Midwest

$23 MILLION RECREATION COMPLEX UNDER WAY IN ST. LOUIS

by admin August 26, 2010

ST. LOUIS — The City of St. Louis has selected Kwame Building Group as project manager for the $23 million O'Fallon Park Recreation Complex project, which is currently under way in St. Louis. Located on 13 acres at Interstate 70 and West Florissant Avenue, the two-story, 79,000-square-foot complex will feature an indoor aquatic center with a splash pool, lazy river, vortex pool, children's pools and a rock climbing wall; an outdoor lap pool; a sauna; a steam room; and a spa. Additionally, the project will feature a double gymnasium with lockers, a fitness center, an indoor running track, and a community center with a senior center, a teen lounge and multi-purpose community rooms. Scheduled for completion at the end of 2011, the complex is designed to achieve LEED Silver certification. S.M. Wilson is serving as general contractor and KAI is providing architectural services for the project.

August 26, 2010

$13.6 MILLION FANNIE MAE DUS LOAN CLOSED IN WISCONSIN

by admin August 26, 2010

FITCHBURG, WIS. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $13.6 million loan for a multifamily property in Fitchburg. The 369-unit property is known as Fairways Apartments. The 10-year loan, which was funded under the Fannie Mae DUS product line, carried a 30-year amortization schedule and a note rate of 5.96 percent. Patrick McNulty of Arbor's Chicago office originated the loan.

August 26, 2010

Industrial Midwest

25,600-SQUARE-FOOT INDUSTRIAL RENOVATION UNDER WAY

by admin August 25, 2010

CHICAGO — Daily Meat Supply Co. has selected Summit Design + Build as general contractor for a renovation of the company's recently acquired 25,600-square-foot industrial facility in Chicago. Located at 2323 W. Fulton Market in Chicago's West Loop, the project will include the addition of a 10,000-square-foot freezer, 13,000 square feet of refrigerated cooler space, a processing and loading dock area, and 1,800 square feet of office space with a mezzanine level. Additionally, the property will receive new HVAC units, refrigeration units and incoming electrical service. Completion is slated for this fall. Daily Meat Supply Co. is relocating from its current location at 1000 W. Fulton Ave. in Chicago. Cornerstone Architects is providing architectural services for the project. Michael Nelson and Mark Nelson of Paine/Wetzel • ONCOR International represented the seller, Image 23, in the sales transaction. Greg Block of Millennium Real Estate represented Daily Meat Supply Co. in the transaction. Terms of the transaction were not released.

August 25, 2010

Midwest Multifamily

CBRE ARRANGES $26.8 MILLION LOAN FOR MINNESOTA MULTIFAMILY ASSET

by admin August 25, 2010

WOODBURY, MINN. — CB Richard Ellis' Chicago Capital Markets Debt & Equity Finance group has secured $26.8 million in financing for the acquisition of Valley Creek Apartments. The 402-unit multifamily property is located at 1707 Century Circle in Woodbury. Chicago-based Trilogy Real Estate Group acquired the property from LaSalle Investment Management. The 7-year loan, which features 2 years interest-only followed by a 30-year amortization schedule, was arranged through Freddie Mac. CBRE's Pete Marino, Jesse Karasik, John Clifford and Doug Seylar represented the buyer in the transaction. Additional terms of the transaction were not disclosed.

August 25, 2010

Midwest Office

17,000-SQUARE-FOOT OFFICE BUILDING SELLS IN ILLINOIS

by admin August 25, 2010

OAKBROOK TERRACE, ILL. — Two private physicians have acquired 1 S 210 Summit Avenue, an office property in Oakbrook Terrace, for an undisclosed price. The two-story, 17,000-square-foot property features an 8,500-square-foot basement, an exterior truck dock and elevator access on all three levels. The buyers plan to convert the building to medical use. Vincent Cannon of the Law Offices of Vincent M. Cannon represented the buyers; Paul Montes and Eric Spiess of Inland Real Estate Brokerage represented both the buyers and the seller, the North American Baptist Conference, in the transaction.

August 25, 2010

Midwest Multifamily

220-UNIT REO MULTIFAMILY PROPERTY SELLS IN INDIANAPOLIS

by admin August 24, 2010

INDIANAPOLIS — Carmel, Ind.-based Platinum Group has acquired Aspen Village Apartments, a 220-unit multifamily property is located on the west side of Indianapolis. The REO property was listed for $1.9 million. Silver Property Management, which is owned by the principles of Platinum Group, is managing the property. The owner plans to renovate the community. Tikijian Associates represented the seller, Washington, D.C.-based CW Capital. The acquisition price was not disclosed.

August 24, 2010

Industrial Midwest

33,958-SQUARE-FOOT INDUSTRIAL PROPERTY TRADES HANDS IN MICHIGAN

by admin August 24, 2010

CLINTON TOWNSHIP, MICH. — Green Metal Products has purchased a 33,958-square-foot industrial building, which is located at 24301 Capital Blvd. in Clinton Township. The company plans to use the facility to accommodate its expansion plans. The property was listed for $1.35 million, but the acquisition price was not released. Joe DePonio and Jason Capitani of L. Mason Capitani CORFAC International represented the undisclosed seller in the transaction.

August 24, 2010

Midwest Retail

WP REALTY ACQUIRES 447,037-SQUARE-FOOT RETAIL CENTER IN OHIO

by admin August 24, 2010

FAIRLAWN, OHIO — Bryn Mawr, Pa.-based WP Realty has acquired Fairlawn Town Centre in Fairlawn, Ohio, for an undisclosed price. The five-building, 447,0037-square-foot retail center is occupied by Giant Eagle, Target, Home Goods, Pet Supplies Plus, Marc’s, U.S. Post Office, Chuck E. Cheese, Panera Bread, GNC, Subway and Radio Shack. The acquisition also included a vacant 39,840-square-foot junior anchor box, which was formerly occupied by Circuit City.

August 24, 2010

Midwest Retail

CASSIDY TURLEY BROKERS TWO SALES IN OHIO

by admin August 23, 2010

MONTGOMERY AND UNION TOWNSHIP, OHIO — Cassidy Turley has brokered two transactions totaling approximately $2.07 million in Ohio. In the first transaction, ITIS Group purchased 32,000 square feet of retail space at 11033 Montgomery Road in Montgomery from National City Trust for $1.2 million. Andrew Sellet, Sean Wall and Mike Heekin of Cassidy Turley represented the seller in the transaction. In the second transaction, Clermont County Public Library has acquired 11,093-square-foot former Ryan’s Steakhouse, which is located at 4450 Ryan’s Way in Union Township. Figryanah LLC sold the property for $875,000. Sellet, Wall and Heekin represented the seller in the transaction.

August 23, 2010

Industrial Midwest

563,262 SQUARE FEET OF COMMERCIAL SPACE TRADES HANDS IN MICHIGAN

by admin August 23, 2010

GRAND RAPIDS, MICH. — Colliers International has completed the disposition of 563,262 square feet of commercial space in Grand Rapids. In the first transaction, 3703 Patterson LLC acquired 529,202 square feet of commercial space at 3701 Patterson Ave. in Grand Rapids. Chip Bowling and Bill Bowling of Colliers represented the buyer; Duke Suwyn, Colin Kraay and John Kuiper of Colliers represented the seller, Elston Richards LLC, in the transaction. Terms of the sale were not released. Additionally, 3695-44th Street LLC has purchased a 34,060-square-foot commercial property in Grand Rapids. Tool Ventures International sold the property for an undisclosed price. Matt Abraham of Colliers represented the buyer; Ned Quinn of Gable Ventures represented the seller in the transaction.

August 23, 2010

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