GREENFIELD AND INDIANAPOLIS, IND. — Summit Realty Group has brokered two industrial sales in the greater Indianapolis area. In Greenfield, MPI Release leased 72,000 square feet of manufacturing space at 2162 N. Hastings Blvd. Summit’s Jeremy Woods represented the landlord, Vacumet. In Indianapolis, Solid Platforms purchased a 12,000-square-foot facility located at 8171 W. 10th St. Summit’s Ryan Kelly represented the buyer. Rob Lukemeyer of Baseline represented the seller, Four Square Co.
PARMA HEIGHTS, OHIO, AND ANGOLA, IND. — KeyBank Real Estate Capital has secured a total of $8.85 million for the refinancing of two Midwest apartment communities. In Parma Heights, KeyBank arranged $5 million in Freddie Mac funds for Phase III of Big Creek Apartments. The phase comprises 10 two- and three-story buildings with a total of 112 units. The borrower is Big Creek Apartments I LLC. Big Creek Apartments was constructed in multiple phases and contains a total of 516 units. In Angola, Key arranged $3.85 million in Fannie Mae funds for Village Green Apartments. Constructed in 1986, Village Green comprises 13 buildings with 200 units. The borrower was undisclosed.
CAMANCHE, IOWA — Davenport, Iowa-based NAI Ruhl & Ruhl Commercial Co. has completed the $14.4 million sale of a Mississippi River barge and rail terminal, located in Camanche. Previously owned and operated by Determann Industries, the 317-acre site contains 15 industrial buildings, an asphalt plant, a rail spur, a deep water harbor and barge fleeting river frontage. NAI’s Chuck Ruhl was the sole broker in the transaction.
GARDEN CITY, KAN. — NAI Brannen Goddard has brokered the sale of Garden City Plaza in Garden City for $7 million. Located at 2214 E. Kansas Ave., the 102,648-square-foot shopping center is anchored by Sears and JC Penney. It was 98 percent leased at the time of closing. Ty Underwood and Fain Hicks of NAI Brannen Goddard’s Atlanta office facilitated the transaction. The seller was Centro GA CMBS TI HL LLC, and the buyer was Garden City Plaza LLC.
BLAIRSTOWN, IOWA — Gulf Alternative Energy Corp. (GAEC) has agreed to purchase an ethanol production plant located in Blairstown. The facility, which is presently owned by Xethanol Biofuels, has the capacity to produce up to 6 million gallons of ethanol per year. GAEC plans to convert the plant to produce ethanol from cellulosic plant materials such as corn stalks and cobs, switchgrass, and agricultural waste. The facility previously produced ethanol from food and feedstock-based materials such as corn. The acquisition is scheduled to close this fall.
FRIDLEY, MINN., AND CONCORDIA, MO. — Colliers Turley Martin Tucker (CTMT) has arranged two industrial leases totaling 318,666 square feet. First, CTMT’s Minneapolis/St. Paul office completed a lease for 244,666 square feet at River Road Industrial Center, located at 4800 E. River Rd. in Fridley. The space will be occupied by BP Wind Energy North America. The value of the lease is $2.36 million. CTMT’s Ronald Scholder, Mark Kolsrud and Matthew Klein represented the landlord, ELT Minneapolis LLC. River Road Industrial Center is the largest industrial building in the state of Minnesota, totaling more than 2 million square feet in a single building. In the second transaction, CTMT’s Kansas City office arranged a 74,000-square-foot lease at 101 Davis Rd. in Concordia. The lease is valued at $2.35 million. CTMT’s Alec Blackwell represented the tenant, Old World Spices & Seasonings. The landlord is I-70 Storage Properties LP.
KANSAS CITY, KAN. — Kansas City, Mo.-based Grindstone Industrial Properties has brokered the sale of a 10,745-square-foot industrial building, located at 22 N. Sixth St. in Kansas City. Pat Murfey of Grindstone negotiated the transaction between the buyer, Mittal Patel Properties, and the seller, Randy A. Moore Properties. The acquisition price was not disclosed. In addition, Murfey arranged a 12,386-square-foot industrial lease at 74 S. James St., also in Kansas City. The tenant is Brauer Supply Co. and the landlord is Robert S. Ehinger Trust.
SOUTHFIELD, MICH. — Newmark Knight Frank has completed a lease for 13,498 square feet of office space on behalf of Compsat Technology. The property is located at 25330 Telegraph Rd. in Southfield. Mitchell Lipton and Ben Herman of Newmark Knight Frank represented the tenant in lease negotiations. The landlord and the terms of the transaction were not disclosed.
KANSAS CITY, KAN. — Turner Construction Co. has been selected to manage construction of a $55 million medical office building in Kansas City for The University of Kansas Hospital. The project, which is scheduled for completion in 2011, is being built to LEED certification standards. Located south of the hospital, the building will include 18 clinical departments that are currently scattered across the campus. Green features will include water-efficient landscaping, access to public transportation, energy performance optimization, thermal comfort controls, and the use of recycled and locally manufactured materials.
MARYLAND HEIGHTS, MO. — The redevelopment of a 47,000-square-foot office building in Maryland Heights is nearing completion. The project, spearheaded by HDA Architects and the building’s new owner-occupant, Intoximeters, included significant internal renovations and minor modifications to the building exterior. The $2.8 million renovation was initiated by Intoximeters after the company sought numerous new build sites throughout the St. Louis market, before deciding on the more cost-effective redevelopment route.