MINNEAPOLIS — The Opus Group has purchased three land parcels in the Stadium Village area of Minneapolis for the development of a retail and residential complex. Stadium Village Flats will offer 120 apartments in a mix of studio, one-, two-, three- and four-bedroom floor plans, ground-level retail space and two levels of below-ground parking. Residential amenities will include a fitness room and lounges on each floor. Additionally, a portion of the retail space is pre-leased to CVS/pharmacy. The development site, which is currently occupied by two retail buildings and a parking lot, is bounded by Washington Avenue and Ontario Street. Site preparations for the $30 million property are scheduled to begin in early 2011, with completion expected by August 2012. Minneapolis-based Elness Graham Architects is providing architectural services and Opus AE Group is providing structural engineering services.
INDIANAPOLIS — Tikijian Associates has brokered the sale of Pebble Point Apartments, which is located on the west side of Indianapolis. New York-based White Eagle Group acquired the 220-unit multifamily property for an undisclosed price. Tikijian Associates represented the seller, Denver-based Apartment Investment & Management Co., in the transaction.
WAUKESHA, WIS. — E&R Machine Products Inc. has completed the disposition of a 10,500-square-foot property in Waukesha. Blue Fox Enterprises acquired the property, which is located at 405 Travis Lane, for an undisclosed price. Adam Matson and Brett Garceau of NAI MLG Commercial handled the transaction.
CHICAGO — Chicago-based Newcastle Limited has acquired a mixed-use property, which is located at 2525 N. Clark in Chicago's Lincoln Park neighborhood, for $3 million. The property consists of 4,300 square feet of retail space and 12 apartment units. Current retail tenants include Starbucks Coffee, Austrian Bakery and Sultan's Market. Kyle Stengle and Steve Rachman of Marcus & Millichap represented the undisclosed seller in the transaction.
MINNEAPOLIS — Greco Development and its investors are developing Flux Apartments in Uptown Minneapolis. The $38 million, 195,000-square-foot project will feature 216 alcove, one- and two-bedroom and penthouse floorplans. Amenities will include an Internet cafe, the Flux bar, an outdoor pool with massage cabana, a grill and chill area, lawn bowling, a dog park, a gym-quality fitness center, concierge services and heated underground parking. FInancing is being provided by NorthMarq Capital, AFLCIO Building Investment Trust and PNC Realty Investors. BKV Group is providing architectural services and Frana Cos. is providing construction services. Completion is scheduled for January 2012.
BELOIT, WIS. — Red Mortgage Capital has provided a $13.38 million loan for Hawks Ridge Apartments in Beloit. The 193-unit multifamily property is owned by Elkhorn, Wis.-based Teronomy Builders Inc. The loan was financed through the FHA 223(f) program. Red Mortgage Capital is the banking arm of Red Capital Group.
LISLE, ILL. — Navistar has acquired the former Alcatel-Lucent East Campus facility, which is located at Warrenville and Naperville roads in Lisle. The 87-acre, 1.2 million-square-foot facility sold for an undisclosed price. John Musgierd of Jones Lang LaSalle represented the buyer; Christopher Wood, Art Waldrop, David Stefancic, Scott Goldman, William Tom and Rick Nash of UGL Services represented the seller, Alcatel-Lucent, in the transaction.
GOLDEN VALLEY AND ELK RIVER, MINN. — The Minneapolis office of Grandbridge Real Estate Capital has originated and closed two loans, totaling $5.6 million, for properties in Minnesota. The first loan was secured by Sedona Hills, a 102-unit multifamily property in Golden Valley. The loan was financed with Fannie Mae and features a 10-year term, 30-year amortization and a fixed-rate interest rate of 4.75 percent. The second loan was secured by a 36-unit apartment complex in Elk River. The 5-year term loan carries a 4.04 interest rate. Tony Carlson and Dave Rasmussen of Grandbridge originated both transactions.
LAWRENCE, KAN. — New York City-based Vesper Holdings has acquired Hawks Pointe Apartments in Lawrence for an undisclosed price. Located near the University of Kansas' main campus, the 248-unit multifamily property features 20 two- and three-story buildings offering a mix of studio, garden-style, loft and townhouse apartments. Community amenities include a swimming pool, picnic and grilling areas, and a two-story clubhouse featuring a 24-hour fitness center, a 24-hour business center, a game room and a tanning bed. Philadelphia-based Campus Apartments will manage the property. Terms of the transaction were not released.
LISLE, DEERFIELD AND ROSEMONT, ILL. — Dallas-based Aimbridge Hospitality has partnered with AREA Property Partners to acquire three Hyatt hotels in the Chicago market. According to Aimbridge, the properties will continue to operate under the Hyatt brand and $13.5 million has been allocated for ongoing capital improvements to the properties. The assets are the 316-room Hyatt Lisle, which features 13,200 square feet of meeting space in Lisle; the 301-room Hyatt Deerfield, which offers 15,000 square feet of meeting space in Deerfield; and the 206-room, boutique-style Hyatt Rosemont, which is located in Rosemont. Aimbridge will operate the newly acquired properties.