ALTUS, OKLA. — Hobby Lobby Stores Inc. has leased 59,318 square feet of retail space within Northtown Center, located at 1700 N. Main St. in Altus. The landlord is Northtown Altus LLC. Mark Inman and Stuart Graham of CBRE’s Oklahoma City office represented the tenant in the deal.
CHICAGO — A joint venture between Bridge Development Partners LLC and Akard Street Partners has sold three industrial facilities in the Chicago area totaling 539,440 square feet for $64.3 million. The properties include 2475 Touhy Ave. in Elk Grove Village; 4800 S. Vernon Ave. in McCook; and 8401 W. 47th St. in McCook. The properties averaged 92 percent occupancy at the time of sale. The buyer was not disclosed. Steve Disse and Jeff Devine of Colliers International represented the seller.
JACKSON, SOUTHFIELD AND WESTLAND, MICH. — Pillar has originated $22.3 million in refinancing through HUD for three multifamily properties in Michigan. Springbrook Meadows is a 152-unit community built in 1998 and located in Jackson, 40 miles west of Ann Arbor. 12 North Apartments is a 171-unit apartment building built in 1976 and located in Southfield. Birch Hill is a 172-unit apartment building built in 1974 and located in Westland, about 16 miles west of Detroit. Erie Investments LLC owns and operates 12 North and Birch Hill. An undisclosed investor was the borrower for Springbrook Meadows. The fixed-rate, 35-year loans are fully amortizing. David Wilkins and Charles Krisfalusi of Pillar originated the loans.
OVERLAND, MO. — Operation Food Search has moved to its new headquarters in Overland, about 15 miles northwest of St. Louis. The 67,000-square-foot building is located at 1644 Lotsie Blvd and will serve as the hunger relief organization’s food distribution center. The property was formerly a window factory that had been vacant for years. OFS purchased the building for $2.3 million and invested an additional $2.5 million in renovations. A fundraising campaign began in January of this year. PARIC Corp. served as the project’s general contractor, and M + H Architects was the building’s architectural firm. OFS was previously located in a 25,000-square-foot building at 6282 Olive Blvd in University City.
FARGO, N.D. — Dougherty Funding LLC has closed a $12 million loan for the acquisition of the Radisson Hotel Fargo in Fargo. The 151-room hotel is located across the street from the Fargo Civic Center. The borrower was 201 Hospitality. Dougherty Funding served as lead lender and servicer for the loan.
ST. LOUIS — Dwight Capital has provided an $8.6 million loan for the refinancing of The Gotham Apartments in St. Louis. The property consists of 72 apartment units and is located at the corner of Delmar Boulevard and Hamilton Avenue. The 40-year loan was financed through HUD’s 223(a)(7) program at an interest rate of 3.3 percent. The Gotham Buildings LLC was the borrower. Keith Hoffman and Josh Sasouness of Dwight Capital originated the loan.
MONTGOMERY, ALA. — Montgomery-based Jim Wilson & Associates LLC (JWA) plans to develop Eastchase Central, a shopping center in Montgomery that will be anchored by a roughly 40,000-square-foot Marshalls/HomeGoods store. The shopping center will also feature an 8,500-square-foot Five Below store, as well as other retailers that have yet to be announced. Eastchase Central will be situated on 6.7 acres at the midway point of Eastchase Parkway and directly across from a Hampton Inn & Suites. JWA plans to deliver Eastchase Central in late fall 2017.
AUSTELL, GA. — A joint venture between Seefried Industrial Properties and Cabot Properties has closed on its purchase of 27.5 acres of land at Cobb West Business Park in Austell for the development of a new 281,000-square-foot spec industrial facility. NAI Brannen Goddard represented the seller, Jadow Realty Co., in the land sale. Seefried-Cabot has selected Mike Chambers, Jack Haden and Brad Pope of NAI Brannen Goddard to market the property for lease. The joint venture plans to deliver the facility in the third quarter of 2017.
HIALEAH GARDENS, FLA. — Bridge Development Partners LLC has selected Premier Design + Build LLC to construct a 255,846-square-foot distribution center in Hialeah Gardens, a suburb of Miami. Premier plans to break ground on the asset as early as first-quarter 2017. Situated near the Turnpike, U.S. 27, State Route 826 and I-75, the new distribution facility will feature 32-foot clear heights, 75 truck dock positions, an ESFR sprinkler system and 252 parking spaces. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield are leasing the facility on behalf of Bridge Development. Other key members of the design team include architect RLC Architects and civil engineer Thomas Engineering Group.
TAMPA, FLA. — ZOM, in partnership with affiliates of The Mattoni Group and Clarion Partners LLC, has broken ground on Azola at Magnolia Park, a 366-unit apartment community located on Progress Boulevard in Tampa. ZOM is constructing the multifamily property on behalf of a commingled fund managed by the firm. Synovus Bank’s Orlando office provided construction financing for the project. ZOM expects to deliver Azola’s first units in the fourth quarter of 2017, with pre-leasing expected to begin in late summer 2017.