CHICAGO — Meridian Capital Group has arranged a $37 million CMBS loan for the refinancing of a 46-property multifamily portfolio in Chicago. The portfolio includes a total of 835 units. Many of the assets include ground-floor commercial space. Seth Grossman and Sarah Kuebler of Meridian arranged the 10-year loan on behalf of the borrower, a Chicago-based private REIT. The lender was not disclosed.
CHESTERFIELD, MICH. — The Cooper Commercial Investment Group has brokered the $14.7 million sale of Chesterfield Village, a 155,958-square-foot shopping center in Chesterfield, about 35 miles north of Detroit. Notable tenants include Applebee’s, Panera Bread, Buffalo Wild Wings, Harbor Freight Tools, Famous Footwear, Dunham’s, Sally Beauty Supply, Staples and Anytime Fitness. Dan Cooper of Cooper Group represented the seller, a private investment group. The buyer was not disclosed. The sales price represents a cap rate of 8.77 percent.
NORMAL, ILL. — Marcus & Millichap has arranged the $9.2 million sale of Heartland Village Apartments near Illinois State University in Normal. The student housing property includes 288 beds within 144 units. Amenities include a clubhouse, fitness center and outdoor pool. All units are fully furnished. Eric Bell and Jordan Callaway of Marcus & Millichap represented the seller. Bell also represented the out-of-state buyer.
MILWAUKEE — Gorjian Acquisitions has purchased two retail properties in Milwaukee for an undisclosed price. A private seller sold both properties as a portfolio. Bradley Square, located on North 76th Street, spans 19,545 square feet. The building is 86 percent occupied by tenants that include a State Farm insurance office, podiatry office, mortgage office and a senior day care. The other property, Teutonia Square, is fully occupied and spans 8,303 square feet.
CHICAGO — A joint venture between CIM Group and Golub & Co. has acquired 444 N. Michigan, a 36-story office tower along Chicago’s Magnificent Mile. Germany-based GLL Real Estate Investors sold the asset for $138 million, according to Crain’s Chicago Business. Built in 1976, the 517,000-square-foot building also includes ground-floor retail space. Technology, media, healthcare, law, real estate and professional services tenants occupy the office portion. CIM Group and Golub & Co. are in the midst of redeveloping the landmark Tribune Tower into luxury condos.
WEST DES MOINES, IOWA — R&R Realty Group has opened its new headquarters at Westfield Campus, a 180,000-square-foot, multi-tenant office property in West Des Moines. The campus includes two 80,000-square-foot buildings connected by Westfield Commons, a meeting space with conference areas, a coffee shop, fitness center and rooftop terrace. R&R occupies the entire second floor of the north building for approximately 25,000 square feet. Joining R&R at the office property are several other businesses whose spaces are currently under construction. Tenant names will be disclosed at a later date. R&R is a full-service real estate company serving Iowa and Nebraska.
KANSAS CITY, MO. — Newmark Grubb Zimmer (NGZ) has arranged the sale of Northpointe Tower in Kansas City for an undisclosed price. The 109,193-square-foot office building is located at 10220 N. Ambassador Drive. The property is 25 percent occupied after anchor tenant Dairy Farmers of America moved its headquarters to Kansas City, Kan. Michael VanBuskirk and Chris Robertson of NGZ brokered the sale. A local investor group purchased the asset from BACM 2006-5 North Ambassador Drive LLC.
MUNCIE, IND. — Albanese Cormier Holdings (ACH) has purchased Muncie Marketplace for an undisclosed price. Built in 2014, the 77,871-square-foot shopping center is located at 600 E. McGalliard Road in Muncie. Dick’s Sporting Goods, Michaels, Five Below, McAlister’s Deli, Men’s Wearhouse, Kay Jewelers and GameStop fully occupy the property. Amy Sands and Clinton Mitchell of HFF represented the undisclosed seller.
KIRKWOOD, MO. — Hanley Investment Group Real Estate Advisors has brokered the sale of Kirkwood Square near St. Louis for $8.2 million. Built in 2017, the 15,944-square-foot retail center is situated on 1.3 acres on Manchester Road in Kirkwood. Mercyhealth Family Medicine, Mercy-GoHealth Urgent Care, AT&T, Treats Unleashed and Sport Clips fully occupy the property. Jeff Lefko and Bill Asher of Hanley, along with Kevin Shapiro of L3 Corp., represented the seller, Kirkwood Square LLC. Steve Maynard of Maynard Group represented the buyer, a Los Angeles-based private investor.
DETROIT — Bedrock and Shinola have opened the world’s first Shinola Hotel in Detroit. The hotel, operated by Mac&Lo, features food and beverage offerings from NoHo Hospitality and design from Gachot Studios and Kraemer Design Group. The 129-room property is situated on the site of two restored buildings, the T.B. Rayl & Co. department store and a former Singer sewing machine store, as well as three new buildings. Onsite retail tenants include Madewell, Le Labo, Drought and Good Neighbor. Shinola Hotel is a partnership between Detroit-based watch and leather goods manufacturer Shinola and Bedrock, the real estate arm of billionaire businessman Dan Gilbert. Nightly room rates start at $195.