WAUKEGAN, ILL. — Woodland Foods has leased a 131,000-square-foot industrial building located in Waukegan. Located at 3751 Sunset, the facility offers 24-foot clear ceiling heights, five docks and heavy power. Whit Heitman, Samuel Badger and Brad Weiner of Paine/Wetzel•ONCOR International represented Woodland Foods; Jack Rosenberg, Fred Regnery and Ned Frank of Colliers International represented the landlord, ING, in the transaction. Terms of the lease were not disclosed.
Midwest
WICHITA, KAN. — Walker & Dunlop has provided a $15.42 million permanent finance loan for Reflection Ridge in Wichita. The 119-unit independent living community features a resort-style dining, a fitness center, a whirlpool/spa, a communications center, a library, a 150-seat theater, a lounge, a bank, a pharmacy, a gift shop and garage/storage options. The 10-year term loan carries a 30-year using Freddie Mac's CME product. The borrower was Resort Lifestyles Communities. Midwest Commercial Mortgage originated the loan. Vic Clark and Doug Bath led the Walker & Dunlop team in the transaction.
MINNEAPOLIS AND ROSEVILLE, MINN. — United Properties' Applewood Pointe is developing two senior cooperatives in Minnesota. The company received final approval from the Minneapolis City Council for the development of a 106-unit senior cooperative at 1611 E. 46th St. in Minneapolis. Construction is scheduled to begin in summer 2011. Additionally, the company has broken ground for the construction of Applewood Pointe Roseville at Langton Lake, a 48-unit senior-housing property located at 3010 Cleveland Ave. N. in Roseville. The facility is expected to open in August 2011.
MILWAUKEE AND WEST MILWAUKEE, WIS. — Auto Zone, Auto Zone Development Corp., has acquired a 2.53-acre land parcel at 4227 W. Orchard St. in Milwaukee/1552 Miller Parkway in West Milwaukee. Wisconsin-based Hometown Inc. sold the property for $1.45 million. Auto Zone plans to develop a 20,000-square-foot, HUB store on the site. Mark Wussow of Commercial Property Associates represented Auto Zone in the transaction.
SALINA, KAN. — Coyote Management and Garrison Investment Group, through their affiliates, have acquired Central Mall in Salina. The 486,444-square-foot regional mall is occupied by Dillard's, JCPenney, Sears, a 10-screen Showplex Cinema, Jo-Ann Fabrics and Old Navy, along with more than 60 speciality stores. Terms of the transaction were not released.
PARMA, OHIO — Phillips Edison-ARC Shopping Center REIT has acquired Snow View Plaza in Parma. The 100,460-square-foot shopping center is anchored by Giant Eagle. Additionally, Phillips Edison-ARC recently acquired Lakeside Plaza, an 82,033-square-foot retail center in Salem, Va. These two transactions are the first acquisitions for the REIT, which will focus on acquiring core and core plus, grocery-anchored assets in growth markets across the United States. Terms of the transactions were not disclosed.
INDIANAPOLIS — Strategic Capital Partners (SCP), through its Strategic Partners Union Development Group, has broken ground for the construction of East Village at Avondale, a 248-unit multifamily, mixed-income property located at Avondale Meadows in Indianapolis. The property will feature one-, two- and three-bedroom units, green spaces, a fitness center and a pool. The development of East Village is a joint venture between SCP, The Sterling Group, Meadows Community Foundation and the City of Indianapolis.
BELLEVUE, NEB. — Jasper Stone Partners has purchased Bellevue Professional Center, a 46,639-square-foot office building in Bellevue. Situated on 6.12 acres, the property sold for $5.6 million. Ember Grummons of Investors Realty represented the buyer; Tim Kerrigan and J.P. Raynor, also of Investors Realty, represented the seller, Britain Towne, in the transaction. The transaction included multiple lease renewals, a tenant expansion and an expansion of the parking lot.
ROCKFORD, ILL. — A Chicago-based investor has completed the disposition of a 77,200-square-foot office building in Rockford. Located at 2787 McFarland, the property, which is occupied by Blue Cross Blue Shield, sold for $12.3 million. Craig Tomlinson of Stan Johnson Co. represented the seller; Kevin Lynch of Sperry Van Ness represented the buyer, a California-based investor, in the transaction.
NILES, ILL. — Dallas-based Tuesday Morning has signed a lease for 20,000 square feet of retail space at Village Crossing, a 273,516-square-foot retail center located at the corner of Touhy Avenue and Carpenter Road in Niles. The discount retailer plans to open in January 2011 as a new anchor, joining Dick's Sporting Goods, Jewel/Osco and Pier 1 Imports. Patrick Owens of Transwestern represented the tenant; Mary Beth Menelli-Iveljic of Oakbrook Terrace, Ill.-based Mid-America Asset Management represented the landlord in the transaction.