FINDLAY, OHIO — Marathon Petroleum Co. has signed a 37,727-square-foot office lease in Findlay, about 40 miles south of Toledo. The Findlay-based company will fully occupy the building, which is known as the Waterside Building. Lynette Reichle and Todd Dickerson of Reichle Klein Group represented the landlord, Roach Enterprises of Ohio Ltd. Marathon Petroleum signed a three-year lease.
ELGIN, ILL. — Marcus & Millichap has arranged the sale of Regency Apartments in Elgin for $2.3 million. The 32-unit apartment property is situated at 230 S. State St. The building includes four studios, 12 one-bedroom units, 12 two-bedroom units and four three-bedroom units. Andrean Angelov and Ryan Engle of Marcus & Millichap brokered the transaction. Neither the buyer nor the seller was disclosed.
KANSAS CITY, MO. — Copaken Brooks and Burns & McDonnell have broken ground on Reverb, a 14-story apartment building in the Crossroads Arts District of Kansas City. Completion is slated for summer 2020. The property’s 132 units will sit atop a two-story parking garage. The design also calls for 2,000 square feet of retail space, which will be situated on the ground level, as well as space for food trucks and a sidewalk park. About 10 percent of the units will meet Kansas City’s affordability standards. CP Real Estate Capital is the investment partner for the project. Total investment is expected to be approximately $40 million. The name Reverb comes from the reverberation.
OAK CREEK, WIS. — MBH Investment Real Estate LLC has arranged the sale of the Howell Avenue Professional Building in Oak Creek, about 12 miles south of Milwaukee. The sales price was not disclosed. The 21,024-square-foot building, located at 8375 S. Howell Ave., was originally constructed in 2007 and underwent an addition in 2017. The two-story building is 91.3 percent occupied. Children’s Hospital of Wisconsin-Oak Creek Pediatrics serves as the anchor tenant. Other tenants include Progressive Pediatric Dentists and Wasserman & Shuff Certified Public Accountants. Matson Holbrook of MBH brokered the transaction on behalf of the seller, RW Howell LLC. SEP Oak Creek MOB LLC, an affiliate of Stage Equity Partners, purchased the asset.
CHICAGO — Summit Design + Build LLC has begun construction of 6145 N. Broadway in Chicago’s Edgewater neighborhood. City Pads, Catapult Real Estate Solutions, Cagan Management Group and Built Form make up the project team. Construction commenced with the demolition of an existing single-story building. The new apartment building will span 79,000 square feet and six stories. The project will feature 105 apartment units ranging from studios to two bedrooms as well as 3,700 square feet of first-floor retail space and 45 parking spaces. Amenities will include a bike room, fitness center, outdoor patio and storage lockers. Completion is slated for spring 2020.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of 958 Fulton in Grand Rapids for an undisclosed price. The 13,400-square-foot property includes six retail bays on the first floor and nine apartment units on the second floor. Retailers include Mercury Head Frame Shop, Perrin’s Upholstery, Rinaldi’s Pizza and a party store. Russ Bono and Cameron Timmer of NAI Wisinski represented both the buyer, a group of local investors, and the seller, L&M Properties.
CHICAGO — Interra Realty has negotiated the sale of a 14-unit multifamily property in Chicago’s West Town neighborhood for $3.3 million. Built in 1889 and extensively renovated in 2017, the property is located at 1436 W. Erie St. and includes a mix of studio, one- and two-bedroom units. The property was fully leased at the time of sale. Brad Feldman and Adam Saxon of Interra represented both parties. The buyer plans to make further updates to the units.
ORANGE VILLAGE, OHIO — The developers behind Pinecrest in suburban Cleveland have obtained a $171.5 million loan to refinance the 750,000-square-foot mixed-use project. Square Mile Capital Management LLC provided the loan to a joint venture between Cleveland-based Fairmount Properties and the DiGeronimo Cos., which opened Pinecrest in spring 2018. Situated on 58 acres in Orange Village, Pinecrest features 400,000 square feet of retail and restaurant space that houses Whole Foods Market, REI, Silverspot Cinema, Pinstripes, West Elm, Williams Sonoma, Pottery Barn, Vineyard Vines and Orangetheory Fitness, as well as chef-driven restaurants. About 160,000 square feet of creative office space sits atop the ground-level shops and restaurants. Pinecrest also features 87 high-end apartment residences and a one-acre park, as well as a 145-room AC Hotel by Marriott that wasn’t included in the financing. Trey Morsbach and Jim Curtin of HFF’s Dallas office led the debt placement team to arrange the floating-rate loan, which will be used to refinance a $142 million construction loan that HFF arranged for the developers in spring 2017. HFF also assisted the developer in securing joint venture equity for the project in June 2016. “This refinancing reflects the viability and strength of our asset,” says Eric Louttit, …
CHICAGO — SVN | Chicago Commercial has arranged the sale of a loft office building located at 327 N. Aberdeen St. in Chicago’s Fulton Market for $8.1 million. The 27,895-square-foot property is located one block from Google’s Midwest headquarters and three blocks from McDonald’s new headquarters. Chad Schroedl, Drew Dillon and Scott Maesel of SVN represented the seller.
MILWAUKEE — Founders 3 Real Estate Services has been awarded the leasing assignment for Hardware HQ, a mixed-use development in Milwaukee. Purchased in 2015 by WiRED Properties and Phelan Development, the building housed National Ace Hardware for nearly 30 years. Prior to that, it was home to Charles H. Stehling Co. Building ownership has teamed up with Rinka Architects to modernize the building into office space and ground-floor retail. Last year, Milwaukee Motorcycle Co. committed to 14,000 square feet on the first floor for a Harley Davidson location. The showroom space will offer motorcycle and bike sales, merchandise, service and rentals. Ned Purtell, Steve Pape and Jenna Maguire of Founders 3 are marketing the remaining 72,125 square feet for lease.
