COLUMBIA, MO. — KAREP REIT II Inc. of Armonk, N.Y. has purchased Grindstone Canyon, a 384-bed apartment serving the University of Missouri. The property sold for a reported $15 million. Ken Aston, Andrea Kendrick and Kevin Larimer of Hendricks & Partners represented the seller, Grindstone Canyon Apartments, in the transaction.
CHICAGO — The former Giordano Jazz Dance studio in Chicago has sold to a private investor for $1 million. The buyer plans to redevelop the 17,340-square-foot building but provided no further details. Scott Maesel of the Chicago office of Sperry Van Ness represented both parties in the transaction.
CINCINATTI — An affiliate of Dallas-based Tabani Group Inc. has acquired Northgate Mall in Cincinnati for $21.5 million. The regional mall is located directly south of Interstate 275 in Colerain Township. The real estate company plans to redevelop the 915,956-square-foot mall, as well as the property surrounding it. Rockrose Real Estate Advisors arranged the sale on behalf of E3 Advisors. The distressed property has been under the control of a court-appointed receiver since 2009. The mall is anchored by Sears and Macy's, following the closure of Dillard's in 2009.
CHICAGO — International Bank of Chicago has acquired the assets and deposits of Premier Bank, the Wilmette lender that was closed by state banking regulators. Premier Bank, which operates two Illinois locations in Wilmette and near the west side of Chicago, had approximately $269 million in assets and $199 million in total deposits as of Dec. 31, 2011. Premier locations re-opened on March 24 and will now operate as International Bank of Chicago.
RAYTOWN, MO. — Monopoly Acquisitions has purchased a 54,000-square-foot shopping center in Raytown. The Blue Ridge Plaza Shopping Center is located on Blue Ridge Boulevard and 51st Street and is anchored by Family Dollar. Bill Maas of Block & Co. Inc. Realtors represented the seller in the transaction.
INDIANAPOLIS — Beech Street Capital has arranged a $5.1 million Fannie Mae loan to refinance Hunt Club Apartments, a 200-unit property in Indianapolis. Jacob Schmuckler of Meridian Capital Group originated the 7-year, fixed-rate loan, which carries a 30-year amortization schedule. The borrower has spent $1.8 million in renovations to the property's interior and plans to upgrade all of the units.
ALSIP, ILL. — Meridian Design Build has been selected as general contractor for a 38-acre redevelopment project for Polmax Transportation at 122nd and Centeral in Alsip. Demolition is currently underway at the site, previously home to an auto auction mall. The project includes a 150,585-square-foot cross dock facility that will include truck maintenance and repair bays, a truck wash and 20,000 square feet of corporate offices. areté-Knight is providing architectural services and Hoefferle-Butler is completing the engineering work.
PORTAGE, IND. — Fronius USA has selected Holladay Properties and Holladay Construction Group to design and construct the company's new headquarters in Portage. The company develops and manufactures battery charging systems. The 399,500-square-foot project will include 20,000 square feet of office space, as well as the construction of a welding shop and service center for Fronius' products. Holladay Construction will serve as the general contractor and Holladay Properties will complete the design work. Construction is expected to wrap up this September.
BIRMINGHAM, MICH. — Walgreens plans to open a new location at the former Borders Books & Music site in Birmingham. The drugstore retailer will occupy the ground floor and second floor of the building, located between East Maple and West Beaver roads. Michigan-based Lormax Stern managed the deal and the approval process. Brad Rosenberg and Susan Acciaiolli of Mid-America Real Estate represented the landlord, Related Birmingham LLC, in the deal.
SKOKIE, ILL. — Turner Acceptance Corp., an auto loan company, has leased 40,816-square-foot at 4900 Howard in Skokie. The company is relocating from a smaller facility in Evanston. Whit Heitman, Sam Badger and Brad Weiner of Paine/Wetzel/TCN Worldwide represented the landlord, Walker Partners LLC, in the transaction. Baum Realty represented the tenant.
