PALMYRA, IND. — Marcus & Millichap has arranged the $1.5 million sale of Dollar General, a 12,480-square-foot, net-leased property in Palmyra, located near the border of Indiana and Kentucky. Nathan Whalen of Marcus & Millichap represented the seller, a developer in the transaction. Brent Silcox, also of Marcus & Millichap, represented the buyer, a partnership.
URBANA, ILL. — Love Funding has arranged a $6.4 million loan for the refinancing of Stone Ridge Square Apartments, a 160-unit apartment community in Urbana. Robyn Cunningham of Love Funding's St. Louis office arranged the 35-year loan through the U.S. Department of Housing and Urban Development's 223 (f) loan program. Stone Ridge Square, which was built in 1997, is a garden-style apartment community consisting of one-, two- and three-bedroom units.
WATERTOWN, S.D. — Chicago-based Eidco Construction has started work on two build-out projects at The Watertown Mall, located at 1300 9th Ave. SE in Watertown. The company is renovating a 4,016-square-foot Famous Footwear and a 4,885-square-foot rue21 on behalf of Lexington Realty International. Larry Vivoda of Eidco will oversee the projects, which are expected to be complete by July 1.
SPRINGFIELD, MO. — Arrowhead Building Supply Inc. plans to invest $3 million to construct a 30,000-square-foot industrial facility in Springfield. Arrowhead, a distributor and wholesaler of exterior building supplies and materials, will add 10 new jobs to its local workforce. In addition to the new Springfield location, the company has a 26,000-square-foot facility in Hollister and two locations in the St. Louis region. The family-owned company has qualified for $276,955 in state and local benefits through the Missouri Department of Economic Development and the City of Springfield's Enhanced Enterprise Zone tax incentive program.
WOODRIDGE, ILL. — Dik Drug Co. has extended its lease for 28,436 square feet at 2145 Internationale Parkway in Woodridge. Dik Drug is a regional distributor of more than 20,000 pharmaceutical products to independent pharmacies. The Chicago-based company first leased the Woodbridge warehouse facility in 2009. John Whitehead of NAI Hiffman represented the tenant in the transaction. Tim Thompson of HSA represented the landlord, IIT.
CHICAGO — The Boulder Group has arranged the $3.8 million sale of a triple net-leased Bank of America at 3010 S. Kedzie Ave. in Chicago. The 6,500-square-foot building was developed in 2003. The property is fully leased to Bank of America, which has 11 years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest developer, in the transaction. The buyer was a high net-worth individual in California.
WAUKESHA, WIS. — Hallmark Gold will occupy the final space at the Shoppes at Fox River development in Waukesha. The addition of the greeting card retailer makes the first phase of the 273,000-square-foot development fully occupied. The shopping center is also home to Target, The Cash Store and Associated Bank. Opus Development Corp. also recently broke ground on the second phase of the project, which is expected to contain 150,000 square feet. The first building in Phase II will include T.J. Maxx, Ulta Salon and Rue 21. The Shoppes at Fox River is a redevelopment of a former Supervalu distribution facility located along Sunset Drive. Opus sold Phase I to Ramco-Gershenson in 2010, but has remained responsible for securing tenancy.
CHICAGO — McShane Construction Co. has been selected to build the 89,630-square-foot Oakwood Shores Terrace Apartments and Mercy Medical Center. The mixed-use development will be located at 3753-3755 S. Cottage Grove Ave. in Chicago's Bronzeville neighborhood. The project will include 48 apartment units — 36 of which are affordable housing — and 28,000 square feet of medical office space on the first two floors of the building. Mercy Hospital and Medical Center will operate the medical office space. The Community Builders is the project developer and NAI Architects and Lee Incorporated are providing design services. The building is slated for completion in May 2013.
CHICAGO — A joint venture between McCaffery Interests and Canyon Johnson Urban Funds (CJUF) has secured financing for the Roosevelt Collection, a mixed-use development in Chicago. The property is located at 150 W. Roosevelt in Chicago's West Loop. Completed in 2009, the building includes 400,000 square feet of retail space, 342 apartment units and a 1,500-space parking garage. The apartment units are 95.6 percent leased and Kerasotes Show Place ICON Theater is currently leasing the retail space. Negotiations are under way with several other retail and restaurant operators to complete retail leasing for the project. Mike Kavanau and Steve Skok led the HFF team that arranged the senior loan through Prime Finance. The loan will fund the repositioning of the retail component of the Roosevelt Collection. The CJUF and McCaffery team is working to construct a new public plaza that will include water features and children's play areas. The improvements are scheduled for completion by the end of the summer.
STAUNTON, ILL. — Kaiser Electric is constructing its portion of an $8 million water treatment plant in Staunton, which is slated for completion in February 2013. The facility is located at 935 N. Easton St., about 25 miles north of downtown St. Louis. About 80 percent of the Staunton Water Treatment Plant will be located underground, with major structures and piping out of view. Kaiser Electric's crews are installing electrical service for the plant and installing two standby generators. Korte & Luitjohan Contractors is the general contractor for the project and Heneghan & Associates is the architect and engineer.