INDIANAPOLIS — Hendricks Commercial Properties has begun construction on a $30 million, mixed-use development dubbed Ironworks at Keystone. The project is located at the southwest corner of Keystone Avenue and East 86th Street, the site of the former Woodfield Centre strip mall. The five-story building will feature 36,000 square feet of ground-floor retail and restaurant space, 120 apartments and an underground parking structure. The development is expected to open in spring 2014.
FARMINGTON HILLS, MICH. — Bernard Financial Group has arranged an $11.3 million HUD 223 (a)(7) loan for Hillside Forest Apartments in Farmington Hills. The multifamily property includes 252 units. The borrower was Hillside Forest LLC. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan. The lender was Prudential Huntoon Paige Associates LLC.
KANSAS CITY, MO. — Construction is underway on 51 Main, a 176-unit apartment complex in Kansas City. The six-story multifamily property will include 10,000 square feet of ground-level retail, onsite covered parking, a pool, grilling area and cabana. Construction began in January and the first residents are slated to take occupancy in early fall 2014. Opus Design Build LLC is the design-build contractor for the project. Opus AE Group LLC is the architect and engineer of record, and 360 Architecture is providing architectural schematic and landscape design services. VanTrust Real Estate and Land Development Strategies are co-developing the project for a VanTrust-related ownership.
PHILADELPHIA — Five Below Inc., a Philadelphia-based retailer of extreme-value merchandise for teens and pre-teens, will expand its presence in Michigan by launching six new stores on April 12. The six new stores will add to Five Below’s current 18 Michigan locations. The six stores will open in the following locations: Fairplain Plaza at 970 E. Napier Ave. in Benton Harbor; Maple Hill Mall at 5210 West Main St. in Kalamazoo; Meridian Towne Center at 4904 Marsh Road in Okemos; West Valley at 3435 Tittabawassee Road in Saginaw; Crossings at Taylor at 23853 Eureka Road in Taylor; and Waterside Marketplace at 50579 Waterside Dr. in Chesterfield Township.
SPRINGFIELD, MO. — The owners of the Woodruff building in Springfield are moving forward with a $13 million renovation plan that would transform the vacant structure into a 96-unit apartment complex dubbed Sky Eleven. The multifamily property, which is located at 333 Park Central E., will feature studio, one-, two- and three-bedroom apartments. Plans for the 10-story property include a pool, doorman service, theater room, fitness area, restaurant and office space on the first floor. Woodruff Historic Building LLC has hired general contractor Build LLC and architectural firm Buxton Kubik Dodd Creative for the building remodel. The Vecino Group, which is developing the Landmark Building across the street, is also part of the redevelopment team.
MACHESNEY PARK, ILL. — Construction is under way for a $13 million Army Reserve facility, located just north of Route 173 near I-90 in Machesney Park, a northern suburb of Rockford. The 38,880-square-foot building is situated on 15 acres and will include administrative offices, a library, learning center, weapons vault, weapons simulator and physical fitness area. The Army Reserve is consolidating training facilities in Rockford and Beloit, Wis., into a modern, centralized campus to maximize safety and efficiency. The land was sold for $1.1 million by Orput Companies Inc. The general contractor is St. Louis, Mo.-based Korte Co. Construction on the facility is slated for completion by Dec. 6th.
WOODRIDGE, ILL. — HSA Commercial Inc. will break ground this month on an 180,480-square-foot speculative warehouse facility at Park 355 in Woodridge, a western suburb of Chicago. HSA Commercial is partnering with Denver-based Industrial Income Trust for the project. The proposed industrial building will include 30-foot clear heights, frontage on I-355, 49 exterior truck docks and four drive-in doors. The industrial property will also be divisible by 17,580-square-foot suites to accommodate smaller industrial tenants seeking immediate leasing opportunities.
MINNETONKA, MINN. — OneBeacon Insurance Group, a provider of specialty insurance products, has renewed and expanded its 23,764-square-foot office lease to 45,092 square feet on floors five, six and seven of 601 Tower at Carlson in Minnetonka, a western suburb of Minneapolis. The lease agreement brings the trophy building to 95 percent occupancy. Newport Beach, Calif.-based KBS Real Estate Investment Trust II, a non-traded REIT, purchased the 288,458-square-foot property in 2011. OneBeacon Insurance Group has been a building tenant since 2006. Tom Wille of the CLW Real Estate Services Group in Tampa, Fla., represented OneBeacon in the transaction. Mike Marinovich of CBRE in Minneapolis negotiated the lease on behalf of KBS.
SPRINGFIELD, MO. — CoxHealth is moving forward with plans to build a $130 million, 310,000-square-foot patient tower that will connect to the northwest portion of Cox Medical Center South in Springfield. The nine-story tower will house a women and children’s hospital, a neuroscience hospital and includes 80 patient beds and room for future expansion. The additional beds in the tower will allow Cox South to transition its semiprivate rooms to private rooms. The Beck Group, based in Dallas, will design the facility. A general contractor has not been chosen. CoxHealth plans to break ground in May with a goal of opening the new tower by Thanksgiving 2014.
CHICAGO — A joint venture between Atlas Real Estate Partners, Marc Real Residential and Angelo, Gordon and Co. has acquired 2 E. 8th St., a 330-unit student housing property in Chicago, for $58.5 million. Located in Chicago's South Loop, the 28-story high-rise building is close to Columbia College, Roosevelt University and more than 20 other schools. The property includes 882 beds, 20,000 square feet of ground-floor retail and a four-story parking garage. At the time of sale, the property was 96 percent leased. Chris Bancroft and Chris Epp of ARA Student Housing Group and Susan Lawson and Todd Stofflet of ARA Chicago represented the seller, Philadelphia-based Equus Capital Partners Ltd., formerly BPG Properties Ltd., in the transaction.
