MONROVIA, IND. — Sunbeam Development Corp. has purchased I-70 West Commerce Park, a 1.5 million-square-foot business and industrial complex in metro Indianapolis. Currently, there are two existing buildings in the park, a 1 million-square-foot Johnson & Johnson distribution center and the 545,010-square-foot Gordmans distribution center, which is under construction. Sunbeam’s acquisition totals 685 acres, 660 of which are zoned for industrial use with the remaining 25 zoned for commercial use. The company has a long-term plan to develop the park, beginning with a 525,000-square-foot speculative industrial building. The complex is located in the northwest quadrant of Interstate 70 and State Road 39 in Monrovia. Cassidy Turley will continue to act as the exclusive marketing agent for the project.
INDIANAPOLIS — Construction is underway on a $26 million, 235-unit apartment community called Circa in Indianapolis. Located on College Avenue in the Chatham-Arch historic district, Circa will include a mix of studio, one-, two- and three-bedroom apartments in five buildings. The project will also include the renovation of the former office of the Mitchel & Scott Machine Co., located on the property. The former office building will house the leasing office and some apartments with rooftop patios. The other four buildings will be new, four to five stories tall, and designed to blend into the historic district. Regions Bank provided the construction loan. Milhaus, Blackline Studio for Architecture, Anderson + Bohlander Landscape Architecture and CEC Engineering collaborated on the design. Milhaus will manage construction. The apartments will include one parking space per unit and will rent for between $800 and $2,000 per month.
BLOOMINGTON, MINN. — BentleyForbes has sold its 122,177-square-foot office building in Bloomington, a southern Minneapolis suburb, to Oak Street Real Estate Capital. Industry sources have estimated the value of the deal at approximately $16 million. The property is the corporate headquarters of GN ReSound, a hearing aid technology leader, and is located at 8001 Bloomington Freeway. The sale follows the recent signing of GN ReSound to a long-term lease for 100 percent of the property in March. The single-story property is located on 7.7 acres and includes flexible space featuring an office component, production area, product storage and a training facility. Wesley Kirkham of Wes Kirkham Properties represented BentleyForbes in the transaction.
ROSEMONT, ILL. — Saks Fifth Avenue OFF 5TH has opened a new 27,000-square-foot store in metro Chicago. The store will be located in the Fashion Outlets of Chicago. The will be the fourth Saks Fifth Avenue OFF 5TH location in the Chicago area and be the second store in metro Chicago to be modeled after the company’s luxury-in-a-loft design. The modern and uncluttered layout includes an open floor plan, moveable fixtures and bright lighting. Saks Fifth Avenue OFF 5TH’s other Chicago-area stores are located in Gurnee Mills, Woodfield Village Green and Village Square of Northbrook.
CHICAGO — Mesa West Capital has provided a $26.3 million in acquisition financing for 26th & Western, an industrial facility in Chicago. The two-building, 298,212-square-foot infill industrial cold storage portfolio is fully occupied. A joint venture between Chicago-based Bridge Development Partners and Dallas-based Hunt Realty Investments was the borrower. A 246,212-square-foot building at the property was redeveloped in 2004, followed by the construction of an adjacent 52,000-square-foot, build-to-suit in 2008. Both buildings feature high-quality, flexible cold storage space and are leased to both direct users and third-party logistics providers that service the Chicago area. Steve Roth of CBRE Capital Markets arranged the first-mortgage financing.
CHICAGO — Fashion Outlets of Chicago, a 530,000-square-foot luxury retail center in Chicago, will open its doors tomorrow. The fully enclosed outlet mall is nearly 95 percent leased and will be home to 130 stores, including anchors Bloomingdale's The Outlet Store, Neiman Marcus Last Call, Saks Fifth Avenue OFF 5th and Forever 21. Other tenants include Gucci, Tory Burch, Barneys New York, Longchamp, Vince Camuto, Ports 1961 and L'Occitane. AWE Talisman and Macerich led the development team for the project. Located at 5220 Fashion Outlets Way, Fashion Outlets of Chicago is minutes away from O'Hare International Airport and 15 miles from downtown Chicago. Fashion Outlets of Chicago is the first fully enclosed outlet built in the Chicago area in 20 years, according to AWE Talisman and Macerich.
MIAMISBURG, OHIO — RCG Ventures (Fund II) has purchased Miamisburg Plaza, a 111,313-square-foot shopping center in the Dayton metro area. The purchase price was undisclosed. The retail property is located two miles west of I-75 in Miamisburg and includes tenants such as Big Lots, Ace Hardware, Family Dollar, Goodwill, Burger King, Taco Bell, and Fifth Third Bank. Chris LaBounty of May Center Advisors represented the seller.
OTTUMWA, IOWA — Babcock & Wilcox Power Generation Group Inc. (B&W PGG) and Burns & McDonnell Engineering Co. Inc. have been awarded a $110 million contract to replace auxiliary equipment at a power plant in southeast Iowa. The project includes turbine rotor replacement, boiler pressure parts replacement, and balance of plant equipment, as well as construction services at the Interstate Power and Light Co.’s (IPL) Ottumwa Generating Station power plant in Ottumwa. B&W PGG will design and supply the boiler’s pressure parts. The project is slated for completion in July 2014. Additionally, the plant announced in 2012 plans for environment upgrades to the property.
JOLIET, ILL. — First Industrial Realty Trust Inc. (NYSE: FR) has acquired a 509,000-square-foot distribution center in the Chicago area for $20.5 million. The building is located at 4100 Rock Creek Blvd. in Joliet and includes 32-foot clear ceiling heights. The building was vacant at the time of sale. The facility can accommodate a single-tenant or be subdivided for multiple tenants.
ANOKA, MINN. — Grandbridge Real Estate Capital has closed a $3.6 million loan for the refinancing of a 105-unit apartment property in Anoka, about 20 miles north of Minneapolis. RiverSource Annuities and Insurance provided the 10-year loan, which includes a 20-year amortization schedule. The property was originally developed as a limited-service hotel. The borrower purchased the property and completed a multi-million dollar renovation and conversion to rental apartments.