UNIVERSITY CITY, MO. — Urban Sprouts, a local child development center, has acquired an office and warehouse space for $405,000 in University City, an inner-ring suburb of St. Louis. The property is located at 6757 Olive Blvd. The site was the former manufacturing space for McCarthy Spice & Blends. Renovation of the new Urban Sprouts building will take place in two phases and is slated for completion by August 2017. The first $2.2 million phase will include 11 classrooms with two art studio study rooms plus an interactive kitchen for cooking. The second $1.1 million phase will include classrooms for college-level courses that Urban Sprouts will host for St. Louis Community College. Additional renovations include a natural play area, as well as an outdoor garden. Brendan O’Brien of Hilliker Corp. represented the seller, Edward and Margaret McCarthy, in the transaction. Rome West Realty’s agent Susan Sauer represented the buyer.
WHEELING, ILL. — Lynmark Group is scheduled to break ground on Wheeling Town Center, a mixed-use development in Wheeling, this fall. The development will feature a 300-unit luxury apartment building with a modern amenity package and facilities and 100,000 square feet of retail, restaurants and entertainment venues. The apartment building will offer studio, one-, two- and three-bedroom layouts, a parking garage, courtyard, pool, bocce court, a fire pit, barbecue grills, a covered gazebo bar, putting green, pergola covered dining, lounge areas, and fitness and yoga rooms. The retail portion will be anchored a 40,000-square-foot, 10-screen CMX theater, which is a high-end, dine-in movie theater. Callison/RTKL is serving as lead designer and William A. Randolph is serving as general contractor for the project.
LEE’S SUMMIT, MO. — Parrot Properties and Block & Company have received approval by the Lee’s Summit City Council for the previously announced Village at View High, a mixed-use development in Lee’s Summit. The city council approved a conceptual development plan and a change in zoning classification for the site to change it from district single-family residential to district planned mixed use. Situated on 71 acres, the $225 million development will feature 310 apartments, a 13-acre seniors housing facility, a 250,000 square feet of retail space, more than 100,000 square feet of office/medical space and entertainment and dining options. The project team includes Realtors, Engineering & Solutions, Sullivan Law, TranSystems, Hirst & Associates Architects, Bushyhead LLC, Boothe Architects and Humphrey, Farrington & McClain PC.
ROYAL OAK, MICH. — Bernard Financial has arranged a $10 million Fannie Mae DUS loan for a mixed-use building in Royal Oak. Kevin Kovachevich of Bernard Financial Group secured the financing for the borrower, Eight55 South Main Apartments LLC. The five-story building features 48 apartments and 5,509 square feet of ground-floor retail space.
KALAMAZOO, MICH. — Cohen Financial has arranged a $10 million HUD 223(f) fixed-rate loan through Pillar’s lending program for Landing Apartments in Kalamazoo. The 35-year loan will refinance the original short-term bank loan that Cohen Financial secured for the acquisition of the property. The borrower, Trillium Ventures MSV, acquired the 180-unit multifamily property in 2015. Cathy Bronkema of Cohen Financial arranged the financing for the borrower.
BLOOMINGDALE, ILL. — Brown Commercial Group represented Korpack in the lease of a 56,269-square-foot of industrial space at 290 Madsen Drive, Suite 101, in Bloomingdale. Korpack is a single-source supplier of standard and custom packaging, as well as packaging machinery and automation solutions. Additionally, the company subleased its original 18,252-square-foot headquarters at 1232 Hardt Circle in Bartlett, Ill., to an undisclosed subtenant. Dan Brown and Jim Peitrarosso of Elk Grove Village, Ill.-based Brown Commercial represented Korpack in the lease and sublease, respectively. Al Caruana of Cushman & Wakefield and Aaron Rosdal of Prologis represented the landlord, ProLogis, in the new headquarters lease.
GROVEPORT, OHIO — Hillwood has acquired Rickenbacker 717, a Class A distribution center located at 3099 Rohr Road in Groveport, south of Columbus, for an undisclosed price. Situated on 35 acres, the 717,717-square-foot building features 32-foot clear heights, a cross-dock configuration, 70 dock doors (expandable to 139), an ESFR fire protection system, 135-foot truck court depths, 50-by-60-foot column spacing, ample auto parking and 68 trailer stalls with land available for an additional 86 stalls. Additionally, the facility is in close proximity to Rickenbacker International Airport, Port Columbus International Airport, the Norfolk Southern intermodal yard and interstates 270, 70 and 71. The name of the seller was not released.
FENTON, MO. — St. Louis-based KP Development has broken ground on a $10 million speculative industrial building at the former Chrysler Assembly Plant within Fenton Logistics Park in Fenton. Situated on 12 acres, the 160,000-square-foot building will feature 16 truck docks, with expansion to 18, and be suitable for office, warehouse and multifunction use. The facility will be served by existing BNSF rail facilities and offers access to I-44 via the future Fenton Logistics Parkway. M&H Architects is serving as architect for the building, while Paric is serving as general contractor. Construction is slated for completion by late summer 2017. At build-out, Fenton Logistics Park will be a $222 million, 2.1 million-square-foot business park.
BRIGHTON, MICH. — Marcus & Millichap has brokered the sale of The Shoppes at Green Oak, a regional power center located at 6650 Whitmore Lake Road in Brighton. A private investor acquired the property for $13.1 million, or $127 per square foot. Built in 2005 on nearly 11 acres, the 103,231-square-foot center is occupied by Kohl’s, TGI Fridays, Fifth Third Bank, Wendy’s, Olive Garden and Discount Tire. Simon Jonna and Mike James of Marcus & Millichap represented the undisclosed seller, while Ashish Vakhariya, also of Marcus & Millichap, represented the buyer. Steven Chaben is Marcus & Millichap’s broker of record in Michigan for the deal.
CLEVELAND — KeyBank’s community development lending and investing group will provide $9.6 million in the form of Low-Income Housing Tax Credit (LIHTC) equity to help finance Emerald Alliance IX in Cleveland’s Union Miles neighborhood. Upon completion, the project will be renamed Inez Killingsworth Place and offer 66 units of permanent supportive housing, as well as supportive services, to chronically homeless individuals making less than 30, 50 or 60 percent of the area median income. The project is the ninth permanent supportive housing effort co-developed under the Cuyahoga County Housing First Initiative by the Cleveland Housing Network and Emerald Development and Economic Network. The Housing First model, endorsed by the National Association to End Homelessness, prioritizes securing housing for homeless individuals as quickly as possible. Ryan Olman of KeyBank closed the transaction.