BROOKLYN PARK, MINN. — Ryan Cos. has begun construction on a multi-million dollar office and manufacturing facility for Olympus Surgical Technologies America in suburban Minneapolis. Located in Brooklyn Park, Minn., the two-story, 180,000-square-foot facility will consolidate the company’s operations, currently housed in five buildings, in one building. The project is scheduled for a September 2014 completion. Ryan Cos. will provide development, architecture and engineering, construction and capital market services for the project. Other partners on the project include RSP Architects and Jones Lang LaSalle.
Midwest
ELK GROVE, ILL. — Berkadia Commercial Mortgage LLC has arranged a $43.5 million loan through Fannie Mae for the acquisition of Willow Crossing Apartments in Elk Grove Village, a northwest suburb of Chicago. Matt Greer, vice president at Berkadia, arranged the 10-year, floating-rate loan for Steadfast Income REIT. Loan terms include a 75 percent loan-to-value ratio and a variable interest rate tied to LIBOR. Located at 1031 Charlela Lane, the 579-unit building is situated on 27 acres and is 97 percent occupied. Amenities at the property include a resident clubhouse, playground and business center.
MAPLE GROVE, MINN. — The Opus Group has secured two leases for office and retail space at its Arbor Lakes development and sold 2.7 acres in Maple Grove, a northwest suburb of Minneapolis. Pro Ag Management Inc. will occupy 9,179 square feet on the second floor of the Arbor Lakes Development. With the addition of Pro Ag Management Inc., the office space is now fully leased. Additionally, Sola Salon Studios signed a lease to occupy 4,524 square feet of ground-level retail space in the same building. Opus sold 1.3 acres located at 11301 Fountains Drive North in the Fountains at Arbor Lakes development to KF Dental Co. LLC. Freddy’s Frozen Custard & Steakburgers purchased 1.4 acres located at 11600 Fountains Drive North. Colliers International represented the tenants and Opus in the leasing transactions. Ben Krsnak of Hempel Cos. represented KF Dental LLC in the land sale transaction. Zach Stensland of Colliers International represented Freddy’s Frozen Custard & Steakburgers. Chris Simmons and Kris Schisel, also from Colliers International, represented Opus in the land sale transactions.
FENTON, MO. — Gander Mountain, an outdoor speciality retailer, plans to open its first store in Missouri in the spring of 2014. The Fenton store will be located in an existing 96,000-square-foot space at the Gravois Bluffs Shopping Center. Once the remodeling is complete, the site will include 65,000 square feet of retail space. Headquartered in St. Paul, Minn., Gander Mountain Co. has 131 locations in 24 states. In addition to the Fenton location, new stores are planned for Indiana, North Carolina, Texas, Alabama, Georgia and Florida in 2014.
OAK BROOK, ILL. — Inland Diversified Real Estate Trust Inc., a public non-listed REIT, has agreed to sell 84 single-tenant properties for approximately $503 million to Escondido, Calif.-based Realty Income Corp. The properties are located in 22 states and include 16 tenants in 12 different industries. The portfolio consists of net-leased properties that include primarily retail, industrial and distribution locations. The average lease term of the properties currently stands at 13.7 years. The transaction is expected to close during the first quarter of 2014.
OMAHA — NorthMarq Capital has arranged $12.9 million in Freddie Mac loans for the refinancing of Briarwood Apartments, Willow Park South Apartments and Loveland Apartments in Omaha. All of the loans include a 10-year term with a 30-year amortization schedule. T & H Realty Investors LP, the owners of the 312-unit Briarwood Apartments, received a $6.6 million loan. GC Apartments LLC received a $2.9 million loan for Willow Park South Apartments, a 68-unit multifamily property located at 6123 South 96th Court. Howard Street Apartments LLC, the owners of the 72-unit Loveland Apartments, received a $3.4 million loan. John Bendon, senior vice president and managing director, and Jason Kinnison, vice president of NorthMarq’s Omaha regional office, arranged the loans.
PLOVER, WIS. — Marcus & Millichap has arranged the $6.1 million sale of a 47,217-square-foot retail property in Plover, a city in central Wisconsin. Adam Connor, an investment specialist in Marcus & Millichap’s Milwaukee office, marketed the property on behalf of the seller, a developer, and represented the buyer, a REIT. TJ Maxx, Staples and Maurices occupy the property located at 1240 Commons Circle.
ST. LOUIS — GL Group Inc., a nearly 40-year-old local book wholesaler, has signed a two-year lease for a 38,000-square-foot building in the Midtown area of St. Louis. The company is moving from its previous book binding facility in Steelville. The new facility is located a few miles from GL Group’s corporate headquarters at 5111 Southwest Ave. and its 67,000-square-foot Booksource division located at 1230 Macklind Ave. Hilliker Corp., represented the tenant and the landlord in the transaction.
GRETNA, NEB. — Developer OTB Destination LLC has completed the 350,000-square-foot Nebraska Crossing Outlets in Gretna. The $112 million project is situated 20 miles southwest of Omaha at the intersection of I-80, Highway 6 and Highway 31. The development features more than 70 tenants, including Eddie Bauer Outlet, Nike Factory Store, Polo Ralph Lauren Factory Store, Tommy Bahama, Cole Haan Outlet, J.Crew Outlet and Coach Factory Store. Nebraska Crossing Outlets also includes a center courtyard and additional public spaces. The design is a modern interpretation of rural Nebraskan architecture, according to Cleveland-based ka, which provided planning and design services for the project. The company collaborated with Avant Architects of Omaha. Nebraska Crossing Outlets celebrated its grand opening in November.
ST. LOUIS — Village Green has broken ground on an 82-unit luxury apartment building in Central West End of St. Louis. West End Apartments is an addition to the existing 318 apartments in three historic high-rises, and the community will now be known as Central West End City Apartments. During construction of the new apartment building, renovations will be made to the historic apartment amenities and common areas, including the expansion of the pool and a new community entrance. Floor plans range from 400-square-foot studios to 4,000-square-foot penthouses. Apartments will feature wood floors, custom closets and 9-foot to 20-foot ceilings. The project is slated for completion in the fourth quarter of 2014. Village Green is a developer based in Farmington Hills, Mich.