ELKHORN, NEB. — Lockwood Construction has broken ground on Primrose School’s new location in Elkhorn. The 13,598-square-foot project marks the third Primrose School built by Lockwood, and the fourth Primrose School within the Omaha metro area. The Elkhorn facility will feature classrooms, outdoor play areas and learning spaces designed to foster early childhood development. The school, which is slated to open in November, is locally owned and operated by Cole and Katie Stichler.
HOWELL, MICH. — Time Equities Inc. (TEI) and Lormax Stern have acquired Kensington Valley Outlets in Howell, about 55 miles northwest of Detroit. The 314,438-square-foot outlet center was formerly known as Tanger Outlets Howell. Built in 1996, the property is home to tenants such as H&M, Old Navy, Nike Factory Store, Columbia, Banana Republic, Gap, Polo Ralph Lauren Factory Store, Famous Footwear and Eddie Bauer. The outlet center is located along the I-96 corridor and has received 1.3 million customer visits in the last year. Ami Ziff, Jonathan Kim, Grant Scott and Eli Smith represented TEI on an internal basis, and Andrew Bell, Matt Drozd, Sam Pietsch and Mark Franchini internally represented Lormax Stern. Mark Strauss of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller.
LANCASTER, OHIO — Churchill Stateside Group LLC, a real estate and renewable energy financial services company, has provided a $7.9 million forward-committed permanent loan for The Reserve at Hunter Trace, a 95-unit affordable senior living development in Lancaster, about 30 miles southeast of Columbus. The financing, provided by Churchill Mortgage Investment LLC, supports the development of the three-story building. All units will be income-restricted at 60 percent of the area median income. Construction is slated for completion in 2026. The loan features a 40-year amortization and three years of interest-only payments after stabilization.
KALKASKA, MICH. — DWG Capital Partners has purchased an industrial manufacturing portfolio in Northwest Michigan in a sale-leaseback with Kalkaska Screw Products. The neighboring facilities total 49,000 square feet on 13.4 acres in Kalkaska. Employee-owned Kalkaska Screw Products manufactures highly engineered machined components primarily for the automotive, aerospace and heavy truck industries. Brent Lowell of Community Choice Credit Union originated acquisition financing. Luke Timmis, Griffin Pitcher, Mark Woods and Cade Kozlowski of Signature Associates represented the seller.
MAPLEWOOD, MINN. — Marcus & Millichap has brokered the $2.7 million sale of Van Dyke Village Townhomes in the northeastern St. Paul suburb of Maplewood. The 20-unit multifamily property is located at 2191 Van Dyke St. and features two- and three-bedroom units with attached garages. Built in 2004, the asset is situated on 3.6 acres near Maplewood Mall and Keller Regional Park. Evan Miller, Chris Collins, Eric Wagner and Matthew Shide of Marcus & Millichap represented the seller, Van Dyke Street Homes LP, the original developer. Miller and Collins procured the buyer, Dadder’s Estates LLC.
LAKE FOREST, ILL. — Offshore Marine, a provider of marine equipment and services, has signed a 12,000-square-foot industrial lease at 28041 N. Bradley Road in the Chicago suburb of Lake Forest. The tenant will utilize the building as its main headquarters for distribution and a retail showroom. The building totals 23,482 square feet, which includes full access to the property’s outside storage area, and remains available for lease. The property is also for sale. Elisabeth Lazzara, Denise Chaimovitz and Brian Bocci of Entre Commercial Realty negotiated the lease.
ST. LOUIS — Altus Properties has sold CIBC Place, a 170,157-square-foot, 10-story office building located at 1401 S. Brentwood Blvd. in St. Louis. Bryan King of King Realty Advisors represented the buyer, and the seller was unrepresented. The purchaser was Jim Onder, attorney and founder of the OnderLaw firm, according to the St. Louis Business Journal. The buyer will occupy about 6,000 square feet, leaving the building fully leased. Altus was retained as property manager.
OAK BROOK, ILL. — Colliers has arranged the sale of a 183,428-square-foot office building in the Chicago suburb of Oak Brook. The sales price of $10 million is 71 percent less than the price that the asset traded for a dozen years ago, according to Crain’s Chicago Business. The buyer, Ashley Capital, plans to relocate its Chicago office to the property at 2001 York Road later this year. The Class A building features a covered parking deck, onsite café, conference facilities, a tenant lounge, fitness center and electric vehicle charging stations. The asset is positioned near I-294 and I-88. Ashley Capital is planning a series of capital improvements and will roll out creative leasing packages to attract new tenants. The project will be fully self-funded until the building reaches a critical occupancy threshold, at which point rental income is expected to support conventional financing. The top four floors offer approximately 120,000 square feet of contiguous space available for lease. Colliers served as the court-appointed receiver, property manager and leasing agent for the building. Alissa Adler and John Homscher of Colliers represented the buyer. Francis Prock and David Florent of Colliers represented the lender, Varde Partners, and have been retained as …
DETROIT — Mid-America Real Estate Corp. has brokered the sale of The Ellington Retail, a 34,431-square-foot, grocery-anchored property in Detroit’s Midtown neighborhood. The property sold to a private investor and included a leasehold interest in the adjacent parking structure. The center is fully leased to Whole Foods Market, Bank of America, Chase Bank, FedEx Office, Great Expressions Dental, Pure Barre and Qargo Coffee. Ben Wineman and Daniel Stern of Mid-America represented the seller and original master plan developer of the site, Detroit-based The Platform. Jon Kouza of AQRE Advisors represented the buyer.
WHEELING, ILL. — Marcus & Millichap has negotiated the $5.8 million sale of a 72,000-square-foot industrial property in the Chicago suburb of Wheeling. Built in 1990, the asset is situated on nearly 4 acres at 100 Chaddick Drive, four miles from a full I-294 interchange. Peter Doughty of Marcus & Millichap represented the seller, a private owner, and procured the buyer, a private out-of-state investor. The building provides immediate, stable cash flow but also offers a value-add opportunity, according to Doughty.