SCIO TOWNSHIP, MICH. — Forum Group, an NAI Farbman Group partner, has arranged the sale of an 8,000-square-foot retail building in Scio Township, five miles west of Ann Arbor. The sales price was not disclosed. The Class A building is located at 120 S. Zee Road, and is fully occupied by Starbucks, Jimmy John’s, Verizon and Kim’s Spa. Thomas D. Lasky of Forum Group represented the buyer, LPH Ventures LLC. Marcus & Millichap represented the undisclosed seller.
LEE’S SUMMIT, MO. — National American University has entered into a 7,235-square-foot lease in Lee’s Summit, about 20 miles southwest of Kansas City. The university will occupy the space in the Murray Road I Building located at 401 NW Murray Road for additional classroom space. John DeHardt of Kessinger/Hunter negotiated the lease.
OVERLAND PARK, KAN. — NorthMarq Capital has arranged a $46.5 million loan for the acquisition of Residences at Prairiefire in Overland Park. The 426-unit multifamily property is located at 5750 W. 137th St. The 10-year loan features a 30-year amortization schedule. NorthMarq arranged the financing through Fannie Mae. The borrower was a joint venture between a local Kansas City-based sponsor and a national private equity real investment manager. The private equity firm invested on behalf of a large municipal retirement fund.
MUNSTER, IND. — Vista Capital Co. has arranged a $9.3 million loan for the refinancing of the Hampton Inn & Suites in Munster. Opened in 2004, the 91-room hotel is located 25 miles from Chicago. A European-based investment bank provided the 10-year loan. The borrower was not disclosed.
OMAHA, NEB. — Darland Construction Co. has partnered with BCDM Architects and Omaha Public Schools to build a school for students with special needs. J.P. Lord School will be relocated from its current location at the University of Nebraska Medical Center’s main campus to a new location near 45th and Marinda streets. The 45,000-square-foot school will feature handicap accessible hallways and classrooms, multi-sensory elements, a therapy pool and mobility devices throughout. The school serves students ages five to 21, and the new location is slated to open in the fall of 2018.
TOPEKA, KAN. — Simmons Pet Foods has signed a 42,960-square-foot industrial lease in the Forbes Industrial Park in Topeka. The building is located at 7215 SW Topeka Blvd. Jerry Fogel of Kessinger/Hunter negotiated the lease transaction. The Arkansas-based pet food manufacturer also maintains an operations plant in Emporia, Kan.
MILWAUKEE — MPI Corporate Holdings Inc. has entered into a 6,500-square-foot office lease in Milwaukee. The investment holding company will occupy space at 1123 N. Water St. Matt Fahey and Ben Anderson of Colliers International brokered the lease transaction. MPI currently maintains an office in Indianapolis.
Ben Franklin, one of our nation’s Founding Fathers, famously said, “Well done is better than well said.” Milwaukee has a long history of ideas that are well said. There is no shortage of opinions and sound ideas on how to attract companies to the city, how to improve the public transportation system and how to get more people to live in the city. But these well-intentioned ideas, more often than not, don’t get implemented. Finally, after a decade of virtually no new development, things are happening. In the August 2015 issue of this magazine, I wrote a column focusing on development in downtown Milwaukee titled “Proposed New Arena for Milwaukee Bucks Could Lead to a Development Run.” Indeed, that’s what is happening. After much debate, the arena is finally under construction. It will span 715,000 square feet and hold 17,500 people. Just as impressive is the ancillary development surrounding the arena, including the Froedtert & the Medical College of Wisconsin Sports Science Center that will serve as the new practice and training facility for the Milwaukee Bucks as well as a health center. The new Arena District will also be home to a “live block” comprised of four to five …
INDIANAPOLIS — Huff, Niehaus & Associates Inc. has brokered the sale of the Holiday Inn Express Indy NW-Park 100 in Indianapolis for $6 million. Park Property Investments LLC purchased the 121-room hotel, with plans to convert the property into a Best Western Plus by the end of the year. Brandt Niehaus of Huff, Niehaus & Associates represented the undisclosed seller in the transaction.
MINOOKA, ILL. — Molto Properties has acquired a 79-acre land site in Minooka, about 28 miles south of Naperville. The site is situated along the I-80 corridor at McLindon Road. Oakbrook Terrace, Ill.-based Molto Properties plans to develop a 1.3 million-square-foot industrial building at the site. Jim Estus of Colliers International represented Molto Properties in the transaction, while Lynn Reich of Colliers International represented the undisclosed seller.