MORAINE, OHIO — California-based Industrial Realty Group (IRG) has purchased the shuttered General Motors (GM) plant located in Moraine. The buyer plans to convert the 4.1 million-square-foot campus into Progress Park, a four-building, multi-use park containing approximately half as much space as the original plant. IRG purchased the property from The RACER Trust, which was created by the U.S. Bankruptcy Court to redevelop and sell 89 former GM sites in 14 states. IRG specializes in redeveloping large-scale industrial campuses. It recently acquired the former United Parcel Service hub at Dayton International Airport as well as the former Goodrich rubber plant in Akron.
CHICAGO — Farbman Group has acquired the Randolph-Wells Building, a 23-story, Class C office building located at 204 West Randolph in Chicago's West Loop. Constructed in 1928, the tower is occupied by tenants that include Kaplan Educational Center; tenants at the building's street-level retail space include Baskin-Robbins and Dunkin Donuts. The building has recently undergone renovations that include a new roof and elevator upgrades. The seller's name was not released.
PAINESVILLE, OHIO — Cleveland-based Goodman Real Estate Services Group has brokered the sale of Painesville Commons Shopping Center, a 141,900-square-foot retail center located in Painesville. Tenants at the property include Cinema 20, Save-A-Lot, AutoZone and Sherwin-Williams Paints. Goodman's Kyle Hartung and Rob Yaskanich represented the undisclosed buyer, which purchased the center at auction.
BLOOMINGTON, MINN. — France 98 Apartments, a 118-unit multifamily property located in Bloomington, has been refinanced with a $9.24 million loan. Constructed in 1986, the property features controlled entry, fitness centers, clubrooms, barbecue areas, individual storage units, and an underground parking garage. Occupancy was 95 percent at the time of closing. Jason Rice of Grandbridge Real Estate Capital originated the loan on behalf of the undisclosed borrower. Andrew Tapley of Walker & Dunlop arranged the deal.
MINNEAPOLIS — Regency Centers has purchased Calhoun Commons, a 66,150-square-foot neighborhood retail center located in Minneapolis, for $21 million. The property was acquired in an off-market deal from Doran Companies, the center's original developer. Constructed in 1999, the fully leased center is anchored by Whole Foods Market. Additional tenants include Chipotle Mexican Grill, Caribou Coffee, Ben & Jerry's, and Noodles & Company. More than 94 percent of the gross leasable area is is occupied by first-generation tenants. Regency currently owns four retail centers in the Minneapolis market totaling more than 550,000 square feet and has a fifth center under contract.
INDIANAPOLIS — Indianapolis-based Flaherty & Collins Properties has commenced the $8.2 million redevelopment of the former south tower of the Sheraton Hotel in downtown Indianapolis into luxury apartments. The former hotel's 160 rooms, located on floors three through 12, will be converted into 129 apartments ranging in size from 487 to 1,225 square feet. The building will contain two-story units on the 11th and 12th floors. Monthly rents will range from $800 to $1,550. Amenities will include a swimming pool, rooftop sundeck, a fitness center, room service and valet parking. The first units will be delivered this fall. CSO Architects is the project architect. The building is located within Keystone at the Crossing, a 2.35 million-square-foot mixed-use development.
BLOOMINGTON, IND. — Champaign, Ill.-based Regency Associates has acquires two student housing communities located near the campus of Indiana University in Bloomington from Kensington Realty Associates. The two properties, Hoosier Court and Hoosier Court at Henderson, are both located approximately one mile from campus and contain a total of 644 beds. CB Richard Ellis' Indianapolis-Cincinnati Multi-Housing Group and National Student Housing Group represented Kensington in the deal. The acquisition price was not released.
NORMAL, ILL. — Thompson National Properties has acquired the debt secured by Constitution Trail Centre, a retail center located in Normal. Constructed in 2007, the property consists of 197,739 square feet as well as 28.74 acres of land available for future expansion. Occupancy was 65 percent at the time of closing. The center's anchors include Schnucks Market and Starplex Cinemas. Other tenants include Dollar Tree, Subway, H&R Block, Great Clips and Wendy's. The tenant leases have staggered expirations between 2012 and 2029. Thompson purchased the debt on behalf of TNP Strategic Retail Trust, the company's non-traded REIT that invests in grocery- and pharmacy-anchored necessity retail properties.
WAUKESHA AND MIDDLETON, WIS. — Net Lease Retail Investors, a joint venture between Dallas-based Rainier Capital and Southlake, Texas-based N3 Real Estate, is developing two new locations for Tires Plus Total Car Care in Wisconsin. The two stores will be located in Waukesha and Middleton. Completion is slated for this fall. The projects come on the heels of a Bridgestone Firestone Complete Auto Care Center that was developed by the joint venture in Milwaukee and sold in May. Rainier is currently raising $50 million in equity to provide national retailers fast track expansion opportunities. N3 has the capacity to develop and acquire approximately $400 million in retail real estate over the next two years.
INDIANAPOLIS — Pace Properties has purchased a Class A office building in Indianapolis for an undisclosed amount. The property totals 72,481 square feet over three stories and is located at 9225 Priority Way West Drive within The Precedent Office Park. Rebecca Wells and David Moore of Cassidy Turley's Indianapolis office partnered with Michael Hanrahan of the firm's St. Louis office to represent the seller, Bank of America. The buyer provided in-house representation.