WOODLAWN, ILL. — Grandbridge Real Estate Capital has arranged a $27 million first mortgage loan secured by Rutherford Business Park, a 359,937-square-foot office park in Woodlawn. The borrower is a partnership comprised of Chicago-based Blue Vista Capital Management and Baltimore-based CSG Partners. Jim Cope of Grandbridge's Milwaukee office arranged the financing through Kirk Booher of BB&T Real Estate Funding. The interest-only, floating rate loan is for a period of three years.
ITASCA, ILL. — The Marquette Cos. has purchased Two Itasca Place, a 70-unit condominium property in Itasca originally developed by the seller, Bloomingale, Ill.-based Donald E. Morris Enterprises. The five-story property includes an underground, structured parking garage. Marquette plans to convert the property to apartments with financing provided by West Suburban Bank. The first rental units will be available this spring. Two Itasca Place is located at the corner of Rohlwing and Nordic roads.
CHICAGO — Rockford 550 has completed the $2.2 million sale of a 13,980-square-foot medical property, located at 825 W. 35th St. in Chicago. The property is net-leased to Fresenius Medical Care (FMC), which has 11 years remaining on its lease. FMC specializes in kidney dialysis and patient-oriented renal therapy. Ben Rosenfield of Titan Commercial's Chicago office represented Rockford in the transaction. Coldwell Banker represented the buyer, Georgia Tsoutsos.
BLOOMINGTON, MINN. — Grandbridge Real Estate Capital has arranged a $7.5 million permanent loan secured by Creekridge Circle Office complex in Bloomington. The 81,617-square-foot property includes two, three-story Class A office buildings, Creekridge I and Creekridge II. The property is fully occupied. Tony Carlson of Grandbridge's Minneapolis office secured the loan through an undisclosed bank.
TOPEKA, KAN. — YRC Worldwide has retained NRC Realty & Capital Advisors to auction a two-story, 23,000-square-foot office building, located at 3420 SW Van Buren St. in Topeka. The building includes three open office areas, four private offices and 102 parking spaces. YRC will enter into a six-month, short-term lease after closing.
MILWAUKEE — Inland Construction has completed two projects for SSG Properties at the Blatz Wash House, located at 1101 N. Market St. in Milwaukee. Inland renovated the 14,000-square-foot parking garage and the 7,500-square-foot Milwaukee Symphony Orchestra offices. Both projects were completed in January.
ST. LOUIS — Lambert-St. Louis International Airport will reopen its C Concourse in April, a year after a tornado blew out the arched windows in the Terminal I, damaged the concourse roof and caused extensive damage to airline gate areas. Kwame Building Group is the construction manager for the restoration, which includes roof and window replacement and repair on the concession areas. Kwame is also leading a $70 million renovation project at Lambert that began in 2008 and was underway when the tornado struck. The project will upgrade the A and C concourses. Additional work to the C concourse will include new lighting and renovated restrooms. The project is scheduled to be complete by the end of this year.
EVANSTON, ILL. — The nearly 6-year relocation and expansion project at Roycemore School in Evanston, Ill. is complete. Last month, the private school opened its new 68,000-square-foot facility at 1200 Davis St. The school serves 265 students from grades pre-kindergarten through high school, with room to expand enrollment to about 350 students. The building also includes a media center and full-sized gym. The school's previous campus was located at 640 Lincoln St. in Evanston, which the school leased from Northwestern University. Podolsky Northstar CORFAC International assisted Roycemore with the site selection and evaluation process.
CINCINNATI, FORT SMITH, ARK. — Phillips Edison's Strategic Investment Fund I has closed two CMBS loans totaling $94.5 million. The 10-year loans are secured by shopping centers in Cincinnati and Fort Smith. The Cincinnati property is Bridgewater Falls, a 600,000-square-foot center anchored by Target, JCPenney and Dick's Sporting Goods. Fort Smith Pavillion in Fort Smith is a 400,000-square-foot shopping center anchored by Target and Dick's Sporting Goods. Both properties are more than 95 percent occupied.
MINNEAPOLIS — The Ackerberg Group has completed construction of a new 436-stall parking ramp, public art plaza and pedestrian bridge linking the Midtown Greenway trail to the heart of Uptown in Minneapolis. The art plaza is part of Ackerberg's MoZaic project, a mixed-use development between Fremont and Hennepin avenues. It includes public art installations, patio space for MoZaic's restaurant tenants and a public gathering space. The art plaza will link Lagoon Avenue with the Midtown Greenway through the new bridge, which was funded in part by a Hennepin County Transit Oriented Development grant.