MISSION, KAN. — A local private equity group has acquired Lamar Place Apartments in Mission for $3.55 million. Constructed in 1971, the multifamily property offers 108 garden-style units. The asset traded at a 7.5 percent cap rate. Jeff Stingley of CB Richard Ellis’ Multi-Housing Group represented the undisclosed seller in the transaction.
Midwest
ARLINGTON, MINN. — Plymouth, Minn.-based Dominium Development & Acquisition has completed the disposition of Highland Commons in Arlington. The Project-Based Section 8 multifamily complex consists of eight townhome units and a 33-unit senior-housing facility. A Wisconsin-based private developer purchased the property for an undisclosed price. Julie Lux of Cassidy Turley represented the seller in the transaction.
BANNOCKBURN, ILL. — LOGS, a network of law firms and title agencies that specialize in handling foreclosure litigation for lenders, has leased 50,000 square feet of office space at 2121 Waukegan Road in Bannockburn. LOGS occupies the second and third floors of the 103,500-square-foot Class A property, which was formerly occupied by Kraft. The organization is relocating from 4201 Lake Cook Road in Northbrook, Ill. Kevin McLennan of Studley represented the tenant; Steve King and Chris Cummins of Colliers International represented the landlord, Colony Realty Partners. Terms of the lease were not released.
GRANDVILLE, MICH. — First Hospitality Group has re-opened Residence Inn Grand Rapids West in Grandville. Located at 3451 Rivertown Point Court SW, the three-story, 90-room hotel recently underwent a $3 million renovation. The hotel now features contemporary guest suites with new carpet, beds, vanities, sofas, tables, wall coverings, dining tables, lighting and stainless steel appliances. Hotel amenities include an outdoor swimming pool and sports court that features a fire pit and built-in gas grill, a business center and an expanded complimentary breakfast and dining area.
HARTLAND, WIS. — Dallas-based P. O’B Montgomery & Co. has acquired Cottonwood Plaza Shopping Center in Hartland. Anchored by Piggly Wiggly and Fox Brothers, the 54,693-square-foot retail center is located at 505-517 Cottonwood Avenue. Nick Tortorice of P. O’B Montgomery was the company’s key individual in the acquisition. Financing for the transaction was provided by Protective Life Corp. Additional terms of the transaction were not disclosed.
AURORA, ILL. — Garden Ridge, a décor superstore, is opening a new location at 956 Route 9, the former Expo Design Center, in Aurora. Situated on approximately 3 acres, the 190,000-square-foot store will offer home décor and seasonal décor, including furniture, framed art, mirrors, silk floral, greenery and bedding. Once opened in September, the store is expected to employ approximately 30 full- and part-time workers.
WOODBURY, MINN. — RED Development, through a joint venture with an institutional partner, has acquired Woodbury Lakes Shopping Center in Woodbury. Located at the intersection of Interstate 94 and Hudson Road, the 400,000-square-foot lifestyle center is occupied by H&M, Trader Joe’s, Michaels, DSW, Ann Taylor, Banana Republic and Coldwater Creek. The center will be managed by RED’s property management division, RED Asset Mangement. RED and Opus Northwest built Woodbury Lakes and sold the property to Hartford, Conn.-based Cornerstone Real Estate Advisors in 2006. RED decided to acquire Woodbury Lakes after the property was recently returned the lender. The transaction is RED’s first acquisition as part of its new strategy to acquire completed or nearly completed core shopping centers that are either distressed or require a more hands-on approach to operations. Terms of the sale were not disclosed.
LAGRANGE, ILL. — Palos Heights, Ill.-based Edwards Realty Co. has acquired LaGrange Crossing, a retail center located at the corner of Ogden Avenue and LaGrange Road in LaGrange. The 67,767-square-foot center is occupied by Trader Joe’s, Borders Books & Music, Walgreens, Corner Bakery, Pier 1 Imports, Caribou Coffee and AT&T. Rick Drogosz and Ben Wineman of Mid-America Real Estate Corp. represented the undisclosed seller; the buyer was self-represented. The sales price was not released.
MARION, IOWA — Alliant Capital has completed the refinancing of the Regal Townhomes in Marion. The borrower, Rosslare Capital Investments, received a $7.376 million 10-year term loan, which carries a 5.83 percent interest rate. Completed in 2003, the multifamily property consists of 42 two-story garden- and townhome-style buildings offering 168 two- and three-bedroom apartment units. Aaron Abelson of Alliant Capital closed the transaction. The refinancing was completed to remove the existing CMBS loan, which was originally financed in 2003.
CHICAGO — A private investor group has purchased a 75,475-square-foot industrial facility for an undisclosed price. The property is located at 9522 Winona Ave. in Chicago’s Schiller Park neighborhood. Tim Thompson and Brad Borkowski of HSA Commercial Real Estate represented the buyer; CB Richard Ellis represented the undisclosed seller in the transaction. The sales price was not released.