CINCINNATI — Phillips Edison Strategic Investment Fund II has agreed to buy Kenwood Towne Place, an enclosed mall in Cincinnati, from a bank lending group led by Bank of America. The project consists of 300,000 square feet of retail and 200,000 square feet of office space. The development of Kenwood Towne Place has been on hold since 2008 due to financial trouble. Phillips Edison reportedly plans to spend about $100 million in completing the project. Current tenants at the mall include Crate & Barrel, The Container Store and LA Fitness.
ARLINGTON HEIGHTS, ILL. — A shopping center at 115 Rand Rd. in Arlington Heights has sold to an institutional buyer from New York for $2.2 million. Tenants at the center include Caribou Coffee, Smashburger and Jersey Mike's Subs. Chad Firsel of Quantum Real Estate Advisors represented the seller, a private individual based in Oak Brook, Ill., in the transaction. He also represented the buyer.
ALSIP, ILL. — Meridian Design Build has broken ground on a 171,670-square-foot build-to-suit facility for Polmax Transportation in Alsip. The 38-acre development site includes the demolition of an existing 37,000-square-foot building. When complete, the new warehouse building will include 68 dock positions and 20,000 square feet of office space that will serve as Polmax's corporate headquarters. A vehicle repair facility will also be constructed within the building. Joe Grimes and Bob Malachowski are coordinating the project for Meridian Design Build. arete-Knight is providing architectural services and Hoefferle-Butler is completing the civil engineering work.
CHICAGO — Renovation work is under way on Borinquen Bella Apartments, a 47-unit apartment building in Chicago's Humboldt Park Neighborhood. The affordable housing project will encompass 62,896 square feet of exterior and interior renovation work that will modernize four existing multifamily buildings. McShane will install new building roofs, windows, doors and kitchen and bathroom upgrades. The City of Chicago's Department of Housing and Economic Development is financing the project. Latin United Community Housing Association is the developer and Landon Bone Baker Architects is providing architectural services.
LAFAYETTE, IND. — Gander Mountain Co., a retail chain for hunting, fishing, camping and other outdoor products, has signed a lease for 48,694 square feet at the Lafayette Pavillions Shopping Center in Lafayette. The center is located at 150 South Creasy Lane. Joe Downs and Ryan Smith of Lauth Property Group represented the landlord in the transaction. Gander Mountain Co. was self-represented.
CHICAGO — Northwestern University Feinberg of Medicine has signed a 61,750-square-foot lease at 633 N. St. Clair St. in Chicago's Streeterville neighborhood. The school is filling space being vacated by the advertising agency Draftcb. Steve Smith and Craig Coupe of Jones Lang LaSalle represented the building owner, the American College of Surgeons, in the transaction. Kevin Duckler and Ashley Devick of Newmark Grubb Knight Frank represented the tenant. The deal is one of the 10 largest to be completed in the Chicago CBD so far this year, and the 27-story building is now fully occupied.
MUNCIE, IND. — Campus Crest Communities has started construction on The Grove at Muncie, a $24 million student housing property in Muncie. The 216-unit property is located one-tenth of a mile from Ball State University. Amenities will include a resort-style swimming pool, game room, fitness center and a library. The project is slated to open before the 2013-2014 academic year.
MIDDLEBURY, IND. — Chicago Lands LLC has purchased the former Pilgrim plant at 14489 U.S. 20 in Middlebury for $1.1 million. The 102,062-square-foot industrial facility is situated on 16 acres. The seller, HNHB LLC, had been leasing the building to Bullseye Industrial Sales. However, the company decided to lease space at another property in Middlebury. Chicago Lands plans to lease the building to a tenant in the metals business. Pete Letherman of FM Stone Commercial represented the seller in the transaction.
OMAHA — Brix, a wine tasting bar and bistro store in Omaha, plans to open a second location at Midtown Crossing. The 9,500-square-foot store will be located at 220 S. 31st Ave., in the space that formerly housed Republic of Couture. The new location will feature a retail area, bistro and event center. Brix opened its first store in the Village Pointe shopping center in west Omaha about two-and-a-half years ago.
GREEN BAY, WIS., GRANDVILLE, MICH. — Construction is under way on two new Cabela's stores in Wisconsin and Michigan. Kraus-Anderson Construction Co. is building an 88,000-square-foot Cabela's store in Rivertown Mall in Grandville, a suburb of Grand Rapids. The new store is slated to open in the spring of 2013. Kraus-Anderson has also broken ground on a Cabela's location on Highway 41 and Lombardi Avenue in Green Bay. The Green Bay Packers organization owns the land and is leasing it to Cabela's. The store is scheduled to open in the summer of 2013. Both stores will feature wildlife displays, a gun library, aquarium, boat shop and deli.