June 5, 2014 | ISSUE 342
Subscribe Free  l   News Submission  l   Contact  l   Advertise

M&M Brokers $5M Sale of 17,343 SF Net-Leased Property in Algonquin, Ill.

The Advocate Good Shepherd Outpatient Center is located at 2284 County Line Road.


ALGONQUIN, ILL. -- Marcus & Millichap has arranged the $5 million sale of a 17,343 square-foot medical facility in Algonquin, a northwest suburb of Chicago. The Advocate Good Shepherd Outpatient Center is located at 2284 County Line Road. 


The single-tenant, net-leased property is leased to Advocate Health and Hospitals Corp. The property has less than two years of lease term remaining. Advocate Health and Hospitals Corp. signed a 10-year net lease with two, five-year options to renew.  


Adrian Mendoza, Austin Weisenbeck and Sean R. Sharko of Marcus & Millichap's Chicago Oak Brook office represented the seller, a private investor.  Glen Kunofsky and Judson Kauffman of Marcus & Millichap's Manhattan office represented the buyer, a private investor in a 1031 tax-deferred exchange.

Loews to Purchase 255-Room

Graves 601 Hotel Wyndham Grand

This is the recently renovated lobby of the Graves 601 Hotel Wyndham Grand. The hotel also features two restaurants and bars, meeting and event space, a spa and fitness center.


MINNEAPOLIS -- Loews Hotels & Resorts has entered into an agreement to purchase the 255-room Graves 601 Hotel Wyndham Grand in Minneapolis from the Graves Hospitality Corp. for an undisclosed price. The acquisition is expected to close in early July. 


Graves 601 Hotel is the fourth major hotel purchase announced by Loews Hotels in the last two years. Graves 601 is located directly across the street from the Target Center and is connected by the Minneapolis Skyway System, an interlinked collection of enclosed pedestrian footbridges. 


The hotel features two restaurants and bars, more than 9,000 square feet of meeting and event space, and a recently renovated spa and a fitness center.

Bernard Financial Arranges $5.1M 

HUD Loan for Multifamily Property

Sandstone Creek Apartments is located at 1110 Jenne St.


GRAND LEDGE, MICH. -- Bernard Financial Group has arranged a $5.1 million HUD loan to refinance Sandstone Creek Apartments, a 169-unit property in Grand Ledge, a suburb of Lansing. The property is located at 1110 Jenne St. Kevin Kovachevich of Bernard Financial originated the loan for the borrower, Sandstone Creek Apartments LP.

NAI Farbman Arranges Lease 

of 14,240 SF Office Building in Michigan

Schneider will occupy space in the 696 Centre located at 27555 Farmington Road.


FARMINGTON HILLS, MICH. -- NAI Farbman has arranged the lease of a 14,240-square-foot office building in Farmington Hills for Schneider Resources Inc., a national provider of truckload, logistics and intermodal services. 


Schneider will occupy space in the 696 Centre located at 27555 Farmington Road. 696 Centre is a 266,000-square-foot, newly renovated Class A office building that features a full-service gym and cafeteria. 


Schneider Resources plans to utilize the space as a regional corporate sales office. Ninety employees will work out of Schneider's new location. Jeff Cavazos and Laney Cavazos of NAI Farbman represented the tenant. Farmington Road Office Building LLC is the landlord.

Ackerberg Arranges Lease of Two Storefront Spaces In Minneapolis

The Hennepin Curve building is located in downtown Minneapolis. a&bé bridal boutique and RE/MAX Results will occupy space at 1605 and 1609 Hennepin Ave.


MINNEAPOLIS -- The Ackerberg Group has arranged leases for two retailers in the Hennepin Curve building located in downtown Minneapolis. a&bé bridal boutique and RE/MAX Results will occupy space at 1605 and 1609 Hennepin Ave. 


Denver-based bridal boutique a&bé has signed a five-year lease for 3,086 rentable square feet of retail space.  RE/MAX Results has signed a 10-year lease for 6,874 rentable square feet of first floor and lower-level space. 


Angela Demonte of CBRE represented a&bé bridal boutique. Mark Hulsey of RE/MAX Results Commercial represented RE/MAX Results. The Ackerberg Group coordinated marketing and leasing of the storefronts.

Capital One Bank Combines Balance Sheet, Agency Lending Groups

NEW YORK CITY -- Capital One Bank has introduced Capital One Multifamily Finance, a commercial real estate organization that combines the company's balance sheet and agency lending groups into a single entity. This is the next stage in Capital One's integration of Beech Street Capital, the agency originator and servicer acquired by Capital One last year.


"These teams are already working closely together to offer our clients the best of both organizations," says Rick Lyon, head of commercial real estate banking for Capital One in New York City. "Bringing them under a single banner enhances our ability to serve clients more efficiently, while signaling to the marketplace that we intend to become an even greater force in the multifamily business."


Capital One Multifamily Finance is entering the market as top-five U.S. multifamily originator. The company will offer its expanded client base the capabilities of Capital One's Commercial Banking group in related asset classes and in services, such as treasury management.


"As a full-service provider, we have the breadth to deliver the best possible financing solution for each one of our clients," says Scott Swerdlin, senior vice president of Capital One.


The multifamily group will offer a national platform with offices across the country. Beech Street operates nine locations across the country, and Capital One offers balance sheet financing in key East Coast markets, as well as Texas and Louisiana.

Seniors Housing Business Selected
to Produce 'ASHA 50' Supplement

ATLANTA -- Seniors Housing Business, France Media, Inc.'s award-winning magazine covering the rapidly growing independent and assisted living, skilled nursing and memory care facets of the seniors housing industry, has been selected by the American Seniors Housing Association to produce this year's "ASHA 50" supplement, which ranks the 50 largest owners and managers of seniors housing.


The ASHA 50 supplement will be produced with Seniors Housing Business' August/September issue, which will also be distributed at the National Investment Center's (NIC) annual conference, the leading information and networking event in the seniors housing industry.


"We are extremely excited to work with Seniors Housing Business on the ASHA 50 rankings and we believe this 21st edition will continue the established tradition of producing authoritative rankings of the largest owners and managers of market-rate seniors housing," said David Schless, president of the American Seniors Housing Association. "The ASHA 50 supplement is a must-have publication for owners, operators, lenders and investors, and other professionals interested in understanding key trends related to seniors housing real estate."


"Seniors Housing Business is very excited to partner with ASHA on what is a "must-read" for everyone in seniors housing as well as those considering getting into this growing sector of commercial real estate," said Richard Kelley, publisher of Seniors Housing Business. "ASHA's decision to work with Seniors Housing Business is a reflection of how the magazine has become an integral part of the seniors housing industry. The ASHA 50 will not only reach all of our Seniors Housing Business circulation, but will also be mailed with the circulations of France Media's five regional commercial real estate magazines (Northeast Real Estate Business, Southeast Real Estate Business, Heartland Real Estate Business, Texas Real Estate Business and Western Real Estate Business) to give ASHA and this burgeoning asset class the widest possible exposure and reach."


For more information about the ASHA 50 supplement and Seniors Housing Business, contact Editor Matt Valley at (404) 832-8262 or mvalley@francemediainc.com. For advertising information, contact Richard Kelley at (914) 468-0818 or rkelley@francemediainc.com.


Upcoming Events

CREW St. Louis 
Exploring the Innovation 
in the Cortex Development
When: June 10, 2014
Where: Schlafly Tap Room, 2100 Locust Street, St. Louis, Mo.
CREW Network 
Spring 2014 Leadership Summit
When: June 12-13, 2014
Where: Hyatt Regency Cincinnati, Cincinnati, Ohio
4th Annual InterFace Healthcare Real Estate Carolinas Conference
When: June 11, 2014
Where: Hilton Charlotte Center City
5th Annual InterFace Carolinas Conference
When: June 11, 2014
Where: Hilton Charlotte Center City

Have an event that you would like to share with our readers? Send an e-mail with the details to 

Follow us on Twitter
Danielle Everson, Associate Editor
Heartland Real Estate Business
France Media, Inc.

Copyright © 2014 France Publications, Inc., d/b/a France Media, Inc. All rights reserved. The opinions and statements made by authors, contributors and advertisers to Heartland Real Estate Business are not necessarily those of the editors and publishers. To unsubscribe, please click on the links at the bottom of this email.