BURNSVILLE, MINN. — St. Louis-based Bianco Properties has acquired the property leased to Kohl’s department store in Burnsville, a suburb of Minneapolis. The acquisition of the 102,412-square-foot retail building marks Bianco’s entry into the market. The property was purchased in an all-cash transaction from an affiliate of Cole Real Estate Investments, with CB Richard Ellis representing the seller.
TOLEDO, OHIO — Health Care REIT has completed the acquisition of Sunrise Senior Living Inc. property portfolio, the sale of the Sunrise Management Co. and the acceleration of all planned joint venture partner buyouts. The Toledo-based real estate investment trust, that invests in seniors housing and health care real estate,currently has invested $3.4 billion in Sunrise properties. Bank of America Merrill Lynch acted as the exclusive financial advisor to Health Care REIT in the deal. Arnold & Porter LLP, Goodmans LLP, Nabarro LLP, Shumaker, Loop & Kendrick LLP, and Sidley Austin LLP, acted as Health Care REIT's legal advisors.
IRVING, ILL. — Hostess Brands Inc., the bankrupt maker of Twinkies, has hired privately held Hilco to help sell off its real estate and other assets as the Irving-based company liquidates in bankruptcy. Federal bankruptcy judge Robert Drain approved the appointment of Chicago-based Hilco to sell all real estate, machinery, equipment and rolling stock assets that remain in the company’s estate following court supervised auctions conducted by investment bank Perella Weinberg Partners. The auctions are expected to be completed this spring.
OAK BROOK, ILL — Inland American Real Estate Trust Inc. has acquired two necessity-based shopping centers in Oklahoma and Texas for approximately $94.7 million. The properties include Rockwell Plaza, a 254,690-square-foot shopping center in Oklahoma City and Stone Ridge Market, a 218,436-square-foot retail property in San Antonio.
MILWAUKEE — The Dickman Co. has arranged the sale of a 62,494-square-foot office building at 544 S. 1st Street in Milwaukee for $5.8 million. The single-story building was constructed in 1952 as an industrial property and was converted to an office building in 2007. Dickman Co.’s Samuel D. Dickman and Samuel M. Dickman Jr. represented the buyer and seller in this deal. The seller was 544 S. 1st Street LLC and IndependenceFirst Inc., and the buyer was an existing tenant in the building.
MELROSE PARK, ILL. — Chicago-based Podolsky Northstar Realty Partners has arranged the purchase of 17.48 acres of land in Melrose Park, Ill. The land is situated along W. North Avenue between Hawthorne and Cornell avenues just west of Chicago and was previously owned by three separate entities. The buyer, Menard Inc., will demolish the current mix of industrial and office buildings on site and use the land to build a 263,701-square-foot retail center and a 47,652-square-foot warehouse. Steven Tick of Podolsky Northstar represented Menard.
CHICAGO—A group of investors has purchased 540 West Madison in Chicago for a reported $350 million. The partnership included Joseph Mizrachi, David Werner, Eyal Ben-Yosef, David Alcalay, Bruce Wisbaum and Dr. Zvi Sharf, Carlton Associates Inc. and the investment division of Independent Health. The investors secured senior mortgage and mezzanine financing from Deutsche Bank to acquire the 1.1-milion-square-foot office tower. Jones Lang LaSalle capital markets team secured a fixed-rate, interest-only five-year loan for a reported $250 million through Deutsche Bank for the deal. The 31-story, LEED gold-certified property was completed in 2003 and is currently 91 percent leased.
OMAHA, NEB. — Broadmoor Hills II, a Class A multifamily apartment community in Omaha, has received $11.28 million in first mortgage refinancing. Financing for the 150-unit multifamily property was based on a 10-year term and a 30-year amortization schedule. John Bendon and Jason Kinnison of NorthMarq’s Omaha office arranged the loan through its seller-servicer relationship with Freddie Mac.
ST. LOUIS — McGrath & Associates has completed construction of a $1.8 million bone marrow transplant center at Saint Louis University Hospital. Located within the Saint Louis University Cancer Center, the 9,900-square-foot facility, designed by Fox Architects, is the first comprehensive outpatient bone marrow transplant center in the region. The center was constructed in an existing hospital space, and the expected open date is unknown.
BOLINGBROOK, ILL. — Penn Station Subs and Integrity Dental Associates have each signed leases for 1,600 square feet of retail space at Country Aire Commons shopping center in Bolingbrook. Both tenants are scheduled to open their doors in early 2013. Located in Country Aire Commons at 266-286 S. Weber Road, the center currently has two vacancies remaining. NAI Hiffman’s Claire Bitautas and Anne Callard represented Garber Properties, the landlord in the transaction. Bill Selonick of Newmark Knight Frank represented Penn Station Subs, and Karen Kramford of Ryan Hill Realty represented Integrity Dental.
