SHAKOPEE, MINN. — The Opus Group has entered into a contract with Capp Industries Inc. to design and construct a 121,000-square-foot speculative warehouse and distribution facility in Shakopee. The building, located at 4551 12th Ave., will be adjacent to the first phase project built by Opus for Capp Industries in 1996. The facility will include a 32-foot clear height and 50-foot-deep structural bays. Construction will begin this fall and completion is slated for January 2015. Opus Design Build LLC is the design-builder for the project. Opus AE Group LLC is the project’s architect and engineer of record. Bloomington, Minn.-based Capp Industries is the developer for the project and will own and lease the project.
Midwest
RIVER GROVE, ILL. —Marcus & Millichap has arranged the $2 million sale of 2453 N. 1st Ave., a 28-unit apartment property in River Grove. The apartment building consists of one- and two-bedroom units and features an on-site laundry facility and parking. The property is five blocks south of the River Grove Metra station, three miles from Interstate 294 and less than five miles from O'Hare International Airport. Andrean Angelov and Ryan Engle of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, as well as the buyer, a limited liability company.
REYNOLDSBURG, OHIO — Foresite Realty Partners, through its local affiliate Foresite Realty OH LLC, has arranged the sale of a 124-unit apartment property in Reynoldsburg. Independence Village Apartments is located on more than six acres and includes studio, one- and two-bedroom apartments. The property is comprised of 16 buildings and was 92 percent leased at the time of sale. A Chicago-based investor, that was looking to diversify its portfolio, purchased the property for an undisclosed sales price. Jamie Hadac, Bryan Nickow and Jo Lease of Foresite Realty OH LLC represented the seller in the transaction.
KANSAS CITY — NorthMarq Capital has arranged the $201.5 million refinancing of a 10-property portfolio. The properties include a mix of multifamily, unanchored retail and suburban offices in the Kansas City and Dallas metro areas. The portfolio consists of 2,190 multifamily units, 53,143 square feet of office space and 23,027 square feet of retail space. Greg Duvall of NorthMarq Capital’s Kansas City office structured the 25-year loan with a 25-year amortization schedule. Duvall arranged the loan for the undisclosed borrower through NorthMarq’s correspondent relationship with Allianz Life Insurance Co. of North America.
INDIANAPOLIS — Mainstreet and Heritage Enterprises will open a 65,602-square-foot, 100-bed assisted living facility in Indianapolis. Evergreen Crossing & The Lofts is set to open Oct. 1. The $13.2 million facility, located at 5404 Georgetown Road, will provide transitional care (short-stay rehabilitation and therapy) services. The facility will feature a movie theatre, game room, walking trails, as well as restaurants and an on-site chef. Construction on the project began in September 2013. Indiana-based Mainstreet developed and owns the property. Illinois-based Heritage Enterprises will operate the facility. The development is the first project between Mainstreet and Heritage Enterprises.
COLUMBUS — CASTO has completed redevelopment of an hhgregg store in northwest Columbus. Located on Sawmill Road just north of I-161/Dublin-Granville Road, the 36,851-square-foot store is adjacent to a new REI store projected to open this November. The redesigned hhgregg store opened to the public on Thursday, Sept. 18. Indianapolis-based hhgregg is an appliance retailer with 228 stores in 20 states. CASTO is a fully integrated real estate firm that specializes in the ownership, management, acquisition and development of commercial shopping centers and multi-family residences, office buildings and corporate parks.
JEFFERSON CITY, MO. — Paramount Lodging Advisors (PLA) has arranged the sale of a 70-room Holiday Inn Express in Jefferson City. A local investor purchased the property, located at 1716 Jefferson St., for an undisclosed price. The new owner will rebrand the hotel. Adam Montufar, Bennett Webster and Brent Clemens of PLA represented the seller, LNR Partners. The team completed the transaction via Auction.com.
WARREN, MICH. —Colliers International has arranged the retail lease of 2,006 square-feet in Warren. Firehouse Subs will occupy space at 32900 Dequindre Road. Barry Landau of Colliers International represented the landlord, Universal Mall Properties LLC. Landau has represented the landlord in much of its retail space leasing. Firehouse Subs is expanding throughout the metro Detroit area. This location joins 17 others throughout the state.
OTSEGO, MINN. — Duke Realty has arranged a long-term lease with Blu Dot for the development of a 150,064-square-foot, build-to-suit bulk warehouse in Otsego. The designer and distributor of modern home furnishings will occupy space on nearly eight acres in the Gateway North Business Center. Neil Kolatkar and Dan Swartz of CBRE represented Blu Dot in the transaction. Josh Budish of Duke Realty’s Minneapolis-St. Paul office represented the firm.
DOVER, OHIO — Landmark Commercial Real Estate Services Inc. has arranged the sale of the Heritage Square Shopping Center in Dover. A Florida-based private investment fund purchased the 181,732-square-foot property for an undisclosed price. Giant Eagle anchors the shopping center. Kevin Baker, Daniel Dukes and Scott Lander of Landmark represented the seller, Phillips Edison & Co. Fund III.