SPRINGFIELD, ILL. — McCormick Mortgage Co. has arranged development financing for the first phase of Legacy Pointe Town Center, a 277-acre mixed-use development in Springfield. The $34 million loan includes loans for the infrastructure of the first phase and construction loans for Scheels Superstore. The center will be anchored by a 203,000-square-foot Scheels Superstore, which is slated to open in July 2011. The two-story store will feature a 16,000-gallon aquarium, a 65-foot Eli Bridge Ferris Wheel, a three-car NASCAR simulator, a shooting gallery, four larger than life-size bronze sculptures, four life-size bronze statues, a Walk of Presidents with life-size statues of former Presidents. Additional details of the loans, which were provided by a consortium of banks, were not disclosed.
Midwest
ST. CHARLES AND SOUTH ELGIN, ILL. — An Arizona-based institutional investor has purchased two retail properties in St. Charles and South Elgin for $8.5 million. Both properties offer 14,490 square feet and are fully occupied by Walgreens. Gill Warner of Stan Johnson Co. represented the buyer and the seller, an Illinois-based retail developer, in the transaction.
OXFORD, MICH. — Mandy LLC has acquired 20,000 square feet on 3.5 acres of commercial space located at 43 E. Burdick in Oxford. Hi-Hill Lawn Service will occupy the space. James Lumber Co. sold the property for an undisclosed price. Larry Schultz of Friedman Real Estate Group represented the buyer in the transaction.
EARTH CITY, MO. — Exclusive Events has signed a lease for 21,535 square feet of office/warehouse space at 13609-13633 Lakefront Drive in Earth City. The tenant will use the space as an office, storage and assembly facility for its event design and production company. John Sheahan of NAI DESCO represented the tenant in the transaction. Terms of the lease were not disclosed.
CHICAGO — Cohen Financial has secured $4.5 million in combined small business administration (SBA) 504 and conventional bank acquisition financing for an office/retail location in Chicago. Located at 821 W. Eastman, the 23,000-square-foot property is occupied by Pump It Up, Tomato Head Pizza and the Chalk Preschool. Michael Grant of Cohen Financial secured the 20-year, SBA 504 loan and the 10-year bank loan. The borrower is the owner of Pump It Up.
Although retail developments and construction cooled during 2009, the Omaha retail sector is now experiencing an influx of completed projects, with most planned projects being set on the back burner. Retail projects in the final phases of construction include the 600,000-square-foot L Street Marketplace, located at the corner of 120th and L streets in Omaha; Midtown Crossing, a mixed-use project offering 200,000 square feet of retail space at 33rd and Dodge streets; and the forthcoming retail and entertainment component of Aksarben Village, which is located at 72nd and Center streets. The new projects are bringing Target, Best Buy, Sports Authority, Prairie Life Fitness Center, Marcus Theaters and Wohlner’s Grocery to the market. Neighboring retail developments in Council Bluffs, Iowa, include the JC Penney- and Shopko-anchored 24th Street Marketplace and Target-, Hobby Lobby- and Kohl’s-anchored Metro Crossing. A handful of new retailers and restaurants have entered the Omaha market, including Garden Ridge, Books A Million, Jump & Shout Play Center, Brix, Five Guys and Smashburger. Active developers include Cormac Company, Seldin Company, Noddle Company, Lerner Company and Magnum. Many developers are looking to infill sites for untapped development opportunities. Both the Midtown Crossing and Aksarben Village projects are helping to revitalize …
MINNEAPOLIS — The Minneapolis office of Grandbridge Real Estate Capital has originated and closed two first mortgage loans for multifamily properties in Minnesota. Arranged for a publicly traded REIT, the 10-year, fixed-rate loans total $8.5 million. Additionally, the loans carry less than 6 percent interest rates and 30-year amortization schedules. Grandbridge’s Dave Rasmussen and Tony Carlson arranged the financing through Fannie Mae’s DUS loan product.
INDIANAPOLIS — Mann Properties, along with a group of investors, has formed a real estate investment group to acquire the senior mortgage debt on Georgetown Commerce Park in Indianapolis. Located at 7301 N. Georgetown Road, the center offers 148,845 square feet of retail space. The new investment group, GCP Investment, plans to use Mann Properties to lease and manage the property. Current tenants at the center include Methodist Health Care Center, the National MS Society, Vibbert DDS and Symbios Technologies. Additional terms of the transaction were not disclosed.
SALINA, KANSAS — Marcus & Millichap's Alvin Mansour and Adam Christofferson have completed the sale and acquisition of Salina Strip Center, which is located at 2629 Market Place in Salina. The 6,400-square-foot retail property sold for $1.07 million. At the time of acquisition, the property was fully occupied by Check N Go, Sprint and Snap Fitness. The seller and buyer were not disclosed.
EDWARDSVILLE, ILL. — U.S. Bank has opened a new location at 1411 Lewis Road in Edwardsville. The 3,300-square-foot facility features four teller stations, three drive-thru lanes, a drive-up automated teller and night drop, safe deposit boxes and a specialized banking team. St. Louis-based The Lawrence Group provided architectural services for the project, which has been submitted for LEED certification. Swansea, Ill.-based Holland Construction Services served as general contractor for the project.