Midwest

HOFFMAN ESTATES, ILL. — Leopardo Cos. has started construction on four suburban Chicago municipal projects totaling $31 million. One of the projects includes the $15.5 million, 70,000-square-foot West Chicago Community Recreation Center at Reed-Keppler Park. The facility will feature a three-court gymnasium, three-lane elevated jogging track, large fitness equipment area, dance/aerobic studio and group fitness room and indoor playground. Leopardo also began work on the 11.2 million, 31,000-square-foot New Lenox Police Department, which will include a multi-purpose/training room and staff areas for code enforcement, investigations and command staff. The last two projects include the $2.2 million, 10,000-square-foot Bartlett Fire Station and the $2.1 million, 10,000-square-foot expansion of South Barrington Village Hall, a two-story, 7,000-square-foot police station.

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MISSION, KAN. — NorthMarq has arranged $10.8 million in first mortgage refinancing for Foxfire Apartments, a 280-unit multifamily property in Mission, a southern suburb of Kansas City. The market-rate apartment property is located at 5020 Glenwood Road. The 10-year loan includes a 30-year amortization schedule. Brent Blake, vice president of NorthMarq’s Kansas City regional office, arranged the financing through Freddie Mac. Foxfire Apartments LLC was the borrower.

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MILWAUKEE — F.J.A. Christiansen Roofing Co. Inc., a branch of national commercial roofing provider Tecta America Corp., has completed the installation of a 100,000-square-foot rooftop athletic field in Milwaukee. The field, located on the top of a 780-car parking facility on the Milwaukee School of Engineering (MSOE) campus, will be used for collegiate soccer and lacrosse and other youth sports. The roof structure will also slow the rate of stormwater runoff. Hunzinger Construction Co. served as the general contractor for the project. Uihlein-Wilson Architects designed the athletic field. The development opened August 23.

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MADISON HEIGHTS, MICH. — Bernard Financial Group has arranged a $1.4 million loan for Farnum Plaza, a 24,400-square-foot retail property in Madison Heights. The shopping center is located at 27611-27651 John R Road, about 14 miles north of Detroit. Farnum Plaza LLC was the borrower. Kevin Kovachevich of Bernard Financial Group originated the loan. Symetra Life Insurance Co. was the lender.

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INDIANAPOLIS —Transpacific Development Co. has acquired a 1.12 million-square-foot distribution building in Indianapolis’ Ameriplex Business Park. The purchase increases Transpacific’s footprint in the Indianapolis metro area to 4.6 million square feet. John Huguenard and Chris Clayton of Jones Lang LaSalle represented the buyer in the transaction, while seller Metro Holdings One LLC represented itself.

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SCHAUMBURG, ILL. — Cushman & Wakefield has arranged the lease of 250,000 square feet in the northwest Chicago suburb of Schaumburg, Ill., for 3D Exhibits Inc. The tenant specializes in exhibit design, building and management; special events planning; and trade show and event marketing, and will use the facility as its new headquarters. Christopher Lydon and Britt Casey of Cushman & Wakefield represented 3D Exhibits in the transaction, while Rick Daly and Adam Haefner of Darwin Realty represented the landlord, an institutional pension fund advisor.

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OKEMOS, MICH. — Mid-America Real Estate Corp. has brokered the sale of Meridian Towne Centre, an 86,891-square-foot shopping center in Okemos, Mich., for $11 million. Located at the intersection of Marsh Road and West Grand River Avenue approximately seven miles east of Lansing, the development includes tenants Marshalls, Five Below, Ulta, David’s Bridal, FedEx, Sally Beauty Supply and Stride Rite and is shadow-anchored by Target and Kroger. Joe Girardi, Ben Wineman and Daniel Stern of Mid-America represented the seller, Viking Partners. The buyer was a private real estate investment firm.

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In June 2008, Cedar Rapids experienced what at the time was the fifth worst disaster in U.S. history. A historic flood covered 10 square miles in the four core neighborhoods and the entire downtown, damaging more than 5,000 homes, over 1,000 businesses, and numerous public, cultural and religious facilities. Since that time, 1,088 residences have been demolished and 2,356 residential properties repaired or rehabilitated. Some 82 percent of the damaged businesses have reopened compared to a national average of 55 percent in previous major disasters. The scope of the recovery in just five years is remarkable. The numbers speak for themselves: • 1,311 new housing units completed since 2008; • 118 new multifamily units recently funded by state recovery grants; • 16 major city of Cedar Rapids facilities built or under construction with all to be finished by 2014; • building permits in 2012 totaled 11,000 with 1,300 commercial and 9,700 residential, which set a record of more than $400 million (63 percent from the private sector); • population growth of 4.6 percent in the last decade despite the June 2008 flood; • unemployment rate currently at 4.9 percent; • AAA bond rating by Moody’s for 41 consecutive years. The …

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MOUNT VERNON, ILL. — Pine Tree Commercial Realty LLC has arranged a lease of 52,729 square feet at Times Square Mall in Mount Vernon, Ill. for retailer Hobby Lobby. The new store, which is expected to open in the first quarter of 2014, will be the only Hobby Lobby location for 44 miles, the next closest being in Carbondale. Pine Tree Commercial owns the Times Square Mall development with St. Louis-based The Sansone Group and Elgin, Ill.-based Wanxiang America Real Estate Group. Mount Vernon is in southern Illinois.

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BEVERLY HILLS, MICH. — Bernard Financial Group has secured a $2.2 million loan for the Corners Office Building, a 17,250-square-foot medical office property located in Beverly Hills, a suburb approximately 20 miles northwest of Detroit. Kevin Kovachevich of Bernard Financial originated the loan for the borrower, The Corners Professional Office Building LLC. The lender was Symetra Life Insurance Co.

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