ST. ANTHONY, MINN. — Oak Grove Capital has arranged a $6.2 million 232/223(a)(7) HUD Lean loan for the refinancing of Chandler Place in St. Anthony. The seniors housing community contains 119 units.
DES MOINES, IOWA — DoubleTree by Hilton has opened the newly renovated, 100-room DoubleTree by Hilton Des Moines Airport. Formerly a Radisson, the hotel is owned and operated by Heart of America Group under a franchise agreement with a subsidiary of Hilton Worldwide. Guest rooms at the full-service hotel feature new carpeting, window treatments, furniture and bedding. The property also features a new lobby lounge. The hotel is adjacent to the Des Moines International Airport.
AURORA, OHIO — Marcus & Millichap has arranged the sale of Aurora Inn & Conference Center, a 69-room hotel in Aurora. The full-service hotel was built in 1962 and is located at 30 East Garfield Road. Amenities include an indoor and outdoor pool, hot tubs, courtyards, tennis courts and a restaurant. Jonathan Ruprai of Marcus & Millichap represented the seller, a financial institution, in the transaction. He also represented the buyer, a limited liability company.
COLUMBUS, OHIO — Alliance Data Systems has signed a lease for 69,981 square feet at 4400 Easton Commons in the Easton Office Park in Columbus. Randy Stephens and Brian Douglas of Cassidy Turley represented the building owner, Equity Office Properties, in the transaction. Equity acquired the property in 2011 as part of a 19-building office portfolio purchase from Duke Realty.
JOLIET, ILL. — Acer America Corp. has renewed its lease for 275,860 square feet of industrial space at Laraway Crossings Business Park in Joliet. The space is part of a 374,460-square-foot facility, located at 251 Laraway Road. The building includes 4,900 square feet of office space, 40 exterior docks and 30-foot clear ceiling heights. Steve Connolly and Eric Tresslar of NAI Hiffman represented the landlord, Ryan Cos., in the transaction. Jim Hebst of Interstate Tenant represented Acer.
WAUKEE AND PELLA, IOWA —Watermark, a subsidiary of The Freshwater Group, has acquired two continuing care retirement communities in Iowa for $40 million. The properties include the Village at Legacy Pointe at 1650 S.E. Holiday Crest Circle in Waukee, Iowa and Vriendschap Village at 2602 Fifield Road in Pella, Iowa. The 185-bed Village of Legacy Pointe is a newly constructed community that is 80 percent occupied. Vriendschap Village features 91 units and is 88 percent occupied. Mark Myers and Joshua Jandris represented the seller, Ewing Land Development, in the transaction.
LEXINGTON, NEB. — BD Construction has broken ground on a 115,000-square-foot manufacturing facility for Orthman Manufacturing in Lexington. Orthman, a firm that produces heavy duty agricultural equipment, plans to hire an additional 100 employees. The new building will operate alongside the company's existing facility in northeast Lexington. Once the facility is completed in 2013, the company will move some of its operations to the new site. Orthman is receiving funding assistance on the project through the Nebraska Advantage Act, which offers tax incentives for companies willing to expand and create new jobs.
DARIEN, ILL. — A Walmart store at the Darien Town Centre in Darien will be converted into a Walmart Supercenter store, which will include a full grocery and general merchandise selection. The 43,000-square-foot expansion will begin this fall and include the relocation of some of the existing tenants and the center. The project will also include the demolition of a portion of the center, including the former Circuit City space, to accommodate the expansion. Retail Properties of America owns the 223,694-square-foot Darien Towne Center.
CHICAGO — Summit Design + Build has completed work on City Winery Chicago, a winery, tasting room, restaurant and concert hall at 1200 W. Randolph St. in the West Loop. The 1200 W. Randolph building is a former food distribution warehouse built in the early part of the 20th centruy. The 33,000-square-foot property features three full-service bars, two kitchens, two private meeting rooms and an enclosed paved courtyard for outdoor dining or private parties. The project team also included Christopher Warnick Architecture and Phillip Katz Project Development.
Recently employed residents are forming new rental households in metro Chicago, generating positive net absorption, a decline in vacancy and a rise in apartment rents. Additional payroll growth will stimulate new demand and reduce marketwide vacancy to its lowest annual level in 5 years by year’s end to about 4 percent in the city and suburbs. Over the longer term, the market’s stature as a primary destination for college graduates should sustain a vacancy rate of approximately 4 percent, though the delivery of new rentals may more significantly offset demand growth in the quarters ahead. The potential influx of college graduates, many of whom will occupy rentals and remain there for an extended period as they pay off student loans, has attracted developers. While the pipeline of planned projects in the suburbs is also expanding, the greatest potential effect of supply growth will register in the city, where completions will rise this year and additional projects wait to proceed. Steady hiring in the first quarter has sparked demand. Across the metro area, 8,000 jobs were added during the period, raising the number of positions created in the past 6 months to 14,400. The private sector continues to set the pace, …