OTTUMWA, IOWA — Hobby Lobby has signed a lease for 55,000 square feet of retail space at Quincy Plaza, a 141,816-square-foot shopping center in Ottumwa. The retailer will occupy part of a former Kmart store beginning this fall. Other tenants at the shopping center include Famous Footwear, Rent-A-Center and Country Kitchen. Phillips Edison & Co. is the landlord.
BENSENVILLE, ILL. — Entre Commercial Realty LLC has brokered the sale of a 34,810-square-foot industrial facility in Bensenville, approximately 20 miles northwest of Chicago, for $1.4 million. NPS Express Inc. purchased the building, located at 200 Wilson Court, from RNSKR LLC. The buyer plans to develop a vacant 1.1-acre lot included in the sale into trailer parking. Tom Boucher of Entre Commercial Realty represented both parties in the transaction.
SAINT CLOUD, MINN. — Marcus & Millichap has brokered the sale of a 16-unit apartment property in Saint Cloud, approximately 65 miles northwest of Minneapolis, for $1 million. Jacob’s Square Apartments, located at 835 Driftwood Drive, offers one-, two- and three-bedroom units. Chris Collins, Adam Haydon, Evan Miller, Mox Gunderson, Dan Linnell and Josh Talberg of Marcus & Millichap marketed the property on behalf of the seller and secured the buyer. Both parties in the transaction were undisclosed private investors.
ST. LOUIS — Lawrence Group has started construction of City Foundry Saint Louis at Cortex, a $340 million mixed-use redevelopment. The building was the former site of the Federal Mogul Foundry in St. Louis, and environmental remediation work on the property is underway. The first phase of the project will include 48,000 square feet of restaurant and food hall space with approximately 20 food stalls and up to four full-service restaurants; 124,000 square feet of creative office space; 133,000 square feet of retail space accommodating up to 45 retailers; a 511-car parking garage in addition to surface spaces; a connector trail to the Great Rivers Greenway Trail System; and amenities such as public plaza spaces, bike sharing, electric recharging stations and a dedicated ride sharing drop-off. The Cortex District is a 200-acre section of Midtown St. Louis centered around several research and technology buildings. A nonprofit joint venture between Washington University in St. Louis, BJC Healthcare, University of Missouri – St. Louis, St. Louis University, and the Missouri Botanical Garden operates the district. “The City Foundry Saint Louis redevelopment represents another example of the continued investment and expansion of the Cortex brand. This will be a tremendous amenity to the …
CARMEL, IND. — Rubenstein Partners LP and Strategic Capital Partners have acquired Parkwood Crossing, a 1.2 million-square-foot office complex in Carmel approximately 25 miles north of Indianapolis, for $162.9 million. The seller, Duke Realty Corp., developed the eight-building property between 1989 and 2005. The buyers will build a standalone amenity center, which will feature dining, fitness, conference and collaboration space. The joint venture also plans to make upgrades to the buildings’ aesthetics and physical systems. JLL brokered the transaction and will serve as exclusive leasing agent for the property.
MINNEAPOLIS — Stahl Construction has been selected to build St. Louis Park, an eco-village project in Minneapolis. The mixed-use development will consist of 300 apartments (both affordable and market rate), a hotel and retail space. The development will provide 80 percent of the energy required to run the complex from renewable sources. The transit-oriented community will feature rooftop decks and a one-acre urban forest with public art. Construction on the project is slated to begin next spring. PLACE will serve as the project developer, and STANTEC will provide design services. Other parties involved include MSR Architects, Rachel Contracting, LIFT and Allianz Life.
OLATHE, KAN. — CA Ventures LLC and Pathway Senior Living have opened Travanse Living at Olathe, a 132-unit assisted living and memory care community in Olathe, approximately 25 miles southeast of Kansas City. The project is the first seniors housing community developed by CA Ventures, and is a $22 million adaptive reuse project of a former Holiday Inn. The two-story community sits on a seven-acre site near Olathe Medical Center and several medical office buildings. It features 75 assisted living units and 57 memory care units. CA Ventures owns the property, which Pathway operates. The community also features a rehabilitation facility on site — The Rehab Place at Travanse Living at Olathe — which Olathe Health System operates.
PORT WASHINGTON, WIS. — Friedman Integrated Real Estate Solutions has brokered the sale of a 67,215-square-foot retail center in Port Washington, approximately 30 miles north of Milwaukee, for an undisclosed price. PJR Properties, an affiliate of Piggly Wiggly Midwest LLC, purchased the property from CSFB 2002-CKP1 Seven Hills LLC – LNR. North Port Shopping Center, located at 101 W. Seven Hills Road, is situated on a 6.5-acre site and features tenants such as Sentry Foods, Cost Cutters, Subway, H&R Block and Arby’s. The property was sold at auction through Ten-X.com.
PEWAUKEE, WIS. — Siegel-Gallagher has arranged a 3,430-square-foot office lease in Pewaukee, approximately 20 miles west of Milwaukee. Pewaukee School District will occupy space at the building. Paul Road Properties is the landlord. Shaun Dempsey of Siegel-Gallagher brokered the transaction.
CEDAR FALLS, IOWA, AND BIG RAPIDS, MICH. — Triad Real Estate Partners has arranged the sale of two student housing properties located in Iowa and Michigan. Dispositions included Venlo Place, a 264-bed student housing community located near Ferris State University in Big Rapids; and University Mills, a 481-bed student housing property located near the University of Northern Iowa in Cedar Falls. A Grand Rapids-based development company sold Venlo Place to Vision Real Estate Investment for $9.7 million. An undisclosed owner of student housing properties sold University Mills to a Minnesota-based private investment group for $16.4 million.