OAK BROOK, ILL. — Inland Diversified Real Estate Trust Inc., a public non-listed REIT, has agreed to sell 84 single-tenant properties for approximately $503 million to Escondido, Calif.-based Realty Income Corp. The properties are located in 22 states and include 16 tenants in 12 different industries. The portfolio consists of net-leased properties that include primarily retail, industrial and distribution locations. The average lease term of the properties currently stands at 13.7 years. The transaction is expected to close during the first quarter of 2014.
OMAHA — NorthMarq Capital has arranged $12.9 million in Freddie Mac loans for the refinancing of Briarwood Apartments, Willow Park South Apartments and Loveland Apartments in Omaha. All of the loans include a 10-year term with a 30-year amortization schedule. T & H Realty Investors LP, the owners of the 312-unit Briarwood Apartments, received a $6.6 million loan. GC Apartments LLC received a $2.9 million loan for Willow Park South Apartments, a 68-unit multifamily property located at 6123 South 96th Court. Howard Street Apartments LLC, the owners of the 72-unit Loveland Apartments, received a $3.4 million loan. John Bendon, senior vice president and managing director, and Jason Kinnison, vice president of NorthMarq’s Omaha regional office, arranged the loans.
PLOVER, WIS. — Marcus & Millichap has arranged the $6.1 million sale of a 47,217-square-foot retail property in Plover, a city in central Wisconsin. Adam Connor, an investment specialist in Marcus & Millichap’s Milwaukee office, marketed the property on behalf of the seller, a developer, and represented the buyer, a REIT. TJ Maxx, Staples and Maurices occupy the property located at 1240 Commons Circle.
ST. LOUIS — GL Group Inc., a nearly 40-year-old local book wholesaler, has signed a two-year lease for a 38,000-square-foot building in the Midtown area of St. Louis. The company is moving from its previous book binding facility in Steelville. The new facility is located a few miles from GL Group’s corporate headquarters at 5111 Southwest Ave. and its 67,000-square-foot Booksource division located at 1230 Macklind Ave. Hilliker Corp., represented the tenant and the landlord in the transaction.
GRETNA, NEB. — Developer OTB Destination LLC has completed the 350,000-square-foot Nebraska Crossing Outlets in Gretna. The $112 million project is situated 20 miles southwest of Omaha at the intersection of I-80, Highway 6 and Highway 31. The development features more than 70 tenants, including Eddie Bauer Outlet, Nike Factory Store, Polo Ralph Lauren Factory Store, Tommy Bahama, Cole Haan Outlet, J.Crew Outlet and Coach Factory Store. Nebraska Crossing Outlets also includes a center courtyard and additional public spaces. The design is a modern interpretation of rural Nebraskan architecture, according to Cleveland-based ka, which provided planning and design services for the project. The company collaborated with Avant Architects of Omaha. Nebraska Crossing Outlets celebrated its grand opening in November.
ST. LOUIS — Village Green has broken ground on an 82-unit luxury apartment building in Central West End of St. Louis. West End Apartments is an addition to the existing 318 apartments in three historic high-rises, and the community will now be known as Central West End City Apartments. During construction of the new apartment building, renovations will be made to the historic apartment amenities and common areas, including the expansion of the pool and a new community entrance. Floor plans range from 400-square-foot studios to 4,000-square-foot penthouses. Apartments will feature wood floors, custom closets and 9-foot to 20-foot ceilings. The project is slated for completion in the fourth quarter of 2014. Village Green is a developer based in Farmington Hills, Mich.
JACKSON TOWNSHIP, OHIO — Signet Development Ltd. has broken ground on the future headquarters for Spectrum Orthopaedics Inc. in Jackson Township, a southern suburb of Akron. The two-story facility, located at the corner of Frank Avenue and Applegrove Street, will span 44,000 square feet and include medical offices, an MRI suite, a physical therapy suite and a ambulatory surgery center. Spectrum will consolidate four of its existing offices in one location. The project is slated for completion in the fourth quarter of 2014. Signet Equity Partners and Signet Capital provided funding for the project. Ed Matuszak, president, led the Signet Equity Partners team that provided the equity. David Fumi, managing director, led the Signet Capital team that provided the debt.
ST. JOHN, MEADE AND COLDWATER, KAN. — The Boulder Group has completed the $2 million sale of a three-property portfolio leased to Dollar General in Kansas. The single-tenant properties, which average 9,036 square feet, are located in St. John, Meade and Coldwater. Dollar General has 5.5 to 6.5 years of lease term remaining at the properties. Each of the leases features three five-year renewal option periods with 10 percent escalations. Two of the properties were constructed in 2009, while the other was built in 2010. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private real estate investor. The buyer was a private individual.
DETROIT — The state of Michigan announced Friday that it would pay to demolish Joe Louis Arena after the Detroit Red Wings move into their planned new $450 million home in 2017 or 2018. Tearing down the stadium is part of an agreement approved last week between the city and the owner of the Red Wings — a complex $650 million deal still going through government approval, according to The Detroit News. The deal is contingent upon other approvals needed by April 1, 2014 from the Detroit City Council, the Red Wings owners and the Detroit Downtown Development Authority (DDA). The plan calls for a $450 million sports and entertainment center and $200 million in new residential, retail and office development in a 45-block area that reaches from Grand Circus Park to Charlotte Street between Woodward Avenue and Grand River Avenue. The DDA would own the arena and Olympia Development would operate and maintain it.
BEDFORD PARK, ILL. — The Missner Group has completed a 65,000-square-foot renovation for Famsa USA in Bedford Park, a southwest suburb of Chicago. Principal Real Estate Investors owns the property, located at 6733-6755 W. 65th St. Famsa sells furniture, electronics and appliances on credit to clientele throughout Mexico and the United States. Famsa recently leased space at the Bedford Park property for its warehouse operations. Construction at the multi-tenant property included 62,000 square feet of warehouse improvements and 3,000 square feet of office renovations. Drue Stoehr, vice president of construction at The Missner Group, was the project executive. Curt Burns, senior project manager, and Angelo Christopher, superintendent, led the construction efforts. The Interior Design Group Ltd. provided architectural services. Larry Much of NAI Hiffman represented both the tenant and the landlord in lease negotiations. CBRE is the asset manager of the property.