LAKE ZURICH, ILL. — Ryan Cos. has completed construction of Zurich Meadows, a new 95-unit seniors residential communityin Lake Zurich. The developer of Zurich Meadows is Chicago-based Carefree Development. The $15 million project is located at 250 Mohawk Trail and includes 56 one-bedroom and 39 two-bedroom units. The development also features a game room, fitness center and a library. Zurich Meadows opened in mid-January and currently has 26 residents.
MONTICELLO, IND. — Hamstra Builders has sold Monticello Plaza, a 189,330-square-foot, grocery-anchored shopping center in Monticello. The terms of the sale were undisclosed. The center was 95 percent occupied at the time of sale and the center is anchored by Kroger and Rural King. David Weber and Nathan Whalen of Marcus & Millichap represented Hamstra in the transaction. Michael Wernke of the firm's Indianapolis office represented the buyer, an Indiana-based limited liability company.
BLAINE, MINN. — Austin-based World Class Capital Group, a private equity firm focused on distressed debt acquisitions, has taken ownership of Northtown Village, a 184,113-square-foot retail center in Blaine. World Class acquired the $19 million defaulted mortgage from a special servicer, completed the foreclosure process and is now the fee-simple owner of the property. Northtown is about 40 percent occupied following the departure of multiple big-box tenants, including Bed Bath & Beyond and Office Depot. It is currently occupied by Michael's and Hancock Fabrics.
TRAVERSE CITY, MICH. — Rouse Properties has completed the purchase of the 589,000-square-foot Grand Travese Mall in Traverse City for $66 million. The single-level, enclosed mall opened in 1992 and is anchored by Macy's, JCPenney and Target. The mall includes a 650-seat food court, a nine-screen movie theater and a play area. The property is 85 percent leased. The transaction marks the first acquisition for New York-based Rouse since debuting as a publicly traded regional mall company in January 2012.
HANOVER PARK, ILL. — Hoffman Estates, Ill.-based Leopardo has completed construction of the new $15 million, 63,000-square-foot police headquarters for the Village of Hanover Park, which opened Feb. 18. The building includes detention facilities, interview rooms, a fire arms range and an enclosed garage for police vehicles.
FRASER, MICH. — Returnable Packaging Corp., which specializes in custom-designed packaging systems, has inked a new lease for 34,675 square feet of industrial space at 33525-33545 Groesbeck Highway in Fraser. Ben Wilkiemeyer and Paul Saad of Signature Associates represented the landlord, JF&T LLC in the transaction.
CHICAGO, ILL. — Oak Grove Capital has originated a $33 million Fannie Mae loan to refinance Fox Valley Villages, a 420-unit apartment community in Chicago. The adjustable-rate loan provides the borrower 75 percent leverage with one year of interest-only payments. The loan carries an interest rate that floats at a spread of 2.36 percent over LIBOR.
OMAHA, NEB. — An affiliate of Hyatt Hotels Corp. has purchased land in Omaha for the construction of a Hyatt hotel. The hotel is expected to open in 2014. Construction is expected to begin later this year. The Hyatt Place Omaha Downtown/Old Market will include 159 rooms in a nine-story building on the northwest corner of Jackson and 12th streets. The Chicago office of DLR Group is designing the building, which will be the first Hyatt hotel in Nebraska.
CRYSTAL LAKE, ILL. — Marcus & Millichap arranged the $3.2 million sale of a Harris Bank ground lease in Crystal Lake. The 87,120-square-foot ground lease is located on an outparcel to a Walmart Supercenter along Route 31. Jeff Rowlett and Jason Ladner of Marcus & Millichap's Milwaukee office represented the seller, an Illinois developer, in the transaction. The buyer was a private investor.
IMLAY CITY, MICH. — Rlandco has purchased a 72,500-square-foot industrial building at 611 Industrial Parwkway in Imlay City for an undisclosed amount. Joe Hamway of Signature Associates represented the seller, Windcrest Properties. He also represented Rlandco, which is expanding its operations in Michigan.