CARMEL, IND. — CBRE has arranged a $50 million loan for the construction of KAR Auction Services Inc.’s new global headquarters in Carmel. Plans call for a 250,000-square-foot office building on a 13-acre site. The property is slated to open in August 2019. Nearly 1,600 of KAR’s 17,400 employees are based in Indiana. The new location will provide space for an additional 400 jobs. Michael Sherman, Irene Lu, Jason Brown and Dan Gable of CBRE arranged the loan. BBVA/Compass Bank provided the loan. The development team includes U.S. Realty Advisors, Ginovus LLC, Ice Miller, PURE Development and RATIO Architects.
GREEN OAKS, ILL. — Colliers International has brokered the sale of Green Oaks Business Center in Green Oaks, about 40 miles north of Chicago. The sales price was not disclosed. The three-building industrial portfolio totals 462,300 square feet. The facilities feature clear heights of 24 to 28 feet, ESFR sprinkler systems, 48 docks and parking for 270 autos. At the time of sale, the portfolio was 86 percent occupied by five tenants. Jeff Devine and Steve Disse of Colliers represented the seller, New York Life Investment. A comingled fund managed by Dermody Properties was the buyer.
DAVENPORT, IOWA — Dougherty Funding LLC has provided a $5.3 million loan for the construction of a Candlewood Suites in Davenport, part of the Quad Cities. The extended-stay hotel will include 71 rooms. Amenities will include a fitness room, business center, market pantry, guest laundry room, outdoor patio and barbecue area. Completion is slated for late summer 2018. CW Davenport LLC was the borrower. Loan terms were not disclosed.
TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of the Tech Arts Office building in Troy. Although the final sales price was not disclosed, the asking price was reportedly $3.6 million. Built in 1986, the 33,092-square-foot property is located at 165 Kirts Blvd. The office building was 86 percent leased at the time of sale. Mason L. Capitani represented the seller, Tech Arts LLC. Jason E. Capitani represented the buyer, Office Ventures Troy I LLC. L. Mason Capitani CORFAC International will continue to oversee leasing at the property, while its affiliate company, Liberty Property & Asset Management, will coordinate all property management services moving forward.
ST. PAUL, MINN. — CBRE, on behalf of Ford Motor Co., is seeking offers from developers for the 143-acre former Ford Motor Co. assembly plant site in St. Paul. Demolition of the assembly plant has been completed and environmental remediation is slated to be finished soon. Richard Palmiter, Brian Pankratz and Steve Lehr of CBRE Land Services began marketing the site for sale in December. Offers from interested parties are due by Feb. 23. The zoning framework for the site calls for a new mixed-use neighborhood on the banks of the Mississippi River.
MINNETONKA, MINN. — Dougherty Mortgage LLC has provided a $30.6 million Fannie Mae loan for the refinancing of Residences at 1700 in Minnetonka. The 115-unit apartment property offers convenient access to retail space such as restaurants, coffee and banking. Dougherty’s Minneapolis office originated the loan on behalf of the borrower, 1700 Plymouth LLC. The 12-year loan features a 30-year amortization schedule.
CHICAGO — Newmark Knight Frank has been tasked with completing the lease-up of 625 West Adams, a new 438,184-square-foot speculative office building in Chicago’s West Loop. A joint venture between White Oak Realty Partners, Vanderbilt Partners, CA Office and USAA Real Estate Co. owns the property, which is slated to open in April. Amenities include a fitness center, 1,000-person auditorium, tenant lounge, conference center and 400-car parking garage. Jon Cordell, Bill Rolander and Jason Houze of NKF will lead the brokerage team. Martin Wolf of Solomon Cordwell Buenz & Associates designed the property. Power Construction was the general contractor.
INDEPENDENCE TOWNSHIP, MICH. — Love Funding has provided a $20.2 million HUD loan for the construction and permanent financing of Encore at Deerhill in Independence Township. The 92-unit multifamily property will be located near the northern Detroit suburb of Clarkston. The two-bedroom units will include attached garages. Bruce Gerhart and David Strachan of Love Funding originated the loan through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. Fairview Construction Inc. is developing the property. KMG Prestige Inc. will manage the property. A timeline for completion was not disclosed.
DOWNERS GROVE, ILL. — Bianco Properties has acquired Main Street Square in Downers Grove for an undisclosed price. The 56,000-square-foot shopping center is located at the intersection of Butterfield and Finley roads near I-355. Tenants include Duluth Trading Co., H&R Block and Subway. This is Bianco’s fifth acquisition in the Chicago metro. Mid-America Real Estate Corp. brokered the sale on behalf of a Denver-based private investor, according to the Daily Herald.
EDINA, MINN. — Dougherty Funding LLC has arranged a $54.1 million construction loan for the Market Street redevelopment in the 50th and France neighborhood of Edina. A joint venture between Buhl Investors and Saturday Properties plans to develop 100 luxury apartment units, approximately 33,000 square feet of street-level retail space, 271 stalls of underground parking and a community plaza. The lender was not disclosed. Construction is scheduled to take place in two phases beginning in August, according to the Minneapolis Star Tribune.