MEIJER PLANS TO BUILD $100M DAIRY FACILITY IN OHIO
TIPP CITY, OHIO — Midwest supermarket chain Meijer has announced plans to build a $100 million dairy production facility in Tipp City, located about 15 miles north of Dayton, Ohio, according to the Dayton Business
Journal. The 85,000-square-foot facility will be built in three phases during the next three years, with one phase set to open each year. Meijer plans to hire more than 100 people, who will prepare milk and other dairy products for the chain’s Ohio stores. Meijer is a Grand Rapids, Mich.-based retailer that operates 204 supercenters and grocery stores throughout Michigan, Ohio, Indiana, Illinois and Kentucky.
HFF ARRANGES SALE OF $31.6M LOAN SECURED BY THREE MULTIFAMILY PROPERTIES
SOUTHFIELD, MICH. — HFF has arranged the sale of a $31.6 million senior mortgage loan secured by three multifamily properties located in Southfield. Providence Green, Providence Tower and Providence Place
total 1,312 units and were built between 1965 and 1968. HFF marketed the loan on behalf of a major financial institution. The lender originated the loan in 2006 to fund the acquisition of the three properties and an additional property that was later sold by the borrower. The loan is set to mature this May. As of August 2013, Providence Green (723 units), Providence Tower (242 units) and Providence Place (347 units) featured a combined occupancy of 65 percent. The properties are located near the intersection of West 9 Mile and Greenfield roads, approximately 10 miles northeast of downtown Detroit. Daniel O’Donnell, managing director, and Wickliffe Kirby, associate director, led the HFF team representing the seller.
MMCC ARRANGES $13.4M LOAN FOR SPRINGFIELD MULTIFAMILY PROPERTY
SPRINGFIELD, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a 10-year, fixed-rate loan for the acquisition of two multifamily properties in Springfield, a city in central Illinois. Rick Lynn, a director in
MMCC’s Oak Brook office, arranged the loan. James Walsh, senior vice president of investments in Marcus & Millichap’s Chicago office, represented the seller, the property’s developer. David Gaines and Alex Blagojevich, both vice presidents of investments at Marcus & Millichap, marketed the property. The Chicago-area buyer is a private investor representing his family investment trust.
QUANTUM BROKERS $7.5M SALE OF 117,000 SF RETAIL CENTER IN PEORIA
CHICAGO — Quantum Real Estate Advisors Inc. has brokered the $7.5 million sale of a 117,000-square-foot, multi-tenant retail center located in Peoria. A Milwaukee-based investment group purchased the property. Chad Firsel, president, and Daniel Waszak, senior vice president at Quantum Real Estate Advisors, represented the seller, a New York-based global financial institution.