Property Type

Bank of Commerce, FHLB Dallas Fund Adaptive Reuse Project in Mississippi

by John Nelson April 5, 2016

GREENWOOD, MISS. — Bank of Commerce and the Federal Home Loan Bank of Dallas (FHLB Dallas) have provided a grant to fund an adaptive reuse project in Greenwood. A historic building in downtown Greenwood has been transformed into a contemporary retail space that now houses Howard & Marsh Exchange, a boutique retailer selling home décor, accessories, antiques, art, bedding and gifts. Chris McQueen, owner of Howard & Marsh Exchange, funded the start-up costs of running the business using a loan from Bank of Commerce that was funded by an Economic Development Program (EDP) advance from FHLB Dallas, as well as an accompanying $25,000 EDP plus grant.

April 5, 2016

Illinois Midwest Multifamily

Sedgwick Properties Breaks Ground on 60-Unit Luxury Apartment Building in Chicago

by Christina Cannon April 5, 2016

CHICAGO — Sedgwick Properties has broken ground on a 60-unit luxury apartment building in Chicago’s Old Town neighborhood. The seven-story building is slated for completion in the spring of 2017. The apartment property will be located at 1325 N. Wells St. and offer one-, two- and three-bedroom units that will range from 601 square feet to 1,400 square feet. Unit amenities will include custom cabinetry, quartz countertops, stainless steel appliances, plank flooring, in-unit washers and dryers and private balconies. Apartment amenities will include a rooftop plaza and pool, outdoor kitchen, fire pit, fitness center, community room, demonstration kitchen, bicycle storage, heated parking and valet dry cleaning service. The development will also include 1,800 square feet of ground-floor retail space.

April 5, 2016

Illinois Industrial Midwest

Transwestern Brokers Sale of 105,000 SF Industrial Property in Chicago Suburb

by Christina Cannon April 5, 2016

GLENDALE HEIGHTS, ILL. — Transwestern has brokered the purchase of a 105,000-square-foot industrial property in Glendale Heights, approximately 30 miles west of Chicago. Clear Heights Properties LLC purchased the property from a private investor for an undisclosed amount. This facility is located at 2000 Bloomingdale Road and was constructed in 1980. The buyer plans to upgrade the roof, building exterior and adjacent parking lot. An 8,343-square-foot space within the building is still vacant. Justin Lerner and Joe Karmin of Transwestern represented the buyer in the transaction.

April 5, 2016

Iowa Midwest Multifamily Seniors Housing

CareTrust REIT Acquires Skilled Nursing Facility in Iowa for $5M

by Christina Cannon April 5, 2016

CEDAR FALLS, IOWA — CareTrust REIT Inc. has acquired Cedar Falls Health Care Center, an 82-bed skilled nursing facility in Cedar Falls, for $5 million. CareTrust will lease the community to a subsidiary of Trillium Healthcare Group LLC on a triple-net basis. The purchase price includes estimated transaction costs. Initial annual rental revenue to CareTrust is approximately $483,000, and the master lease carries a remaining term of 14.5 years with two five-year renewal options and CPI-based rent escalators.

April 5, 2016

Loans Michigan Multifamily

Cohen Financial Arranges $4.5M Refinancing Loan for 64-Unit Apartment Community

by Christina Cannon April 5, 2016

YPSILANTI, MICH. — Cohen Financial has arranged a $4.5 million non-recourse refinancing loan for Blue Heron Pointe Apartments. The 64-unit community is located at 6244 Trumpeter Lane in Ypsilanti, approximately 40 miles west of Detroit. The Class A property was built in 2014. Cathy Bronkema of Cohen Financial secured the 25-year, fixed-rate loan with a life insurance company. Unit amenities at Blue Heron Pointe Apartments include one-car garages, kitchen appliances, granite countertops, faux wood floors and washers and dryers.

April 5, 2016

Michigan Midwest Retail

NAI Wisinski Arranges Two Retail Leases Totaling 3,280 SF in Grand Rapids

by Christina Cannon April 5, 2016

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has arranged two retail leases totaling 3,280 square feet in Grand Rapids. In the first deal, Jamaican Dave’s will be relocating to a 1,980-square-foot building at 530 S. Division Ave. The space is currently undergoing a renovation, and the restaurant is expected to open by late April. In the second transaction, Aureus Tree Financial Services is relocating from Leonard Street to a former Modern Nails store at 4057 Plainfield Ave. The 1,300-square-foot building is under renovation. Aureus Tree Financial Services has an anticipated move-in date of May 1. Bill Tyson of NAI Wisinski of West Michigan brokered both transactions.

April 5, 2016

California Multifamily Western

Advanced Real Estate Services Buys Olivewood Apartments in Lakewood for $30.9M

by Nellie Day April 5, 2016

LAKEWOOD, CALIF. — Advanced Real Estate Services (ARES) has purchased the 149-unit Olivewood Apartments in Lakewood for $30.9 million. The community is located at 5800 South St. Olivewood Apartments was built in 1976. The property has never undergone a renovation. ARES plans to completely renovate and rebrand the community as The 5800 Apartment Homes. ARES assumed a loan worth approximately $16 million. The company plans to add $6 million in improvements to the property. Dean Zander of Berkadia executed the sale. The seller was Interstate Equities Corp.

April 5, 2016

California Hospitality Loans Western

Dougherty Funding Provides $22.8M Loan for Comfort Inn in San Francisco

by Nellie Day April 5, 2016

SAN FRANCISCO — Dougherty Funding LLC has provided $22.8 million in financing for a 169-room Comfort Inn & Suites Hotel in San Francisco. The hotel is situated in south San Francisco, about three miles north of San Francisco International Airport. It was built in 1986 and was renovated last in 2010. About $2.4 million of the loan proceeds will be used to renovate the hotel. Dougherty Funding served as lead lender and servicer for the loan.

April 5, 2016

California Industrial Western

Saint Marina Coptic Church Buys Industrial Property in Irvine for $2.8M

by Nellie Day April 5, 2016

IRVINE, CALIF. — Saint Marina Coptic Church has purchased an 11,500-square-foot industrial property in Irvine for $2.8 million. The property is located at 3 Wrigley, within the Irvine Spectrum. Saint Marina Coptic Church will use the building for its administration operations. The church occupies space in an adjacent building as well. NGKF’s David Kluver represented the seller, Hunter Julian Properties, which was previously the owner-occupier.

April 5, 2016

California Retail Western

Progressive Real Estate Arranges $1.9M Sale of Bluffs Crossing in California

by Nellie Day April 5, 2016

COLTON, CALIF. — Progressive Real Estate Partners has arranged the $1.9 million sale of Bluffs Crossing, a 6,167-square-foot retail property located at 1231 E. Washington St. in Colton, Calif. Greg Bedell of Progressive represented the seller, a Sherman Oaks-based private investor, in the transaction. Fred Furey, an independent Huntington Beach-based broker, represented the buyer, a Chino Hills-based private investor. Tenants at the center include Premier Insurance, U-Haul and Pizza Q.

April 5, 2016

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