MENDOTA HEIGHTS, MINN. — Brown College has signed a 55,263-square-foot lease to occupy the Mendota Tech Center, located at 1345 Mendota Heights Rd. in Mendota Heights. The school will finish relocating from its current campus, located at 1440 Northland Dr. in Mendota Heights, in August. Dan Gleason and Tony DelDitto of NorthMarq Capital's Minneapolis office and Anita Veith of the firm's Edina, Minn., office represented the landlord in the lease transaction. Charlie Snyder of CB Richard Ellis' Minneapolis office and Nathan Lamb of CBRE's Chicago office represented the tenant.
Midwest
LENEXA, KAN. — Biomune Co. d/b/a CEVA has signed a 45,000-square-foot lease at the Meritex Lenexa Executive Park, located at 17501 W. 98th St. in Lenexa. Thomas Haverty and John Stafford of Colliers International's Kansas City, Mo., office represented the landlord in the lease transaction, and Jack Allen of Kansas City-based Karbank Real Estate Co. represented the tenant.
INDIANAPOLIS — CB Richard Ellis has negotiated the sale of the 424-unit Keeneland Crest Apartments, located at 5540 Ashview Dr. in Indianapolis, for an undisclosed price. CBRE's Indianapolis-Cincinnati Multi-Housing Group represented Norfolk, Va.-based Harbor Group International, the seller, in the transaction. The buyer was St. Louis, Mo.-based Thiemann Real Estate.
TAYLOR, MICH. — Ann Arbor-based McKinley has finished the $6.06 million renovation of the 511-unit The Ponds, an apartment community located in Taylor. The improvements were made under the Green Retrofit Project, offered through HUD's Office of Affordable Housing Preservation. The project included significant energy related improvement, including 95 percent efficient boilers and water heaters, programmable thermostats, insulation and caulking/weather stripping, and more.
KANSAS CITY, MO. — Hunt Midwest Real Estate Development and The R.H. Johnson Co. have started construction on a 13,500-square-foot build-to-suit building for PETCO in the North Oak Village Shopping Center, located at 600 NE Vivion Rd. in Kansas City. Chuck Zoog of The R.H. Johnson Co. represented both the tenant and the landlord in the lease transaction. The new PETCO store will replace the current store on 2600 Burlington in Kansas City and is scheduled to open in December.
ST. LOUIS, MO. — David Garfinkel of NorthMarq Capital's St. Louis office has arranged permanent financing for the 195,363-square-foot South Lakeview Plaza, located at 4432 Lemay Ferry Rd. in St. Louis. Hancock Life Insurance Co. provided the financing.
GOLDEN VALLEY, MINN. — Grandbridge Real Estate Capital has arranged a $1.25 million, first mortgage loan for a 36-unit apartment property in Golden Valley, Minn. Tony Carlson of Grandbridge's Minneapolis office closed the 10-year loan with a 20-year amortization schedule through Ohio National.
ELK GROVE VILLAGE, ILL. — A joint venture between Boston-based Alcion Ventures and Chicago-based Golub & Co. has acquired the 579-unit Hamilton Court in Elk Grove Village for an undisclosed price. The property is approximately 95 percent leased. The buyer was self-represented by Michael Goldman and Adam Short of Golub & Co. and Mark Potter, Martin Zieff and Kris Galletta of Alcion Ventures. Michael Miller and Jeff Cherner of NorthMarq Capital's Chicago office represented the undisclosed seller in the transaction. Additionally, Miller and Rupesh Patel, also of NorthMarq's Chicago office, arranged acquisition financing through Freddie Mac.
MISHAWAKA, IND. — Fishers, Ind.-based AHEPA National Housing Corp. and the Department of Housing and Urban Development have broken ground for the 50-unit Penelope 60 Apartments, an affordable senior housing apartment building located at 810 S. Merrifield Ave. in Mishawaka. AHEPA Management Co. will manage the property, which is slated for completion in September 2012.
NORMAL, ILL. — Faris Lee Investments has arranged the $18 million recapitalization of a 200,000-square-foot shopping center in Normal, on behalf of the owner, The Dial Companies Schnucks Grocery and a 14-screen Starplex Theater anchor the center, which is currently 70 percent leased. The recapitalization allowed Faris Lee to represent Thompson National Properties in a joint venture with The Dial Companies to acquire the note on the property. Thompson acquired the developed portion of the center and The Dial Companies has been established as the owner of the center's 12 unfinished outparcels.