EAGAN, MINN. — A joint venture between Simon and Paragon Outlet Partners has opened Twin Cities Premium Outlets in Eagan, a suburb of Minneapolis-St. Paul. The center offers 409,000 square feet of retail and is located at the intersection of U.S. Highway 13 and U.S. Highway 77. The center includes more than 100 outlet stores featuring high-quality designer and name brands. Some stores include Armani Outlets, Asics Outlet, Express Factory Store, J Crew Factory Store, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Cole Haan, Michael Kors and more. A grand opening celebration event for the new outlet center took place Aug. 14-17.
Midwest
INDIANAPOLIS — Tikijian Associates has brokered the sale of Villa Paree Apartments, a 209-unit complex in Indianapolis. EMK Property Investors purchased the property for an undisclosed price. The complex is located at the northeast corner of Kessler Boulevard and Allisonville Road. Tikijian Associates represented the seller, an Indianapolis-based private real estate investment firm, which owned Villa Paree for more than 20 years. The transaction completed a reverse 1031 tax-deferred exchange for the seller and a forward 1031 exchange for the buyer. With offices in Cincinnati and Indianapolis, EMK invests in value-add multifamily communities in Indiana, Kentucky, Ohio, Texas and other U.S markets. Barrett & Stokely Inc., a regional apartment management firm with headquarters in Indianapolis, will manage the property for the new owner.
PONTIAC, MICH. — Bernard Financial Group has secured a $1.8 million loan to refinance Walton Ridge, a 155-pad mobile home park in Pontiac. The property is situated on nearly 36 acres next to a lake and Galloway Creek. Dave Dismondy of Bernard Financial originated the loan for the borrower, Walton Development Co. LLC. Assurity Life Insurance Co. was the lender in the transaction.
OMAHA — NorthMarq Capital has arranged a $1.6 million loan to refinance the Alliance Group Office Building, a 24,304-square-foot office facility located at 2566 Leavenworth St. in Omaha. Gary Rifkin of NorthMarq Capital’s Omaha-based regional office structured the loan with a 15-year term and 15-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with Assurity Life Insurance Co.
ST. PAUL, MINN. —Marcus & Millichap has brokered the $1.5 million sale of 40,511 square feet of land located in St. Paul. Snelling Avenue Land is located at 678 Snelling Avenue South. The Water Senior Housing Group plans to redevelop the land into seniors housing. An 80-unit, four-story assisted living complex is expected to break ground next spring. Michael Ahles of Marcus & Millichap’s Minneapolis office represented the seller, Bradshaw Funeral Home Inc. The buyer, a developer, was secured by an outside brokerage. Bradshaw Funeral Home Inc. will be relocating across the street from the site.
MOUNT PLEASANT, WIS. — Land and Lakes Development Co. has selected Meridian Design Build to construct a 132,002-square-foot speculative industrial facility in Mount Pleasant, approximately 25 miles south of Milwaukee. The building will be the first in the new 60-acre Mount Pleasant Business Park, which has the potential to accommodate approximately 800,000 square feet of new development. Construction is underway at the site and the building will be available for occupancy by the end of this year. Harris Architects is providing architectural services. Pinnacle Engineering Group is completing civil engineering work.
FRIDLEY, MINN. — Marcus & Millichap has brokered the $19.8 million sale of Fridley Medical Center, a 60,476-square-foot on-campus medical office property in Fridley, approximately nine miles north of Minneapolis. Fridley Medical Center, located at 480 Osborne Road NE, is connected via a walkway to the Allina Health-owned Unity Hospital. The building is anchored by Multicare Associates, a provider owned and operated clinic with multiple locations in the Minneapolis market. Additional tenants occupying the facility include Fridley Medical Pharmacy, Virginia Piper Cancer Institute, Minnesota Oncology, MAPS Medical Pain Clinic and NovaCare Physical Therapy. Scott Niedergang and Gino Lollio of Marcus & Millichap’s Healthcare Real Estate Group in Chicago represented the seller, a partnership between a local physician group and developer, and the buyer, a healthcare real estate investment trust.
MOUNT PROSPECT, ILL. — Cushman & Wakefield has brokered the $16.2 million sale of Timberlake Apartments, a 222-unit property located at 1450 Busse Road in Mount Prospect, approximately 24 miles northwest of Chicago. The value-add property consists of 16 buildings on a 12.8-acre campus with a rentable area of 169,538 square feet. Timberlake was 97 percent occupied at the time of sale and consists of a unit mix of one- and two-bedroom apartments. Bill Montana and Chris Sackley of Cushman & Wakefield represented the seller, a private partnership. An out-of-state investor seeking to increase its presence in suburban Chicago purchased the property.
BERWYN, ILL. — Summit Design + Build LLC has been selected as general contractor for the reconstruction of a 6,500-square-foot microbrewery building in Berwyn, a suburb 10 miles west of Chicago. Big Hurt Brewhouse will be located at 6801 W. Cermak Road. The project involves the redevelopment of an existing two-story limestone building, which was originally occupied by American State Bank and most recently Berwyn National Bank, into the flagship brewhouse for Chicago White Sox legend Frank Thomas. The baseball Hall of Famer launched his line of specialty brew — Big Hurt Beer — in the fall of 2011. Construction plans call for a complete gutting of the existing building, plus an interior renovation. The new microbrewery, sports bar and grill will feature an outdoor beer garden and include 2,200 square feet of second-floor offices and a private suite. Kisarau Architect Ltd. is providing architectural services for the project, which is slated for completion this fall.
CANTON, MICH. — Nelson Properties Inc. has arranged the lease of a 12,000-square-foot retail building at Coventry Commons Shopping Center in Canton, 10 miles southwest of Livonia. Locally owned franchises Aqua-Tots Swim Schools will occupy 8,400 square feet and Funtastic Play Center Inc. will occupy the remaining 3,600 square feet at the building. Brian Tomina is the real estate developer for Aqua Tots. Terry Bixler of ROC Real Estate represented Funtastic Play Center. Matthew Schoch of Nelson Properties represented the landlord in both transactions.