kansas City. Similar to how the LEED building rating system measures sustainability and energy efficiency, the WELL standard measures a building’s health and wellness performance for its occupants. 3D Development, the developer of Grand Place, is also seeking LEED certification for the project, which involves the redevelopment of the former headquarters for The Kansas City Star newspaper. Building systems will be actively monitored for WELL standards. A third-party company will test and analyze the building’s air quality. The entire building will be equipped with a water filtration system. Upon completion, Grand Place will include 300,000 square feet of office space and a European-style market and grocery store. Floor plates will range from 5,000 to 40,000 square feet. The International WELL Building Institute, based in New York City, administers the WELL standard, which launched in October 2014.
SCHILLER PARK, ILL. — MidAmerica Printing Systems Inc. has signed a 30,550-square-foot industrial lease at 3838 River Road in Schiller Park near the Chicago O’Hare International Airport. The facility totals 65,082 square feet and sits on 3.5 acres. It features four interior docks, three drive-in doors and 30 trailer stalls. The printing company will move from 1716 W. Grand Ave. in Chicago once the lease commences in July. Tom Rodeno and Matthew Stauber of Colliers International represented the landlord, Brennan Investment Group. The remainder of the building is available for lease.