KANSAS CITY, MO. — Madison, Wis.-based The Alexander Company has acquired the historic U.S. Federal Courthouse in downtown Kansas City. The company plans to redevelop the property into 176 workforce-housing apartments. The $35 million project will include 109 one-bedroom units and 67 two-bedroom units. Additionally, the property will offer 10,000 square feet of retail space. Construction began in January and completion is slated for the second quarter of 2011.
Midwest
SCHAUMBURG, ILL. — Career Education Corp. has leased a 317,198-square-foot office building at 231 N. Martingale Road in Schaumburg. Located within Woodfield Pointe Office Center, the 11-story building will house the company’s headquarters. The company is scheduled to begin occupying the building in December and consolidation of its current five offices will be complete in March 2011. James Whalen, Mark Pasquella and Chad Freese of CB Richard Ellis represented the tenant and the landlord, Keystone Property Group, in the transaction.
SHAKOPEE, MINN. — NFI Distribution has signed a lease for 106,000 square feet of industrial space at Continental Distribution Center, which is located at 4701 Industrial Blvd. South in Shakopee. The tenant will use the property to serve its customers in the region. The landlord is First Industrial Realty Trust. Jeff Pryztarski of CB Richard Ellis and Brian Netz and Bill Ritter of NAI Welsh Cos. negotiated the transactions. Lease details were not released.
GRAFTON, WIS. — A private REIT, which is managed by Inland Real Estate, has acquired Grafton Commons, a 238,816-square-foot retail center in Grafton. Located at the corner of Port Washington Road and Highway 60, the property sold for $37 million. Tenants of the center include Kohl’s, Dick’s Sporting Goods, Best Buy, PetSmart and Michaels. Rick Drogosz, Bonnie Tripton and Dan Cohen of Mid-America Real Estate Corp. represented the owner/developer, Milwaukee-based Continental Properties. Oakbrook, Ill.-based Inland Real Estate provided in-house representation for the buyer.
LAKEWOOD, OHIO — Kandu Capital, along with Bloomfield Senior Living, as purchased Northwesterly Assisted Living Community in Lakewood. Built in 1988, the property consists of 55,000 square feet and offers 91 assisted-living residential units. Kandu acquired the property, which was formerly owned by Sunwest Management, out of bankruptcy. Additional details were not disclosed.
CHICAGO — Chicago-based Fifield Realty Partner has formed Fifield Residential Partners IV (FRP IV), a new apartment acquisition fund. The fund will focus on purchasing core-plus and value-add properties as well as short-sale transactions and loan-to-own acquisitions. FRP IV, along with several institutional partners, will invest up to $200 million cash to acquire up to $600 million in apartments across the country in 2010. The fund is actively looking for properties in Phoenix; Houston; Dallas; Austin, Texas; Chicago; Los Angeles and Orange County, Calif.
LINCOLNSHIRE, ILL. — Cambridge Realty Capital Cos. has provided a $12.5 million FHA-insured first mortgage loan for the refinancing of The Ponds, a 116-bed assisted-living facility in Lincolnshire. Rick Lynn of RML Financial originated the loan for the borrower, an Illinois limited liability company. The fully amortized, 33-year term loan was underwritten by Cambridge Realty Capital of Illinois using HUDs, Section 232 pursuant to Section 223(f) funding program.
COLUMBUS, OHIO — Scott Paull of NAI Ohio Equities has brokered the sale of Stonegate Square Apartments, which is located at the intersection of Morse and Karl roads in Columbus. An undisclosed buyer purchased the 76-unit multifamily property for $1.47 million or $19,408 per unit. The property was 87 percent occupied at the time of closing and offers one- and two-bedroom units. The seller was not disclosed.
COLUMBIA, MO. — NorthMarq Capital’s Kansas City regional office has arranged $11.75 million in first mortgage financing for Grindstone Canyon Apartments, a 200-unit multifamily complex located in Columbia. Brent Blake of NorthMarq secured the financing, which carries a 10-year term and a 30-year amortization schedule, for borrowers Columbia Apartment Co. and The New Solana Center. The financing was arranged through NorthMarq’s seller-servicer relationship with Freddie Mac.
CHICAGO — Combined Insurance has signed an 11-year lease for 99,204 square feet of office space at 111 East Wacker Drive in downtown Chicago. The provider of accident, life and health insurance will take occupancy of the space on July 1, 2010. Martin Horner, Eric Kunkel and Scott Ohlander of Jones Lang LaSalle represented the tenant; Brian Whiting and Jack McKinney Jr. of J.F. McKinney represented the landlord, Parkway Properties, in the transaction. Additional terms of the lease were not disclosed.