OVERLAND PARK, KAN. —NorthMarq has arranged $19.1 million for the first-mortgage refinancing of Cedar Crest Apartments, a 466-unit multifamily community located at 6500 W. 91st St. in Overland Park. Brent Blake of NorthMarq's Kansas City office arranged the loan through NorthMarq's seller-servicer relationship with Freddie Mac. The 10-year loan has a 30-year amortization schedule.
FOSSTON, MINN. — Minneapolis-based Kraus-Anderson Construction Co. has completed the 17-month, $4.6 million renovation of the Essentia Health facility, located at 900 Hilligoss Blvd. SE in in Fosston. The project included the construction of a new main building entry, lab relocation and expansion and a new surgery suite addition. It also includes a new registration and waiting area for the combined clinic and hospital. The project architect is St. Paul-based Pope Associates.
TINLEY PARK, ILL. — The Boulder Group has completed the $3.3 million sale of a 13,905-square-foot, net-leased Walgreens, located at 16675 S. Oak Park Ave. in Tinley Park. Walgreens has eight years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago trust, in the transaction. The buyer was a California-based 1031 exchange investor.
Redevelopment initiatives in Cleveland’s urban core will attract rental households to the area, while healthy job growth and a lackluster single-family housing market will uphold modest demand in the suburbs. Among ongoing projects in the urban core, the $2 billion redevelopment of University Circle, which includes the expansion of the VA Medical Center, Cleveland Clinic and University Hospitals, has created more than 4,000 jobs since construction started in 2005. The renovations are expected to be complete by 2015 and will support over 36,000 jobs in the area. Surrounding neighborhoods such as Beachwood, Shaker Heights and Cleveland Heights will benefit most as roughly 30 percent of the employees live in these areas. Many of these young professionals occupy apartments and will delay purchasing single-family homes, a trend that will sustain demand throughout the metro area. As a result, most submarkets will post vacancy decreases this year, providing many owners with enough leverage to ease concessions and lift rents. Construction pipeline Development slowed significantly during the last year, as only one apartment complex came on line. The 38-unit University Lofts was delivered in the Cleveland Heights/Shaker Heights area in the first half of 2011. The first phase of the Uptown project will …
ST. LOUIS — Memphis-based EdR has purchased 3494 Lindell, a four-story apartment complex near St. Louis University in St. Louis, for $28.4 million. EdR, a real estate investment trust, owns, develops and manages collegiate housing. The property includes 197 studios, one- and two-bedroom apartments. The apartment community is currently 91 percent leased for the 2011-2012 academic year. The seller was undisclosed.
KANSAS CITY, KAN. — Sam's Club has closed on the purchase of 16.8 acres of land for the new 850,000-square-foot power shopping center at Plaza at the Speedway, located at 1-435 and Parallel Parkway in Kansas City. Sam's Club is expecting to break ground this February and open in the fall. David Block and Becky Goodman of Block & Co. represented the seller, Plaza Speedway LLC. Bob Johnson of RH Johnson represented the buyer.
CHIPPEWA FALLS, WIS. —Stag Industrial Inc. has acquired two manufacturing facilities totaling 97,400 square feet in Chippewa Falls, and a 400,000-square-foot warehouse and distribution facility located in Rogers, Ark. for a reported $17.6 million. The buildings in Chippewa Falls are fully leased to Extrusion Dies Industries, with more than nine years remaining on the lease. The company designs and manufactures dies, feedblocks and related equipment.
EVANSVILLE, IND. — Skanska USA has acquired Evansville-based Industrial Contractors Inc. (ICI) and its affiliated companies for $135 million. ICI is a contractor in the commercial, industrial and energy markets of the Midwest and its affiliates include Professional Consultants Inc., Tri-State Refractories Corp. and Industrial Equipment Inc. The newly acquired company will become an operating unit of Skanska USA Civil and will be known as Industrial Contractors Skanska. The current management team of ICI will remain in place.
DETROIT — Rock Ventures Group recently purchased three properties in Detroit, capping a year-long drive to acquire and renovate buildings in the downtown area. The newest acquisitions include the Wright-Kay building, located at 1500 Woodward Ave.; the Lane Bryant building, located at 1520 Woodward Ave.; and the Arts League of Michigan building, located at 1528 Woodward Ave. The six-story Wright-Kay building is slated to offer street-level retail with offices or residential units on the floors above. The 45,000-square foot Lane Bryant building and 43,000-square foot Arts League of Michigan building are both slated to offer a mix of retail and office space. In 2011, Rock Ventures, led by Quicken Loans founder Dan Gilbert, purchased seven properties, three parking structures and one parking lot in Detroit.
HOFFMAN ESTATES, ILL. — Hoffman Estates-based Sears Holding Corp. plans to close as many as 120 Sears and Kmart stores following poor sales during the holidays. The company expects the closures to generate $140 to $170 million in cash from inventory sales. Sears Holding also expects the sale or sublease of real estate holdings to add more cash. The company predicts adjusted earnings for the fourth quarter of 2011 will be less than half the $933 million it reported for the fourth quarter of 2010. The retailer has yet to determine which stores will be closed. The price of Sears stock (Nasdaq: SHLD) closed at $31.78 per share on Dec. 30, 2011, down from $73.69 per share a year earlier.