ALTOONA, IOWA — New England Development plans to build a 325,000-square-foot outlet center in Altoona, a suburb of Des Moines. The new facility will be located at the intersection of I-80 and U.S. Highway 65. The 32-acre Des Moines Outlets will feature approximately 75 retailers. The outlet center will be an integral part of The Shoppes at Prairie Crossing, a 174-acre, mixed-use site being developed by Heart of America Group. The Shoppes at Prairie Crossing will consist of more than 1.4 million square feet of leasable space. The Shoppes at Prairie Crossing site is adjacent to Prairie Meadows Racetrack & Casino, Adventureland Amusement Park, Bass Pro Shops and the Facebook Data Center. According to The Des Moines Register, construction on the project is expected to begin next year and will be completed in early 2016.
Midwest
LAKEMOOR, ILL. — The Boulder Group has brokered the $6.7 million sale of a 14,820-square-foot Walgreens property in Lakemoor, a Chicago suburb approximately 25 miles north of Schaumburg. Walgreens is the sole occupant of the single-tenant, triple-net-leased property, located at 28895 W. Highway 120. Walgreens has 25 years remaining on the lease that began in November 2013. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based developer, and buyer, a private investor who purchased the property in a 1031 tax-deferred exchange.
CHICAGO — J.C. Anderson has completed a 16,000-square-foot office renovation for SunTrust Bank in Chicago. The bank is relocating to the Citigroup Center at 500 W. Madison St. from another office location in Chicago. The interior build-out included the demolition of the existing space to reconstruct a new layout and customized interior. The project featured the addition of private offices, a trading area and a social media center for incoming guests. Corgan Architects provided architectural services for the project. Founded in 1811, Atlanta-based SunTrust Bank operates 1,665 retail branches and 2,924 ATMs in the United States.
MCCOOK, ILL. — Dermody Properties has broken ground on LogistiCenter McCook, a 662,700-square-foot industrial complex located at 1st Ave. and 47th St. in McCook, approximately 11 miles southwest from downtown Chicago. The first of two buildings at the complex will include 351,900 square feet at a clear height of 32 feet with 289 car parking stalls, four drive-in doors and 74 dock positions. Building two will include 310,800 square feet at a clear height of 32 feet with 343 car parking stalls, four drive-in doors and 70 dock positions. The industrial park is located at the four-way interchange of I-55 and 1st Avenue. Dermody Properties is developing the industrial park in partnership with AEW Capital Management.
HIGHWOOD, ILL. — Marcus & Millichap has arranged the $865,000 sale of a nine-unit apartment property in Highwood located approximately 30 miles north of downtown Chicago. The address of Sheridan Point Apartments is 740 Sheridan Road. The property sold in 55 days. This nine-unit building consists of a mix of one-, and two-bedroom units. Alan Katamanin of Marcus & Millichap represented the seller, a private investor. Ryan Engle and Andrean Angelov of Marcus & Millichap represented the buyer, a private investor, in the transaction.
PACIFIC, MO. — Hilliker Corp. has arranged the $365,000 sale of a 9,000-square-foot office and warehouse space in Pacific, located at 4 Midwest Drive approximately 35 miles southwest of St. Louis. Scott Martin of Hilliker Corp. represented the seller, Howard Selcke. L.T. David Gitt of KW Commercial represented the buyer, Doug and Kelly Shelton. The new owner plans to build a fence around the property and pave its gravel road and parking area. The building was originally constructed as a truck transfer warehouse and terminal. The property, which is located on a two-acre lot, includes five sets of cross-docks and a drive-in area. Approximately 4,000 square feet of the building is designated for office space. MasTec, an infrastructure construction company, will lease the 9,000-square-foot property effective June 15.
UNIVERSITY PARK, ILL. — W. P. Carey Inc. has acquired an 824,624-square-foot distribution facility in Illinois from Exeter Property Group for $48 million. The facility is located in University Park, a suburb of Chicago. The Class A property is leased to a subsidiary of The J.M. Smucker Co. for 9.5 years. The original 575,024-square-foot facility was built in 2008. In 2013, Exeter expanded the facility by 249,600 square feet to facilitate the distribution of coffee under the Folgers brand, which Smuckers acquired in 2008. The facility is one of only six distribution centers operated by Smuckers in the United States.
MINNEAPOLIS — Mid-America Real Estate – Minnesota LLC has arranged two leases for Starbucks in Minnesota. Starbucks signed a lease for 1,800 square feet at Woodbury Plaza in Woodbury, Minn., and a lease for 1,922 square feet at Crystal Gallery in Crystal, Minn. Woodbury Plaza is located at the corner of Commerce Drive and Woodbury Drive. Retailers at the 14,000-square-foot center include Target, Sam’s Club, Walmart, Staples, Goodwill and Ashley Furniture. Crystal Gallery is located at the corner of Bass Lake Road and West Broadway. Buffalo Wild Wings and Old Country Buffet are the anchors at the 92,098-square-foot center. Minneapolis-based Mid-America represented the tenant in both transactions.
BROOKLYN PARK, MINN. — WaterStone Bank has provided a $2.1 million CMBS loan to Pettibone Properties 5 LLC. The loan will refinance a 74,641-square-foot, multi-tenant industrial building in Brooklyn Park, a northwest suburb of Minneapolis. Paul Muldoon and Peter Austin of WaterStone’s Minneapolis branch originated the loan for the borrower.
ANN ARBOR, MICH. — Colliers International has arranged the lease of 14,440 square feet for Duo Security in Ann Arbor. The security company will occupy space located at 123 N. Ashley St. Duo Security is expanding and relocating their Ann Arbor office to this location and other multiple spaces. Jim Chaconas and Brendan Cavender of Colliers International Ann Arbor represented the tenant, Duo Security, and the landlord, Wickfield Properties, in the transaction.