INDIANAPOLIS — CBRE has arranged a $15 million Freddie Mac loan for the refinancing of Marina Apartments in Indianapolis. The apartment property, built in 1980, consists of 348 units. Jason Brown and Dan Gable of CBRE arranged the 10-year loan on behalf of the borrower, Zidan Management Group. The loan features a 30-year amortization schedule and a fixed interest rate of 4.2 percent.
OLATHE, KAN. — The Opus Group has broken ground on the second building at 56 Commerce Center in Olathe. The 230,122-square-foot industrial building will feature a 32-foot clear height, a front parking lot and a rear truck court. The location offers access to major interstates such as I-35, I-435 and I-49. The project is slated for completion in May 2018. This is the second phase of construction at 56 Commerce Center, a master-planned industrial development on 53 acres. The site can house up to three buildings totaling 505,000 square feet. Opus Development Co. is the developer, Opus Design Build is the design-builder and Opus AE Group is the architect and structural engineer for the project. Joe Orscheln and Mike Mitchelson of CBRE are marketing the property for lease.
ST. PETERS, MO. — Knoebel Construction has broken ground on a new Fresh Thyme Farmers Market in St. Peters, about 30 miles west of St. Louis. The $5 million project is slated for completion in winter 2018. Approximately 95 people will work at the 28,720-square-foot store. InSite Real Estate is developing the property. NORR is providing architectural services. Fresh Thyme is a specialty grocer rapidly expanding in the Midwest with other St. Louis-area stores in Kirkwood, Ballwin and O’Fallon, Mo.
NORTHBROOK, ILL. — Barnett Capital has sold a 20-property industrial portfolio to Brennan Investment Group for $84 million. Approximately 75 percent of the roughly 2.1 million-square-foot portfolio is in the Midwest. Five properties totaling 535,800 square feet are in Illinois. The largest property is a 378,325-square-foot building located at 1100 Corporate Drive in McHenry, Ill., a northwest suburb of Chicago. Developed in 1999, the property is leased to Brake Parts. Three of the properties are located in Missouri, three in Ohio, two in Indiana and one in Wisconsin. Other properties are located in Tennessee, Pennsylvania, South Carolina and Texas. The portfolio was 100 percent leased at the time of sale. Ryan Bain and Zach Graham of CBRE represented both parties in the sales transaction. Northbrook, Ill.-based Barnett Capital is the investment arm of the Barnett Family Office. Chicago-based Brennan Investment Group is an industrial property owner with nearly 29 million square feet in its portfolio.
ST. LOUIS — Great Rivers Greenway is developing the Chouteau Greenway in the core of St. Louis. The public agency is now accepting submissions for the greenway design. The conceptual plan will connect Forest Park and Washington University to the Gateway Arch grounds. Design qualifications must be submitted by Nov. 21. Four finalists will be offered a stipend to work on the design, which will be reviewed by the public and presented to a jury in late April 2018. The winning team will finalize its design in June 2018. The greenway will likely stretch five to seven miles, connecting area neighborhoods, employment centers, parks, transit and dozens of cultural and educational institutions. The Chouteau Greenway will be part of the overall network of greenways being built by Great Rivers Greenway and partners. The first segment of the Chouteau Greenway is currently under construction as part of the Transportation Investment Generating Economic Recovery (TIGER) grant project to build a new MetroLink station at the Cortex Innovation Community. The competition and resulting conceptual design will help partners determine a plan and schedule for designing and building additional portions of the overall greenway.
LAKEMOOR, ILL. — The Boulder Group has brokered the sale of a single-tenant property net leased to Walgreens in Lakemoor, about 50 miles northwest of Chicago, for $7.2 million. The 14,820-square-foot property is located at 28895 W. Highway 120. Walgreens has over 21 years remaining on its lease, which expires in October 2038. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate investment firm. An East Coast-based private investment group purchased the property in a 1031 exchange.
MILWAUKEE — The Dickman Co. Inc./CORFAC International has arranged the sale of a 117,600-square-foot industrial building in Milwuakee. The sales price was not disclosed. The property is located at 8200 N. Faulkner Road. Roger B. Siegel, Samuel M. Dickman Jr. and Samuel D. Dickman of the Dickman Co. brokered the transaction on behalf of the buyer, Faulkner Road LLC, and the seller, Faulkner Road Property LLC.
ELK GROVE VILLAGE, ILL. — Continental Bindery Corp. has purchased a new headquarters facility in Elk Grove Village for an undisclosed price. The binding firm sold its current headquarters, located at 700 Fargo Ave., and purchased a 29,856-square-foot industrial facility at 1250 Pratt Blvd. Brian Carroll and Tom Gath of Newmark Knight Frank (NKF) represented Continental Bindery in both transactions. Adam Marshall of NKF represented the Pratt Boulevard property seller, which was an affiliate of Midwest Industrial Funds. The Village of Elk Grove, represented by Chris Nelson of Lee & Associates, purchased Continental Bindery’s previous 51,412-square-foot headquarters. The city will demolish the property and construct a new fire station and training center in its place. Continental Bindery will begin occupying the new headquarters this fall.
MINNEAPOLIS — PCCP has provided a $130 million construction loan for The Legacy, a 374-unit condominium project in Minneapolis. Located at 1240 S. 2nd St. in the Mill District, the project will consist of two towers. Amenities will include a fitness center, game room, community room and two roof decks with a pool and grilling areas. Dougherty Funding arranged the loan for the borrower, a joint venture between Provident Real Estate Ventures and Shamrock Properties Inc. Riverdale Ventures Legacy LLC, an affiliate of Shamrock Development, is developing the property, which is slated for completion in summer 2018.
ST. LOUIS — Dwight Capital has provided a $63.1 million loan for the refinancing of Park Pacific Apartments in St. Louis. The property is an adaptive reuse of the historic Missouri Pacific Railroad building located downtown. Originally built in the 1920s, the property was rehabilitated into a mixed-use development in 2011. Park Pacific now features 230 luxury apartments, 48,000 square feet of Class A office space, 28,000 square feet of ground-floor retail space and a 585-space parking garage. Adam Sasouness and Josh Hoffman of Dwight Capital originated the 40-year loan. The borrower, The Lawrence Group, will use about $300,000 of the funds to improve the energy efficiency of the property.
