PLYMOUTH, MINN. — Regency Centers has purchased the 125,213-square-foot Rockridge Center in Plymouth from Hempel Properties for $20.5 million. An 89,219-square-foot Cub Foods anchors the shopping center, which is currently 99 percent leased to tenants such as Caribou Coffee, Qdoba Mexican Grill, Papa Murphy's, Subway and Fantastic Sam's. Joe Girardi from Mid-America Real Estate Corp. represented the buyer.
COLUMBUS, OHIO — Cleveland-based The Cooper Commercial Investment Group has arranged the $5.5 million sale of the 34,316-square-foot The Neighborhood Shoppes at Polaris, a retail center located at 8457-8497 and 8491 Sancus Blvd. in Columbus. Dan Cooper represented Columbus-based Sancus Retail Partners II, the seller, in the transaction and procured the buyer, a Texas-based private group.
FORSYTH, ILL. — Marcus & Millichap has arranged the $1.16 million sale of a 3,455-square-foot, single-tenant medical office building currently leased to Aspen Dental, located at 138 Highland Ave. in Forsyth. Evan Halkias and Michael Marks of the firm's downtown Chicago office represented both undisclosed parties.
CHICAGO — A joint venture between Wells Fargo & Co. and Related Cos. has acquired the 694-unit Parkway Gardens in Chicago, an affordable housing community that will subsequently undergo a $136 million renovation. Related Cos. is committing $40 million in physical, mechanical and structural upgrades, Wells Fargo is providing $36.5 million in equity and the Illinois Housing Development Authority is providing $59.5 million in bonds as well as credit enhancements from Fannie Mae. Related Cos.' Chicago office, Related Midwest, will oversee the renovations.
DETROIT — Whole Foods has signed a 20,000-square-foot lease to build a new store at the intersection of Mack Avenue and John R Street in Detroit. Completion is slated for late 2012 or early 2013. The landlord is Palm Beach Gardens, Fla.-based Ram Real Estate.
ORLAND PARK, ILL. — Marcus & Millichap has brokered the $2.09 million sale of a 6,000-square-foot, single-tenant, net-leased property, located at 12155 S. LaGrange Rd. in Orland Park, which is currently leased to DaVita Dialysis Center. Evan Halkias and Michael Marks of the firm's downtown Chicago office represented the seller, a private investor, and John Abuja and Jason St. John of the same office represented the buyer, a limited liability company.
BISMARCK, N.D. — NorthMarq has arranged $11.31 in first-mortgage financing for the 167-unit Hawk Point Apartments, located at 4101 Montreal St. in Bismarck. The fully-amortized loan was arranged through AmeriSphere Mortgage Finance, a FHA mortgage lender.
OMAHA, NEB. — NuStyle Development has purchased the 250,000-square-foot former Enron headquarters building, located at 24th and Dodge streets in Omaha. NuStyle plans to renovate the property and turn it into a 180-unit apartment building. The renovation will include new windows, mechanical and electric systems. R.J. Neary and Ryan Zabrowski of Omaha-based Investors Realty represented the buyer in the transaction. The Lund Co. represented the seller, an Omaha-based bank that took the property back in foreclosure in 2001.
INDIANAPOLIS — Chicago-based Pearlmark Real Estate Partners has closed on a $6.5 million mezzanine loan for the 1.1 million-square-foot PepsiCo Distribution Center in Indianapolis. The property is leased to Quaker Sales and Distribution, a division of PepsiCo. Michael Girimonti and Mark Witt of Pearlmark arranged the financing.
IMPERIAL, MO. — Holland Construction Services has completed the $1.8 million renovation and expansion of the 55,647-square-foot H.W. Herrell Distributing Co. warehouse in Imperial. The project involved the rebuild of 11,000 square feet of the facility and the addition of 3,000 square feet of space.
