DAYTON, OHIO — Berkeley Point Capital has provided a $15 million refinancing loan through Freddie Mac for a seniors housing complex in Dayton. Wilmington Place is a 231-unit facility that was constructed in the 1850s. The building was previously used as an insane asylum and then converted into the Dayton State Hospital, which closed in 1978. The building was added to the National Historic Register the following year. Wilmington Place is situated on 24 acres and consists of 22 memory care units, 58 assisted living units and 151 independent living units that provide over 30 different floor plans. The property is licensed for 90 Alzheimer’s beds with the Ohio Department of Health. The fixed-rate loan features a 20-year term.
WEST DES MOINES, IOWA — KeyBank Real Estate Capital has provided a $6.5 million non-recourse first mortgage CMBS loan for a mobile home park in West Des Moines. Western Village Mobile Home Park is a mobile home community for persons aged 55 and older. The park consists of 271 pad sites situated on 46 acres. The community also includes a leasing office, clubhouse and a one or two car garage on most lots. Todd Linehan of KeyBank Real Estate Capital secured the financing.
CHICAGO — CBRE has arranged the purchase of a 15,000-square-foot office building for $5 million in Chicago. Strategic Assets Associates LLC has acquired the property, located at 1132-1140 W. Fulton Market, with intentions of repurposing the building for retail use. The asset is located several blocks from the Chicago Transit Authority’s Morgan stop. The seller in transaction was undisclosed. Keely Polczynski of CBRE represented the buyer.
GALESBURG, ILL. — Marcus & Millichap has brokered the sale of a 61-room Country Inn & Suites in Galesburg, 45 miles northwest of Peoria, for $2.4 million. Both the buyer and seller in the transaction were undisclosed limited liability companies. The Country Inn & Suites is located at 2284 Promenade Court and within proximity to Sandburg Mall, Carl Sandburg College and the Galesburg historic district. Lili Gewargis and Scott Brash of Marcus & Millichap listed the property on behalf of the seller and secured the buyer.
CHICAGO — Interra Realty has negotiated the sale of a multifamily property in Chicago for $1.8 million. Kinsch Family Trust sold the asset, located at 7427-39 N. Winchester Ave., to an undisclosed buyer. Located in the Rogers Park neighborhood, the 20-unit building sold at a capitalization rate of 6 percent. The asset is comprised of 14 two-bedroom units and six one-bedroom units and includes 17 parking spaces. The buyer plans to make unit and operational improvements. Craig Martin of Interra represented both parties in the transaction.
WAHIAWA, HAWAII — CBRE has arranged $19.7 million in acquisition financing for the 106-unit Palms of Kilani apartment complex in Wahiawa. The community is located at 1060 Kilani Ave. It was built in 1972 and renovated in 2005. The 10-year, floating rate loan was provided to DiNapoli Capital Partners. The company purchased the asset for $26 million. DiNapoli plans to invest an additional $450,000 to renovate the property. CBRE’s Andrew Behrens and Jesse Weber secured the loan.
VAN NUYS, CALIF. — REX Investment has purchased a 54,597-square-foot industrial facility in the Los Angeles submarket of Van Nuys for $8.7 million. The four-building facility is located at 7730-7750 Gloria Ave. and 7739-7751 Densmore Ave. It is situated two blocks from Van Nuys Airport. Yair Haimoff of NAI Capital represented REX Investment. The seller was Camillus and Phyllis Decinces.
SACRAMENTO, CALIF. — Sacramento-based Armstrong Development Properties Inc. is developing a retail center at the former Hubacher Cadillac dealership, located at 1 Cadillac Drive in Sacramento. Situated on 6.4 acres at the corner of Howe Avenue and Fair Oaks Boulevard, the site will be redeveloped into a multi-tenant retail center, including a 16,900-square-foot CVS/pharmacy, 8,900 square feet of restaurant and shop space, and a 36,144-square-foot Raley’s grocery store. Demolition on the existing car dealership began in 2015, and the new center is slated for completion in spring 2017.
COSTA MESA, CALIF. — Room & Board has signed an eight-year, 12,000-square-foot lease for retail space within South Coast Collection (SOCO), located at 3303-3323 Hyland Ave. in Costa Mesa. The Minneapolis-based modern furniture and home furnishings retailer is relocating to SOCO from South Coast Plaza where it had occupied 36,000 square feet for 15 years. SOCO features more than 300,000 square feet of showrooms, restaurants, artisan food purveyors, boutiques and creative studios. Myron Sokolsky of NAI Capital represented the tenant in the lease transaction. Terms of the transaction were not released.
SAN DIEGO — Union Cowork has signed a 10-year lease for the Unicorn Building in downtown San Diego. The historic space is located at 704 J St. This will be the cowork space’s fifth location in Southern California, which includes two additional outposts in the San Diego submarket of North Park. David Maxwell and Bill Shrader of Colliers International represented both Union Cowork and the landlord, PREF Unicorn, an affiliate of Paragon Real Estate Investments, in this transaction.