Heartland Real Estate Business

FEB 2018

Heartland Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Midwest.

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F I N A N C E 6 • February 2018 • Heartland Real Estate Business www.REBusinessOnline.com PROPERTY CLASS LOCATION (CITY, STATE) SIZE AMOUNT LENDER ARRANGED BY Columbus Plaza Multifamily Chicago 533 units $93 million Fannie Mae NorthMarq Capital College Park Apartments and Gateway Lakes Multifamily Columbus, Ohio 250 units $28.2 million Freddie Mac KeyBank Real Estate Capital Shoregate Towers Multifamily Willowick, Ohio 404 units $24.8 million Fannie Mae Dougherty Mortgage LLC 400 Skokie Office Northbrook, Ill. 195,000 square feet $19 million Chicago-based bank Cohen Financial Oaks on Lincoln Multifamily Oak Park, Mich. 120 units $10.3 million HUD Pillar Financial Brittany Townhomes and Trotwood Downs Multifamily Hazelwood, Mo. 108 units $5.4 million Freddie Mac Hunt Mortgage Group Midway Mall Retail Elyria, Ohio 585,606 square feet $2.7 million Dougherty Funding LLC Dougherty Funding LLC FINANCIAL SCOREBOARD Loans Recently Closed For Midwest Properties I L L I N O I S IPC SELLS RETAIL BUILDING OCCUPIED BY MARIANO'S IN PALATINE FOR $29 MILLION PALATINE, ILL. — Inland Pri- vate Capital Corp. (IPC) has sold a 71,324-square-foot retail building oc- cupied by Mariano's Fresh Market in Palatine, about 30 miles northwest of Chicago, for $29 million. The property sits on 6.5 acres at 545 N. Hicks Road. The building, constructed in 2011, is 100 percent leased to Roundy's Su- permarkets Inc., which is owned by Kroger Co. IPC facilitated the sale of the property on behalf of one of its 1031 exchange investment programs. Christian Williams and Michael Kai- der of CBRE represented IPC in the sale. The buyer was a private investor. AVISON YOUNG BROKERS SALE OF 190,000 SF INDUSTRIAL PORTFOLIO MOUNT PROSPECT, ILL. — Avi- son Young has brokered the sale of a 190,000-square-foot industrial port- folio in Mount Prospect within Chi- cago's O'Hare submarket. The sales price was not disclosed. The four- building portfolio is 97 percent leased to tenants such as EPP Corp., Nikuni America and Lapmaster International. The buildings include: 501 Algonquin Road (62,344 square feet), 401-411 West Algonquin Road (15,278 square feet) and 1840-1864 and 1870-1894 South Elmhurst Road (56,182 square feet in each complex). Erik Foster and Mike Wilson of Avison Young repre- sented the seller, Clear Height Proper- ties. The buyer was not disclosed. CAWLEY CHICAGO ARRANGES SALE OF 310,775 SF INDUSTRIAL BUILDING CHICAGO — Cawley Chicago has brokered the sale of a 310,775-square- foot industrial building in Chicago for an undisclosed price. High Street Realty Co. purchased the property from Westmount Realty Capital. Lo- cated at 4404 West Ann Lurie Place, the property was developed in the mid-1970s and modernized in 2010 by the previous owner, KTR Capital. Three tenants, including Gold Eagle, BT Wholesale and Southwall Insu- lating Glass, lease the building. The property, situated on 21.7 acres within the Crawford Industrial Park, features a 22-foot clear height, 69 truck docks, two drive-in doors and parking for 130 cars. Westmount acquired the property in 2014. Andrew Maletich of Cawley Chicago represented both parties in the transaction. MARCUS & MILLICHAP BROKERS SALE OF MEDICAL OFFICE BUILDING IN MOLINE MOLINE, ILL. — Marcus & Millichap has brokered the sale of Heartland Clinic and Ambulatory Surgery Cen- ter in Moline, one of the Quad Cities, for $11.6 million. The 34,020-square- foot medical office building is a multi-specialty practice that includes gastroenterology, pain management, otolaryngology, urology and nutri- tion departments. The physicians af- filiated with the clinic perform their surgeries at the on-site Regional Sur- giCenter, an ambulatory surgical cen- ter that is majority owned and oper- ated by Covenant Surgical Partners Inc. Private equity firm Kohlberg, Kravis & Roberts, a global investment firm with over $148 billion in assets under management, recently acquired Covenant. ScoĴ Niedergang and Gino Lollio of Marcus & Millichap repre- sented the physician partnership that built the property. The buyer was not disclosed. CARETRUST REIT ACQUIRES 90-BED SKILLED NURSING FACILITY IN GREENVILLE GREENVILLE, ILL. — CareTrust REIT (NASDAQ: CTRE) has acquired He- lia Healthcare of Greenville, a 90-bed skilled nursing facility in Greenville, about 50 miles east of St. Louis. The purchase price was not disclosed. The property, located at 400 E. Hillview Ave., is the only nursing home with- in a 20-mile radius that offers skilled nursing services, including neuro- muscular disorders care, amputation care, cardiac care, nutritional support, advanced wound care and enteral nu- trition, according to HFF. David Fasa- no, Ryan Maconachy, Chad Lavender and Sarah Anderson of HFF marketed the property on behalf of the seller, Palladian Healthcare. PODOLSKY CIRCLE ARRANGES $3.5 MILLION SALE OF OFFICE BUILDING IN NAPERVILLE NAPERVILLE, ILL. — Podolsky Circle has arranged the sale of 1755 Park Street in Naperville for $3.5 million. The 37,668-square-foot office building is currently 94 percent leased to a mix of local and regional tenants including a therapy practice, an executive suites operation, an IT consulting firm and a regional bank office. Alissa Adler, John Homsher and Paul Tesdal of Po- dolsky Circle represented the seller, CP Highalnds Fund LP. The company purchased the property in 2013 and began a capital improvement plan to update the property's automation sys- tems, common areas, building signage as well as tenant spaces. The improve- ments also included the addition of electric vehicle charging stations. Po- dolsky Circle Construction completed the improvements. Tony Russo of Cawley Chicago represented the buy- er, an investor whose name was not disclosed.

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