WEST LAFAYETTE, IND. — Developer Trinitas Ventures has completed construction of the Cottages on Lindberg, a 193-unit student housing property in West Lafayette, which serves students at Purdue University. The cottage-style development is located approximately 1.5 miles north of the university's main campus. Amenities include a 6,500-square-foot clubhouse, pool, hot tub, a basketball court and shuttles to campus. The property is nearly fully pre-leased for August 2013. A joint venture between Trinitas and Harrison Street Real Estate Capital provided equity financing for the project. Construction financing was provided by U.S. Bank.
OLMSTED FALLS, OHIO — UMH Properties has acquired Olmsted Falls, a 125-site manufactured home community in Olmsted Falls for $3.6 million. The property is situated on approximately 14 acres. With the purchase, UMH now owns 57 manufactured home communities consisting of 10,600 developed homesites. The company states that it has increased its portfolio by more than 50 percent over the previous three-year period.
CHICAGO — Marcus & Millichap Capital Corp. has arranged a $13.5 million refinancing loan for an office building and two multi-tenant retail properties in Illinois. Dean Giannakopoulos of Marcus & Millichap secured the seven-year loan, which amortizes at different schedules for each property (from 15 to 20 years). The loan-to-value is 75 percent. The office property is located in Chicago's River North neighborhood, and is fully occupied by local tenants. The two retail assets are located in Mt. Prospect and Woodstock.
CHICAGO — Englewood Construction has secured a project for Macerich and Darden Restaurants Inc. to create a new Seasons 52 at The Shops at North Bridge, located on Chicago's Michigan Avenue. Englewood will perform landlord infrastructure work for Macerich, the center owner, at a 9,249-square-foot space and then begin a build-out for Seasons 52 at the same location. The work is projected to be complete February 2013. The restaurant will occupy the ground-floor space at the corner of Rush Street and Grand Avenue. Cuhaci & Peterson Architects will provide design services.
SOUTH BARRINGTON, ILL. — A partnership between The LaSalle Group and Silverado Interest plans to build an $11 million memory care community in South Barrington that will serve residents with Alzheimer's, dementia and memory impairment. The 29,000-square-foot facility, named Autumn Leaves of South Barrington, will be located at 215 Bartlett Road. The interior design team plans to use the latest Alzheimer's and dementia research to choose elements such as artwork, paint and light fixtures. For instance, the dining rooms will include aquariums. According to scientific research, the aquariums will create a calming effect and increase residents' appetite.
MERRIAM, KAN. — DDR Corp. has confirmed plans to sell 22 acres of land to IKEA Property for the construction of its first store in Kansas. The 349,000-square-foot IKEA will be located in Merriam, approximately eight miles southwest of Kansas City. Construction is expected to begin in summer 2013, with a targeted opening in fall 2014. The store will include 1,200 on-site parking spaces.
SUFFERN, N.Y. — Ascena Retail Group, which operates the Maurices, Lane Bryant and dressbarn banners, plans to launch a 760,000-square-foot distribution center expansion in central Ohio. Upon completion, the new facility will distribute apparel and accessories for its lineup of brands, which also include Justice & Brothers and Catherines. Gray Construction Co. will manage the construction. The facility is slated for completion in early 2014. According to David Jaffe, president and CEO of Ascena, “The centrality of this location will allow us to deliver 70 percent of our 3,800 stores within two days.”
HASTINGS MINN. AND BRIGHTON, MICH. — Vail Resorts has acquired two urban ski resorts in the Midwest, Afton Alps in Hastings and Mount Brighton in Brighton, for $20 million. Vail Resorts plans to upgrade each of the properties, which serve more than 468,000 active skiers in the Midwest.
CHICAGO — Quantum Real Estate Advisors has arranged the $8 million sale of a single-tenant, 14,716-square-foot Walgreens pharmacy at the intersection of West Lawrence Avenue and North Pulaski Road in Chicago. A private 1031 exchange buyer from California acquired the property and a Chicago-based retail developer was the seller. Chad Firsel and Jordan Kaufman of Quantum represented both parties in the transaction.
MINNEAPOLIS — Opus Development Group has announced plans to begin development of VÉLO, a new apartment complex in downtown Minneapolis. Sentinel Management Co. will own the project. Located in the North Loop neighborhood at 103 N. 2nd St., Velo will include 101 units and 12,000 square feet of retail space on the first level. VÉLO, French for bicycle, is located near the city's bike path system and is centrally located downtown for bike commuters. Amenities will include an outdoor plaza, yoga studio, club lounge and fitness centers. The project will break ground in April 2013 and is slated for occupancy in spring 2014. Opus Development Corp. is the developer, Opus Design-Build LLC will construct the building and Opus AE Group and Elness Swenson Graham Architects will collaborate on the design.