CHICAGO — Westmount Realty Capital and Stockbridge have partnered to acquire a 1.7 million-square-foot light industrial portfolio in metro Chicago. Stockbridge acquired the portfolio on behalf of the firm’s Value Fund III. The portfolio includes 38 buildings in submarkets such as O’Hare, Lake County and Elgin. The mix of properties are 95 percent leased to more than 280 tenants. The buildings were constructed between the 1970s and 2000s. Mark Perkowski and Matthew Wurtzebach of Draper and Kramer’s Commercial Finance Group arranged a nonrecourse acquisition loan with a national bank. Loan terms were undisclosed.
DETROIT — Detroit’s first Cambria hotel is under construction in the downtown area. Slated to open in 2020, the six-story, 158-room hotel will be Cambria’s second location in the state of Michigan. Located at 600 W. Lafayette Blvd., the Cambria hotel is part of an adaptive reuse project of the former WWJ Studios. The hotel will feature a rooftop bar with pool, onsite restaurant, meeting space, a fitness center and ballroom. A joint venture between Means Group Inc. and Koucar Management LLC is developing the hotel. The Cambria brand is under the Choice Hotels International Inc. umbrella of hotels. The hotel will anchor a mixed-use project featuring office and retail space. TCF Bank provided $25 million in construction financing for the mixed-use development.
BRIDGEVIEW, ILL. — NAI Hiffman has arranged the sale of a 254,425-square-foot industrial building in Bridgeview, about 16 miles from Chicago’s Loop. The sales price was not disclosed. Located at 7557-7575 S. 78th Ave., the property includes 37 exterior loading docks, one drive-in door, 113 trailer positions and a clear height of 20 feet. It was built in 1970. Lawrence Much, Steve Connolly and Drew Bulson of NAI Hiffman marketed the property on behalf of the seller, Heller Industrial Parks. The team also procured the buyer, TradeLane Properties, an Oak Brook-based private investment group. The new owner intends to immediately begin extensive renovations to modernize the building.
GRAND ISLAND, NEB. — Dougherty Mortgage has provided a $3.8 million Fannie Mae loan for the refinancing of Cedar Ridge Apartments in Grand Island. The 64-unit, market-rate apartment property is comprised of four buildings. The 12-year loan features a 30-year amortization schedule. Cedar ridge Apartments-Grand Island LLC was the borrower.
JOLIET, ILL. — Target Corp. has leased the entire 1.2 million-square-foot Rock Creek Logistics Center in Joliet, a southwestern suburb of Chicago. The Minneapolis-based retailer expects to fully occupy the building this month. Located at 3300 Channahon Road, the facility features a clear height of 36 feet, 350 trailer positions, four drive-in doors, 92 exterior dock doors and more than 400 car parking stalls. The building is less than one mile from I-80 and will provide easy access to the interstate via the Houbolt Road interchange. Traci Payette and Paige Rickert of CBRE represented Target in the lease transaction. Steve Connolly and Eric Tresslar of NAI Hiffman represented the landlord, The Opus Group. Opus served as the developer, design-builder, architect and structural engineer of record. The project was a joint venture partnership with AEW Capital Management LP.
KANSAS CITY, MO. — Berkadia has brokered the sale of The Kings, a 408-unit garden-style property in Kansas City. The sales price was not disclosed. Built in 1973 and located at 11330 Colorado Ave., the multifamily community features studio, one-, two- and three-bedroom floor plans. Amenities include a clubhouse, barbecue area, laundry facilities and two swimming pools. Alex Blagojevich, Michael Sullivan and Brett Meinzer of Berkadia represented the seller, a joint venture between Sundance Bay and Drake Real Estate Partners. Florida-based Stoneweg US LLC was the buyer. Stoneweg has been active in the Kansas City market, acquiring more than 1,000 units in the last three months, according to Berkadia.
WICHITA, KAN. — The Boulder Group has negotiated the sale of a single-tenant property net leased to Integrated Healthcare Systems in Wichita for $8.1 million. The 30,472-square-foot building is located at 9211 E. 21st St. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate development company. A real estate investment trust was the buyer. Integrated Healthcare Systems is a wholly owned subsidiary of Ascension Medical Group.
OMAHA, NEB. — NorthMarq has secured a $4 million loan for the refinancing of New Keystone Apartments in Omaha. The 72-unit property is located at 7311 Wirt St. Josh Larsen of NorthMarq arranged the 10-year Freddie Mac loan, which features a 30-year amortization schedule and a fixed rate. The borrower was not disclosed.
SOUTH BEND, IND. — Mid-America Real Estate Corp. has arranged the sale of a 5,013-square-foot retail building in South Bend for an undisclosed price. ATI Physical Therapy and AT&T fully occupy the property, which is located along Portage Road. Carly Gallagher, Christian Tremblay and Rick Drogosz of Mid-America represented the seller, Veritas Realty. A West Coast-based investor purchased the property while completing a 1031 tax-deferred exchange.
CLEVELAND — Berkadia has arranged $67.5 million for the refinancing of Centric Apartments in Cleveland. The 272-unit apartment property, located in the University Circle neighborhood, features 28,000 square feet of commercial space. The building houses studios, one- and two-bedroom units with in-suite washers and dryers. Amenities include a sky deck, outdoor living space, grilling stations, bike storage, dog washing stations and covered parking. Commercial tenants include Tremont Athletic Club and Sweet Kiddles. Dan Geuther of Berkadia secured the permanent financing through Freddie Mac on behalf of Ohio-based Midwest Development Partners. Loan terms were not disclosed.