ST. LOUIS, MO. — BMC Capital has arranged $3.9 million in acquisition financing for a single-tenant property in St. Louis. Patrick Short of BMC Capital’s Austin, Texas office arranged the financing for an out-of-state buyer. The 10-year loan includes a 5 percent fixed interest rate with a 25-year amortization schedule. QuikTrip fully occupies the building located at 8583 St. Charles Rock Road.
STRONGSVILLE, OHIO — HREC Investment Advisors has arranged the sale of a 306-guestroom Holiday Inn Cleveland Airport Hotel in Strongsville, a southern suburb of Cleveland. Sayre, Pa.-based Twin Tier Hospitality was the buyer. Ted Anka, vice president, and Geoff Davis, president and senior principal of HREC, represented the seller during the transaction. The Holiday Inn Cleveland Airport is located within one-half mile from Westfield SouthPark Mall, the Cleveland Metropark and the Hoover Arena by Ice Land USA.
GLENVIEW, ILL. — Regency Centers Corp. has begun development on Glen Gate, a 102,876-square-foot retail center located in Glenview, a northern suburb of Chicago. A 75,564-square-foot Mariano’s Fresh Market, slated to open in fall 2014, will anchor the shopping center. The project will also include one outlot with an additional 24,000 square feet for retail and restaurants. Glen Gate will be located on two land parcels totaling 21 acres, 7.6 of which were sold by Regency to Atlantic Realty Partners, Focus Development and The Carlyle Group, which plan to build 238 luxury apartments north of the shopping center. Situated at the northeast corner of Waukegan and Golf roads, Glen Gate is surrounded by a population of approximately 140,000 within a three-mile radius. Regency currently has more than 300,000 square feet of retail shopping centers under construction in metro Chicago.
WINONA LAKE, IND. — Holladay Properties, a South Bend, Ind.–based commercial real estate firm, has been selected to develop an 80-bed, townhouse-style dormitory for Grace College and Seminary. The new dormitory will be located at the entrance to Grace’s main campus in Winona Lake, about 40 miles west of Fort Wayne. Grace College will master lease the project from Holladay Properties to provide on-campus housing for primarily upper-classmen.
MCCOOK, ILL. — Dermody Properties and AEW Capital Management have acquired 34 acres in the McCook II Business Park in suburban Chicago. The partnership plans to develop LogistiCenter McCook, which will include two industrial properties totaling 662,7000 square feet, on the site. The project is slated to break ground later this year, with a completion date set for the third quarter of 2014. The site is located at 1st Avenue at 47th Street in McCook, about 11 miles from downtown Chicago.
WOODBURY, MINN. — Marcus & Millichap has arranged the $2.8 million sale of Ashwood Ponds, a 36-unit apartment property located in Woodbury, an eastern suburb of Minneapolis. Dan Linnell and Mox Gunderson, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a private investor, and the buyer, a limited liability company. Ashwood Ponds is located at 6725 Ashwood Road. Constructed in 1996, the multifamiliy community features six one-bedroom, 20 two-bedroom and 10 three-bedroom units.
PLYMOUTH, MINN. — NorthMarq Capital has arranged $38 million in acquisition financing for Stoneleigh at the Reserve, a 361-unit multifamily property in Plymouth, a western suburb of Minneapolis. Greg Benjamin, senior vice president, and James Hoopes, senior director at NorthMarq, arranged the 10-year loan, which includes a 30-year amortization schedule. The borrower was a division of Weidner Investment Services Inc., a Seattle-based, privately held owner of multiple multifamily properties. NorthMarq arranged the Fannie Mae loan through its affiliate AmeriSphere. Constructed in 2003, Stoneleigh at the Reserve includes four three-story buildings with numerous amenities, including an outdoor pool, community room with kitchen, gas fireplace and indoor half basketball and racquetball courts. The community also features heated underground parking, as well as cyber lounges and fitness centers in each building. The property is located at 5200 Annapolis Lane North.
BETTENDORF, IOWA — Phillips Edison–ARC Shopping Center REIT Inc. has acquired Duck Creek Plaza, a 134,229-square-foot, grocery-anchored shopping center in Bettendorf, for $19.7 million. Inland Western Bettendorf Duck Creek LLC was the seller. A 63,706-square foot Schnucks grocery store, one of the largest privately owned grocers in the Midwest, anchors the center. The 92.7 percent-occupied plaza also features a 28,270-square-foot Marshalls store and is located in the Quad Cities region that borders Iowa and Illinois.
DUBUQUE, IOWA — The Cafaro Organization has acquired a large portion of Asbury Plaza, a 700,000-square-foot regional power center in Dubuque, a city in northeast Iowa, for $12 million. The purchase includes more than 136,000 square feet, comprising 16 separate store spaces. Current tenants include Bed Bath & Beyond, Michaels Arts & Crafts, Dress Barn, Famous Footwear, Pier 1 Imports, Petco, Maurices, Sally Beauty Supply, GNC, VIP Nails and Supercuts. Asbury Plaza is located at the intersection of Asbury Road and Highway 32. The property is shadow-anchored by Hy-Vee Supermarket, Kohl’s, AMC Theater and a 114,000-square-foot Blain’s Farm & Fleet currently under construction.
CEDAR LAKE, IND. — Marcus & Millichap has arranged the $1.8 million sale of Keep It U-Lock, a 50,840-square-foot, self storage facility in Cedar Lake, a city in northeast Indiana. Sean Delaney and Matthew Duda, investment specialists in Marcus & Millichap’s Oak Brook, Ill. office, marketed the property on behalf of the seller, a private investor, in the transaction. Delany and Duda, along with Josh Caruana, a broker at Marcus & Millichap, represented the buyer, also a private investor. Keep It U-Lock is located at 13649 Wicker Ave. and includes 291 storage units, an office, a 4,000-square-foot warehouse and more than 175 RV/boat parking spaces.