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Midwest

HospitalityLoansMidwestOhio

PMZ Realty Capital Secures $35M Refinancing for Ohio Hospitality Portfolio

by Kristin Harlow

BEAVERCREEK, DAYTON AND WESTCHESTER, OHIO — PMZ Realty Capital LLC has secured $35 million for the refinancing of a three-property hotel portfolio in Ohio. The assets include the 118-room Springhill Suites by Marriott in Beavercreek, the 130-room Holiday Inn North Cincinnati in West Chester and the 111-room Holiday Inn Express & Suites in Dayton. Middletown Management was the borrower. PMZ arranged 10-year, nonrecourse CMBS loans for the Beavercreek and West Chester properties, and a fixed-rate loan for the Dayton asset.

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LoansMidwestMultifamilyWisconsin

Love Funding Provides $15M Loan for Brewery Lofts Project in Milwaukee

by Kristin Harlow

MILWAUKEE — Love Funding has provided a $15 million bridge loan for the rehabilitation and mini-permanent financing of Brewery Lofts in Milwaukee. Originally built in 1882, the buildings were part of the Pabst brewery campus. Upon redevelopment, Brewery Lofts will offer 118 apartment units. Amenities will include a clubroom, business center, gaming area, fitness center and landscaped rooftop. Holly Bray of Love Funding secured the bridge financing. Love Funding’s parent company, Midland States Bank, provided the funding. The borrower, Milwaukee Pabst Holdings LLC, will receive federal and state historic tax credits for the redevelopment of the two buildings in addition to the bridge loan.

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AcquisitionsIndustrialMidwestMissouri

Newmark Grubb Zimmer Brokers Sale of 499,144 SF Industrial Building Near Kansas City

by Kristin Harlow

GRANDVIEW, MO. — Newmark Grubb Zimmer has arranged the sale of a 499,144-square-foot industrial building in Grandview, about 16 miles south of Kansas City. The sales price was not disclosed. The multi-tenant property is located at 14100 Botts Road. Winco Fireworks, Church & Dwight and Caravan Ingredients fully occupy the building. Michael VanBuskirk, Mark Long and Chris Robertson of NGZ brokered the transaction. SRRT Properties LP purchased the property from Botts Road Investment LLC.

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AcquisitionsHospitalityIllinoisMidwest

Marcus & Millichap Negotiates $6.3M Sale of Comfort Inn & Suites Hotel in Geneva, Illinois

by Kristin Harlow

GENEVA, ILL. — Marcus & Millichap has negotiated the sale of the Comfort Inn & Suites in Geneva for $6.3 million. The 90-room hotel, built in 2000, is located at 1555 E. Fabyan Parkway in Kane County. Ebrahim Valliani, Michael Klar, Scott Harris, Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the seller. Valliani, Klar, Miller and Gomes represented the buyer.

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AcquisitionsMidwestMissouriOffice

Stan Johnson Co. Brokers $11.7M Sale of Office Center in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Stan Johnson Co. has brokered the sale of Prairie View Business Center in Kansas City for $11.7 million. The 109,089-square-foot office center is 97 percent occupied by five tenants, including the U.S. Military Entrance Processing Station for Kansas City, which leases approximately half of the building’s rentable area. The facility sits on 12.2 acres and is comprised of two buildings that were constructed in 1993. Scott Briggs of Stan Johnson represented the sellers, Prairie View Business Center LLC and Prias Prairie View LLC. Briggs also represented the buyer, Chicago-based Boyd Kansas City II LLC.

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IllinoisLeasing ActivityMidwestRetail

Rumble Selects Gold Coast Neighborhood for its First Chicago Location

by Kristin Harlow

CHICAGO — Rumble, a boxing-inspired workout concept, has selected its first Chicago location at 1139 N. State St. in the Gold Coast neighborhood. Nicole Cardot and Adam Secher of Baum Realty Group assisted Rumble in selecting the location. Expected to open in late summer, the 8,000-square-foot facility will be Rumble’s sixth location nationwide. Rumble classes are 45 minutes and feature full-body strength training and conditioning workouts. The company is known for its aqua training bags, which are tear drop-shaped, water-filled punching bags. Baum represented Rumble in negotiations with the landlord, Newcastle Limited. Danny Jacobson, Luke Molloy and Stephen Ansani of CBRE represented Newcastle.

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IllinoisIndustrialLeasing ActivityMidwest

Pepperidge Farm Signs 87,602 SF Industrial Lease in Lockport, Illinois

by Kristin Harlow

LOCKPORT, ILL. — Pepperidge Farm Inc. has leased 87,602 square feet of industrial space at Heritage Crossing in Lockport. The property is located at 15901 W. 147th St. Heritage Crossing, a 228-acre business park, is now 94 percent leased. Jason West and Brian Borget of Cushman & Wakefield represented Pepperidge Farm, a cookie, cracker and bread company, in the lease transaction. Dan Leahy, Mark Moran and John Whitehead of NAI Hiffman represented the landlord, ML Realty Partners.

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AcquisitionsIllinoisMidwestRetail

Hanley, Greenstone Arrange Sale of 28,600 SF Retail Property in Metro Chicago

by Kristin Harlow

CREST HILL, ILL. — Hanley Investment Group Real Estate Advisors and Greenstone Partners have arranged the sale of South Weber Plaza, a 28,600-square-foot retail property in Will County’s Crest Hill. The sales price was not disclosed. The center is fully leased by The Southern Café, Fire Water BBQ, 12 Handles Ale House, Sammy’s Gaming Parlor, Motivation Fitness, Serenity Wellness Center, Grandeur Salon & Spa, The Awesome A’s Activities Club, Natasha’s Clothing Boutique and Cambium Realty. In 2018, the property underwent a major renovation, which included a new façade, storefronts, signage, parking lot, HVAC and landscaping. The sale also included a 2.1-acre pad site in front of the center and a 7,400-square-foot pad site in the parking lot. Jeff Lefko and Bill Asher of Hanley and Johnny Lefko of Greenstone represented the seller, a private partnership. The team also represented the buyer, a Southern California-based 1031 exchange buyer.

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AcquisitionsMichiganMidwestMultifamily

Greystone Bel Negotiates Sale of 43-Unit Multifamily Property in Detroit

by Kristin Harlow

DETROIT — Greystone Bel has negotiated the sale of Hyde Park Townhomes in Detroit for an undisclosed price. The 43-unit multifamily property, built in 1985, is located at 2028 Hyde Park Drive. Unit sizes average 1,500 square feet and monthly rents average $1,350. Buyer and seller information was not disclosed.

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