CHICAGO — Acadia Realty Trust has acquired 865 W. North Avenue, a 16,000-square-foot retail property located in the Lincoln Park neighborhood of Chicago for $14.8 million. Elk Grove Village, Ill.-based Tri-equities LLC sold the two-story property, which is fully leased to Forever 21. Stephen Lieberman of Marcus & Millichap represented Acadia Realty Trust in the transaction. Brad Teitelbaum and Peter Block of Colliers International represented the seller.
Midwest
MINNEAPOLIS — Dougherty Mortgage LLC has originated a $12.1 million loan under the HUD 223(a)(7) program for the refinancing of Minnehaha Senior Living, a 77-unit seniors housing facility in Minneapolis. Dougherty's Minneapolis office arranged the 40-year, self-amortizing loan for Covenire Care Nokomis LLC. The Minnehaha Senior Living property targets residents 62 years or older. The property provides affordable housing for 20 percent of the residents at 50 percent of the area median income.
MARYLAND HEIGHTS, MO. — Prism Medical, a patient-handling equipment and mobility equipment provider, will relocate from its current 30,000-square-foot office to an 81,000-square-foot space at 10876 Metro Blvd. in the same Maryland Heights area. Prism Medical signed a 12-year lease and will add between 10 to 20 employees when the company moves in May 2014. The property was previously the home of KV Pharmaceutical Co., which was foreclosed on in August 2013. Jeff Altvater of Hilliker Corp. represented Prism Medical in the transaction, while Cassidy Turley represented the landlord.
ARNOLD AND WENTZVILLE, MO. — Ross Dress For Less has signed two leases totaling 50,000 square feet in suburban St. Louis. Ross signed a lease for 25,000 square feet at 818 Arnold Commons Drive in Arnold, located about 16 miles south of St. Louis. Arnold Triangle Development LLC owns the property. Ross also signed a lease for 25,000 square feet from THF Wentzville Two Development LLC at 1275 West Pearce Blvd. in Wentzville, located about 40 miles west of St. Louis. L3 Corp. represented Ross in both transactions.
CLEVELAND, OHIO — Noble Investment Group has acquired four Residence Inn by Marriott hotels within the Greater Cleveland area for a reported $53.4 million. The acquisition included the 174-room Residence Inn Cleveland Beachwood for $19.4 million; the 175-room Residence Inn by Marriott Cleveland Downtown for $15.4 million; the 118-room Residence Inn Cleveland Independence for $9.7 million; and the 96-room Residence Inn Cleveland Mentor for $9 million, according to Crain’s Cleveland Business. All four assets were purchased through investment funds, including NF II Beachwood LLC, NF II Cleveland LLC, NF II Independence LLC and NF II Mentor LLC, respectively. Each hotel is set to undergo significant renovations.
ROSEVILLE, MINN. — Dougherty Mortgage LLC has originated a $6.7 million loan under the HUD 223(f) program for the refinancing of Roseville Seniors in metro Minneapolis. The 127-unit rental property for residents 62 and older, as well as disabled residents, is located in Roseville. Dougherty's Minneapolis office arranged the 35-year, self-amortizing loan for Good Neighbor Senior Apartments Limited Partnership LLLP.
TERRE HAUTE, IND. — Steadfast Income REIT Inc. has acquired the second phase of Sycamore Terrace Apartments, a multifamily community in Terre Haute, for $6.7 million. The newly constructed phase adds 72 apartment homes, bringing the total project to 250 residences. The first phase of Sycamore Terrace was built in 2011, and the second phase was developed in 2013. The property includes 21 two-story residential buildings with floor plans averaging more than 1,200 square feet. Sycamore Terrace’s mix of one-, two- and three-bedroom apartments currently feature monthly rents of $1,043.
PALMYRA, MO. — Ameren Transmission Co. of Illinois (ATXI) has contracted with McGrath & Associates for $3 million of construction services to build a new substation near Palmyra, as part of the Illinois Rivers Project. McGrath’s work on the substation includes site cut and fill, 477 drilled pier foundations, transformer and switchgear foundations, underground conduits and power runs and fencing. The substation is part of ATXI’s Illinois Rivers Project, a new 380-mile, 345,000-volt transmission line that will interconnect Missouri, Illinois and Indiana. The project is expected to improve the reliability and efficiency of the electric power grid. The estimated $1.1 billion Illinois Rivers transmission project is Ameren's largest-ever transmission project.
WARREN, MICH. — A new 185,000-square-foot Walmart has opened at 29176 Van Dyke Ave. in Warren, a northern suburb of Detroit. Along with grocery and general merchandise needs, the store also offers a pharmacy with a drive-thru, a Vision Center and a Walmart Site-to-Store. The new supercenter created approximately 300 news jobs.
CHICAGO — Summit Design + Build has broken ground WhirlyBall’s new 50,000-square-foot facility located on a 1.5 acre site at 1823 W. Webster in Chicago. The new entertainment venue is adding bowling and meeting/event space for 250-plus attendees. The two-story facility will feature three WhirlyBall courts, 12 bowling lanes, a multi-level laser-tag arena, five party rooms and 5,000 square feet of office space. The full venue will have the capability to host private and corporate functions for 700-plus guests and will offer a full-service kitchen and bar. WhirlyBall will relocate from its current location at 1880 W. Fullerton Ave., which will be razed to make room for the city’s planned reconfiguration of the intersection of Damen, Elston and Fullerton avenues.