INDEPENDENCE, MO. — Overland Property Group has celebrated the opening of Gardens at Jackson Creek, a $10 million seniors living facility in suburban Kansas City. The new apartment community, located at 19401 E. 40th St. Court in Independence, features 46 one-bedroom units and 67 two-bedroom units. Williams Spurgeon Kuhl & Freshnock Architects led the design team for the 115,000-square-foot facility. One-bedroom floor plans range from 576 to 594 square feet with monthly rents starting at $1,025. Two-bedroom units range from 765 to 795 square feet with rents starting at $1,250. Apartments feature raised-panel wood doors, wood-grained vinyl plank flooring, granite countertops, walk-in closets, washers and dryers, custom cabinets and nine-foot ceilings.
Midwest
CHELSEA, MICH. — Sperry Van Ness / Property Investment Advisors LLC has arranged the $6.4 million sale of a 50,000-square-foot Polly’s Country Market in Chelsea, a city located about 15 miles west of Ann Arbor. The sale price equates to $128 per square foot, an 8 percent cap rate. Marsolin Holdings LLC, a local investor, purchased the net-leased property. Robert Pliska of Sperry Van Ness represented the seller, a Pontiac, Mich.-based trust, in the transaction. The grocery store is on a long-term lease with the new owner.
MILWAUKEE —The Dickman Co. Inc./CORFAC International has completed the sale of an 88,368-square-foot industrial building located at 7500 N. 81st St. in Milwaukee. Gordon Family LP sold the property to 7500 North 81st Street LLC. Samuel M. Dickman Jr., Samuel D. Dickman and Dave Hazenfield of The Dickman Co. Inc. arranged the sale. The purchase price was not disclosed.
KENOSHA, WIS. — Medtorque has leased a 20,600-square-foot industrial building located at 5601 95th Ave. in Kenosha, located about 38 miles south of Milwaukee. Mike Prost, Sergio Chapa and Jim Kettinger Jr. of Lee & Associates of Illinois LLC represented the building’s ownership, CenterPoint Properties, in the transaction.
ST. LOUIS — KBS Legacy Partners Apartment REIT, a Newport Beach, Calif.-based public non-traded REIT, has purchased the 200-unit Lofts at the Highlands apartment community in St. Louis for $41.8 million. The Class A property, which totals 246,612 square feet, was 80 percent occupied at the time of sale. Built in 2006, the complex consists of two five-story buildings and is located between downtown St. Louis and the Clayton business district. Mills Properties Inc. will manage the property.
CLARKSVILLE, IND. — Jeff Hudson and his team at George Elkins Mortgage Banking Co. has arranged $18 million in first-mortgage debt to refinance a portion of the 872,000-square-foot River Falls Mall in Clarksville. Developed in 1990 as an indoor regional mall, the property was later redeveloped as an open-air shopping center in 2005. Major tenants of River Falls Mall include Dick’s Sporting Goods, HH Gregg, JoAnn’s Fabrics, Louisville Athletic Club, Old Time Pottery, Value City and Gordman’s. Columbus Pacific acquired the property in December 2011. The financing, which was provided through a CMBS lender as a 10-year, fixed-rate loan with a 30-year amortization schedule, was used to retire the existing debt on the property.
CHICAGO — Brokerage firm @properties Commercial has arranged the $4.5 million sale of a 37,200-square-foot loft office building at 311 N. Aberdeen St. in Chicago. Rick Kosberg of @properties Commercial represented the buyer, N.C. LLC. Denis Ascot of Ascot Realty Group Inc. represented the seller, 311 N. Aberdeen LLC, in the transaction. The property includes a four-story brick building with a lower-level parking garage. The building was 85 percent leased at the time of the sale.
KANSAS CITY — Block & Co. Inc. Realtors has arranged the $2.6 million sale of two buildings near Kansas City's Westport entertainment district. The first property, located at 3947 Broadway St., is home to DaVita Dialysis. 5265 Vance LLC purchased the 7,672-square-foot building for $2.2 million. Max Kosoglad of Block & Co. represented the seller, UC1 LLC, in the transaction. The second property is located at 1913-1915 W. 43rd Ave. Manica Real Estate LLC purchased the two buildings, which total 8,500 square feet, for $400,000. The property will now serve as the new headquarters for Manica Architechture. Max Kosoglad and David Block of Block & Co. represented the seller, 43rd Avenue LLC, in the transaction.
INDIANAPOLIS — Hamilton Point Investments has sold Woodbrook Apartments, a 196-unit community located directly on Georgetown Road in Indianapolis, to CAPREIT for $6.7 million. Hamilton Point purchased Woodbrook as a distressed asset in March 2011 from a lender. The property was repositioned, stabilized and brought to market in early 2013.The Philadelphia-based owner and management company plans to further reposition the property by updating the clubhouse, adding new landscape and renovating the interiors of select units. Tikijian Associates represented the seller, Hamilton Point Investments, a Connecticut-based owner and management company, in the transaction. Oak Grove Capital arranged the acquisition financing through Freddie Mac.
SOUTH BEND, IND. — Triad Real Estate Partners has arranged the $5.3 million sale of Darby Row and The Belfry, a two-property, 71-bed student housing portfolio serving the University of Notre Dame in South Bend. The sale price represents a 7.74 percent capitalization rate. Locally based Holladay Properties developed the property in 2012 and 2013. The buyer is a relatively new student housing investment company based in Southern California that is looking to expand its Midwest footprint. Both properties are located within walking distance to campus and were fully leased for the 2013-14 school year.