Midwest

ARLINGTON GROVE RESIDENTIAL REDEVELOPMENT BREAKS GROUND

by admin October 21, 2010

ST. LOUIS — McCormack Baron Salazar has broken ground for the development of Arlington Grove, a residential redevelopment project located on the corner of Dr. Martin Luther King Drive and Burd Avenue in St. Louis. The $41 million project will include 112 mixed-finance, mixed-income rental units in a mix of garden apartments, townhomes, and semi-detached housing floorplans; a new mixed-use building; and rehabilitation of the historic Arlington Elementary School. The completed project will offer 162,000 square feet of residential space and 5,000 square feet of commercial and retail space. The renovated school will house 21 apartments with the surrounding area featuring 91 townhomes and garden-style apartments. The residential units are designed to meet mandatory Enterprise Green Communities criteria, which is committed to the Missouri Housing Development Commission and required by the Capital Fund Recovery Competition grant, a stimulus-related grant awarded by the Department of Housing and Urban Development. The project will offer market-rate units, Low Income Housing Tax Credit units at 60 percent of the area median income, HOME units and public-housing units. St. Louis-based KAI Design & Build is serving as architect, M/E/P engineer, general contractor and building information model coordinator for the project, which is scheduled for completion …

October 21, 2010

BARBERMURPHY BROKERS TWO SALES IN SOUTHERN ILLINOIS

by admin October 21, 2010

EDWARDSVILLE AND CASEYVILLE, ILL. — BARBERMurphy Group has negotiated the sales of two properties in Southern Illinois. In the first transaction, Scott Credit Union purchased a 13.77-acre office development site at Illinois Route 143 and Staunton Road in Edwardsville. Florists' Mutual Insurance Co. dba Hortica sold the property for $1.39 million. The buyer plans to use the site for its 51,000-square-foot corporate headquarters building. Collin Fischer and Wayne Barber Jr. of BARBERMurphy represented the buyer. In the second transaction, UMB Bank N.A. sold an industrial property for $870,000 to John Reece LLC. The 27,946-square-foot property is located on 10 acres at 8118 Bunkum Road in Caseyville. Barber, Steve Zuber and Tara Lorenz-Keller of BARBERMurphy represented the seller in the transaction.

October 21, 2010

Midwest Office

KTC PROPERTIES, GOLUB & CO. ACQUIRE 28-STORY OFFICE BUILDING IN CHICAGO

by admin October 21, 2010

CHICAGO — Locally based KTC Properties has partnered with Golub & Co. to acquire 225 Washington Street in downtown Chicago. The 28-story building offers 483,497 square feet of Class A office space. Designed by Skidmore, Owings & Merrill and completed in 1987, the property features architectural bay windows, marble floors and accents, a fitness center, a conference facility and a sundry shop. The property is 85 percent occupied by a variety of tenants, including Allianz and DeVry University. Nick Thomson and Ethan Meers of KTC led the acquisition team for the transaction. Golub will continue to manage and lease the building. Additional terms of the transaction were not released.

October 21, 2010

Civic Midwest

MCSHANE TO BUILD 100,890-SQUARE-FOOT SCHOOL IN CHICAGO

by admin October 20, 2010

CHICAGO — Instituto del Progreso Latino has selected McShane Construction Co. to construct Instituto Health Science Career Academy, which will be located on a 1-acre site at 2520 S. Western Ave. in Chicago's Pilsen neighborhood. Designed to achieve LEED Silver certification, the three-story, 100,890-square-foot high school will offer students comprehensive science curriculum. The project includes the demolition of a free-standing building and the partial demolition of a existing 77,280-square-foot former warehouse and manufacturing facility. The completed project will incorporate part of the existing building with 23,610 square feet of new construction. The school will offer nine science labs, individual classrooms, group learning environments, a library, a cafeteria, office space and common areas. Sustainable features include natural day lighting and ventilation, low VOC materials, energy-efficient heating and cooling systems, ENERGY STAR appliances, low-E glass and low-flow plumbing finishes. Ghafari Associates is providing architectural services for the project, which is scheduled for completion in August 2011. The Resurrection Project, a community-based nonprofit organization, is providing representation for the owner.

October 20, 2010

Midwest Office

CBRE REALTY TRUST ACQUIRES 99,566-SQUARE-FOOT OFFICE PROPERTY IN ILLINOIS

by admin October 20, 2010

DEERFIELD, ILL. — CB Richard Ellis Realty Trust has purchased Ten Parkway North, a 99,566-square-foot Class A office property in Deerfield. The three-story property is fully leased to a creditworthy international insurance holding company through January 2020. Ten Parkway North is one of six office buildings that comprise Parkway North Office Park, a more than 1 million-square-foot office park. Amenities for the office park include a fitness center, a daycare facility and walking trails. Ten Parkway North is CBRE Realty Trust's first office building acquisition in the Chicago area. The CBRE Realty Trust team worked with Gary Jaye and his CBRE Investors team to acquire the property. Terms of the acquisition were not released.

October 20, 2010

Midwest Multifamily

192-UNIT MULTIFAMILY PROPERTY TRADES HANDS IN ST. LOUIS

by admin October 20, 2010

ST. LOUIS — Birmingham, Mich.-based BHI-SEI St. Louis LLC has acquired Le Coeur du Monde, an apartment community located at 2035 Clermont Crossing in St. Louis. Locally based Mills Le Coeur du Monde LLC sold the 192-unit property for an undisclosed price. Built in 1988, the garden-style property offers 81 one-bedroom, 94 two-bedroom and 17 three-bedroom units. Ken Aston and Andrea Kendrick of Hendricks & Partners' St. Louis office represented both parties in the transaction.

October 20, 2010

Healthcare Midwest

$1.5 MILLION URGENT CARE CENTER OPENS IN MISSOURI

by admin October 19, 2010

CREVE COEUR, MO. — St. Luke's Hospital has completed the development of a new urgent center/medical office center in Creve Coeur. Located at the intersection of Olive Boulevard and Old Ballas Road, the $1.5 million, 15,000-square-foot project houses St. Luke's Urgent Care and offers office space for primary care physicians and X-ray and lab services. St. Louis-based Koman Group developed the project. Clayco served as general contractor, The Lawrence Group provided architectural services and Cole Associates served as civil engineer for the project.

October 19, 2010

Midwest Retail

ARIES CAPITAL INVESTS $17.5 MILLION IN ST. LOUIS CENTRE

by admin October 19, 2010

ST. LOUIS — Urban Development Fund, an affiliate of Aries Capital, has provided $17.5 million in financing to fund the redevelopment of St. Louis Centre in St. Louis. Located at 515 N. Sixth St., the 540,000-square-foot shopping center is scheduled to undergo a $35 million renovation this year. The redevelopment project will include 60,000 square feet of first-floor retail space, a movie theater and banquet hall on the second floor and a 750-vehicle parking garage on the remaining two floors. The redevelopment project is intended to serve as a catalyst for the redevelopment of St. Louis' Mercantile Exchange District, which will feature the renovation of One City Centre, St. Louis Centre and the Dillard/Laurel building.

October 19, 2010

Midwest Multifamily

$2.4 MILLION MULTIFAMILY LOAN ARRANGED IN INDIANA

by admin October 19, 2010

EVANSVILLE, IND. — NorthMarq Capital has arranged $2.4 million in financing for Bradford Pointe Apartments in Evansville. The 250-unit property was 85 percent occupied at the time of closing. Financing was based on a 7-year term and a 25-year amortization schedule. Charles Cotsalas of NorthMarq arranged the loan for the borrower through NorthMarq's correspondent relationship with StanCorp Mortgage Investors.

October 19, 2010

Midwest Multifamily

RESIDENTIAL REDEVELOPMENT PROJECT OPENS IN OBERLIN, OHIO

by admin October 18, 2010

OBERLIN, OHIO — Sustainable Community Associates, serving as developer, has completed the redevelopment of a vacant lot into East College Street, a residential, office and retail property located on East College Street in downtown Oberlin. The project features 32 residential units, including 11 affordable rental units and 19 for-sale units, and four for-sale commercial units offering more than 18,000 square feet of office or retail space. The project was financed by a $5 million New Markets Tax Credit (NMTC) allocation provided by Enterprise Community Investment and a $9.75 million NMTC allocation from MBS Urban Initiatives CDE. The Enterprise Community Loan Fund provided $675,000 in predevelopment and acquisition financing. Additional financing sources include a HUD Special Project Grant, funding from a local philanthropist, Oberlin College, local organizations and $1.4 million in tax increment financing.

October 18, 2010

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