ANN ARBOR, MICH. — Seva Restaurant has signed an eight-year lease for 5,500 square feet at Westgate Shopping Center in Ann Arbor. Jim Chaconas and Brendan Cavender of Colliers International Ann Arbor represented the landlord, Westgate Shopping Center, and the tenant in the transaction. Seva Restaurant is a local vegetarian eatery currently based in downtown Ann Arbor.
CHICAGO — Related Midwest has completed its redesign of The Grant, a 54-story condominium tower in downtown Chicago. Located at 1201 S. Prairie Ave. and named for its proximity to Grant Park, The Grant features redesigned residences and common areas and more amenities and services. Amenities at the tower include a fitness center with an indoor pool, hot tub, locker rooms, a screening room and lounge with projection screen, a pet grooming area and outdoor dog park. The condominium tower is one of three previously stalled South Loop towers taken over by Related Midwest last year and relaunched this spring as the South Loop Luxury by Related collection. Residences at The Grant range from 1,207 to 3,000 square feet and are priced from the $300,000s to more than $2 million. Related Midwest teamed up with Simone Deary Design Group to redesign the building’s common areas and amenity spaces.
CHICAGO — Sperry Van Ness Chicago Commercial has completed the sale of a mixed-use property in Chicago's West Loop for $3.4 million. The 23,000-square-foot property, located at 413 N. Carpenter/410 N. Morgan, includes 10 loft-style apartments, approximately 11,000 square feet of commercial space and an adjacent 30-car parking lot. Previously owned by a division of Chicago-based Ansley Materials, the property was purchased by an entity controlled by Skokie, Ill.-based Ravine Park Partners. Wayne Caplan of Sperry Van Ness was the sole broker in the transaction.
PLAINFIELD, IND. — USAA Real Estate Co. has hired Cassidy Turley to manage three industrial buildings in metro Indianapolis totaling more than 2 million square feet. This portfolio marks Cassidy Turley's first partnership with USAA Real Estate Co. in the Indianapolis region. The properties in Plainfield include the 493,000-square-foot Plainfield Distribution Center at 2150 Stanley Drive; the 770,640-square-foot GreenParke at Airwest at 3747 Plainfield Road; and the 804,586-square-foot Airwest Distribution Center at 2801 Airwest Blvd. Leading the assignment for Cassidy Turley will be Timothy Michel, senior managing director and principal; Cheri Shepherd, managing director and principal; and Tracy Johnson, property manager. Additionally, Luke Wessel, senior managing director and principal at Cassidy Turley, will lead leasing efforts at GreenParke at Airwest.
PLAINFIELD, IND. — The Opus Group plans to develop and construct two speculative industrial warehouse buildings totaling 924,530 square feet at the Plainfield Business Center in Plainfield, a western suburb of Indianapolis. Milwaukee-based Northwestern Mutual will own the buildings. Construction on both buildings began in early July. Located on 52 acres of land north of I-70 near downtown Indianapolis, the project includes two side-by-side warehouse buildings known as Airwest 12, totaling 448,305 square feet, and Airwest 13, totaling 476,225 square feet. The project is slated for completion in spring 2014. Opus Development Co. LLC is the developer, Opus Design Build LLC will serve as the design-builder and Opus AE Group LLC is the project architect.
MAPLE GROVE, MINN. — SilverCrest Properties LLC and Ryan Cos. have purchased land in Maple Grove, a northwest suburb of Minneapolis, to co-develop a new 260,000-square-foot senior living community. Phase I of the two-phase development is a $34 million campus situated on nine acres at WeaverLake Road and Main Street. The four-story building will include 182 units and feature a mix of independent living, assisted living and memory care. The City of Maple Grove sold the land to SilverCrest and Ryan Cos. Construction for Phase I is scheduled to begin in September. The architectural design team on the project is Harriss Architects and Pfister & Associates.
CLEVELAND, OHIO — KeyBank (NYSE:KEY) has closed a transaction to provide New Markets Tax Credit (NMTC) financing to the $21 million second phase of the University Circle Uptown development, a mixed-use and student housing project in Cleveland. The NMTC program, which was established in 2000 as part of the Community Renewal Tax Relief Act 2000, provides tax credit incentives to investors for equity investments in low-income communities. KeyBank provided $9 million in NMTC loans and nearly $9 million in NMTC equity to the entire Uptown development. The second phase of the development will include retail and 50 dorm spaces for the Cleveland Institute of Art, providing nearly 130 beds for students. The property will also provide 40 additional units of traditional student housing and more than 20,000 square feet of ground-level retail space, including a new Corner Alley bowling alley. MRN Ltd. is developing the second phase, which is currently under construction.
SOUTH HAVEN, MICH.— Devonshire REIT Inc. has acquired the 40,040-square-foot South Haven Shopping Center, located about 50 miles southwest of Grand Rapids. The purchase price was undisclosed. Dollar Tree and Dunham’s Sports co-anchor the shopping center, which is fully leased. FirstMerit Bank, a division of FirstMerit Corp., provided the financing. Chris Campbell, president and CEO of Devonshire, says the sale includes an 11 percent capitalization rate.
DECORAH, IOWA — The Opus Group has completed construction on a new 17,800-square-foot aquatic center at Luther College in Decorah, located about 70 miles north of Waterloo. The new center houses an eight lane, 25-yard competition pool and a 13-foot deep diving well with one- and three-meter springboards. Features of the new facility include a state-of-the-art timing system, a large LED scoreboard, space for 280 spectators and an advanced water filtration system. The diving pool is equipped with a soft water landing system, which can be turned on to provide divers a softer landing during practice. The new building is an addition to the Regent’s Center, which houses a gymnasium, fitness center, field house and new multi-use court, which replaced the previous pool. Construction of the aquatic center began in September 2012 and was completed in June. Opus Design Build served as the design-builder on this project and, Opus AE Group served as the architect and structural engineer.
MINNEAPOLIS — Capital Advisors has arranged a $57.5 million loan for the refinancing of the 229-room W Minneapolis – The Forshay. The borrower is a partnership between RWB Holdings Inc. and Ryan Cos. US Inc. The 32-story hotel is located at 821 Marquette Ave. in downtown Minneapolis and features 212 guest rooms and 17 suites, which include private dining areas, fireplaces, wet bars and other amenities. After acquiring the 1920s-era Art Deco tower in 2006, the ownership group converted the property from its former office use to a five-star hotel. Ridge Stafford of Capital Advisors’ Charlotte office arranged the 10-year loan, which includes a 30-year amortization schedule. CMBS lender Jefferies LoanCore LLC provided the loan.