CENTREVILLE, ILL. — Construction-management firm IMPACT Strategies has begun construction on a $2.4 million expansion and renovation project at the Southern Illinois Healthcare Foundation (SIHF) Mother and Child Center in Centreville. The multi-phased project is set for completion in October. IMPACT Strategies will renovate approximately 24,000 square feet of SIHF’s current facility at 6000 Bond Ave. The renovation will include five departments. Those include pediatrics, pediatric behavioral health, adult medicine, obstetrics and dental, and the addition of an outpatient pharmacy. The project will involve five to six phases of construction to accommodate the facility’s plans to remain operational while the project is ongoing. The design-build team includes project manager Will Stadjuhar, project assistant Kari Stevens and project superintendent Larry Howard. IMPACT Strategies is collaborating with architectural design firm Bates & Associates of Clayton, Mo.
LISBON, WIS. — The Dickman Co./CORFAC International has brokered the sale of a 2,000-square-foot industrial building in Lisbon, approximately 25 miles west of Milwaukee. The property, situated on six acres of land, is located at W230 N9515 Colgate Road. Space4U LLC purchased the building and land from GRR8 Development LLC. Nick Keys and Zach Noble of The Dickman Co. were the brokers involved in the transaction representing the buyer and the seller.
LAKEVILLE, MINN. — Inland Real Estate Corp. in a joint venture with Dutch pension fund advisor PGGM has acquired Argonne Village, a 113,000-square-foot neighborhood shopping center, located in Lakeville, a suburb of Minneapolis, for $26.3 million in cash. Argonne Village is anchored by a 71,800-square-foot Cub Foods grocery store with a mix of co-tenants that include Dollar Tree, Taco Bell, Starbucks, FedEx Kinko’s, Little Caesars Pizza, Great Clips and others. The 100-percent-leased center is approximately 20 miles south of Minneapolis. The Class-A property is located off of County Road 50 and I-35W.
NEW LENOX, ILL. — Walker & Dunlop has provided a $20 million loan for the refinancing of Cottages of New Lenox, an 80-unit, 100-bed assisted living and memory care facility in New Lenox. The loan was structured with three years of interest-only payments using Walker & Dunlop¹s interim loan program. The borrower is an affiliate of a joint venture between Chicago-based Focus Healthcare Partners LLC and Artemis Real Estate Partners LLC. John Pantone led the Walker & Dunlop team that structured the loan. Located 42 miles southwest of Chicago, Illinois, Cottages of New Lenox features five stand-alone, 20-resident cottages, including one building that provides assisted living. Additional amenities include personalized care, health care coordination, chef prepared meals, housekeeping, and secure courtyards.
KENOSHA, WIS. — Rosemont, Ill.-based First Hospitality Group Inc. will manage the brand new Fairfield Inn & Suites by Marriott in Kenosha/Pleasant Prairie. Construction on Fairfield Inn & Suites by Marriott Kenosha is scheduled for later this year, with plans to open in 2016. Located in the southeast quadrant of highway 165 and I-94, the Fairfield Inn & Suites by Marriott Kenosha will feature 108 guest rooms throughout four stories and convenient amenities including an indoor pool, exercise room and business center. Along with the hotel, the owner of the property, Varin/Kenosha Hotel Partners II, is also interested in developing two adjacent restaurants on site.
OAK BROOK, ILL. — CenterPoint Properties has sold a 10-building industrial portfolio in Wisconsin. The portfolio consists of 1.74 million square feet and 116 acres of land. Erik Foster, Mike Wilson and Christy Wold of Avison Young co-brokered with Chad Vande Zande, represented CenterPoint in the transaction. The building addresses of the properties include W142 N9251 Fountain Blvd. in Menomonee Falls; 5401 W. Donges Bay Road in Mequon; 7025 W. Parkland Court in Milwaukee; 7501 N. 81st St. in Milwaukee; 11925 W. Carmen Ave. in Milwaukee; 2450 S. 170th St. in New Berlin; 16405 W. Lincoln Ave. in New Berlin; 16800 W. Ryerson Road in New Berlin; 2900 S. 160th, St. in New Berlin; and 6736 W. Washington Dr. in West Allis. CenterPoint is an owner/operator of industrial real estate property, consisting of 47.3 million square feet and 5,450 acres nationwide.
ST. PAUL, MINN. — Dougherty Mortgage LLC has secured a $31.3 million Fannie Mae loan for the refinancing of Victoria Park Apartments, a 215-unit multifamily apartment property located in St. Paul. The 12-year loan includes a 30-year amortization schedule and three years of interest-only payments. Dougherty’s Minneapolis office arranged the loan for the borrower, Victoria Park Communities LLC. Victoria Park Apartments include one-, two- and three-bedroom options. The units feature open concept floor plans and high-end finishes, including gourmet kitchens with granite countertops, designer cabinetry and energy-efficient appliances. Property amenities include outdoor swimming pool with terrace, club room with bar, fitness center, tech lounge, underground heated parking, yoga room, free bike rentals and concierge services.
KANSAS CITY, MO. — Senior Capital Advisors, representing seller Principal Senior Living Group, has sold Benton House of Shoal Creek, a 73-unit, 88-bed assisted living and memory care community in Kansas City, Mo. The facility was sold to American Realty Capital Healthcare Trust II for $28.5 million, or $390,000 per unit. Bruce Gibson, principal with Senior Capital Advisors, led the sale. Principal Senior Living Group will continue to manage the property on behalf of the new owners. The property’s all-private-pay census was above 90 percent at closing. The community opened in 2012 and was expanded in late 2014.
OVERLAND PARK, KAN. — Marcus & Millichap has brokered the $15.8 million sale of Regency Square North, a 74,085-square-foot grocery-anchored shopping center in Overland Park. The sales price equates to $214 per square foot. Built between 2001 and 2002 on more than seven acres, Regency Square North is located at 7201-7401 W. 91st St. Regency Square North is anchored by one of two Whole Foods locations currently operating in the Kansas City metropolitan area; a third is built and scheduled to open in March. Garrette Matlock of Marcus & Millichap’s Denver office represented the seller, Regency North Retail LLC, an entity sponsored through AMG National Trust Bank. The buyer, ACF Property Management Inc., represented itself in the transaction. Greg Bates of the firm’s Kansas City office is Marcus & Millichap’s broker of record in Kansas. In addition to Whole Foods, Regency Square North’s tenancy includes Cinzetti’s, a Italian restaurant offering a marketplace-style display kitchen with multiple exhibitor stations, Metcalf Discount Liquors and Hitch Fit Gym. Cinzetti’s and Metcalf Liquors are original tenants with eight years and six years remaining on their leases, respectively. Hitch Fit Gym recently leased 3,783 square feet of space adjacent to Whole Foods.
WAUKASHA, WIS. — Ogden & Co. has arranged the sale of a 44,342-square-foot industrial building in Waukasha. The property is located at 1711 Paramount Court. Paramount Court Association LLC sold the property to 1711 Paramount Court LLC. Bob Gintoft and David Tighe of Ogden & Co. represented the seller in the transaction.