LAWRENCE, KAN. — K&M Tire has acquired an 81,640-square-foot warehouse at 3801 Greenway Circle in Lawrence, located 35 miles west of Kansas City. K&M plans to distribute wholesale tires to retailers in Kansas and Missouri from its new location. The facility will begin operations this August.
ST. LOUIS — Love Funding has arranged an $8.64 million loan for the rehabilitation and expansion of Gotham and Delmar Apartments, a historic St. Louis complex. The renovation of the Gotham building will reduce its unit count to 54 apartments from 66, while the new Delmar building will consist of 18 apartments and first-floor commercial suites for office or retail use. The buildings will also include Energy Star appliances, new light fixtures and new heat reflective roof shingles. Robyn Cunningham and Adrian Hartman of Love Funding secured the loan through the U.S. Department of Housing and Urban Development's Section 220 loan insurance program. The transaction enables the property developer, Delmar Properties Management and Construction, to obtain a non-recourse loan for the period of construction and for a 40-year term once the buildings are completed.
CHICAGO — M&R Development has started construction on two apartment developments in Chicago: Summit on Lake at 73 E. Lake St. in Chicago and Central Station at 1700-1722 Central St. in Evanston. Both projects will be managed by RMK Management Group. This week, crews broke ground on the 42-story Summit on Lake, which will include 322 units and 178 parking spaces. Occupancy is slated for April 2014. Amenities will include an indoor pool, spa with waterfall, a two-story cyber cafe and a business center. McHugh Construction is serving as general contractor. Construction is also under way on Central Station, a four-story apartment development along the Central Street corridor. It will include 80 apartments and 10,665 square feet of street-level retail. The first occupancies are expected next July. McShane Construction is serving as general contractor.
OVERLAND PARK, KAN. — Block Development Co. has broken ground on the Teva Pharmaceuticals office building at 11100 Nall Ave. in Overland Park. The 150,000-square-foot facility will include workspace for 350 employees. The site also includes space for an additional 100,000-square-foot building. Sprint sold the 18-acre parcel to Block Development Co., which broke it into three parcels. Teva is taking two of them. The building is set for completion in the third quarter of 2013.
NAPERVILLE, ILL. — Cohen Financial has arranged a $10 million loan to refinance the MetroWest office building at 55 Shuman Blvd. in Naperville. Dan Rosenberg of Cohen Financial's Chicago office secured the financing through a regional bank. The borrower is a joint venture between Chicago-based Bixby Capital and Franklin Partners.
PEWAUKEE, WIS. — Marcus & Millichap has completed the $11.5 million sale-leasback of the American Distribution Center in Pewaukee, located 15 miles west of Milwaukee. The two-building complex is a build-to-suit for American TV & Appliance, a furniture, appliance and electronics retailer. Developed in 1989 and 1999, the property encompasses 287,000 square feet. Scott Pertel, Vincent Schwab, David Weinberg and Paul Kerber represented the buyer in the transaction. They also represented the seller, American TV & Appliance.
MUSKEGON, MICH. — Quantum Real Estate Advisors has arranged the $1.1 million sale of a 6,500-square-foot O'Reilly's Auto Parts, located at 3082 N. Henry St. in Muskegon. The building is a former Blockbuster store that was retrofitted for O'Reilly's in 2011. The auto parts retailer has 14 years remaining on its lease. Jordan Kaufman of Quantum Real Estate Advisors represented the seller in transaction. The buyer is a private individual from Texas.
LINCOLNSHIRE, ILL. — Meridian Design Build has broken ground on a 100,280-square-foot building expansion for Kubota Engine America in Lincolnshire. The project includes the construction of an 81,880-square-foot warehouse and 18,400 square feet of office space. Kubota Engine America manufactures diesel and gasoline engines for the industrial market. Peter Schmidt and Ryan Moore of Meridian Design Build are managing the project. Timothy Morgan Associates is providing architectural services and Manhard Consulting will complete the engineering work.
NEW ALBANY, OHIO —Construction is under way on a new $31 million headquarters for Bob Evans Farms in New Albany. Bob Evans Farms owns and operates 569 full-service restaurants in 18 states with a heavy concentration in the Midwest. The company plans to move its corporate headquarters from Columbus to New Albany. The Corna Kokosing Construction Co. is building the project, which it describes as a mix of traditional and futuristic design. The campus will be situated on 40 acres of farmland. The project is expected to be complete in the fall of 2013.
OVERLAND PARK, KAN. — REI, a national outdoor retailer, will open its first store in the state of Kansas in the fall of 2013. The 23,500-square-foot store will be located at the intersection of West 135th Street and Lamar Avenue in Overland Park. The store will sell gear and apparel for camping, climbing, cycling and paddling, among other activities. The store will also feature a bike shop with assembly and repair services and a seasonal gear rental department. REI plans to hire 50 to 60 new employees for the store. The company operates 123 retail stores in 30 states.