BARABOO, WIS. — Irgens will develop a $6.5 million, 30,000-square-foot medical office building on the St. Clare’s Hospital campus in Baraboo, about 40 miles north of Madison. SSM Healthcare, owner and operator of St. Clare Hospital and Dean Health System, will provide a variety of primary and specialty care services at the new building. The project, which will be located adjacent to the existing St. Clare Hospital, is scheduled for completion in December. As the developer and owner of the building, Irgens has overseen all facets of the project, including financing procurement, site due diligence, entitlements and design/construction administration. The facility is 100 percent pre-leased, with Dean taking 50 percent of the space and St. Mary’s Dean Ventures leasing the remaining portion. The new facility will enable the hospital to continue to expand its service lines in conjunction with its physician and health system partners. Other project team members include Eppstein Uhen Architects and J.H. Findorff & Son Inc. as the general contractor.
Midwest
JACKSON, MICH. — Bernard Financial Group has arranged a $7.6 million loan for Alpine Lake Apartments in Jackson. The property includes 34 two-story apartment buildings and 268 units. Alpine Lake LLC was the borrower. Pillar Capital Finance LLC was the lender. Kevin Kovachevich of Bernard Financial Group originated the loan.
FOREST LAKE, MINN. — Dougherty Mortgage LLC has closed a $4.6 million Fannie Mae loan for the refinancing of Mill Pond II Apartments in Forest Lake, located about 30 miles north of Minneapolis. The borrower was Mill Pond II LLC. The 10-year loan includes a 30-year amortization schedule. The recently constructed 60-unit multifamily affordable housing property is located at 525 4th St.
WAUSAU, WIS. — Midway Hotel Club LLC has purchased the Best Western Midway Hotel at 2901 Hummingbird Lane in Wausau for $1.9 million. The seller was Midway Hotel Group LLC. The two-story hotel features 97 rooms. Amenities include two restaurants and a 10,000-square-foot atrium, pool, hot tub, game room and fitness center. Alok Gupta of @properties Commercial was the sole broker in the transaction.
ANN ARBOR, MICH. — Bloomfield Capital has sold a mixed-use building in downtown Ann Arbor to 212 4th Ave. LLC. Located at 210-216 S. Fourth Ave., the property consists of approximately 20,000 square feet of retail space on the first floor and loft office space on the second floor. Jim Chaconas and Brendan Cavender of Colliers International Ann Arbor, represented the seller and the buyer in the transaction.
BOLINGBROOK, ILL. — NorthMarq’s Chicago regional office has arranged $23.8 million in first mortgage refinancing for Greenleaf Apartments in Bolingbrook, located 30 miles southwest of Chicago. The 321-unit affordable housing community for seniors is located at 502 Kildeer Drive. The borrower is Greenleaf Limited Partnership. The 19.3-year loan is fully amortizing and was placed through AmeriSphere Multifamily Finance LLC, a Fannie May DUS Lender.
LIBERTYVILLE, ILL. — Paragon Real Estate has broken ground on two retail buildings at the southeast corner of Milwaukee Avenue and Artaius Parkway in Libertyville, a northern suburb of Chicago. Anchor tenant Trader Joe’s is scheduled to move into the entire 12,500-square-foot building at 1600 S. Milwaukee Ave. later this year. Oak Brook, Ill.-based Paragon is also developing an 8,100-square-foot, multi-tenant building divisible for up to three retailers at the south end of the three-acre parcel. A Mariano’s Fresh Market, Lowe’s, Staples and Starbucks are located across from the site, and a Jewel-Osco is located just north of the development. The site includes 130 parking spaces and two monument signs along Milwaukee Avenue, one for Trader Joe’s and the other for the multi-tenant retail. Paragon purchased the site in July 2012.
WHEATON, ILL. — Meridian Design Build was selected as general contractor for a planned 81,543-square-foot self storage facility in Wheaton for The Lock Up. The new four-story facility will be located adjacent to the Main Street Marketplace shopping center at the northwest corner of Main Street and Geneva Road. The building will include climate-controlled and drive-up units and feature covered loading bays. Peter Stadler and David Lukas of Meridian are coordinating the project. Partners in Design Architects are providing the architectural services. Watermark Engineering Resources Ltd. is providing the engineering services.
CHAMPAIGN, ILL. — Ramshaw Real Estate has leased 32,000 square feet of retail space to American Freight Furniture and Mattress. The new Champaign store is located in the Shops at Glenn Park, formerly Champaign Village, at 1810 Glen Park Drive. Current tenants at Shops at Glenn Park include Cost Cutters, LaVida Massage, State Finance, Coram Specialty Infusion Services, Apria Health Care, LaChic Nail Salon, State Finance, Open Road Pavement and O'Neil Brothers. American Freight now operates more than 80 stores in the United States. The retailer is a warehouse-style discount furniture store that specializes in furniture obtained through dealer cancellations, factory closeouts, retail chain buyouts and wholesale liquidations.
SCHERERVILLE, IND. — Regency Centers Corp., a national owner, operator and developer of grocery-anchored and community shopping centers, has begun construction on the $50 million first phase of Shops on Main in Schererville. Gordmans, Ross Dress for Less, HomeGoods and DSW Designer Shoe Warehouse will anchor the 147,851-square-foot community shopping center. The center is located at the intersection of two main arterial roads, U.S. Route 41 and Main Street, about 25 miles southeast of Chicago. Some of the anchors are scheduled to open in spring 2014. The first phase will include two retail buildings and five outparcels on 28 acres of the 35-acre site.