DAYTON, OHIO — Reichle Klein Group has arranged the sale of an 86,640-square-foot industrial building in Dayton for $1 million. The property is located at 535 E. Third St. Ryan Miller of Reichle Klein represented the buyer, Northbrook, Ill.-based Platform III-Third LLC. The seller, 535 Dayton LLC, was not actively marketing the building and was self-represented in the transaction.
OLATHE, KAN. — Hunt Midwest, in partnership with Senior Living Group, has opened Benton House of Olathe, an assisted living and memory care community in Olathe. This is the partnership’s ninth Benton House community in metro Kansas City. Benton House of Olathe features 55 studio and one-bedroom units. The single-story, 52,000-square-foot building is situated on 4.4 acres. The Beacon Neighborhood is a secured area dedicated to residents in need of additional memory care services and support. Monthly rental rates start at $3,000.
DES PLAINES, ILL. — Seefried Industrial Properties, along with a European capital partner, has purchased a 3.9-acre site in Des Plaines with plans to develop a 72,000-square-foot warehouse on a speculative basis. The project will feature a clear height of 30 feet, 15 dock doors, two drive-in doors and parking for 86 cars. Located on Wolf Road, the property will have convenient access to I-90. Construction is set to begin in October with completion slated for the second quarter of 2020.
FARMINGTON HILLS, MICH. — L. Mason Capitani CORFAC International has brokered the sale of the 50,000-square-foot Harvard Office Building in Farmington Hills for an undisclosed price. The property is located at 30665 Northwestern Highway. At the time of sale, the building was 90 percent leased by 12 tenants. Mason L. Capitani represented the buyer, LSTC California LLC. Capitani, along with Al Shulin, also represented the seller, Summit Harvard LLC. L. Mason Capitani will continue to oversee leasing at the property. Sister company Liberty Property & Asset Management will provide management services.
GAHANNA, OHIO — Montecito Medical Real Estate has acquired a 38,000-square-foot medical office building and surgery center in Gahanna, a suburb of Columbus, for an undisclosed price. The two-story facility was constructed on a build-to-suit basis for Central Ohio Urology in 2013. The ambulatory surgery center is 27 percent of the rentable area and consists of four procedure rooms and two operating rooms. The remainder of the building consists of clinical areas, imaging, lab and administrative space.
CHICAGO — Summit Design + Build LLC has completed the interior build-out of the new office for Golden State Foods in Chicago’s West Loop. The company, a supplier to the quick-service restaurant and retail industries, moved its regional operations from an office in Oak Brook following McDonald’s move. Golden State Foods now occupies 4,300 square feet on the fifth floor of an office building located at 322 S. Green St. The space includes a conference room, commercial test kitchen, customer experience area and guest lounge. Ware Malcomb served as the project architect and Cushman & Wakefield was the owner’s representative.
MICHIGAN AND MINNESOTA — The Habitat Company has acquired three multifamily properties in Michigan and Minnesota for approximately $100 million. The properties include: The Village of Hyde Park, a 43-unit townhome development in Detroit; Harbour Club, a 1,112-unit market-rate property in Bellville, Mich.; and the 108-unit Cedarvale Highlands in Eagan, Minn. Habitat plans to make upgrades to each property. At The Village of Hyde Park, Habitat plans to update unit interiors, appliances, flooring, lighting and plumbing fixtures over the next few years. At Harbour Club, Habitat will renovate units, expand the clubhouse, upgrade common areas and rename the asset. At Cedarvale Highlands, Habitat will continue a unit renovation plan that includes new kitchens and baths along with enhancements to the common areas. Habitat is handling leasing and property management for all three communities.
DETROIT — Olympia Development of Michigan has broken ground on a new five-story medical, office and retail building at 2715 Woodward Ave. in The District Detroit. Located between Little Caesars Arena and the Mike Ilitch School of Business at Wayne State University, the 127,000-square-foot building will replace a former surface parking lot. The $70 million project will feature four floors of Class A office space and 17,000 square feet of street-level retail space. Tenants will include the Detroit Medical Center (DMC) and law firm Warner Norcross + Judd. DMC is the official healthcare provider for the Detroit Red Wings and the Detroit Tigers. Christman-Brinker is providing construction management services and Harley Ellis Devereaux is overseeing the building’s design.
ROCK ISLAND, ILL. — Berkadia has secured $34.2 million in construction-to-permanent rehabilitation financing for a two-property multifamily portfolio in Rock Island. The properties include Heather Ridge and Century Woods. Renovation plans call for new flooring, windows, heating and cooling systems, cabinets, countertops and appliances. Rick Price, Gemma Geldmacher, Mark Vogel and Dan Geuther of Berkadia originated the two HUD 221(d)(4) loans on behalf of Cleveland-based Millennia Cos. The financing features a 40-year term and a 90 percent loan-to-value ratio.
ST. LOUIS — Tarlton Corp. has completed construction of a $12 million parking garage in the Cortex Innovation Community within St. Louis. The new garage is five levels and offers space for 678 vehicles. Located at 4217 Custom Steel Drive, the garage is adjacent to a new multi-tenant building at 4220 Duncan Avenue that Tarlton completed in 2018. HOK was the project architect. The Cortex Innovation Community is home to 350 technology-related businesses.
