ROCHESTER, MINN. — Dougherty Mortgage LLC has provided a $23.8 million Fannie Mae loan for the refinancing of Red44, a 159-unit, market-rate multifamily property in Rochester. The five-story community was built in 2017. Amenities include an outdoor pool, grilling area, dog park, community area, pet station, rooftop terrace, fitness center and heated garage parking. The 12-year loan features a 30-year amortization schedule. Mayowood Commons LLC was the borrower.
PEWAUKEE AND WAUKESHA, WIS. — Marcus & Millichap has brokered the sale of a two-property, 548-unit All Safe Mini Stor-It portfolio in Wisconsin for an undisclosed price. The self-storage facilities are located in Pewaukee and Waukesha. The properties, which are a mix of climate-controlled and non-climate-controlled units, span 76,484 square feet. Brian Kelly, Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the portfolio on behalf of the seller, a limited liability company. The team also secured the buyer, a limited liability company.
CROSBY, MINN. — Kraus-Anderson Construction has completed a $17 million expansion of Cuyuna Regional Medical Center in Crosby in central Minnesota. The facility serves approximately 30,000 people in the Brainerd Lakes area. Designed by HDR Architects, the 52,376-square-foot project features a new outpatient Orthopaedics, Spine & Interventional Pain Clinic as well as a rehabilitation department. To make room for the new clinic, Kraus-Anderson consolidated underutilized areas of the care center and relocated the cancer care center. In addition, Kraus-Anderson added a new dining room, patio and activities center. Nurse stations, resident rooms and offices were remodeled.
MILWAUKEE — Ross Innovative Employment Solutions (IES) has relocated from northwest Milwaukee to 7800 W. Brown Deer Road in Milwaukee. The 40,282-square-foot space will serve as the workforce development company’s new Milwaukee office. The building has been vacant since 2017 when Monster.com relocated downtown. Founded in the 1970s, Ross IES partners with state and local agencies to design and implement job readiness and workforce development programs. Ben Anderson and Jim Larkin of Colliers International represented Ross IES in the lease transaction. Mike Wanezek and Joe Moritz of Colliers represented the landlord, Hudson Americas.
WARREN, MICH. — Art Van Furniture LLC officially filed for Chapter 11 bankruptcy Sunday night after announcing Thursday that it would close all of its stores. The Warren-based retailer filed with the U.S. Bankruptcy Court District of Delaware. In the filing, Art Van said it operates 169 locations, including 92 furniture and mattress showrooms and 77 freestanding mattress and specialty locations. The company expects to close the stores by May 31 and lay off all of its 3,100 employees. Multiple media outlets reported that the company has between $100 million and $500 million in both assets and liabilities.
LAKE VILLA, ILL. — Avison Young has negotiated the sale of a 61,334-square-foot industrial building in Chicago’s Lake County submarket for an undisclosed price. The building is located at 436 Park Ave. in Lake Villa. Constructed in 2003, the building includes 5,256 square feet of office space, four exterior doors and four drive-in doors. John Hauser and Thomas Curtis of Avison Young represented the seller, Losch Realty, which operated its Fred W. Losch Beverage Co. out of the facility. Kelly Joyce and Brendan Green of Colliers International represented the buyer, Xttrium Laboratories. Xttrium is a family-owned and operated healthcare manufacturer and supplier.
KALAMAZOO, MICH. — SRS Real Estate Partners has arranged the sale of a two-building retail property in Kalamazoo for $2.5 million. The freestanding buildings are home to Starbucks and Subway. Located on 9th Street, the Starbucks spans 2,085 square feet and the Subway totals 2,000 square feet. The two buildings were built in 2017. Michael Carter and Frank Rogers of SRS represented the seller, a Detroit-based private investor. The team also represented the buyer, a Kalamazoo-based private investor. The sales price represents a cap rate of 5.58 percent, one of the lowest ever for a two-tenant asset in the state of Michigan, according to SRS.
CHICAGO — Lendlease Development, along with co-developer The John Buck Co. and partner Intercontinental Real Estate Corp., have begun pre-leasing at Porte, a two-tower apartment development in Chicago’s West Loop. Designed by G|R|E|C Architects, the community is scheduled to welcome its first residents in late spring. Porte offers studio, one-, two- and three-bedroom units ranging in size from 546 to 1,591 square feet. Monthly rents start at $2,170. Two-bedroom townhomes measure 1,469 to 2,036 square feet with monthly rents starting at $7,240. Each tower will have its own ground-floor lobby and amenity suite, including a fitness center, entertainment lounge, game room, communal kitchen, coworking space and dog run. The towers will be connected by a two-story podium topped with a pool deck. The word “porte” means door in French. “Porte is designed to serve as a door to all the West Loop has to offer,” says John Buck.
LIBERTYVILLE, ILL. — Medline has unveiled plans to open a 140,000-square-foot sales support center in Libertyville, a northern suburb of Chicago. The company will consolidate nearly a dozen teams totaling 600 employees at the center, which will be the seventh Medline facility in Lake County. Most of the employees will be relocating from the company’s Northfield headquarters or its Mundelein business campus. Both locations have reached capacity. In the last three years, Medline has increased its Chicago-area jobs by 34 percent. Medline provides clinical and supply chain resources to healthcare systems and independent facilities across the continuum of care.
MILWAUKEE — Newmark Knight Frank (NKF) has negotiated the $15 million sale of a four-property retail portfolio in metro Milwaukee. The portfolio totals 97,259 square feet. The properties include Harvard Square and Northfield Shopping Center in Brookfield, Lincoln Plaza in West Allis and Mitchell Bank Plaza in New Berlin. Kevin Schnoldt and Brian Vanevenhoven of NKF represented the sellers, which comprised various entities associated with William Reilly and Leon Joseph. Baceline Investments purchased the assets.
