KALAMAZOO, MICH. — Zeus Associates has purchased The Arboretum, a 660-bed student-housing community in Kalamazoo. The property was sold through a receivership sale with American Campus Communities for $13 million. Kevin Larimer of Hendricks & Partners negotiated the transaction.
Midwest
MISHAWAKA, IND. — The new Saint Joseph Regional Medical Center has opened in Mishawaka. Located on the 90-acre Edison Lakes Medical Campus, the 663,000-square-foot hospital and 155,000-square-foot medical office building serves the Northern Indiana region. The $224 million replacement facility offers 254 hospital beds, an emergency department, an imaging center, 16 operating rooms and inpatient units, including maternity, pediatrics, neonatal intensive care, medical, surgical and intensive care. HOK provided architectural services for the project.
BURR RIDGE, ILL. — Construction is under way for Burr Ridge Medical Center, which is located at 6800 N. Frontage Road in Burr Ridge. Sterling Bay Cos. is developing the three-story, 105,575-square-foot medical office building. Completion of the building’s core and shell is scheduled for September, with Loyola University Health System slated to take occupancy of the first two floors in February 2011. Project partners include Proteus Group, Lindsay & Associates, Jacob & Hefner Associates and David R. McCallum Associates.
CITY OF GREEN, OHIO — Bob Raskow and David Kaplan of NAI Cummins represented the undisclosed sellers in the disposition of 15 acres of land on Arlington Road in City of Green. Redwood Management purchased the property and is developing a 102-unit apartment complex on the site. The property will be a single-story, gated senior-living community. The construction timeline was not released.
OVERLAND PARK, KAN. — NorthMarq Capital has arranged $13.23 million in first mortgage financing for Creekside Apartments, a 224-unit multifamily complex located in Overland Park. The 7-year loan carries a floating rate and a 30-year amortization schedule. Sue Blumberg of NorthMarq arranged the loan through Freddie Mac for the borrower, JVM Creekside Apartments.
COLUMBUS, OHIO — Atlanta-based Trimont Real Estate Advisors has completed the disposition of Trinity Square, a 145-unit apartment community located in Columbus. A locally based private investor acquired the REO property for $1.88 million or $13,013 per unit. Constructed in 1975, the property was 77 percent occupied at the time of acquisition. Debbie Corson from Atlanta-based Apartment Realty Advisors represented Trimont in the transaction.
SANDUSKY, OHIO — Hoty Enterprises has plans to construct a heated storage facility at Sandusky Bay in Sandusky. Located on First Street at Son Rise Marina, the 24,000-square-foot building will be able to accommodate boats up to 66 feet. Construction is scheduled to begin in March, with completion slated for July. Hoty Builders, a Hoty affiliate, will serve as general contractor for the project.
BLOOMINGTON, MINN. — Welsh Capital has arranged a $6.67 million loan for the refinancing of a Park ‘N’ Go facility in Minnesota. The property is located at 7901 International Drive in Bloomington. The fixed-rate financing includes net proceeds to the undisclosed borrower.
OMAHA, NEB. — Seldin Co. has sold a 70,000-square-foot facility to Goodwill Industries for $5.9 million. Located within Benson Park Plaza in Omaha, the property will be used as the new headquarters for Goodwill Industries serving Eastern Nebraska and Southwest Iowa. The building will include a 25,000-square-foot retail store and space for educational programs. Additionally, Seldin Co. has donated 352,000 square feet of fully improved infrastructure and paved parking area to Goodwill. Other tenants at Benson Park Plaza include Baker Supermarket, The Home Depot, Hancock Fabrics and Blockbuster Video.
GREENFIELD, IND. — Big CEC has purchased Weston Village Apartments for an undisclosed price. Located at 422 Roosevelt Dr. in Greenfield, the 60-unit apartment was built in 1967 and renovated in 2001. The property went into receivership in February 2009. Colin Atkinson of Marcus & Millichap’s Indianapolis office represented the receivership, Moynahan Williams Inc., and procured the buyer.