MILWAUKEE — Northwestern Mutual Life Insurance Co. plans to build a new $300 million office tower at its downtown Milwaukee campus. The company is currently seeking a reported $48 million in city financing for the project. The financing would come in the form of a tax incremental financing district. The 840,000-square-foot tower is planned at the site of the company's current office building at North Cass and East Mason streets. Last year, the company said it would demolish the 500,000-square-foot building, which currently houses 1,100 employees, due to significant maintenance costs. Northwestern says the new building will have the capacity for as many as 1,700 employees.
WICHITA, KAN. — Several new tenants have joined Bradley Fair, a 280,000-square-foot lifestyle center in Wichita. Specialty grocer Fresh Market opened a 22,000-square-foot location, and Soma Intimates, a sleepwear retailer, also opened a new space. Versona Accessories and Apricot Lane, both women's specialty retailers, will open at the center next spring. Bradley Fair, which contains more than 50 stores and restaurants, was developed by Laham Development in 1990.
CRYSTAL, MINN. — Oak Grove Capital has arranged a $10.4 million Fannie Mae loan for Heathers Manor, a 78-unit assisted living facility in Crystal. Bill Kaufman of Oak Grove arranged the 10-year loan on behalf of the borrower, Life Care Cos.
OAKBROOK TERRACE, ILL. — NAI Hiffman has been selected to lease and manage One Parkview Plaza, a 263,912-square-foot, Class A office building at 17 W. 110 22nd St. in Oakbrook Terrace. A major tenant, Invesco, plans to move to the property in 2013, and approximately 125,140 square feet is currently available for lease. The building includes a deli, sundry shop, 24-hour manned security, an ATM and a health club that features basketball and racquetball courts.
EAST LANSING, MICH. — Arbor Commercial Mortgage has arranged an $8.1 million FHA 223(f) loan for Glenwood Apartments, a 138-unit multifamily property in East Lansing. The 35-year refinance loan amortizes on a 35-year schedule. The garden-style property primarily targets students from nearby Michigan State University.
FLINT, MICH. — Morris, Smith & Feyh Inc. (MS&F) has arranged a $1.4 million mortgage loan for a 40,000-square-foot Big Lots center in Flint. Chad Kiner of MS&F arranged the 10-year loan, which amortizes over 17 years, through a life insurance company. The borrower is Devonshire Fund, a commercial real estate company that owns and operates 1.4 million square feet of retail space in the Midwest and Southeast regions.
BRILLION, WIS. — Marcus & Millichap has arranged the $1 million sale of a 5,120-square-foot McDonald's property in Brillion. Adam Prins and Matthew Hazelton of Marcus & Millichap represented the seller, a limited liability company. The buyer was a private investor.
ROSELLE AND PALATINE, ILL. — Steadfast Income REIT recently acquired three apartment communities in Roselle and Palatine, Ill., and San Antonio for $68 million. In Palatine, the company acquired the 200-unit Arrowhead Apartments, which underwent a $1.4 million renovation in 2006. The property is 98 percent leased and consists of two- and three-story buildings in a garden-style community. In Roselle, Steadfast purchased The Moorings Apartments, a 216-unit community, with apartments that average 1,000 square feet. The property is 99 percent occupied and amenities include a clubhouse, pool, laundry facilities and a business center. The company also purchased the 216-unit Ashley Oaks in San Antonio for $30.7 million.
OLMSTEAD TOWNSHIP, OHIO — UMH Properties has acquired Twin Oaks, a 141-site manufactured housing community in Olmstead Township for $4.3 million. The community is situated on 21 acres. With this purchase, UMH now owns 56 manufactured home communities consisting of 10,500 developed homesites.
DAYTON, OHIO — Love's Travel Stop and Country Stores has acquired the site of the former Delphi Automotive Plant in Dayton for $2.5 million. The company plans to build a mixed-use facility on the 18.5-acre site at the corner of Edwin C. Moses Boulevard and Cincinnati Street. It will include a convenience store, fast food restaurant and gas pumps. The Dayton's City Plan Board approved the project in July. Kelly Gray of Equity Inc. represented the seller, Industrial Realty Group, in the transaction. Dave Metz of NAI Bergman represented the buyer.