ROYAL OAK, MICH. — Beaumont Health is set to demolish the Northwood Shopping Center and nearly two dozen row houses in Royal Oak to make way for a new development. Plans call for the demolition of the buildings, situated on the southwest corner of 13 Mile Road and Woodward Avenue, to begin July 1. Beaumont hasn’t disclosed any official plans for the area but says the new development will likely be mixed-use. Demolition costs are $2.6 million, excluding environmental cleanup costs. The 213,000-square-foot shopping center was built in 1954 and is 59 percent occupied by 12 tenants. The remaining tenants are on month-to-month leases. Beaumont has owned the property since 1982.
CHICAGO — CBRE has arranged the sale of three assets in Chicago in separate transactions totaling $8.5 million. New York-based Jenel Management Corp. purchased the mixed-use buildings and has plans to demolish all three properties and build a new retail and residential development. Joe and Annie Doppes sold a 9,885-square-foot property and a 4,800-square-foot lot at 1437-36 N. Wells St. The building was comprised of 5,660 square feet of commercial space and three residential units. Jenel also purchased a 5,000-square-foot retail property and 2,400-square-foot lot, located at 1435 N. Wells St., from Metro Park. The last property, situated at 1443 N. Wells St., is a 4,927-square-foot property with a 2,400-square-foot lot that was acquired from an undisclosed seller. Keely Polczynski, James Otto and Michael Gendell of CBRE brokered the transactions.
ORLANDO, FLA. — Orlando-based Williams Co. Building Division has broken ground on a new $60.7 million school located at 701 W. Livingston St. in downtown Orlando on behalf of Orange County Public Schools. The unnamed school will serve roughly 1,211 preschool to eighth grade students on its 14-acre campus. The preschool wing is being supported by the Harris Rosen Foundation and a branch of the Boys & Girls Club. Construction on the 190,526-square-foot facility is slated for completion in summer 2017 in time for the school’s fall 2017 opening. Orlando-based Baker Barrios Architects designed the project.
PRINCETON, IND. — Capital One has provided a $5.9 million fixed-rate loan to refinance a skilled nursing facility in Princeton, approximately 150 miles southwest of Indianapolis. Joshua Rosen of Capital One originated the 35-year HUD 232/223(f) financing. The Waters of Princeton consists of 45 semi-private and five private rooms. The facility was built in 1968 with an addition completed in 1974. The borrower in the transaction was undisclosed.
WESTLAKE, OHIO — Newmark Grubb Knight Frank (NGKF) has brokered the purchase of an industrial property in Westlake, approximately 15 miles southwest of Cleveland, for $4.5 million. The property, located at 1006-1008 Crocker Road, features 23,000 square feet of office space and 147,000 square feet of warehouse and manufacturing space. The facility, situated on 18.7 acres, also includes a retention pond and running trails. Chris Haas, president and CEO of All Pro Trucking/All Pro Freight Systems, purchased the facility under 1006-1008 Crocker Road LLC. Bonne Bell, which was formerly headquartered in the building, was the seller. Mike Petrigan of NGKF represented the buyer in the transaction, and Kevin Kelly of Cushman & Wakefield/CRESCO represented the seller.
MORRISVILLE AND RALEIGH, N.C. — Cushman & Wakefield has arranged the largest industrial/office sale in the Triangle region year-to-date, according to Real Capital Analytics. The sale included EastRidge at Perimeter Park in Morrisville and Spring Forest Business Center in Raleigh. The properties span 11 single-story buildings totaling 634,617 square feet. The sales price was not disclosed. The portfolio was 83 percent leased at the time of sale to 24 tenants including IXIA, Adreima, LabCorp, Ascom North America and Allstate. David Finger and Sara Owen of Cushman & Wakefield represented the seller in the transaction. The buyer, Somerset Properties, will retain Hillman Duncan and Dennis Hurley of Cushman & Wakefield to lease the two properties.
GLENVIEW, ILL. — The Missner Group has completed a medical office build-out for Illinois Bone & Joint Institute (IBJI) OrthoAccess. The property, located at 2401 Ravine Way in Glenview approximately 20 miles northwest of Chicago, is a walk-in clinic designed to treat sports injuries and minor auto accident injuries. The build-out included the addition of an entire floor of exam rooms, nursing stations and three waiting areas. The new space for IBJI also features an on-site X-ray suite and renovated reception area. Stephen Rankin Associates provided the architectural services for the project.
ORLANDO, FLA. — SunTrust Bank has provided a $39 million loan to Orlando Senior Health Network, which the owner-operator will use to expand Orlando Lutheran Towers in Orlando. The project will add 33 skilled nursing beds to the continuing care retirement community, along with 45 new full-time employees to serve the new residents. The $39 million loan includes both funds for capital improvements and refinancing of existing debt. Renovations are scheduled to begin this summer with the project scheduled for completion in 2018.
JOHNSON CITY, TENN. — Marcus & Millichap has arranged the sale of Franklin Square, an 85,000-square-foot, grocery-anchored shopping center located at 1805 W. State of Franklin Road in Johnson City. Anchored by a 55,000-square-foot Kroger, Franklin Square was 93 percent leased at the time of sale to tenants such as Citizens Bank, Cost Cutters, Giovanni’s, Iron Horse, Jersey Mike’s and Miso Teriyaki House. Brian Munn of Marcus & Millichap’s Atlanta office procured the buyer, a 1031 exchange investor. Farhan Kabani of Mark One Capital, a subsidiary of Marcus & Millichap, arranged acquisition financing. Jody McKibben of Marcus & Millichap’s Nashville office is the firm’s broker of record in Tennessee.
CARY, N.C. — Lincoln Harris’ Raleigh office has brokered five leases totaling nearly 14,000 square feet at The Arboretum at Weston, an 80,000-square-foot mixed-use development located at the intersection of Harrison Avenue and Weston Parkway in Cary. Kaler Walker and John Mikels of Lincoln Harris represented the landlord, The Arboretum at Weston Holdings LLC, on all five leases. The deals include M/I Homes leasing 4,739 square feet for a sales center; Moe’s Southwest Grill renewed its 3,812-square-foot lease; GolfTEC renewed its 2,420-square-foot lease; Le Coiffure Hair Studio signed a lease for 1,571 square feet; and Dream Home Design for a 1,272-square-foot sales center and showroom. Michael Deaton of Deaton Investment Real Estate represented Le Coiffure Hair Studio in its lease deal. With the recent signings, the retail space at The Arboretum is almost fully leased. The center has two spaces totaling approximately 3,800 square feet available.