LANSING, MICH. — Guitar Center has signed a lease for 17,700 square feet at The Frandor Shopping Center in Lansing. The instrument retailer will open its doors in the spring of 2013. Guitar Center will join anchor tenants such as Sears, World Market and Kroger. Lormax Stern Development managed the deal.
ST. ANTHONY, MINN. — Dougherty Mortgage has arranged a $34 million loan for the refinancing of The Landings at Silver Lake Village, a 263-unit apartment property in St. Anthony. St. Anthony Leased Housing Associates was the borrower. Dougherty arranged the 35-year loan through the HUD 223(f) program. Dominium Development and Acquisition, an active real estate developer, owns and developed the project in 2006.
SOUTH BEND, IND. — Holladay Properties will break ground on the The Belfry, a high-end student housing project near Notre Dame University in South Bend, in October. The 16,800-square-foot project will feature 18 units with a total of 36 bedrooms in a variety of configurations. The project will also feature unique architectural details, including parapets holding two, historic 120-year-old bells, which will be shipped to South Bend from New Orleans. Each fully furnished unit will average 500 square feet, with bedroom and living room sets and 50-inch flat screen TVs. The project is just up the street from Holladay's recent Darby Row student housing development, which features 35 bedrooms. The Belfry is slated for completion in 2013.
CHICAGO — Crews have broken ground on a new office for Sarah's Circle, a social services agency, at 4836 N. Sheridan Road in Chicago. The agency supports women who are homeless or at risk of homelessness. The 14,000-square-foot building will house a daytime program, office space for housing services, case management and clinical services, and 10 apartments for women with a history of chronic homelessness. Features will include new offices, bathrooms, an elevator and full kitchen area. Summit Design + Build will construct the facility and Mayber Brown and Perkins + Will will design the project.
SALINA, KAN. — Mark One Capital, a subsidiary of Marcus & Millichap Capital Corp., has arranged a $1.5 million loan for the purchase of a single-tenant property occupied by a Chili's franchisee in Salina. Farhan Kabani of Mark One arranged the 10-year loan, which contains a 25-year amortization schedule. The interest rate is fixed at 4.9 percent.
FRANKENMUTH, MICH. — Sabre Health Care REIT, based in Irvine, Calif., has acquired a 249-unit independent living facility in Frankenmuth for $26.5 million. Concurrent with the purchase, Sabre entered into a triple-net lease with affiliates of Unified Acquisitions and Development. The lease has an initial term of 10 years with two, five-year renewal options.
ESCANABA, MICH. — The new, $11 million Doctors Park medical office building has opened in Escanaba. The 43,145-square-foot property is located on a 5.5-acre site at 710 S. Lincoln Road. The facility replaces Marquette General's smaller Doctors Park building near Seventh Avenue, and allows the health system to expand services to Delta County residents. The medical office features a laboratory, home infusion, oncology, primary care, imaging, a blood donor center, administrative offices and other services. Duke Realty, which developed and financed the project, will own and manage the building. BSA Life Structures was the architect.
EDEN PRAIRIE, MINN. — Dougherty Mortgage has arranged a $21.3 million loan for the refinancing of The Colony at Eden Prairie, a 164-unit assisted living facility in Eden Prairie. SE Rolling Hills owns the property, which is managed by The Waters Senior Living. Dougherty arranged the 40-year loan through the HUD Lean 232/223(a)(7) refinance program. The financing contains a 40-year amortization schedule.
KANSAS CITY, MO. — MMA has acquired Market Station, a 323-unit upscale apartment community in Kansas City. The property, developed in 2010, is located in the River Market area, a riverfront neighborhood north of the city's central business district. Amenities include a resort-style swimming pool with spa, grill stations, a fitness center and views of the Missouri River.
INDIANAPOLIS — Ascension Health Ministry Service Center has acquired a 150,000-square-foot office building at 4040 Vincennes Circle in Indianapolis. The seller was Eleven Fortune Park LP, a subsidiary of the IBUS Co., who has owned the building since 1989. Ascension Health, a Catholic and nonprofit health system, is the primary tenant in the building, which was renovated in 2011 for its use. Rebecca Wells and Jon Owens of Cassidy Turley and Ronald Foster of Echelon Realty Advisors represented the seller in the transaction. The buyer was self-represented.