BLUE SPRINGS, MO. — Westchester, Ill.-based Tri-Land Properties has completed the disposition of its Blue Springs Market project to Hy-Vee Inc., a leading supermarket chain in the Midwest. Hy-Vee plans to retrofit the 84,146-square-foot building to fit its corporate floorplan. Kmart previously occupied the property. Terms of the transaction, which closed in late August, were not released.
Midwest
SCHAUMBURG, ILL. — TRECAP Partners has acquired a majority interest in Lakes of Schaumburg, a 428-unit apartment building located in Schaumburg. The property was acquired for an undisclosed price on behalf of TRECAP value-add investment vehicle in joint venture with Marquette Property Investments. The community features 27 two- and three-story buildings, two clubhouses, two outdoor heated pools, a jogging trail and a fitness center. The property was built in 1987 and underwent renovations between 2000 and 2009. This transaction is TRECAP’s third multifamily acquisition since the second quarter.
GERMANTOWN, WIS. — Pendergast Real Estate LLC has completed the disposition of a 25,000-square-foot property. The property is located at W194 N11250 McCormick Drive in Germantown. NW McCormick LLC acquired the property for an undisclosed price. Barry Chavin and Adam Matson of NAI MLG Commercial represented the seller in the transaction.
QUINCY, ILL. — MWF Properties has broken ground for the development of Franklin Square Apartments, which is located at 318 Maiden Lane in Quincy. The three-story, 48-unit complex will consist of two- and three-bedroom apartments and a two-level underground parking garage. Weis Builders is serving as general contractor for the $9.2 million project, which is scheduled for completion in early summer 2011.
BRECKSVILLE, OHIO — Columbus, Ohio-based Morris, Smith & Feyh (MS&F) has recently closed two loans totaling $13.35 million. In the first transaction, Grand Bay Apartments received a $12.15 million first mortgage loan through one of MS&F’s correspondent life insurance companies. Located in Brecksville, the 184-unit multifamily community offers 166 two-bed/two-bath units and 18 three-bed/two-bath units. Jeffrey Morris of MS&F originated the loan, which has a term of 7 years with a 30-year amortization and a 6.5 percent fixed interest rate. In the second transaction, Morris originated a $1.2 million loan for a 58,320-square-foot, two-building office property in Brecksville. The 10-year loan has a 20-year amortization schedule and a 7.5 percent interest rate.
WAUCONDA, ILL., SPRINGBORO, OHIO, AND SHELBY TOWNSHIP, MICH. — Mid-America Real Estate Corp. has brokered the sales of three shopping centers in the Midwest. In the first transaction, Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust acquired Liberty Square, a 107,369-square-foot retail center in Wauconda, for $15.2 million. Ben Wineman, Joe Girardi and Stan Nitzberg of Mid-America represented the seller, Dallas-based Fritz Duda Co., in the transaction. In the second deal, Indiana-based Equity Investment Group, dba EIG Springboro Plaza LLC, purchased Springboro Plaza, a 154,034-square-foot shopping center in Springboro, for $7.1 million. Wineman and Rick Drogosz, also of Mid-America, and Amy Holter of Anchor Associates represented the seller, Inland Real Estate Corp. In the final transaction, a private investor acquired the 92,515-square-foot Roseland Shopping Center in Shelby Township for $3.5 million. Wineman, along with Daniel Stern and Richard Kerwin of Lormax Properties, represented the seller of the lender-owned property.
CHICAGO — Essex Realty Group has completed the sale of a vintage courtyard apartment building, which is located at 6849 S. Clyde in Chicago’s South Shore neighborhood. The 30-unit property consists of six one-bedroom, 21 two-bedroom and three three-bedroom units. An undisclosed buyer acquired the property for approximately $1.1 million. David Goss and Jon Morgan of Essex represented the undisclosed seller; Jim Darrow, also of Essex, represented the buyer in the transaction.
ST. PAUL, MINN. — Ryan Companies US Inc. recently completed the construction and renovation of Lexington Commons Apartments in St. Paul for CommonBond Communities. The 45,351-square-foot, 48-unit facility will serve as a supportive housing community. The $8 million project was primarily financed through Minnesota housing using federal stimulus funds. The renovation projected included the demolition of all non-structural walls, asbestos abatement, complete roof replacement and a new, high-efficiency mechanical system. Additionally, the building received upgraded windows, architectural panels and a landscaped patio area. Elness Swenson Graham Architects provided architectural services for the project, which achieved LEED certification. Residents are expected to take occupancy in October.
APPLE VALLEY AND MANKATO, MINN. — Tony Carlson, Dick Riley and Dave Rasmussen of Grandbridge Real Estate Capital's Minneapolis office originated and closed two first mortgage multifamily loans totaling more than $4.7 million. In the first transaction, an undisclosed borrower received a 10-year term loan to refinance a 36-unit apartment complex in Apple Valley. The loan features a 30-year amortization and a fixed rate. In the second transaction, an undisclosed borrower received a loan for a 72-unit apartment property in Mankato. The loan refinanced the borrower's maturing loan and was funded at 80 percent of appraised value. The loan features a 10-year term, 30-year amortization and a fixed rate. Both financing transactions were funded through a Fannie Mae Small Loan Program lender.
GRAYSLAKE, ILL. — Scannell Properties LLC has acquired a 33-acre land parcel, which is located at Route 83 within Grayslake Business Park in Grayslake, from Delos Inc. Scannell plans to develop a 215,000-square-foot distribution center for FedEx Ground in the site. Rodger Chenore, Patricia Baldwin and Terence Lynch of Chicago-based Paine/Wetzel • ONCOR International represented the seller in the transaction. The acquisition price was not disclosed.