COLUMBUS, OHIO — Construction of 801 Polaris, a $25 million, 270-unit apartment community in Columbus, will begin April 1. The community is scheduled for completion in October 2014. Terre Haute, Ind.-based Thompson Thrift Construction is the project’s general contractor. Kaufman Development is the developer. The four-story apartment building includes one-, two- and three-bedroom units and 378 parking spaces.
ST. PAUL, MINN. — The Mille Lacs Band of Ojibwe has hired Graves Hospitality Corp. to take over management and redevelopment of two hotels in downtown St. Paul: the Crowne Plaza St. Paul Riverfront Hotel at 11 Kellogg Blvd.; and the DoubleTree St. Paul Downtown Hotel at 411 Minnesota St. The Mille Lacs Band acquired the hotels, which include nearly half of the hotel rooms in downtown St. Paul, in early March. The Mille Lacs Band of Ojibwe, a self-governing, federally recognized Indian tribe located in East Central Minnesota, purchased the hotels as part of an investment diversification strategy. The band has more than 4,300 enrolled members.
SAVAGE, MINN. — Evergreen Pointe Townhomes LLC has acquired Evergreen Pointe Townhomes, a 43-unit multifamily property in Savage, a southwest suburb of Minneapolis, for $2.7 million, or $64,000 per unit. The seller was Evergreen Pointe Townhomes LP. The apartment community is part of the Section 42 Low-Income Housing Tax Credit program and has an extended-use agreement in place that requires the units continue to be rented to tenants who make 60 percent or less of the area’s median income. The 49,808-square-foot apartment community is located at 4100-4228 McColl Drive. John Karlen of RP Mallery Group LLC represented the buyer and the seller in the transaction.
BELLEVUE, WIS. — Marcus & Millichap has arranged the sale of Bellevue Retail Center, a 9,200-square-foot retail property, for $2.5 million. The shopping center is located at 1976 Lime Kiln Road in Bellevue, a southern suburb of Green Bay, and was 85 percent occupied at the time of sale. Jeff Rowlett and Jason Ladner of Marcus & Millichap represented the seller, a developer, in the transaction. Michael Ahles of Marcus & Millichap represented the buyer, a private investor.
CHICAGO — Ascent will build a $200 million data center in downtown Chicago. The developer is teaming up with Sterling Bay Cos. to renovate a property located at 717 S. Desplaines St. CH3 Data Center will be a multi-tenant development that will offer infrastructure that can be tailored to customer requirements. The center will range from 212,000 square feet to 560,000 square feet, depending on demand. St. Louis-based Ascent said in a statement the CH3 project has full capital backing from its current equity partners. The development marks Ascent's third data center in the Chicago area. The other two centers are located in Northlake, about 15 miles west of Chicago. Ascent is a provider of comprehensive solutions for the development, design, engineering, construction and operation of data centers.
LAKESIDE PARK, KY. — PLK Communities has purchased Lakeside Landing, formerly Derby Ridge Apartments, a 240-unit multifamily property located in Lakeside Park near Cincinnati, for $7 million. Constructed in 1974, Lakeside Landing is a Class C+ community and was 90 percent occupied at the time of sale. Debbie Corson and Todd Stofflet of ARA Real Estate Investment Services represented an undisclosed seller in the transaction. Cincinnati-based PLK Communities is an owner and manager of value-add multifamily properties.
ORLAND PARK, ILL. — Lowe’s Retail Center, a 9,338-square-foot retail property in Orland Park, has sold for $3.9 million. The triple-net-leased property, which is located at 15619 S. La Grange Road, is fully occupied. Brian Parmacek and Stephen Rachman of Marcus & Millichap represented the seller, a developer, in the transaction. Steve Livaditis of Marcus & Millichap represented the buyer, a long-term apartment investor. Jim Sotos of Marcus & Millichap Capital Corp. secured the 10-year acquisition loan for the property.
ST. LOUIS — Construction of Saint Louis University Hospital’s $1.5 million emergency department expansion is slated for completion in June. The 4,000-square-foot project will add five additional treatment rooms, a new nurses’ station, work and storage spaces and a new two-station registration area. The emergency department, one of the region’s busiest trauma centers, treats more than 100 emergency cases each day and more than 39,000 cases per year. McGrath & Associates is the general contractor. The design team includes BSA LifeStructures and KJWW Engineering Consultants.
MINNEAPOLIS — Dougherty Funding LLC has closed a $16 million loan for the acquisition and conversion of the Holiday Inn Minneapolis Metrodome hotel into a Courtyard by Marriott. The hotel, which is located at 1500 Washington Ave. in Minneapolis, has 265 rooms. The renovation and rebranding follows the hotel's recent sale to Minneapolis-based Heartland Realty Investors, according to the Minneapolis St. Paul Business Journal.
EVANSVILLE, IND. — The Buckingham Cos. will design and construct townhouses on the campus of the University of Evansville, which has a total enrollment of 2,643 students. The townhouses will accommodate 150 upperclassmen. The $8.5 million project will deliver six townhouse buildings. One cluster of two buildings will be Frederick Commons, and four other buildings will comprise Walnut Commons. Half of the townhouses will be complete and available for move-in in August, with others following in October and January 2014.
