ELGIN, ILL. — May Center Advisors represented the undisclosed seller in the disposition of a retail center in Elgin. The 16,425-square-foot property, which is 40-percent vacant, is occupied by Noodles & Company, Sign-A-Rama, Nova Care and Silver Lake Restaurant. Matt DeDobbelaere of May Center Advisors represented the seller; Dave LeCavalier of Forefront Properties represented the private buyer in the transaction. Terms of the sale were not disclosed.
COLUMBUS, OHIO — Concord Hospitality Enterprises, in a joint venture with Continental Real Estate Cos., has broken ground for the construction of SpringHill Suites by Marriott in Columbus. Located at 1421 Olentangy River Road, the 136-suite property is scheduled to open this summer. Meyers + Associates Architecture designed the four-story property to achieve LEED certification. Continental Building Systems is serving as general contractor.
CHICAGO — Randy Blankstein and Jimmy Goodman of The Boulder Group has brokered the sale of a single-tenant, net-leased Citibank property in Chicago. The 5,500-square-foot retail property sold for $2.18 million. Blankstein and Goodman represented the Chicago-based undisclosed seller. The buyer was a California-based family partnership.
ST. LOUIS PARK AND ROCHESTER, MINN. — NorthMarq Capital has arranged $17.35 million in combined first mortgage financing for two multifamily properties in Minnesota. The Edge at Uptown, a 139-unit property located at 3025 Ottawa Ave. and 4725 Minnetonka Blvd. in St. Louis Park, received $8.5 million. The 146-unit Sunset Trail Apartments, located at 3625 and 2655 41st St. N.W. in Rochester, received $8.5 million. Financing for both transactions was based on a 10-year term and were arranged for the undisclosed borrowers by NorthMarq through its seller-servicer relationship with Freddie Mac. Patrick Minea of NorthMarq's Minneapolis Regional office arranged the loans.
NEW ALBANY, IND. — Tikijian Associates has completed the sale of Knobs Pointe, a 384-unit apartment community located in New Albany. The acquisition also includes a 23,000-square-foot shopping and office complex adjacent to the apartments. The buyer, Ohio-based Bluestone Property Management, plans to invest $3 million to renovate the property, including a complete upgrade of the property's electrical system, refurbishment of common halls and unit interiors, a new swimming pool and extensive exterior improvements. An affiliate of New York-based Sovereign Bank sold the property for an undisclosed price.
MARQUETTE, MICH. — A California-based REIT has acquired a single-tenant, triple-net leased Best Buy property in Marquette. Located on a 4.81-acre site, the 30,040-square-foot building sold for $4.95 million. The property is long-term leased to Best Buy. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer. The seller was an undisclosed private partnership.
ST. PETERS, MO. — Myeng Park has purchased a 5,334-square-foot retail building in St. Peters. Pheasant Tracks sold the property, which is located at 1320 Triad Center Dr., for an undisclosed price. Carl Conceller of Coldwell Banker Commercial represented the buyer. The seller was represented by Cassidy Turley.
ST. CLOUD, MINN. — NorthMarq Capital has arranged $6 million in first mortgage financing for Cold Spring Center in St. Cloud. Located at 4150 Second St. South, the building offers 77,634 square feet of office space. Financing was based on a 10-year term and was arranged for the borrower by NorthMarq's relationship with Sun Life Assurance Co. of Canada. Patrick Minea of NorthMarq's Minneapolis Regional office secured the financing.
DUBUQUE, IOWA — Thermo Fisher has completed the disposition of its industrial complex, which is located at 2555 Kerper Blvd. in Dubuque. Situated on 12 acres, the 189,981-square-foot property sold for an undisclosed price to an undisclosed buyer. Andy Doyle and Ted Rebitzer with QC Iowa Realty represented the seller in the transaction.
CHAMPLIN, MINN. — Dominium Development and Acquisition has acquired Champlin Drive, a multifamily complex located in Champlin. Built in 1992, the property offers 72 affordable housing units. Dominium plans to renovate the property, including new vinyl flooring throughout the units, new kitchen countertops, new bathroom vanities and vanity tops, new carpeting, new interior and unit entry doors, new appliances, new building and garage roofs, a new parking lot and upgrades to the unit balconies. The renovations are expected to be completed by mid-March. The seller and acquisition price were not disclosed.