BELLWOOD, ILL. — AGD Limestone and Steel Company has purchased a 40,000-square-foot land parcel in Bellwood. The industrial site is located at 2209 Railroad Ave. The buyer plans to use the site for material storage. Trinity Scurto of Brown Commercial represented the buyer; Daniel Fanelli and Anthony Leeds of Darwin Realty & Development Corp. represented the undisclosed seller in the transaction. The sales price was not released.
ST. LOUIS — St. Louis-based Kwame Building Group has completed the construction of William J. Harrison Northside Education Center for St. Louis Community College in St. Louis. Located in the Jeff-Vander-Lou neighborhood, the $10 million, 31,000-square-foot center opened for classes in August. Designed by KAI, the property is seeking LEED Gold certification as a green building. Green elements include heat pumps in classrooms and offices, controllable lighting, the use of recycled materials, low VOC paint and non-toxic building materials and furnishings.
HOWELL, MICH. — Love Funding has closed on a $3.49 million construction loan for Mallard Pond Apartments II, a luxury multifamily development in Howell. Situated on 3 acres along Highland Road, the project will consist of 48 one-, two- and three-bedroom units featuring hardwood floors, spacious closets, custom woodwork, private entrances, a full-size washer and dryer, a heating/cooling unit and a gourmet kitchen. Additionally, the property share a clubhouse with the 108-unit Mallard Pond Phase I. The clubhouse features a fireplace, a kitchen and a 24-hour fitness center with steam showers and a sauna. The loan was funded through the FHA 221(d)(4) loan program and carries a 5.7 percent interest rate for 40-years with a 40-year amortization schedule. Mickey Rist and Bruce Gerhart of Love Funding originated the transaction. The borrower was not disclosed.
EDWARDSVILLE, MO. — Scott Credit Union has purchased a 15.10-acre land parcel at the southeast corner of Illinois Route 143 and Staunton Road in Edwardsville. Florists’ Mutual Insurance Co. dba Hortica sold the property, which is located within Edwardsville Corporate Centre, for $1.39 million or $2.13 per square foot. BarberMurphy Group represented the buyer; Rudy Stinnett, Paul Nagel and Andrew Bagy of Grubb & Ellis|Gundaker Commercial represented the seller in the transaction.
MINNEAPOLIS — Minnesota-based KleinBank has chosen LFC Group of Companies to auction off its more than 80 REO properties located throughout the Minneapolis and St. Paul metro region. The properties, which range from residential lots in Northfield and Shakopee to large commercial buildings in Minneapolis, have a combined suggested value of more than $10 million. The online auction is believed to be the first of its kind in the Twin Cities area. Assets up for bidding include Washington Place, a large industrial/office warehouse in Minneapolis with a minimum bid of $499,000; a 2,200-square-foot retail/office facility in the Union Park area of St. Paul with a minimum bid of $39,000; 1,536-square-foot office condominiums within North Meadow Office Complex in Chaska; and a historic office building in downtown Shakopee. The online auction is currently under way with a scheduled bid deadline of September 30, 2010.
WEST BEND, WIS. — Lighthouse Acquisitions Group has purchased a 7.68-acre land parcel near the northwest corner of Continental Drive and Corporate Center Drive within the West Bend Corporate Center in West Bend. Beverly West Bend Acquisition LLC sold the property for an undisclosed price. Lighthouse is planning to construct a 150-unit senior-living facility on the site. The $20 million development, which will include a memory care unit as well as independent and assisted living facilities, will be operated by Edina, Minn.-based New Perspective Senior Living. David Buckley of Cassidy Turley Barry brokered the transaction. Terms of the deal were not released.
WEST BEND, WIS. — Koness Properties LLC has acquired a 105,024-square-foot industrial property in West Bend. Milliken Enterprises-Wisconsin LLC sold the property, which is located at 529 N. River Rd., for an undisclosed price. Brian Parrish of The Dickman Company Inc./CORFAC International represented the buyer; Kevin Barry and David Buckley of Cassidy Turley Barry represented the seller in the transaction.
BLOOMFIELD HILLS, MICH. — Tel Square LLC has acquired 81,937 square feet of office space at Bloomfield Professional Center and Bloomfield Office Pavilion, which are located at 2520 and 2550 S. Telegraph Road in Bloomfield Hills. LBUBS 2005-C2 Bloomfield Hills LLC sold the property for an undisclosed price. Mitchell Lipton and Barry Swatsenbarg of Friedman Real Estate Group represented the seller in the transaction.
O’FALLON, ILL. — Swansea, Ill.-based Holland Construction Services is constructing a new building for the first phase of an expansion project for New Life in Christ Interdenominational Church in O’Fallon. The $3 million, 8,500-square-foot pre-engineered building will be located at 689 Scott Troy Road. The building will have a standing seam roof, stained concrete floors, an exposed steel ceiling with several skylights and an exterior reflecting pool with two fountains. The second phase of the planned expansion includes a 17,645-square-foot auditorium and sanctuary that will accommodate approximately 1,000 seats.
SCHAUMBURG, ILL. — AJK LLC has purchased a retail property at 680 Mall Drive in Schaumburg for $1.15 million. The buyer plans to open a to-be-named American cuisine restaurant at the 7,200-square-foot property. Dan Steinberg of Titan Commercial represented the buyer; Cushman & Wakefield represented the seller, Darden Restaurants, in the transaction. The property was previously a Smokey Bones Bar and Fire Grill location.