ORLAND PARK, ILL. — Premier Veterinary Group will open a 10,000-square-foot animal hospital at 7000 W. 159th St. in the Chicago suburb of Orland Park. The company is relocating from Crestwood, Ill. Iris Construction Services is the general contractor for the project. Completion is slated for August. Linda Kost and Dave Schmidt of Realty Metrix Commercial represented the tenant in the lease transaction.
The retail sector in metro Minneapolis continues to adapt to changing consumer preferences, fast-moving economic opportunities and new state laws. Over the course of 2017, the retail real estate market showed positive growth in every category. Absorption of 1.4 million square feet surpassed the 1.3 million square feet of deliveries, according to CoStar Group. The rising cost of construction, low vacancy rate (3.1 percent) and increasing rental rates are creating new barriers to entry for retail businesses. The aforementioned factors, along with a newfound confidence in the rising economy, are causing landlords of all magnitude to become more selective with the quality of tenants they accept. Landlords will continue to become more reserved with regard to the tenant allowances they provide for new tenants. We have seen retail giants such as Walmart and Target add new services that emphasize both value and convenience and bring shoppers back for quick fill-in trips. Minneapolis-based Target Corp. announced the public rollout of its Target Restock program, a next-day delivery service for household essentials that is designed to compete with Amazon’s Prime Pantry. After being beta-tested by its employees, the program is currently only available in about nine markets, but plans are to slowly …
LENEXA, KAN. — The University of Kansas Health System has signed a 105,000-square-foot office lease at 11300 Corporate Ave. in the Southlake Technology Park in Lenexa. Combined with the 67,000 square feet the health system leased in 2017, the branch is now the sole tenant in the 172,000-square-foot building. The health system uses the space for support operations. Southlake Technology Park totals 13 buildings and more than 850,000 square feet of office space. Bob Fagan and Matt Eckert of CBRE represented the health system in the lease transaction. Ned O’Connor of Waterford Property Co. LLC represented ownership, Hines and a fund managed by Oaktree Capital Management LP. The owners completed a renovation of the building in 2016.
ANN ARBOR, MICH. — Hunt Mortgage Group has provided a $16 million Fannie Mae loan for the acquisition of Woodchase Apartments in Ann Arbor. The 144-unit garden-style apartment community, located at 1100 Rabbit Run Circle, features 11 buildings and is currently 98 percent occupied. Amenities include a pool, clubhouse and laundry room. Matt Shane of Q10 | Lutz Financial Services arranged the 15-year loan, which features a 30-year amortization schedule. Woodchase Acquisition LLC was the borrower.
ST. PETERS, MO. — Knoebel Construction has completed a new $5 million Fresh Thyme grocery store in St. Peters, a suburb of St. Louis. The 28,720-square-foot store features an extensive bulk food section with more than 400 bins of items. Approximately 25 percent of the store’s floor space is dedicated to fresh produce. Approximately 95 people will work at the new store. Fresh Thyme, a Midwest-based specialty retailer, operates other St. Louis-area stores in Kirkwood, Ballwin, South St. Louis and O’Fallon, as well as Fairview Heights, Ill. InSite Real Estate was the developer. NORR was the project architect.
WAUKESHA, WIS. — Baldwin Technology Group has signed a 15,152-square-foot office lease in Waukesha, about 20 miles west of Milwaukee. The manufacturer and supplier of process-automation equipment for the printing, packaging and other industrial segments will occupy the space at 20900 Swenson Drive. Ben Anderson and Brandon Ciebell of Colliers International brokered the lease transaction. The landlord was not disclosed.
INDIANAPOLIS — CBRE has arranged a $1.6 million loan for the refinancing of Monon Station Apartments in Indianapolis. Dan Gable and Jason Brown of CBRE arranged the 10-year Freddie Mac Small Business Loan, which features a 30-year amortization schedule. Barratt Asset Management was the borrower. The 28-unit apartment property underwent a renovation in 2016.
ROCHESTER, MINN. — Bloom International Realty of United Arab Emirates plans to develop a pair of mixed-use towers along the Zumbro River in Rochester. Total project costs for the 1 million-square-foot development will be $180 million. The Rochester City Council gave the planned use for the property unanimous approval on Monday, March 19. Before the development can move forward, the council still needs to approve a land sale to Bloom and a $20 million tax increment financing package, according to the Minneapolis/St. Paul Business Journal. At full build-out, the development will include a 180-room hotel with 130 branded condominiums, a 215-unit seniors housing community and 37,000 square feet of ground-floor retail and restaurant space. The first tower will span 22 stories and the second will span 26, according to local media reports. In addition, the project will include an indoor winter garden, a public plaza on 3rd Street, a rooftop terrace park and a boardwalk that will provide access to the Zumbro Riverfront. Pittsburgh-based architecture firm AE7 is designing the project. A construction timeline for the development was not disclosed. — Camren Skelton
FORT WAYNE, IND. — HFF has arranged the sale of Jefferson Pointe in Fort Wayne for an undisclosed price. The 407,363-square-foot retail center is situated on 50 acres at 4110 W. Jefferson Blvd. Tenants at the property, built in 2000, include Carmike Cinemas, Bed Bath & Beyond, Barnes & Noble, Marshalls, Ulta Beauty, Old Navy, White House Black Market, Vera Bradley, Michaels and Tucanos Brazilian Grill. A separately owned Von Maur shadow anchors the property. The vacancy rate is around 20 percent, according to The Journal Gazette. Amy Sands, Clinton Mitchell, Barry Brown, Dave Keller and Claudia Steeb of HFF represented the seller, Institutional Mall Investors LLC, which was advised by Miller Capital Advisory Inc. Jefferson Pointe Center SPE LLC purchased the asset.
INDIANAPOLIS — KeyBank Community Development Lending & Investment has provided $17.1 million in financing for the renovation of Lakes at Crossridge, an affordable housing community in Indianapolis. Victoria O’Brien and Al Beaumariage of KeyBank originated the financing, which included a $10.2 million Freddie Mac tax-exempt loan and a $6.9 million LIHTC (Low-Income Housing Tax Credit) equity investment. Formerly known as Farmington Lake Apartments, the property features 252 units across 21 buildings. All of the one- and two-bedroom units are reserved for residents earning at or below 60 percent of the area median income. The renovation plan includes replacement of all HVAC systems, water heaters, doors and windows, and the installation of energy-efficient fixtures. Planned community improvements include a new computer lab, a key fob building entry system, new playground, bike racks, outdoor entertainment areas and a camera security system.