OMAHA, NEB. — John Reed of NorthMarq Capital's Omaha office has secured $9.22 million in financing for Whispering Hills Phase II, a 144-unit multifamily community located at 2510 N. 109th Plaza in Omaha. Financing was based on a 7-year term with a 30-year amortization schedule and was arranged through Freddie Mac.
SKOKIE, ILL. — Skokie-based EPN Holdings II has completed a tender offer for all the units in the EDT Retail Trust not already held by EPN. Upon completion, EPN has increased its interest in EDT from 47.8 percent to 96.4 percent. Following completion of the takeover bid, EPN's equity investment in EDT Retail Trust will be approximately $360 million.
The commercial real estate market in Wichita stabilized in the second half of 2010 and has started seeing slow, but steady, improvement during the first four months of 2011. The majority of the activity has been on the leasing side of the business, with limited sales activity. Market conditions still favor tenants but are starting to move back to a more balanced position, giving landlords more leverage in their negotiations. Development activity has been minimal the past two years, but the strengthening economy is starting to generate interest in bringing new projects into the market. Laham Development Company continues to be very active in the local market, particularly in the popular northeast area. Laham’s showcase Bradley Fair lifestyle center is at 98 percent occupancy after the opening of Sephora’s in April. The developer’s Regency Park project at 21st North and Greenwich got a major boost earlier in the year when Cabela’s announced plans to construct a new store there. This is Cabela’s first location in the area; it will be anchoring the center with Super Target and World Market. In addition to Cabela’s, other national retailers expanding into the market include Sephora’s, Five Guys Burgers & Fries and Menards. These …
INDIANAPOLIS — Sperry Van Ness has negotiated the sale of the 240-unit Nottingham Village Apartments, located a 9300 E. 21st St. in Indianapolis. Reid Bennett and Jim Sears of the firm's Chicago office procured the buyer, Chicago-based Warren Harbor.
NAPERVILLE, ILL. — A 50,000-square-foot Gordmans has opened at the 457,156-square-foot Westridge Court in Naperville. The retailer operates 72 stores in 16 Midwestern and surrounding states. Allan Murow of Omaha, Neb.-based Noddle Co. represented the tenant in the lease transaction.
AUBURN HILLS, MICH. — General Development has been selected to construct a 55,490-square-foot build-to-suit project on 14.64 acres of land in Auburn Hills at the Oakland Technology Park. Schostak Brothers is developing the LEED certified building for Henniges Automotive, which will move from its current headquarters in Farmington Hills. Randall Thomas of Commerce Township, Mich.-based Insite Commercial represented Schostak Brothers in the purchase of the land from General Development, which was represented by Matt Farrell of CORE Partners.
BRIDGEVIEW, ILL. — Chicago-based Weis Builders has completed the renovation of a former DMV office, located at 8342 S. Harlem Ave. in Bridgeview, on behalf of the Polish & Slavic Federal Credit Union. The interior of the office was gutted and renovated, and the exterior branding package included minor sitework and updates to the building's facade.
WORTHINGTON, OHIO — Worthington Square Venture has broken ground for the redevelopment of the 22-acre The Shops at Worthington Place, located at the intersection of High Street and Wilson Bridge Road in Worthington. The property will include a 168,000-square-foot shopping center, three outparcels and a separate 67,000-square-foot Kroger Fresh Fare. Completion is slated for the second quarter of 2012.
SAUK VILLAGE, ILL. — Dermody Properties has been selected to develop a $30 million, 267,000-square-foot build-to-suit industrial facility for Winpak Portion Packaging, to be located at DP LogistiCenter at 1111 Winpak Way in Sauk Village. Completion is slated for the spring of 2012. Justin Fierz and Brian Vanosky of Lee & Associates' Chicago office represented Winpak in the lease negotiations and George Cibula of Elmhurst, Ill.-based Darwin Realty represented DP. Principle Construction is the general contractor for the project.
CHICAGO — Strategic Hotels & Resorts has secured a $145 million loan for the InterContinental Chicago hotel. The financing retires the $121 million loan previously encumbering the property. The loan includes a 10-year term and a 30-year amortization schedule beginning the third year after closing. JPMorgan Chase Bank originated the financing and Eastdil Secured served as placement agent.