DOWNERS GROVE, ILL. — The Alter Group has announced it will develop Corridors North, a 600,000-square-foot, four-building office campus in Downers Grove, a western suburb of Chicago. The buildings will feature all-surface parking, on-site food service and a fitness center. The Alter Group will seek LEED certification for the development. The development is located at the intersection of I-88 and I-355 expressways and is part of the 108-acre Corridors – Chicago office campus.
TERRE HAUTE, IND. — Thompson Thrift Construction will begin work on the $11 million Warren Village Apartments project in Terre Haute later this month. The development will include the transformation of the vacant Warren Elementary School and an attached three-story building into 111 one-bedroom affordable apartments. Construction is slated for completion in 2015. The Warren Village Apartments project will seek LEED Silver certification. The Terre Haute Housing Authority is the developer, and Milestone Ventures Inc. is serving as a consultant. The school has been vacant since 2000.
BLUE SPRINGS, MO. — O’Reilly Development Co. has received approval from the Missouri Health Facilities Review Committee to develop a seniors housing community in Blue Springs, an eastern suburb of Kansas City. The review committee approved the application for 40 assisted living and 32 memory care units, which will be part of a larger continuum of care community. The entire seniors housing development will also include 76 independent living units. SWD Architects will design the project; Build LLC will serve as general contractor; and Arrow Senior Living will operate and manage the property. Construction is slated to begin before 2014.
DUNDEE, MICH. — The Reichle | Klein Group has arranged the $2.7 million sale of a single-tenant property in Dundee, located about 50 miles southwest of Detroit. Applebee’s occupies the 5,466-square-foot, net-leased property. Perrysburg, Ohio-based HIZ Properties II LLC sold the building, located at 119 Whitetail Drive. Joe Belinske and Marty Gallagher of Reichle | Klein Group represented the seller in the transaction.
WHITEHOUSE, OHIO — Devonshire REIT Inc. has closed $19 million in financing for a six-property retail and office portfolio in Ohio, Michigan and West Virginia. Prudential Mortgage Capital Co. provided the 10-year, fixed interest rate loan. The borrower used the loan in part to purchase Barberton Shopping Center, a 102,000-square-foot, Giant Eagle-anchored shopping center in Barberton, Ohio. Proceeds from the loan were also used to refinance a shopping center in Taylor, Mich.; a Kroger-anchor shopping center in Toledo, Ohio; South Haven Shopping Center in South Haven, Mich.; Anthony Wayne Professional Building in Whitehouse, Ohio; and a Michael’s-occupied property in Barboursville, W.V. The portfolio is valued at approximately $28.9 million.
SAUK VILLAGE, ILL. — Warehouse Specialists Inc. has purchased of a 496,260-square-foot industrial building in Sauk Village, located about 30 miles south of Chicago. The privately held logistics company is relocating its warehousing operations from 21700 Mark Collins Drive in Sauk Village to the new building at 21751 Jason Rasmussen Drive. The property includes 32-foot clear ceiling heights, 2,500 square feet of office, 50 exterior docks and two drive-in doors. Jerry Sullivan, a principal at Paine/Wetzel TCN Worldwide, represented Warehouse Specialists in the transaction. Brian Vanosky and Scott Anderson of Lee & Associates worked on behalf of the seller, Dermody Partners.
ALGONAC, MICH. — A Michigan-based private investor group has sold a 69,305-square-foot shopping center in Aglonac, 50 miles northwest of Detroit for $9.5 million. Kroger anchors the shopping center. Kevin Baker, Daniel Kukes and David Hesano of Landmark Commercial Real Estate Services represented the buyer, a non-traded REIT, as well as the seller in the transaction.
DETROIT — Marcus & Millichap has arranged the sale of an 11-property, ground-lease portfolio for $15.8 million. Convenience store chain 7-Eleven Inc. occupies the properties, which are located in Chesterfield, Clinton Township, Howell, Lenox Township, Macomb, Romulus, Shelby Township and Warren. Simon Jonna, a vice president of investments, and Raymond Jonna, an associate in Marcus & Millichap’s Detroit office, represented the seller, a Midwest-based property developer. Ronnie Issenberg, a vice president of investments, and Gabriel Britti, an associate vice president of investments in the firm’s Miami office, represented the buyer.
BLOOMINGTON, MINN. — Ryan Cos. US Inc. has begun construction on a $25 million addition to The Toro Co.’s Bloomington headquarters. The three-story add-on will span 75,000 square feet and be completed by the summer of 2014. Ryan Cos. is leading the construction project, which will give the lawn mower company more office space and additional room for testing and new product development. The facility is located 8111 Lyndale Ave., about 11 miles south of Minneapolis.
DAYTON, OHIO — The Resource Real Estate Opportunity REIT has received $8.2 million in nonrecourse financing for Cannery Lofts, a 156-unit apartment property in downtown Dayton. According to the REIT, the property was financially distressed and inefficiently operated when it acquired the note secured by the property in May 2011. After foreclosing on and obtaining the title to Cannery Lofts in June 2012, the REIT stabilized the property. The mortgage loan matures in 2020 and features an interest rate of 3.48 percent. Cannery Lofts features exposed beams and bricks, as well as restricted access entry and a 24-hour fitness center.
