WATFORD CITY, N.D. — Oppidan Investment Co. has purchased a two-acre parcel adjacent to its Pheasant Ridge Apartments in Watford City. The company plans to begin construction on a second apartment building at the site in September. The 42-unit Pheasant Ridge Apartments II will feature one-, two- and three-bedroom units. The apartment development is located at 1005 S. Pheasant Ridge Road.
GREENWOOD, IND. — New HB Acquisition LLC has sold the former Hostess Wonder Bread facility, a 19,125-square-foot building in Greenwood, about 15 miles south of Indianapolis. The freestanding building is located on two acres at 710 US 31 N. Creighton Shook and Luke Householder of Coldwell Banker Commercial Realty Services represented New HB Acquisition LLC in the transaction. Bill French of Cassidy Turley represented the buyer.
MOUNT PROSPECT, ILL. — McShane Construction Co. has completed construction on Myers Place, a 39-unit supportive apartment complex in Mount Prospect, a northwest suburb of Chicago. The multifamily community provides housing for people with mental and physical disabilities. The four-story, 41,715-square-foot apartment complex is located on a 3.7-acre site at 1585 W. Dempster St. Myers Place includes 21 furnished one-bedroom apartments and 18 studios. An individual who can live independently without assisted care occupies each unit. However, access to available supportive services is located on the first floor of the facility, if required. The first floor of the residential building also features laundry facilities, a computer room, tenant and bicycle storage areas, staff and management services offices, as well as 4,500 square feet of retail. Daveri Development Group LLC and the Kenneth Young Center developed the property. Cordogan, Clark & Associates served as the architect.
CHICAGO — The Chicago City Council has approved development plans for Vue53, a mixed-use retail and apartment project in downtown Chicago. The development team includes Mesa Development, Peak Campus Development, the University of Chicago and their financial partner, Blue Vista Capital Management. The University of Chicago administered the RFP process for the team. The development will serve the Hyde Park and Kenwood neighborhoods and will include approximately 28,000 square feet of ground-level retail, 267 apartment units and 230 parking spaces. The project builds upon efforts by the University of Chicago, the city of Chicago, and the Hyde Park community to create a mixed-use district on 53rd Street and to broaden the scope of products and services available to the Hyde Park and Kenwood communities. Vue53 is expected to break ground in early 2014 and is slated for completion in summer 2015.
COUNCIL BLUFFS, IOWA — NorthMarq’s Omaha regional office has arranged a $11.5 million first-mortgage loan for the refinancing of Valley View Apartments in Council Bluffs, located about 10 miles east of Omaha. The 258-unit, market-rate multifamily community is located at 720 Valley View Drive. Jason Kinnison, vice president at NorthMarq, arranged the 20-year, self-amortizing loan. A life insurance company provided the loan.
OLATHE, KAN. — Johnson Capital has arranged a $17.2 million loan for a 227-unit multifamily property in Olathe, about 25 miles south of Kansas City. The borrowers developed Somerset Oaks Apartments, which is located at 813 S. Mur-Len Road, in 1999. Amenities at the complex include a 24-hour fitness center, business center with wireless Internet, clubhouse and a swimming pool with waterfall and wading pool. A life insurance company provided the 25-year, fully amortizing loan. Proceeds of the loan were used to refinance existing debt. Thomas Cohen, principal, and John Schorgl, vice president at the Johnson Capital’s Kansas City office, arranged the loan.
EAST LANSING, MICH. — Arbor Commercial Mortgage LLC has funded an $8.1 million FHA 223(f) loan for the refinancing of Capitol Villa Apartments, a 172-unit apartment complex in East Lansing. The 35-year loan is self-amortizing. The complex is within walking distance to Michigan State University. Amenities at the complex include an outdoor pool, a fitness center, a computer lab, indoor bike storage, a common laundry facility, a private study room and designated picnic areas with gas grills. Michael Jehle, midwest regional director in Arbor’s Bloomfield Hills, Mich., office, originated the loan.
KANSAS CITY, MO. — Jones Lang LaSalle (JLL) has entered into an agreement to acquire Capital Realty in Kansas City. Capital Realty specializes in leasing, property management and sales of industrial, office and retail properties and project management and development services. Kevin Wilkerson, president of Capital Realty, will join JLL as managing regional director along with 24 employees from Capital Realty who will add to JLL’s existing team of industrial, office and tenant representation brokers. Wilkerson will lead the industrial team and partner with managing regional director Larry Glaze, who leads the office tenant representation team, to drive growth in the Kansas City market. Jeffrey Kembel and Phillip Algrim, senior vice presidents at Capital Realty, will join JLL as senior vice presidents. Merging operations and adding Capital Realty’s local expertise will strengthen the platform of comprehensive services the global real estate firm provides in the market, according to JLL. Capital Realty currently manages approximately 90 properties totaling 5.4 million square feet across the Kansas City area for regional and local institutional owners.
GREENFIELD, IND. — The Indianapolis office of CBRE has arranged the sale of an 115,857-square-foot light industrial center in Greenfield, a western suburb of Indianapolis. California State Teachers’ Retirement System previously owned the facility, which is located at 315 W. New Road. The buyer, Bastian Development, a division of Bastian Solutions, plans to use the center for a sales and distribution operation to expand its Indianapolis area operations. Mark Writt, a broker in CBRE’s office industrial group, marketed the property and procured the buyer in the transaction.
NAPERVILLE, ILL. — Quantum Real Estate Advisors Inc. has arranged the sale of an 82,453-square-foot shopping center located in Naperville, a western suburb of Chicago, for $24 million. The property includes four single-tenant restaurants on long-term ground leases including Zapatistas, Maggiano’s Little Italy, White Chocolate Grill and Morton’s Steakhouse. The property also features four multi-tenant buildings leased to tenants including Subway, Einstein’s Brothers Bagels, Scottrade, Jason’s Deli, Athletico and others. An institutional investment firm purchased the property, which was 95 percent leased at the time of sale. A Lemont, Ill.-based development company was the seller. Chad Firsel and Daniel Waszak of Quantum Real Estate Advisors Inc. represented the buyer and the seller in the transaction.