OLATHE, KAN. — KeyBank Real Estate Capital has secured a $19.5 million Freddie Mac financing for Santa Barbara Estates. The 484-pad mobile home park was built in 1972. The property is located in Olathe, approximately 20 miles southwest of Kansas City. Alex Buecking of KeyBank arranged the financing.
PLYMOUTH, MINN. — Stahl Construction has broken ground on a 56,000-square-foot performing arts center for Providence Academy in Plymouth, a western Minneapolis suburb. The new arts center will be an all light-emitting diode (LED) performance theater. Studio 55 Architects designed the building, which is being constructed over a 15-month period. The three-story building will include 600 seats, an auditorium, lobby, parking garage and mechanical and storage areas. Providence Academy is a private school for grades K-12.
CHICAGO — American Street Capital has arranged a $2.3 million acquisition loan for a multifamily property in Chicago. The property consists of 85 units and 64,390 square feet of rentable space. The borrower was undisclosed. The non-recourse CMBS loan features a 10-year term and 30-year amortization. Igor Zhizhin of America Street Capital arranged the loan.
WYANDOTTE, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 9,080-square-foot retail building located at 1079-1081 Fort St. in Wyandotte, a southern Detroit suburb. Emanuel and Joy Pasquini LLC sold the building to Wheeler’s Complete Auto Care for an undisclosed price. Wheeler’s Complete Auto Care is currently located in Lincoln Park, and the property was purchased for business expansion. Greg Hornby of Farmington Hills, Mich.-based Friedman represented both the buyer and seller in the transaction.
Milwaukee is in the midst of a new construction boom in the retail sector, with three major projects currently underway and a fourth that was delivered in 2014 for a total of more than 1.1 million square feet of new space in the market. The majority of this space is being delivered fully leased. In many cases, these retailers are brand new tenants to the Milwaukee area. In the second quarter, overall vacancy ticked up 10 basis points to 10.2 percent. However, this was mainly due to store closures and consolidation in the Milwaukee market by retailers such as Office Depot, OfficeMax, Pick ’n Save, Sears and Kmart. But don’t be rattled by the uptick in vacancies. In reality, the market is incredibly active with new tenants entering the region and several expanding. Retailers recognize that there is ample room to compete for market share in Milwaukee and the surrounding area. Many of these new retailers will come on line in large ground-up projects now underway. Here are some of the notable projects: • In Menomonee Falls, a new Costco will open this fall and anchor a 300,000-square-foot development known as White Stone Station from Cobalt Partners LLC. • The …
WAUNAKEE, WIS. — Quantum Real Estate Advisors Inc. has brokered the $1.8 million sale of a 24,960-square-foot truck terminal located at 900 Uniek Drive in Waunakee, approximately 12 miles north of Madison. The terminal is within the Waunakee Business Park. Saia Motor Freight Line occupies the single-tenant industrial building. The buyer and seller in the transaction were undisclosed. Chad Firsel of Quantum was the sole broker.
MINNEAPOLIS — City Center Realty Partners LLC has signed auditing and consulting firm PricewaterhouseCoopers (PwC) to a 66,304-square-foot office lease at Plaza Seven in downtown Minneapolis. Plaza Seven is a Class A office building located in the heart of the Nicollet Mall corridor. PwC will occupy four-and-a-half floors at the top of the mixed-use tower. The office space is 335,000 square feet and sits on top of the Radisson Blu Hotel, which recently underwent a multi-million dollar renovation undertaken by City Center Realty Partners. The Radisson Hotel occupies floors 3-16 of the Plaza Seven building, with the office tower occupying floors 17-36. The first three floors of the tower are allocated for parking. The lease term is 12.5 years, and PwC will move into its new location in mid-2016. PwC has acquired naming rights to Plaza Seven and will rename the building in the coming months. The lease signing brings the building to 100 percent occupancy. Other tenants include Epsilon, Northland Securities, Haworth Marketing + Media and Jacobs Marketing. JLL represented the owner, San Francisco-based City Center Realty Partners, in the transaction. CBRE and Frauenshuh represented PwC. Angelo, Gordon & Co. served as investment advisor to City Center Realty Partners.
NAPERVILLE, ILL. — An affiliate of Equus Capital Partners Ltd. has acquired an office building located at 55 Shuman Blvd. in Naperville, a western suburb of Chicago, for an undisclosed price. The 205,282-square-foot MetroWest building was 92 percent occupied at the time of sale. Tenants include Wells Fargo, Dun & Bradstreet, Stanley Convergent Security Solutions and UPM Kymmene Inc. Paul Lundstedt, Dan Deuter, Tom Sitz and Cody Huntermark of CBRE represented the seller, a joint venture between Franklin Partners LLC and Bixby Bridge Capital LLC. The property was built in 1986 and is situated on 11.3 acres. The 10-story office building includes a front patio, outdoor putting green, fitness center, deli, conference room and 598 surface parking spaces. The acquisition was made on behalf of Equus Investment Partnership X LP.
COLUMBUS, OHIO — Hillwood Investment Properties has acquired Rickenbacker 8, a 484,216-square-foot industrial property located in Columbus, for an undisclosed price. The Class A warehouse was completed in 2014. Hillwood Investment acquired the property from Founders Capital. Features include 32-foot clear heights, trailer storage, ESFR sprinklers and ample car parking. The building is currently available for lease. Dan Wendork, Steve Kuhr and Adam Bornhorst of JLL brokered the transaction.
ITASCA, ILL. — PREMIER Design + Build Group LLC has broken ground on a children’s pediatric medical office building in Lake in the Hills, a village in Itasca about 30 miles northwest of Chicago. The 5,118-square-foot building was commissioned by Children’s Medical Group S.C. and is slated to open in early 2016. The medical office will feature 12 patient exam rooms, two treatment rooms, a dedicated breastfeeding room and separate waiting and exam rooms for sick and well children.