CHICAGO — Reed Construction has completed a 25,000-square-foot renovation for the Fertility Centers of Illinois. The project included the demolition and replacement of drywall and flooring, and extensive millwork and painting. The facility now offers a renovated waiting area and nurse stations, an enhanced IVF lab, additional physician offices, ultrasound and on-site labs and a Third Party Reproduction facility. Atul Karkhanis Architects provided architectural services for the project.
BETTENDORF, IOWA — Continental Properties has selected McShane Construction's Southeast Region's office to construction Springs at Bettendorf in Bettendorf. Situated on 18 acres, the 15-building, 357,000-square-foot apartment property offers 316 apartment units ranging from studios to three-bedroom units, hardwood floors, washers/dryers, a swimming pool, a sun deck, a clubhouse with a fitness club and Internet cafe, and a maintenance buildings and car wash. Charlan, Brock & Associates is providing architectural services for the project, which is scheduled for completion in October 2012.
CINCINNATI — An affiliate of Yale Realty Services purchased the 9,850-square-foot Evendale Commons in Cincinnati from a joint venture between Anchor Properties and Miller-Valentine Group. It is part of an 80-acre mixed-use planned development. Featured tenants include Chipotle, Starbucks, GameStop and Verizon. The property is situated at the entrance to a new Walmart Supercenter-anchored complex. Colliers International represented the seller and Reed Weinberg and Fred Sutterlin of Louisville-based PRG Investments represented the buyer.
TROY AND ROCHESTER HILLS, MICH. — New York-based Savills has arranged $66 million in financing for two medical office buildings in Michigan and one medical office property in Louisiana. The Michigan properties include a 100,000-square-foot building on the campus of Beaumont Hospital in Troy and a 95,000-square-foot health and wellness center in Rochester Hills. The third property is a 99,000-square-foot medical office building located on the new replacement campus for Our Lady of Lourdes Regional Medical Office in Lafayette, Louisiana. In total, the properties are 95 percent leased. Milwaukee-based Landmark Healthcare Companies LLC owns the three properties. Savills arranged the permanent, fixed-rate financing through GE Capital, Healthcare Financial Services.
FT. WAYNE, IND. — Columbus, Ohio-based White Oaks Partners has acquired Regency Park, a 226-unit multifamily property in Ft. Wayne. The property was marketed for $5.9 million but the acquisition price was not released. The buyer plans to renovate the property's exterior and interior, including a pool renovation, new landscaping and remodeling unit kitchens and bathrooms. Tikijian Associates represented Miami-based LNR Partners LLC, the special servicer acting on behalf of the lender following a mortgage foreclosure. The property has been managed by Indianapolis-based Buckingham Companies since Buckingham's appointment as receiver in late 2009.
GLENDALE, WIS. — Weyco Group has selected the Milwaukee office of Opus Development Corp. to construct a 52,000-square-foot expansion at the company's headquarters in Glendale. The mezzanine expansion will provide additional space to accommodate the company's continued growth and expansion. Weyco, a shoe manufacturer, recently acquired The Combs Companies, the owner of Bogs and Rafters footwear brands. Completion is scheduled for July.
NEWARK, OHIO — Franktown, Colo.-based MIMG XXIII McMillen Woods LLC has acquired McMillen Woods, a multifamily property located at 95 S. Westmoor Ave. in Newark, for $16.4 million. Built in phases from 1976 through 1990, the 391-unit property features two studio units, 38 one-bedroom units, 187 two-bedroom units and 164 three-bedroom units. Mark Rohr and Eric Taylor of Hendricks & Partners' Michigan office represented the seller, Newark-based McMillen Woods LLC, in the transaction.
CHICAGO — Charlotte, N.C.-based Green Bear Real Estate Capital has closed a $87 million debt and equity private placement for a mixed-use construction project in Chicago. Located in Chicago's Old Town neighborhood, the 380,000-square-foot project will feature 250 apartment units and 30,000 square feet of retail space. Additionally, the property will feature a multi-level parking garage with 250 parking spaces and garage elevators that are accessible by residents and guests. The financing was provided by an insurance company and the structure consisted of a $59 million construction loan and a $28 million equity investment for the development of the LEED-certified, luxury residential building.
ST. JOHN, IND. — An undisclosed Canada-based investor has purchased the ground lease of a Citizens Financial Bank property in St. John. The 36,258-square-foot property, which is long-term leased to the bank, sold for $1.61 million. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based partnership, in the transaction.
CHICAGO — An affiliate of Habor Group International (HGI) has acquired a portfolio of Walgreens stores in Chicago for $27.8 million. The four properties are leased for remaining initial terms ranging from 20 to 25 years. The portfolio includes the 14,820-square-foot store at 2744 N. California Ave.; the 14,490-square-foot location at 3424 W. Belmont; the 14,820-square-foot store at 4001 W. Irving Park Road; and the 14,820-square-foot location at 2020 S. Naperville Road. The seller was not released.