NORMAL, ILL. — Thompson National Properties has acquired the debt secured by Constitution Trail Centre, a retail center located in Normal. Constructed in 2007, the property consists of 197,739 square feet as well as 28.74 acres of land available for future expansion. Occupancy was 65 percent at the time of closing. The center's anchors include Schnucks Market and Starplex Cinemas. Other tenants include Dollar Tree, Subway, H&R Block, Great Clips and Wendy's. The tenant leases have staggered expirations between 2012 and 2029. Thompson purchased the debt on behalf of TNP Strategic Retail Trust, the company's non-traded REIT that invests in grocery- and pharmacy-anchored necessity retail properties.
WAUKESHA AND MIDDLETON, WIS. — Net Lease Retail Investors, a joint venture between Dallas-based Rainier Capital and Southlake, Texas-based N3 Real Estate, is developing two new locations for Tires Plus Total Car Care in Wisconsin. The two stores will be located in Waukesha and Middleton. Completion is slated for this fall. The projects come on the heels of a Bridgestone Firestone Complete Auto Care Center that was developed by the joint venture in Milwaukee and sold in May. Rainier is currently raising $50 million in equity to provide national retailers fast track expansion opportunities. N3 has the capacity to develop and acquire approximately $400 million in retail real estate over the next two years.
INDIANAPOLIS — Pace Properties has purchased a Class A office building in Indianapolis for an undisclosed amount. The property totals 72,481 square feet over three stories and is located at 9225 Priority Way West Drive within The Precedent Office Park. Rebecca Wells and David Moore of Cassidy Turley's Indianapolis office partnered with Michael Hanrahan of the firm's St. Louis office to represent the seller, Bank of America. The buyer provided in-house representation.
OLATHE, KAN. — Steadfast Income REIT has acquired an apartment community in the Kansas City suburb of Olathe for $11.22 million. Clarion Park Apartments was constructed in 1994 and consists of 220 garden-style and townhome units. Residences average 950 square feet and occupancy was in the high-90 percent range at the time of closing. Amenities include a playground, a sports court and a fitness trail. The seller's name was not disclosed.
MILWAUKEE — The groundbreaking will be held tomorrow for the new Graduate School of Public Health for the University of Wisconsin-Milwaukee. The project is located within The Brewery Project, Zilber's redevelopment of the former Pabst brewery. Construction will include the redevelopment of an existing manufacturing building, which has already commenced, as well as the construction of an adjoining building. The new Graduate School of Public Health will contain approximately 60,000 square feet of space. Completion is expected in fall 2012.
CHICAGO — The former Chicago Patrolmen's Federal Credit Union building has been sold for $3.4 million. The 22,000-square-foot property is located at 1359 W. Washington Blvd. in the city's Union Row neighborhood. A local nonprofit purchased the building, which was built in 2000. Luke Malloy and Greg Bayer of Mid-America Real Estate represented the seller, and Bettye Reynolds of FJ Williams Realty represented the buyer.
ELY, MINN. — The Boulder Group has brokered the sale of a 32,100-square-foot retail property located at 1500 E. Sheridan St. in Ely for $2.65 million. Constructed in 2008, the building is leased to grocer Pamida on a triple-net basis for the next 17 years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Minneapolis-based partnership, as well as the buyer, a 1031 exchange investor.
PLEASANT PRAIRIE, WIS. — Oak Brook, Ill.-based Inland Real Estate has acquired the Shoppes at Prairie Ridge, a 232,815-square-foot retail center located at 9777 76th St. in Pleasant Prairie. Anchors at the property include JC Penney, Dick's Sporting Goods, PetSmart and Ulta. The seller was Indianapolis-based Gershman Brown Crowley, the property's original developer.
BOLINGBROOK, ILL. — G&W Electric Co. has purchased an approximately 350,000-square-foot industrial building located at 305 Crossroads Pkwy. in Bolingbrook. The company will relocate its headquarters from Blue Island, Ill., to the property. Edward Wabick and Brandon Wright of Paine/Wetzel • ONCOR International represented G&W in the deal. Jerry Sullivan, also of Paine/Wetzel, represented the seller, Prudential Real Estate Investors.
ALGONQUIN, ILL. — The Boulder Group has completed the sale of a gas station property located in the Chicago suburb of Algonquin for $5.18 million. The site, which is located at the intersection of Randall and Algonquin roads, totals 43,429 square feet and is triple net-leased to ConocoPhillips, which has 13 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Chicago-based partnership. The buyer was a high net-worth investor from Atlanta.