CAMBRIDGE, OHIO — Mumford Co. has negotiated the sale of the Holiday Inn Express hotel in Cambridge, located in eastern Ohio, for an undisclosed price. Built in 2014, the 77-room property features a business center, fitness facility and indoor pool. David Mumford, Justin Pinkard and George Arvanitis of Mumford represented the seller, Cambridge Lodging LLC. Arvanitis procured the buyer, Jannat Investments Inc.
DETROIT — iBorrow has provided an $8.8 million loan for the refinancing of a three-property multifamily portfolio in suburban Detroit. The properties, located in Cherry Hill, Riverview and Lincoln Park, total 281 units and 238,000 square feet. The borrower, the Reda family, plans to make capital improvements to the buildings, which were built in the 1960s and 1970s. The one-year loan features a fixed rate.
EAST LANSING, MICH. — Crunch Fitness has signed a lease to occupy a 27,835-square-foot building near Michigan State University. The property is located at 2535 E. Grand River Ave. This is the seventh location in Michigan for Crunch. Michele Rosenblum of Dominion Real Estate Advisors and Alan Stern of Friedman Real Estate brokered the lease transaction. There are more than 265 franchised Crunch locations across the United States, Canada and Australia.
MERRIONETTE PARK, ILL. — Michael P. Jakubiec Investment Real Estate Inc. has brokered the $3.3 million sale of a 48-unit apartment building in Merrionette Park, about 18 miles south of Chicago. The property, built in 1966, is located at 3170-84 115th St. Michael Jakubiec represented both the private buyer and seller. Jakubiec brokered the sale of the same building in 2004.
OMAHA, NEB. — NorthMarq Capital has arranged a $1.6 million loan for the acquisition of the Johnstone Supply building, a 27,915-square-foot industrial property in Omaha. The building is located at 4444 S. 108th St. Johnstone is a specialty wholesaler providing HVAC and refrigeration parts, supplies and equipment. Supply Steve Ruff of NorthMarq arranged the 10-year loan, which features a 20-year amortization schedule. A life insurance company provided the loan.
TOMS RIVER, N.J. — Marcus & Millichap has brokered the $5.2 million sale of Toms River Shopping Center in Toms River. The 52,616-square-foot retail center is located along the Garden State Parkway. Michael Lombardi and Charles Loccisano of Marcus & Millichap’s New Jersey office represented the buyer and seller in the transaction, both private investors.
OAKLAND, CALIF. — A joint venture between Harvest Properties and True North Management Group has completed the disposition of Tribune Tower, an office property located at 409 13th St. in Oakland. Highbridge Equity Partners purchased the property for an undisclosed price. The historic 20-story building features 95,350 square feet of office space, an original 1920s-era clock and its namesake “Tribune” sign. Steve Golubchik, Tyler Meyerdirk, David Hosler and Jack Phipps of Newmark Knight Frank represented the sellers, while John Dolby and Dane Hooks of Cushman & Wakefield represented Harvest and True North on the leasing of the building.
GLENDALE, COLO. — Centre Point Properties LLC has purchased The Forum at Cherry Creek, a multi-tenant office building located at 425 S. Cherry St. in Glendale, a suburb of Denver. 425 LLC sold the property for $13.6 million, or $165 per square foot. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield Denver’s Capital Markets Group listed the property to sell on behalf of Denver-based Millice Group. The Forum at Cherry Creek is a 10-story, 83,268-square-foot office property. At the time of sale, the property was 88 percent leased to a tenant roster of office and medical office users, with approximately 40 percent of the existing tenants having some medical use.
TREMONTON, UTAH — Marcus & Millichap has brokered the sale of Secure Storage Tremonton, a self-storage facility located in Tremonton, north of Salt Lake City near the Idaho border. A local family sold the property for an undisclosed price. The 119-unit facility features a fully fenced yard with electronic gate, paved driveways, drive-up access to each unit, steel sloped roofs, roll-up doors and concrete floors. At the time of sale, the property was 100 percent occupied. Jordan Farrer of Marcus & Millichap’s Salt Lake City office, along with Adam Schlosser of Marcus & Millichap’s Denver office represented the seller in the deal. The name of the buyer was not released.
AZTEC AND LOVINGTON, N.M. — Blueprint Healthcare Real Estate Advisors has arranged the sale two seniors housing properties in New Mexico for an undisclosed price. The portfolio consisted of 150 skilled nursing beds and 25 independent and assisted living units. One property is located in Aztec, in the northwest corner of the state, and the other is in Lovington, in the southeast corner of the state. Blueprint handled the transaction on behalf of the seller, Sioux Falls, S.D.-based The Evangelical Lutheran Good Samaritan Society, a nonprofit owner-operator for which the assets represented a non-core disposition. A Southern California-based private investor interested in expanding in New Mexico was the buyer. Amy Sitzman and Hayden Behnke of Blueprint led the transaction.
