RAPID CITY, S.D. — Construction has started for a 111-room Cambria Suites, located along Interstate 90 in Rapid City. Appleton, Wis.-based Consolidated Construction Co. is developing the $12.5 million, 74,000-square-foot building, which is anticipated for completion in the spring of 2012.
HINSDALE, ILL. — Wheaton, Ill.-based Next Generation Development (NGD) has restarted construction on the 122-unit The Hamptons of Hinsdale located in Hinsdale. A fund controlled by Oak Brook, Ill.-based Inland Group of companies purchased the property from Citizen's Financial Bank. NGD is in charge of construction, sales and marketing for the development, and Britain-based Grosvenor Residential Partners I is financing the project. Upon completion the property will feature 26 townhomes, 93 condominiums and three custom single-family lots.
CHAMPAIGN, ILL. — Grubb & Ellis Co. has secured $38 million in refinancing for the 16-story, 725-unit Illini Tower, a student housing property located at 409 E. Chalmers St., near the University of Illinois. Jim Adams of the firm's Houston office arranged the 10-year loan on behalf of the owner, Campus Living Villages, through a CMBS lender.
CHICAGO — Leopardo has been selected for two build-outs at Joseph Freed and Associates' Sullivan Center in Chicago. A 121,000-square-foot build-out for a future Target store is slated for completion in December 2011, and a 26,000-square-foot build-out of the basement level for DSW is under construction as well. Since April, Leopardo has been awarded more than 500,000 square feet in tenant interior construction contracts.
CHICAGO — Newcastle Limited has purchased two properties in Chicago for $9.1 million. The 59-unit 525 West Stratford is a multifamily building located in Chicago's Lakeview neighborhood and 1200 West Granville is a mixed-use property with 32 units and 6,750 square feet of retail space. Newcastle plans to upgrade units, common areas and curb appeal at both properties. Jack Cassin and Bill Cassin of Chicago-based Apartment Investment Advisers represented the undisclosed seller in the transaction.
MILWAUKEE — Wangard Partners has closed on HUD financing that will help start construction for a market-rate apartment project in Milwaukee. 1910 on Water will contain 68 units and be located at 1910 N. Water St. The six-story building will feature residences ranging in size from a 540-square-foot studio to a 1,100-square-foot two-bedroom. Amenities will include a private courtyard, a fitness center, a community room and two levels of enclosed parking. Demolition of the site's existing buildings will occur immediately, with occupancy expected in summer 2010. St. Paul, Minn.-based Oak Grove Capital arranged the construction financing on behalf of Wangard Partners.
KALAMAZOO, MICH. — Boston-based real estate investment firm Gross & Cohen has sponsored a student housing property acquisition in Kalamazoo. The 423-bed project, called Thirteen24, is located adjacent to Western Michigan University’s campus in Kalamazoo. Renovations for Thirteen24 will include construction of a 2,800-square-foot clubhouse, a state-of-the-art fitness center, a leasing office, a business center and a game room. Individual units will have complete interior renovations with hardwood flooring, updated kitchens and appliances, new bathrooms, and exterior painting and landscaping.
DIXON AND FREEPORT, ILL. — NAI Hiffman has brokered the sale of two multifamily buildings in northern Illinois. The properties include Dixon River Apartments, which is located at 624 Marclare St. in Dixon, and Kiwanis Manor, which is located at 3001 Loras Drive in Freeport. Each community contains 72 units and both were constructed in 1994. NAI's William Montana brokered the deal on behalf of the seller, Milwaukee-based AIMCO.
KANSAS CITY, MO. — This Friday, Trader Joe's will hold the grand opening for its first location in the Kansas City area. The specialty grocery store will be located within 18,400 square feet of Ward Parkway Center, a 736,904-square-foot regional mall situated at 8600 Ward Pkwy. in Kansas City. The grand opening is part of a multi-million renovation of the center that is being completed by RED Development. Construction will include the demolition of the existing Dillard's store and the construction of a 60,000- to 70,000-square-foot replacement building as well as an exterior upgrade. Ward Parkway Center celebrates its 50th anniversary in October.
DOWNERS GROVE, ILL. — Quantum Real Estate Advisors has brokered the sale of a net-leased retail building in the Chicago suburb of Downers Grove. The property is the outparcel to The Grove Shopping Center, which is located at the corner of 75th Street and Lemont Road. Its two tenants are Sprint and Back To Bed. A local investment company was the buyer. The seller's name was not disclosed. Chad Firsel of Quantum represented both parties in the deal.