ANDERSON, IND. — Tikijian Associates has brokered the sale of White River Village in Anderson. The 89-unit multifamily property was listed for $1.2 million. Tikijian represented the court-appointed receiver, Miami-based Glass-Ratner, in the transaction. The buyer was Indiana-based Ray Rapchak Holdings. Rapchak Holdings plans to rehabilitate the property. Terms of the transaction were not disclosed
RALSTON, NEB. — NorthMarq Capital has arranged $25 million in construction/permanent financing for Lakeview Apartments, which is located at 5100 S. 73rd Avenue Circle in Ralston. The 221d4 HUD loan was based on a 40-year term with a 40-year amortization schedule. John Reed of NorthMarq's Omaha, Neb., Regional office arranged the loan for the borrower, Lakeview Residential LLC, through NorthMarq's relationship with PNC Bank.
CHICAGO — Leopardo has completed the construction of a $10 million build-out for Alder School of Professional Psychology in Chicago. Located at One N. Dearbon St., the new 101,000-square-foot campus features a private ground-floor entrance lobby, high-tech classrooms, conference rooms, a library, collaborative spaces and administrative offices. Leopardo served as general contractor with ConopOp serving as project manager. OMP/P Cannon Design provided architectural services.
NORTHBROOK, ILL. — The Boulder Group has completed the sale of a Walgreens property in Northbrook. The single-tenant, 14,500-square-foot building, which is long-term leased to Walgreens, sold for $9.9 million. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based development partnership, in the transaction. The buyer was a San Francisco-based private investor.
BUFFALO GROVE, ILL. — Forefront Properties has acquired a 121,096-square-foot industrial building, which is located at 900 Busch Parkway in Buffalo Grove, for an undisclosed price. Built in 1985 and renovated in 1999, the property offers 22,740 square feet of office space and heavy power. The seller was R.G. Ray. Keith Puritz, Brett Kroner, Ryan Bain and Zach Graham of CB Richard Ellis brokered the transaction.
OTTAWA, ILL. — Cambridge Realty Capital Cos. has closed on a $15.3 million loan for Ottawa Pavilion in Ottawa. The new construction and permanent financing will benefit the 129-bed skilled-care nursing home. The 40-year loan was arranged for the owner, an Illinois-based limited liability company, by Cambridge Realty Capital Ltd. The fully amortized loan processed using HUD's Section 232 funding program.
LAWRENCE, KAN. — Brent Blake of NorthMarq Capital's Kansas City regional office has arranged a $2.25 million first mortgage loan for WindGate Apartments LLC for WindGate Apartments in Lawrence. Located at 1701 W. 4th St., the 38-unit property is mostly occupied by University of Kansas students. The 10-year term loan carries a 25-year amortization schedule and was arranged through NorthMarq's correspondent relationship with Aviva Life and Annunity Co.
NORTHBROOK, ILL. — Regency Centers has acquired Willow Festival, a 405,227-square-foot retail center located at 840 to 1090 Willow Road in Northbrook, for $64 million. Built in 2007, the property is occupied by Lowe's Home Improvement Warehouse, Whole Foods Market, Best Buy, HomeGoods, REI, DSW and CVS/pharmacy. The 96-percent leased center also offers 54,317 square feet of side shop space, including Starbucks Coffee, Potbelly, Fannie May, Lenscrafters and Sports Clips. The property was purchased in an off-market transaction from the center's developer, Hamilton Partners.
LINCOLNSHIRE, ILL. — Glentronics has completed the disposition of a 40,009-square-foot industrial property within the Lincolnshire Business Center in Lincolnshire. Dynomax purchased the property, which is located at 640 Heathrow Dr., for an undisclosed price. Built in 1988, the property features four interior loading docks and 3,781 square feet of office space. Keith Puritz, Brett Kroner, Ryan Bain and Zach Graham of CB Richard Ellis represented the seller; Patrick Shannon of Darwin Realty represented the buyer in the transaction.
CHICAGO — Summit Design + Build has completed a remodel of Pastorelli Food Products' existing 24,000-square-foot manufacturing facility, which is located at 901 W. Lake St. in Chicago's West Loop. The remodel included converting portions of the existing two-story timber building to a steel-frame and concrete-deck bottling and storage facility. Chicago-based Archideas provided architectural services for the project.