ALTON, ILL. — Contegra Construction has completed the two-phase, $6 million expansion of the Scientists at the National Great Rivers Research and Education Center in Alton, which is located about 15 miles north of St. Louis. Formed by Lewis and Clark Community College and The University of Illinois, the center’s staff studies major rivers, their watersheds and the human communities that depend upon and impact them. Phase I of the project included three pairs of concrete mesocosm raceways, which pump at total of four million gallons of water and plankton a day from the Mississippi River. The mesocosm raceways, each of which is 75 feet long and 6 feet wide, enable researchers to predict effects on river fish populations and develop conservation strategies. Phase II included a 4,800-square-foot addition that features offices, conference space and two laboratories.
Midwest
ST. LOUIS — IKEA, an international home furnishings retailer, has submitted plans to the City of St. Louis for a store that would increase the Swedish retailer’s presence in the Midwest. Slated to open in 2015, the 380,000-square-foot proposed IKEA store would be built along the northern side of I-64 near the Vandeventer Avenue exit. The store would also feature approximately 1,250 parking spaces. Currently, the closest IKEA stores are located in Bolingbrook and Schaumburg, Ill. A Kansas City-area store is currently under construction and on track to open in fall 2014.
ROCHESTER, MINN. — Grandbridge Real Estate Capital has closed a $27.8 million construction loan secured by The Waters on Mayowood, a senior living development in Rochester, a city in southeast Minnesota. Located near the Mayo Clinic and adjacent to the Apache Mall, the 175-unit community is slated to open in late 2014. A local developer is constructing the 276,000-square-foot facility, which will include a four-story assisted living wing with 70 units and six enhanced-care suites, a four-story, 71-unit independent living wing and a two-story, 28-unit memory care wing. The Waters Senior Living, an owner and operator of senior living communities in the Twin Cities, will manage the community. Tony Carlson of Grandbridge originated the loan.
EAGAN, MINN. — Opus Design Build LLC has completed construction on a 41,872-square-foot warehouse expansion for Chicago Tube & Iron in Eagan. As well as the expansion, Opus also completed interior renovations, refinish the front entrance of the building and add a new canopy to reflect the exterior design of other Chicago Tube & Iron facilities. The property is located at 2940 Eagandale Blvd., about 15 miles south of Minneapolis. Opus AE Group LLC was responsible for the structural and architectural design of the property. MFRA, Inc. performed civil engineering and landscaping and Hallberg Engineering provided mechanical and electrical design services.
FRANKLIN PARK, ILL. — Marcus & Millichap has arranged the $7.9 million sale of an Enterprise Rent-A-Car facility located at 3800 N. Mannheim Road next to O'Hare International Airport in Franklin Park. The property consists of three buildings situated on 5.8 acres. Enterprise Rent-A-Car occupies the property, which it uses for auto repairs, servicing and car storage for surrounding Enterprise retail locations. Also, the property serves as an administrative and training center for Enterprise. Gramercy Property Trust, based out of New York, purchased the property. Stephen Lieberman, an investment specialist at Marcus & Millichap, marketed the property on behalf of the seller.
INDIANAPOLIS — StreetLinks Lender Solutions has announced it will relocate its national headquarters to the ground-floor commercial space at the Artistry, a $30 million mixed-used development in downtown Indianapolis. StreetLinks, which sells real estate appraisal management services, is moving from 7551 Shelby St. in Indianapolis. Developer Milhaus Ventures has begun construction on the Artistry, and StreetLinks is expected to move in spring 2014. Approximately 200 employees will occupy 25,000 square feet at the building, located at 451 E. Market St. The first floor of the Artistry includes commercial space, resident amenities and parking. The second through fifth floors feature 258 apartment units.
CHICAGO — Related Midwest has completed Adler Place, a 275-unit condominium building in downtown Chicago. The 32-story tower is the last in the trio of previously stalled South Loop condo towers that were re-launched by the developer. Related has redesigned the building’s common areas and amenity spaces, including the lobby, corridors and an entertainment suite on the 32nd floor with a full kitchen and access to an outdoor pool and grilling area. The developer has also redesigned the units to feature wide-plank wood floors, stainless steel appliances and quartz countertops in the kitchen. Adler Place includes one-, two- and three-bedroom units that range from 900 to 1,582 square feet. Residences are priced from the mid-$200,000s to the $600,000s. Adler Place is located at 1629 S. Prairie Ave. in the historic Prairie Avenue District. More than half of the condos in Related Midwest’s South Loop Luxury collection have sold.
MINNEAPOLIS — Dougherty Mortgage LLC has arranged $22.9 million in construction financing for Grain Belt Terraces, a 150-unit, market-rate multifamily property in Minneapolis. Grain Belt Terraces is a part of the Grain Belt Brewery redevelopment in the historic Sheridan neighborhood. Plans for the property include upgrading the community’s amenities and appliances within the units. The penthouse units will feature stainless steel appliances, upgraded flooring and 10-foot ceilings. Dougherty Mortgage’s Minneapolis office arranged the 40-year loan for Orth-Grain Belt LLC.
CHICAGO — As part of its continued plan for growth and expansion, Cohen Financial has announced it will merge into the Pillar Financial LLC platform. The transaction is expected to close at the end of 2013. No changes in staffing or key operations are planned. Terms of the transaction were not disclosed. “The addition of Pillar Financial’s lending products offer us a fuller array of products, services and resources in support of our focus on our client-centric approach of representing users and providers of capital,” says Jack Cohen, CEO of Cohen Financial. The loan servicing and brokerage units will retain the Cohen Financial name and will be run by the existing Cohen Financial management team.
SAINT PAUL, MINN. — Marcus & Millichap has arranged the $1.9 million sale of Maple View, a 34-unit apartment property in Saint Paul. The sales price equates to $55,000 per unit. Dan Linnell and Evan Miller, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a private investor. Linnell also represented the buyer, a California-based limited liability company. Maple View is located at 380 and 400 Larpenteur Ave.