POWELL, OHIO — Marcus & Millichap has brokered the $930,000 sale of a 6,040-square-foot, net-leased restaurant property in Powell, approximately 17 miles north of Columbus. Luce Nuovo is located at 3499 Market St. The casual dining restaurant and wine bar serves Italian and French contemporary cuisine. Justin Fenn and Dan Yozwiak of Marcus & Millichap’s Columbus office represented the seller and buyer, both limited liability companies.
INDIANAPOLIS — Mission Capital Advisors’ debt and equity finance group has arranged $31.4 million in construction financing for a 215-unit multifamily complex in Indianapolis. The financing comprised $7.1 million of institutional joint venture equity and a $24.3 million construction loan for the 225,000-square-foot project. A local sponsor is developing the project, which is located at 600 E. Michigan St. The project will comprise two, four-story multifamily structures around a landscaped courtyard with a resort-style pool, constructed over one level of subterranean parking. Brad Lyons, Ari Hirt and Steven Buchwald of Mission Capital Advisors represented the sponsor in arranging the financing with PNC Bank.
TRENTON, ILL. — Holland Construction Services Inc. has completed construction of the new Wesclin High School in Trenton. Holland served as construction manager on the $22.5 million project. The new school is more than 120,000 square feet and features two classroom wings, a media center, computer and science labs, band/chorus rooms, a stage and cafetorium, gymnasium and administrative space. The project also includes an outdoor all-weather athletic track and field facility with new grandstands and a press box. FGM Architects Inc. served as the architect on the project.
CLEVELAND — Value Place has opened a newly constructed extended-stay hotel in Cleveland. The property is located at the intersection of I-480 and Grayton Road at 20829 Emerald Parkway. The new four-story, 124-room hotel features laundry facilities, high-speed wireless Internet and modified kitchens. The hotel opened Oct. 10. This is Value Place’s 10th hotel in Ohio. A ribbon-cutting event is planned for Oct. 23.
CHICAGO — Morgan/Harbour has completed the first phase of renovations planned for Kehoe Designs in Chicago. The full-service event décor and design company will occupy space at 2555 S. Leavitt St. The firm is consolidating four locations, including its headquarters at 2108 W. Walnut St. in Chicago, and relocating to the Pilsen neighborhood warehouse. The first phase of the construction totaled 20,000 square feet and included the addition of four showrooms along with new production areas for floral, fabrics, lighting, graphics, welding, carpentry and CNC production departments. The second phase of construction, which is currently underway, will include converting 25,000 square feet of industrial space into an event space that can accommodate up to 1,000 attendees. Morgan/Harbour’s construction team includes Graeme Foster and Jerry Hawkinson. FitzGerald Associates Architects is providing the architectural services for the renovation project.
ROLLA, MO. — Marcus & Millichap has brokered the $1 million sale of a 3,727-square-foot, net-leased Burger King property in Rolla, 105 miles southwest of St. Louis. The restaurant is situated on nearly two acres located at 1022 Kings Highway, just off I-44 and U.S. Highway 63. There are currently more than 14 years remaining on the base term of the lease with 1.5 percent annual rent increases. Michael Shover, Matthew Gorman, Derrick Dougherty, Nick Skeparnias, Dean Zang, Mark Taylor and William Holman of Marcus & Millichap’s Philadelphia office, represented the seller, a limited liability company. Gorman and Shover also represented the buyer, a developer.
ST. LOUIS — Hilliker Corp. has arranged the first of three leases at former flooring stores in St. Louis. The three locations include an 8,000-square-foot building at 14336 Manchester Road, a 10,000-square-foot building at 1185 Veterans Memorial Drive, and a 22,000-square-foot building at 5244-52 S. Lindbergh Blvd. Sincerely Yours Bridal will occupy space in the 8,000–square-foot building, which will be divided into two retail spaces with 5,000 square feet still available for lease. The bridal shop is set to open by the end of this year. Hilliker Corp. broker Frank Yocum represented the landlord NICI II LLC, formerly Georgia Carpet Outlet in the leasing of the 2,900-square-foot space. Mark Kornfeld of the Sansone Group represented the tenant, Enchanted Enterprises LLC, which will do business as Sincerely Yours Bridal.
ST. LOUIS — Saint Louis University plans to add two new residence halls and complete extensive renovations to existing facilities. Phase 1 of the proposed multi-phase plan is expected to include the construction of two new residence halls on the Frost campus; renovation of the Griesedieck complex, which includes Walsh and Clemens Halls; and the conversion of SLU’s Water Tower Inn at the Medical Center into graduate housing. Details for Phase 1 — including design, scope and budget — will be determined by an oversight committee that includes student representation, SLU’s architectural and construction partners Hastings+Chivetta Architects Inc., and McCarthy Building Cos. Inc. Construction on Phase 1 is slated to begin next spring. The first new residence hall is expected to open in August 2016, and the second new hall in August 2017. Renovation of the Griesedieck Complex set for completion in August 2019. New graduate student housing in the renovated Water Tower Inn at the Medical Center is expected to open in August 2016. The Division of Student Development, assisted by Chicago-based firm Brailsford & Dunlavey, led the master planning process.
SAUGET, ILL. — Monmouth Real Estate Investment Corp. has acquired a 198,773-square-foot industrial building in Sauget for $15.2 million. The property is located at 1602 Vincent Drive and is situated on approximately 33 acres, four miles east of downtown St. Louis. The new Class A, built-to-suit distribution center is net leased for 15 years to FedEx Ground Package System Inc., a Delaware corporation. This transaction marks the second acquisition for Monmouth for fiscal year 2015, which began Oct. 1, 2014. During fiscal 2014, the company acquired $97.4 million in new Class A industrial properties totaling 1.5 million square feet.
ARLINGTON HEIGHTS, ILL. — NXT Capital has provided a $12.3 million first mortgage to finance the acquisition of a mid-rise office building located in Arlington Heights. The 136,500-square-foot property includes a five-story parking garage. The property is seven miles from O’Hare International Airport and near the interchange of several major freeways. The transaction was brought to NXT Capital by John Parrett and Molly Green of CBRE Capital Markets’ Debt & Structured Finance office in Chicago.
