May 15, 2014 | ISSUE 336
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Dougherty Arranges $21.6M HUD Loan

for Apartment Complex in Minnesota 

Southfork Village Townhomes was built in two phases in 1988 and 1990.


LAKEVILLE, MINN. -- Dougherty Mortgage has arranged a $21.6 million HUD loan for the refinancing of Southfork Village Townhomes. The 272-unit market rate townhome property is located in Lakeville approximately 26 miles south of Minneapolis.


Dougherty arranged the 35-year term HUD loan for Southfork Apartments LLC with a 35-year amortization schedule. The property features one-, two- and three-bedroom units with fully equipped kitchens, walk-in closets and carpeting. 


The community also features a clubhouse, picnic grilling areas and a pool. The townhomes were built in two phases in 1988 and 1990.  

Colliers International Leases 5,812 SF  

at Shopping Center in Ann Arbor, Mich.

FarmLogs will occupy space on the second floor in this building located at 410 N. Fourth Ave.


ANN ARBOR, MICH. -- Colliers International has arranged the lease of a 5,812-square-foot property in Ann Arbor for FarmLogs Inc. The farm management software company will occupy space on the second floor of a building located at 410 N. Fourth Ave. in the Kerrytown Market and Shops retail center. 


FarmLogs is expanding and relocating its Ann Arbor office to the new space. Brendan Cavender and Jim Chaconas of Colliers International Ann Arbor represented FarmLogs in the transaction.

Dougherty Mortgage Arranges $9.2M Refinance Loan for Ohio Apartments

Euclid Apartments is located at 27181 Euclid Ave.


EUCLID, OHIO -- Dougherty Mortgage LLC has arranged a $9.2 million loan for the refinance of a 738-unit affordable housing property in Euclid, a suburb of Cleveland. Euclid Apartments is located at 27181 Euclid Ave. Dougherty originated the 13-year loan for Euclid Leased Housing Associates I LP. 

Boulder Group Arranges $1.4M Sale 

of McDonald's Ground Lease

This 4,500-square-foot McDonald's restaurant is located along Grand River Avenue in metro Detroit.


FARMINGTON HILLS, MICH. -- The Boulder Group has arranged the $1.4 million sale of a new McDonald's ground lease in Farmington Hills. The 1.4-acre parcel is located along Grand River Avenue in metro Detroit. 


McDonald's is the sole occupant of the 4,500-square-foot building. The property is fully leased to McDonald's with 20 years remaining on the lease. The lease has escalating rents in the primary term and renewal option periods. 


Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based investment firm. A California-based high-net-worth investor purchased the property in a 1031 tax-deferred exchange.

Friedman Arranges Lease of 26,310 SF Industrial Space in Michigan

The property is located at 1949 Rochester Industrial Drive.


ROCHESTER HILLS, MICH. -- Friedman Integrated Real Estate Solutions has arranged the lease of a 26,310-square-foot industrial space in Rochester Hills, Mich. The property is located at 1949 Rochester Industrial Drive. 


Meridian Real Estate Investment LLC sold the space to Rochester Industrial Associates LLC. Phil Konopitski of Friedman represented the buyer in this transaction.

M&M Arranges $666,667 Sale 

of Apartment Building in St. Paul, Minn.

Maryland Avenue Apartments is located at 1952 & 1956 Maryland Ave.


ST. PAUL, MINN. -- Marcus & Millichap has arranged the $666,667 sale of a 17-unit apartment property located in St. Paul. Maryland Avenue Apartments is located at 1952 & 1956 Maryland Ave. East. The property features courtyard-style private entryways to one- and two-bedroom units. The property was 94 percent occupied at the time of sale. Dan Linnell of Marcus & Millichap represented the seller, a partnership, as well as the buyer, a private investor.

Cassidy Turley to Market 10-Acre Parcel for City of Champlin in Minnesota

CHAMPLIN, MINN. -- The city of Champlin, a suburb of Minneapolis, has selected Cassidy Turley to market 10 acres of a 60-acre riverfront site. The site is located at the Mississippi and Rum rivers and is across from the historic town of Anoka. Jim McCaffrey and Julie Lux of Cassidy Turley will market the land on behalf of the seller.


The city of Champlin has invested more than $15 million to acquire several parcels of land for the development of Mississippi Crossing, a proposed mixed-use project. 


The development calls for 450 new rooftops and 185,000 square feet of new commercial space. The city of Champlin is the master developer for the project and plans to sell land parcels to multifamily developers. 

Bach: April's Job Growth Will Boost
Commercial Property Leasing Market
Robert Bach
WASHINGTON, D.C. -- The U.S. economy appears to be gaining traction, boosting the outlook for the commercial property leasing market in the coming quarters, says Robert Bach, director of research for the Americas at real estate brokerage firm Newmark Grubb Knight Frank. 
Emerging from their winter hibernation, employers added 288,000 net new payroll jobs in April, according to the Bureau of Labor Statistics (BLS), easily beating economists' expectations of 220,000 jobs. 
The severe cold and heavy snow blamed for the meager U.S. GDP growth of 0.1 percent in the first quarter of 2014 is now a distant memory. The BLS also revised the February and March data higher by a combined 36,000 jobs, putting the labor market within reach of a new peak that would erase all recessionary job losses, according to Bach. 
That new peak could occur as early as the next payroll employment report due to be released by the Bureau of Labor Statistics in early June. 
The job gains in April were widespread. Among the highlights: 
* The three primary office-using sectors -- information, finance, and professional and business services -- added a combined 78,000 jobs, beating the six-month average of 52,700. "If the labor market can sustain this level of performance during the next few months, the increased hiring will begin to show up in office absorption data," says Bach. 
* Sectors related to demand for industrial space -- manufacturing, transportation and warehousing and wholesale trade -- added 39,000 jobs, indicating strong occupier demand for warehouses and distribution centers in particular.  
* Leisure and hospitality added 28,000 jobs in April, signaling continued strong performance in the lodging industry. 
* Retailers added 34,500 jobs, building on March's rebound from the weather-related losses earlier in the year. 
* Construction added 32,000 jobs, including 4,100 in construction of nonresidential buildings and 4,000 in nonresidential specialty trade contractors, a leading indicator of new commercial properties coming on line.  

Click here to read the rest of Matt Valley's story.

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Danielle Everson, Associate Editor
Heartland Real Estate Business
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