OLATHE, KAN. — Steadfast Income REIT has acquired an apartment community in the Kansas City suburb of Olathe for $11.22 million. Clarion Park Apartments was constructed in 1994 and consists of 220 garden-style and townhome units. Residences average 950 square feet and occupancy was in the high-90 percent range at the time of closing. Amenities include a playground, a sports court and a fitness trail. The seller's name was not disclosed.
MILWAUKEE — The groundbreaking will be held tomorrow for the new Graduate School of Public Health for the University of Wisconsin-Milwaukee. The project is located within The Brewery Project, Zilber's redevelopment of the former Pabst brewery. Construction will include the redevelopment of an existing manufacturing building, which has already commenced, as well as the construction of an adjoining building. The new Graduate School of Public Health will contain approximately 60,000 square feet of space. Completion is expected in fall 2012.
CHICAGO — The former Chicago Patrolmen's Federal Credit Union building has been sold for $3.4 million. The 22,000-square-foot property is located at 1359 W. Washington Blvd. in the city's Union Row neighborhood. A local nonprofit purchased the building, which was built in 2000. Luke Malloy and Greg Bayer of Mid-America Real Estate represented the seller, and Bettye Reynolds of FJ Williams Realty represented the buyer.
ELY, MINN. — The Boulder Group has brokered the sale of a 32,100-square-foot retail property located at 1500 E. Sheridan St. in Ely for $2.65 million. Constructed in 2008, the building is leased to grocer Pamida on a triple-net basis for the next 17 years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Minneapolis-based partnership, as well as the buyer, a 1031 exchange investor.
PLEASANT PRAIRIE, WIS. — Oak Brook, Ill.-based Inland Real Estate has acquired the Shoppes at Prairie Ridge, a 232,815-square-foot retail center located at 9777 76th St. in Pleasant Prairie. Anchors at the property include JC Penney, Dick's Sporting Goods, PetSmart and Ulta. The seller was Indianapolis-based Gershman Brown Crowley, the property's original developer.
BOLINGBROOK, ILL. — G&W Electric Co. has purchased an approximately 350,000-square-foot industrial building located at 305 Crossroads Pkwy. in Bolingbrook. The company will relocate its headquarters from Blue Island, Ill., to the property. Edward Wabick and Brandon Wright of Paine/Wetzel • ONCOR International represented G&W in the deal. Jerry Sullivan, also of Paine/Wetzel, represented the seller, Prudential Real Estate Investors.
ALGONQUIN, ILL. — The Boulder Group has completed the sale of a gas station property located in the Chicago suburb of Algonquin for $5.18 million. The site, which is located at the intersection of Randall and Algonquin roads, totals 43,429 square feet and is triple net-leased to ConocoPhillips, which has 13 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Chicago-based partnership. The buyer was a high net-worth investor from Atlanta.
WHEELING, ILL. — Construction has commenced for a new community center at St. Joseph the Worker Parish, located at 181 W. Dundee Road in Wheeling. The project will include a 9,970-square-foot building containing meeting space, banquet space and a full kitchen. Completion is expected later this summer. The project team includes Woodridge, Ill.-based general contractor Morgan/Harbour Construction and architect Ruben L. Anastacio & Associates.
HARRISON TOWNSHIP, MICH. — L. Mason Capitani has brokered the sale of a 17,496-square-foot industrial building located at 42950 Executive Drive in Harrison Township. The buyer was Preferred Moving & Storage, which will use the building to expand its operations. The seller, was Comerica Bank, which recently foreclosed on the property. Jason Capitani and Tom Jablonski of L. Mason Capitani arranged the deal.
CHICAGO — Chicago-based Newcastle Limited has acquired 533 West Barry, a 17-story, 162-unit apartment tower located in Chicago's Lakeview neighborhood for $33.3 million. The property contains a mix of one- through three-bedroom units as well as an attached 162-space parking garage. Dan Cohen and John Jaeger of CB Richard Ellis represented the undisclosed seller in the deal. Newcastle purchased the property all-cash on behalf of its $500 million Chicago real estate investment platform.