OMAHA, NEB. — ODEC has started renovations on the 16-unit The Margaret, an apartment building located at 16th and Yates streets in Omaha. The renovations include the addition of green elements such as solar panels, Energy Star appliances, energy-efficient windows and lighting, Energy Star HVAC and hot-water units and other water saving fixtures. Omaha-based The Seldin Co. is managing the property, which is slated for an early December completion.
ORLAND, IND. — CTA Acoustics has signed a 93,200-square-foot lease at a manufacturing facility, located at 9670 Maple St. in Orland. Casey Cupp and Bill Cupp of Fort Wayne, Ind.-based CB Richard Ellis — Sturges represented the tenant in the lease negotiations. The landlord is Orland Acquisitions.
DES MOINES, IOWA, AND MINNEAPOLIS — Opus Development Corp. has closed on two construction loans totaling $32 million through TCF Bank. The loans will fund projects in Des Moines, Iowa, and Minneapolis. A loan was secured for the 198,000-square-foot Stadium Village Flats, a mixed-use development located in Stadium Village near the University of Minnesota, which is slated for completion in the fall of 2012. Also, a loan was arranged for a 300,000-square-foot industrial facility for a Fortune 100 company in Des Moines, which will be completed in February 2012. Construction has started on both projects.
NORTHBROOK, ILL. — Saks Incorporated has leased 25,900 square feet at the 334,955-square-foot Village Square of Northbrook, located at the corner of Lake Cook Road and Old Skokie Boulevard in Northbrook. Liz Krebs of Mid-America Asset Management represented the landlord in the lease transaction and Marlon Stone of Colliers International's Rosemont, Ill., office represented the tenant.
CHICAGO — Chicago-based Essex Realty Group has brokered the $6.7 million sale of a 101-unit mid-rise apartment building, located at 7301 N. Sheridan Rd. in Chicago. Matt Welke and Doug Imber of Essex represented both parties in the transaction. PNC Bank was the seller.
SAUK VILLAGE, ILL. — Principle Construction has started construction on a new 267,000-square-foot industrial facility for Winpak Portion Packaging, located at 1111 Winpak Way in Sauk Village. The property is located in Dermody Properties/DP Partners' 325-acre LogistiCenter at Sauk Village. Completion is slated for March 2012.
MINNEAPOLIS — Towle Financial Services has closed $32.6 million in loans in 12 separate transactions. The loans included $15.8 million for five apartment complexes, $9.5 million for four senior living properties and $7.3 million for two industrial properties. All of the loans were financed by correspondent life insurance companies. Dan Mott, Mark Vannelli and Mike Polencheck of Towle's Minneapolis office and Otto Kern of the Detroit office originated the loans.
WAUSAU, WIS. — Packaging Corp. of America has signed a 51,376-square-foot lease, located at 8200 Highland Dr. in Wausau, with CAG Industrial. Scott Furmanski, Trent Poole and Roger Seigel with CB Richard Ellis' Milwaukee office represented the tenant in the lease negotiations.
KANSAS CITY, KAN., AND COLUMBUS, OHIO — DDR and Glimcher Realty Trust have entered into an agreement to swap two assets in the fourth quarter of 2011. Glimcher will purchase the 650,000-square-foot Town Center Plaza in Kansas City from DDR for $139 million. Macy's and Dick's Sporting Goods anchor the center. DDR will purchase the 700,000-square-foot Polaris Towne Center in Columbus from Glimcher for $80 million. Target, Lowe's Home Improvement, Kroger, Best Buy and T.J. Maxx anchor the center.
CINCINNATI — CB Richard Ellis has brokered the $1.2 million sale of the 56-unit Losantiville Terrace Apartments, located at 2896 Losantiville Ave. in Cincinnati. CBRE's Indianapolis-Cincinnati Multihousing Group represented the seller, the original developer, in the transaction. The buyer was Central Rentals II.
