CARLISLE, IOWA — Hubbell Realty Co. has broken ground on Danamere Village Townhomes, a rental townhome community located at 840 Bellflower Drive in Carlisle. The projected $5.8 million development will include 44 townhomes within 22 duplexes. Each two-story townhome will feature three bedrooms and two-and-a-half baths with a one-car garage. The townhomes will also include contemporary interiors, open living areas, large master suites with private bathrooms and walk-in closets and in-home washers and dryers. Hubbell Apartment Living will manage Danamere Village Townhomes. Hubbell Construction Services is building the community, which will be completed in fall 2014. Carlisle is located about 13 miles southeast of Des Moines.
CLEVELAND, OHIO — Marcus & Millichap has arranged the $11.8 million sale of the Melrose Portfolio, a five-property manufactured housing portfolio. Four communities are located in Ohio and one is in New York State. The sales price equates to approximately $22,736 per site. Kyle Baskin and Jonathon McClellan, senior associates in Marcus & Millichap’s Cleveland office, represented the seller, Melrose MHP LLC. UMH Properties Inc., a public equity REIT based in Freehold, Township, N.J., was the buyer. The Melrose Portfolio includes 519 developed manufactured home sites situated on approximately 200 acres. Average occupancy at the time of sale was approximately 82 percent.
SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $9 million loan for The Pines Apartments in Southfield. The multifamily complex consists of 100 units. The borrower was Pine Investors LLC. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan. Goldman Sachs Commercial Real Estate LP was the lender. The Pines Apartments is located at 29500 Franklin Road.
CHICAGO — Data Stream LLC, a technology services company, has signed a 7,882-square-foot, long-term lease at the Chicago Board of Trade Building in The Loop neighborhood of downtown Chicago. The company plans to build and maintain a service-oriented data center at the location. Houston-based Data Stream officially entered the Chicago market in August when it signed a 1,459-square-foot lease at the Chicago Board of Trade Building to house its regional sales team. GlenStar Properties LLC and partner USAA Real Estate Co. purchased The Chicago Board of Trade Building in April 2012. Built in 1930, the 44-story building spans 750,000 square feet.
The Twin Cities retail market is still on the road to recovery, with 231,913 square feet of absorption since the beginning of the year. With steady positive absorption, the former tenant-favorable market is beginning to even out, especially with regard to the urban core or first-ring suburbs. Lease negotiations have started to tip in favor of landlords. Developers, tenants, landlords and brokers are all expressing increased confidence in the strength of the market. Among the tenants contributing to the healthy absorption of space have been Whole Foods, Walmart, and LA Fitness, all of which are opening stores throughout the suburbs. The overall vacancy rate in the third quarter stood at 5.7 percent, down from 6.2 percent the prior quarter, according to data compiled by the Welsh Cos. Vacancy at regional malls is 2.1 percent. The retail vacancy in the trade areas surrounding these regional centers follows suit with premier areas of demand among growing retailers. Chick-fil-A has also entered the Twin Cities market, opening stores in Apple Valley, Bloomington, Coon Rapids and Maple Grove. This continues the trend of new food tenants seeking more space in the Twin Cities, including Smashburger, Which Wich Superior Sandwiches and Freddy’s Frozen Custard & …
KANSAS CITY, MO. — Commerce Tower Group LLC (CTG) has plans to convert Commerce Tower at 911 Main St. in Kansas City to a mixed-use property. The plans call for 160,000 square feet of office space and approximately 265 Class A apartment units that will cost an estimated $70 million. The first floor will be converted to retail space, while offices will remain on floors 2-14 and 24-30. Apartments will be located on floors 15-23.The office space is slated for a summer 2014 completion, with the entire project to be delivered by spring of 2015. Additional amenities include a fitness facility, conference rooms and a rooftop green space and pool. CTG has selected Cassidy Turley to provide project leasing and management services for Commerce Tower at 911 Main St. in Kansas City. The team of Michael Lanning, senior vice president, Thomas Houts, vice president, and Jeffrey Winters, associate vice president, will serve as the leasing agents for the 463,495-square-foot building.
BLUE SPRINGS, MO. — Arbor Commercial Funding LLC has closed an $11.4 million loan for Brookwood Village Townhomes, a 200-unit multifamily property in Blue Springs, an eastern suburb of Kansas City. The 10-year Fannie Mae DUS loan includes a 30-year amortization schedule. The multifamily property includes a community gazebo located in the center of a cul-de-sac.
MORTON GROVE, ILL. — Marcus & Millichap has arranged the $7.6 million sale of Lonore Plaza, a 36,505-square-foot retail property located in Morton Grove, about 15 miles northwest of Chicago. Austin Weisenbeck and Sean Sharko, investment specialists in Marcus & Millichap’s Oak Brook office, represented the buyer, an investment company, and the seller, a private investor. Lonore Plaza, located at 7132 Dempster St., was more than 91 percent occupied at the time of sale. Tenants include Bedding Experts, Drycleaning Factory, Subway and Betty’s Bistro.
EDEN PRAIRE, MINN. — DSW Shoe Warehouse has signed a lease for 18,852 square feet at the Eden Prairie Center in suburban Minneapolis. The new DSW will be located at 8251 Flying Cloud Drive in Eden Prairie. DSW is planning a third quarter 2014 opening date.SRS Real Estate Partners' Minneapolis office represented the tenant, DSW Shoe Warehouse, in the transaction. CAPREF Eden Prairie Center LLC represented the landlord.
LISLE, ILL. — Chicago-based GlenStar Properties LLC, along with an institutional capital partner, has purchased 2400 Cabot Drive in Lisle from CA Lisle Project Co. LLC an entity advised by CBRE Global Investors LLC. The 205,633-square-foot building, originally built in 1987 as Pansophic Systems Inc.’s headquarters, is a Class A suburban headquarters building. Ideal for large users of office space, the building features 52,000-square-foot floor plates and amenities including conference and training facilities, indoor executive parking, a fitness center and a full service cafeteria and dining area. The new ownership plans to increase and upgrade the existing on-site parking and will also provide additional building enhancements.