INDIANAPOLIS — Indy-East Asset Development and Riley Area Development are developing St. Clair Senior Apartments in Indianapolis. Located at East 10th Street and North Keystone Avenue, the $7.6 million project will feature 33 apartment units and 3,600 square feet of retail and office space. Keystone Construction is serving as general contractor for the project, which is scheduled for completion in 2011.
INDEPENDENCE, MO. — Phillips Edison Group LLC has acquired a 241,682-square-foot retail strip center, located at 14330 East 42nd St. in Independence. Centro Properties Group sold the property for $10 million. Ingrid Long of Grubb & Ellis|Gundaker Commercial and Drew Quinn of Grubb & Ellis|Winbury Group represented the seller in the transaction.
SHELBY TOWNSHIP, MICH. — Indiana Metal LLC has purchased a 1.8 million-square-foot industrial property, which is located at 50500 Mound Road in Shelby Township, Mich. Automotive Component Holdings sold the property for an undisclosed price. The new owner plans to demolish the antiquated portions of the facility and make the remaining space available for rent or sale. Matt Osiecki, Gene Agnone and Chuck Ginster of CB Richard Ellis Detroit represented the seller in the transaction.
BOLINGBROOK, ILL. — Wrightwood Capital High Yield Fund II has provided an $8.6 million first mortgage loan to a joint venture owned by Corum Real Estate Group and Equibase Capital Group for the refinancing of Crossroads Lakes Business Park in Bolingbrook. Constructed in 2008, the property offers 270,000 square feet of Class A industrial warehouse space. Michael Hart of Tremont Realty Capital arranged the financing.
EVANSTON, ILL. — Jeff Baasch of Sperry Van Ness recently brokered the acquisition of The Sheridan Terrace, a multifamily property in Evanston. Located at 515 Sheridan Road, the 18-unit property sold for $2.86 million or $160,000 per unit. An undisclosed buyer acquired the property, which was bank-owned at the time of closing.
CHICAGO — Trinitas Ventures and Chicago-based Harrison Street Real Estate Capital have formed a $100 million joint venture partnership to develop and manage urban-infill student housing communities across the country. The joint venture recently acquired two properties totaling $69 million. The assets are the 668-bed The Village at Muller Park in Bloomington, Ind., which was developed by Trinitas in 2008, and the under construction 667-bed 1201 Indiana in Indianapolis, which is being developed by affiliates of Trinitas and scheduled to open in August 2011.
AUBURN HILLS, MICH. — American Axle & Manufacturing has acquired a 76,060-square-foot industrial property, which is located at 2007 Taylor Road in Auburn Hills. The new owner's wholly owned subsidiary, DieTronik, will utilize the space to manufacture tooling for the metal forming industry. Gene Agnone, Matt Osiecki and Chuck Ginster of CB RIchard Ellis, along with Steve Rubin of Mohr Partners, represented the seller, Cardell Corp., in the transaction. The acquisition price was not released.
OMAHA, NEB. — Q10|Daisley Ruff Financial has arranged $4.72 million in financing for a three-story, 59,482-square-foot office building in Omaha. E.T. Daisley of Q10|Daisley Ruff secured the financing through a correspondent lender.
WICHITA, KAN. — Laham Development is developing Cypress Springs, a 35,000-square-foot Alzheimer's and memory support residence located within Wilson Estates Medical Park in Wichita. The 66-bed assisted-living facility will offer therapeutic activities, a specially-trained staff and multi-sensory experiences and activities for residents. Constructed is expected to begin in November. Dallas-based Curtis Group Architects LTD is providing architectural services for the project.
WAYNE AND TROY, MICH. — NAI Farbman has brokered the sales of two industrial properties in Michigan for a total of 244,460 square feet. In the first transaction, NAI Farbman's Todd Szymczak represented The Finding Law Firm in the sale of 108,000 square feet, located at 3727 Venoy in Wayne, to JG Partners for an undisclosed price. In the second transaction, Jeff Cavazos and Paul DeBono, both of NAI Farbman, represented Centerline Servicing in the sale of 136,460 square feet at 164 Indusco Court in Troy, Ronald Goldstone, also of NAI Farbman, represented the buyer, Altair Clean Technology, in the transaction. The acquisition prices were not disclosed.
