INDIANAPOLIS — Glen Carbon, Ill.-based Fireside Kessler Gardens LLC has acquired Kessler Gardens, a 133-unit apartment community located at 5480 N. Michigan Road in Indianapolis. Kessler Garden Apartments LLC sold the property for $4.9 million or $36,842 per unit with a 9.5 percent cap rate. Built in 1967, the property offers 108 one- and two-bedroom, garden-style apartments and 25 two- and three-bedroom townhome units. Rick Vidrio, Rick Brace, David Walstrom and Todd Stofflet of Hendricks & Partners’ Michigan office brokered the transaction.
CHICAGO — Summit Design + Build has completed the renovation of Gourmet Kitchens Inc.’s (GKi) existing 70,000-square-foot food production facility, which is located at 4300 S. Morgan in Chicago. The project included upgrading the building’s lobby, the employee cafeteria and a 25,000-square-foot production area. GKi also has plans to expand within its current facility. Chicago-based Archideas provided architectural services for the project.
MONROE, OHIO — IDI has leased 501,357 square feet of industrial space at Monroe Logistics Center to Hayneedle, an internet retailer with 220 specialty stores. The company will occupy Building A at 1001 Logistics Way in Monroe. Hayneedle plans to use the space for direct-to-customer distribution. Doug Armbruster provided in-house representation for IDI; Bob Bunton and David Maener of CB Richard Ellis represented the tenant. Terms of the lease were not disclosed.
STOW, OHIO — Interchez Properties has acquired 600 Alpha Park in Stow. Built in 2008, the freestanding property offers 10,000 square feet of office space. Family Man Properties sold the building for an undisclosed price. Bill Monbeck of William Monbeck Realty represented the buyer; Robert Brehmer and Lisa Trevino of NAI Daus represented the seller in the transaction.
KANSAS CITY, MO. — Construction is under way for The Apartments at Briarcliff in Kansas City. The six-building community will feature 263 units, attached and detached garages and a clubhouse with a pool, a spa and a private movie theater. The apartments will feature 9-foot ceilings, smooth walls, multiple interior color schemes, plank flooring, granite countertops, internal building elevators, and maintenance-free stucco and stone exteriors. Lenexa, Kan.-based Neighbors Construction Co. is serving as general contractor for the project, which is slated for completion in summer 2011.
O’FALLON, MO. — St. Louis-based Paric Corp. is currently renovating an existing skilled-nursing facility at the Village of St. Mary’s Villa Theresa Continuum of Care Retirement Community in O’Fallon. The $4.6 million 51,000-square-foot renovation is expected to have a 10-month timeline. Additionally, Paric is working on the $9.5 million two-phase renovation of 21,000 square feet of space, which is being converted into 15 affordable apartment units. Paric is serving as construction manager for the two projects. The Lawrence Group is providing architectural services for the project, which is a joint venture between The Sisters of the Most Precious Blood and McEagle Properties.
MT. COMFORT, IND. — EnerDel, a division of Ener1, has signed a lease for 211,500 square feet of industrial space at Axcess70 in Mt. Comfort. The company will utilize the facility to manufacture lithium batteries for the automotive industry. Axcess70 is a 150-acre industrial and distribution park located north of the Interstate 70 and Mt. Comfort Interchange. The property is owned and developed by Browning Investments. Mark Writt of CB Richard Ellis represented the tenant; J.D. Graves of Colliers Turley Martin Tucker represented the property owner.
DETROIT — Private investor Christopher Johnson has acquired 3,800 square feet of retail space at 13200-13204 Fenkell in Detroit. Sidney and Bertha Gold sold the property for an undisclosed price. The buyer plans to use the space for a construction business. Paul Feldman of Friedman Real Estate Group represented the seller in the transaction.
DECATUR, IND. — Chicago-based Preferred Development has acquired Village Green Shopping Center, a 93,000-square-foot retail center in Decatur. Built in 1968 and renovated in 2005, the property is anchored by Scott’s Foods grocery store. The seller and acquisition price were not disclosed. Gary Wool of Deerfield, Ill.-based Janko & Wool Real Estate Finance represented Preferred in the transaction.
CHICAGO — Reed Construction has completed the construction of 23,500 square feet of white-box spec suites within 500 N. Michigan Ave. in Chicago. The construction was completed on behalf of the property manager, Zeller Realty Group. The project included new ceiling grids and tiles, direct and indirect lighting, new supply and return grills, new sprinkler heads and interior paint. Hydzik Schade Associates provided architectural services for the project.