INDIANAPOLIS — The city of Indianapolis has selected Meridiam to build a new justice complex. Under terms of the agreement, a Meridiam-led project company will finance, design, build, operate and maintain the new justice complex. The project calls for the consolidation of county jails, criminal courts, offices for the Marion County Sheriff’s Office, and other related offices and agencies from disparate locations around Indianapolis. The facility will also include a 3,000-bed detention facility with on-site medical and mental health units, a 960-bed community corrections facility and surface parking. It will be situated on a site located southwest of downtown Indianapolis that was formerly occupied by a General Motors stamping plant. New York-based Meridiam is an independent investment firm specializing in the development, financing, and management of long-term public infrastructure projects.
ST. LOUIS — The Masonic Temple, located at 3681 Lindell Blvd. in St. Louis, is now on the selling block. The asking price is $6 million. Hilliker Corp. agents Scott Martin, Powell Kalish and Ben Hilliker are representing the owner, the Masonic Temple Association of St. Louis. Named a city landmark in 1976, the more than 386,000-square-foot building stands 185 feet tall and has more than 6 million cubic feet of space. Construction of the Masonic Temple began in 1923 and the building was dedicated in 1926. Created by well-known architectural company Eames and Young with consulting architect Albert Groves, it features classic Greek Ionic style exterior architecture with various styles throughout the interior.
OAKBROOK TERRACE, ILL. — Marcus & Millichap has arranged the $2.2 million sale of a 2,650-square-foot, net-leased property occupied by Starbucks in Arlington Heights, a northwest suburb of Chicago. The property is located at 1808 S. Arlington Heights Road. The building includes a drive-thru. The location is a retrofit of an existing building that includes a new 10-year corporate lease with Starbucks Corp. Austin Weisenbeck, Aaron Baum and Sean Sharko of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a local developer.
CHESTERFIELD, MO. — The new $150 million Reinsurance Group of America (RGA) global headquarters will open this month in Chesterfield, a suburb of St. Louis. Fox Architects designed the 405,000-square-foot stone, glass and steel building, which is one of the largest projects in the St. Louis region since Centene Plaza was completed in 2010, and the largest local headquarters project in at least 20 years. The headquarters’ two five-story towers are linked by a two-story atrium lobby and amenities bar, which features 10,000 square feet of training facilities; a 7,500-square-foot fitness center; a 20,000-square-foot café, kitchen and barista; and a 500-seat cafeteria that can function as a 700-seat auditorium. The complex also includes 580,000 square feet of parking. Built on a 17-acre site, the complex will accommodate RGA’s workforce expansion over the next several years, and is master planned to include a third building for long-term growth. Fox Architects designed the interiors and was RGA’s consultant to international architectural firm Gensler on core and shell design. Clayco was the design-build contractor.
EAGAN AND PRIOR LAKE, MINN. — KeyBank Real Estate Capital has secured $31.7 million in Fannie Mae loans for two seniors housing communities. The properties included Keystone Communities of Eagan, which includes 129 units; and Keystone Communities of Prior Lake, which includes 107 units. Charlie Shoop of KeyBank secured financing for the borrower, Toronto, Ontario-based BayBridge Seniors Housing, in conjunction with local operator and joint venture partner Keystone Communities. The financing allowed BayBridge to refinance existing debt at low long-term, fixed interest rates and provided additional growth capital for the sponsor.
CHICAGO — Interra Realty has arranged the $2.5 million sale of a renovated 12-unit mixed-use property in Chicago. The property is located at 3023 W. Diversey Blvd. in the Logan Square neighborhood. Upgrades at the building include stainless steel appliances, granite countertops, oak floors and modern cabinetry. The building includes eight two-bedroom, two three-bedroom units, and two commercial spaces occupied by an art studio and a farm-to-table restaurant. Brad Feldman of Interra Realty represented both the undisclosed buyer and seller.
MINOOKA, ILL. — An 83-room Hampton Inn & Suites is set to open in Minooka, located approximately 12 miles southwest of Joliet. Blair Road Hotel Associates LLC is developing the $12 million project, which is a collaboration between Kinseth Hospitality, American Construction Services, Doug Bean Development and Marquette Properties Inc. The Hampton Inn & Suites, located at 621 Bob Blair Road, is the first hotel in Minooka and is expected to be open in fall 2015.
BLOOMINGTON, MINN. — NorthMarq Capital’s Minneapolis office has arranged a $203.5 million loan on behalf of an investment partnership between MetLife and Allstate Insurance Co./Allstate Life Insurance Co. for the acquisition of Normandale Lake Office Park. Northwestern Mutual is the lender. Located in the southwest suburb of Bloomington, Normandale is situated on 23 acres overlooking the 2,500-acre Normandale Lake recreational area. Amenities include a childcare facility, two full-service restaurants, conference space and two fitness centers. The complex consists of 1.7 million square feet of Class A office space in five towers, which are connected by enclosed skyways. The park is 93 percent occupied, an increase of 10 percent in the last two years. Tenants at the park include Prime Therapeutics, Aon Benfield, Schwan’s, Towers Watson, Tata Consultancy Services, Emerson Corporation and Oracle Corp. The sale was the second largest suburban office sale in the United States year-to-date in 2014. NorthMarq’s Minneapolis team also included James Hoopes, Daniel Trebil, Michael Padilla and Jon Miller.
ST. CHARLES AND INDEPENDENCE, MO. — Cassidy Turley has arranged the $53 million sale of a 619,161-square-foot retail portfolio across five states. The seven-property portfolio is 84.7 percent leased to 76 tenants. The portfolio includes Regency Square, a 49,155-square-foot retail center in St. Charles, Mo.; Independence Corners, a 72,956 square foot shopping Center in Independence, Mo.; and five more shopping center properties in Pennsylvania, South Carolina Georgia and Arizona. More than 19 percent of the portfolio is occupied by grocery stores, and other tenants include Rite Aid, Tractor Supply and Stein Mart. Cassidy Turley represented the seller, PDSI. TriGate Capital purchased the portfolio.
BURNSVILLE, MINN. — Marcus & Millichap has brokered the $7 million sale of Whispering Oaks, a 72-unit apartment property in Burnsville. The property is located at 1600 W. 143rd St. and was originally constructed as condominiums. Units include fireplaces, in-unit washers and dryers, and multiple in-unit balconies. The building itself is equipped with underground parking, a swimming pool, community rooms and an elevator. Mox Gunderson and Dan Linnell of Marcus & Millichap’s Minneapolis office represented the seller, a private investor, and the buyer, a limited liability company.