Midwest

FINANCING APPROVED FOR MENDOTA PLAZA REDEVELOPMENT

by admin April 2, 2010

MENDOTA HEIGHTS, MINN. — St. Paul, Minn.-based Paster Enterprises has received financing approval for the redevelopment of Mendota Plaza in Mendota Heights. Scheduled to begin this spring, the project includes remodeling the existing 48,000-square-foot building, major parking improvements and landscaping enhancements. Completion is slated for this fall. Additionally, a standalone 14,820-square-foot Walgreens property will be constructed, with an expected completion date of spring 2011. During the next 4 years, additional phases will be added to the property, including retail buildings, senior housing, office space and a childcare facility.

April 2, 2010

Midwest

COHEN FINANCIAL, ZIONS NATIONAL REAL ESTATE FORM PARTNERSHIP

by admin April 2, 2010

CHICAGO — Chicago-based Cohen Financial has formed an exclusive correspondent relationship with Zions National Real Estate, a national secondary market leader of commercial real estate loans. Cohen borrowers will be able to access a range of Zions’ lending products from commercial first mortgage SBA 504 loans, conventional loans and investor loans on most property types. Owner occupied conventional and investor loan-to-values range from 55 to 65 percent for transactions up to $6 million with terms from 20 to 25 years. Cohen will manage and execute each transaction from preliminary underwriting to closing. André Bailey of Cohen will manage the relationship with Zions. Zions is a division of Salt Lake City-based Zions Bank.

April 2, 2010

Midwest Retail

TWO GROCERY STORES OPEN LOCATIONS IN ILLINOIS

by admin April 2, 2010

COUNTRY CLUB HILLS AND WEST CHICAGO, ILL. — Inland Real Estate Corp. has brokered two leases totaling more than 101,000 square feet in the Chicago area. In the first transaction, Michael’s Fresh Market inked a deal for 56,118 square feet of space at the Shops at Coopers Grove, a 72,518-square-foot retail center located at 4044-4112 W. 183rd St. in Country Club Hills. In the second transaction, Tampico Fresh Market signed a lease for 45,000 square feet at Oliver Square, which is located at 1935 Neltnor in West Chicago. Jeff Howard of Inland Real Estate Corp. brokered the transactions. Terms of the transactions were not released.

April 2, 2010

Industrial Midwest

20,385-SQUARE-FOOT INDUSTRIAL PROPERTY TRADES HANDS IN ILLINOIS

by admin April 1, 2010

WILLOWBROOK, ILL. — AVA Inc. has purchased a 20,385-square-foot industrial property in Willowbrook. Located at 7051 S. Adams St., the facility features two exterior docks, one drive-in door, 20-foot clear ceiling heights and parking for 36 vehicles. Kip Hennelly of CB Richard Ellis represented the buyer; Bill Waliewski of Westmont, Ill.-based Morgan Realty Partners represented the seller, 8-0 Real Estate LLC, in the transaction. Terms of the transaction were not disclosed.

April 1, 2010

Midwest Office

STERLING COMMERCE CENTER SELLS IN DUBLIN, OHIO

by admin April 1, 2010

DUBLIN, OHIO — Wells Real Estate Funds has acquired Sterling Commerce Center I-IV in Dublin. Duke Realty sold the assets for an undisclosed price. Located at 4600-4725 Lakehurst Court and 6060 Emerald Parkway, the 322,679-square-foot center consists of two four-story and two three-story Class A office buildings. Paul Lundstedt, Jeffrey Shell, John Ecclestone, John Gavin and Richard Schuen of Grubb & Ellis|Adena Commercial represented Duke in the transaction.

April 1, 2010

Midwest Retail

GEMINI REAL ESTATE ADVISORS ACQUIRES $9.2 MILLION FIRST MORTGAGE NOTE

by admin April 1, 2010

APPLE VALLEY, MINN. — Gemini Real Estate Advisors, on behalf of its Gemini Opportunity Fund III, has acquired a $9.2 million first mortgage note. The performing whole loan was purchased at an undisclosed discount to par value. The underlying asset is a standalone retail property, which is leased to LA Fitness, in Apple Valley. The primary term of the lease runs through 2022, with additional extension options. The seller was not disclosed.

April 1, 2010

Industrial Midwest

217,712-SQUARE-FOOT BUILD-TO-SUIT LEASE INKED IN JOLIET, ILL.

by admin March 31, 2010

JOLIET, ILL. — Stepan Co. has inked a build-to-suit lease deal for a 217,712-square-foot industrial building at CenterPoint Intermodal Center-Joliet in Joliet. The Northfield, Ill.-based company is a producer of specialty and intermediate chemicals used in household, industrial, personal care, agricultural, food and insulation related products. The property is being developed by CenterPoint Properties.

March 31, 2010

Midwest Seniors Housing

GROUND BREAKS FOR SENIOR HOUSING COMMUNITY IN WISCONSIN

by admin March 31, 2010

SUPERIOR, WIS. — New Perspective Senior Living has broken ground for the development of The Lighthouse of Superior, a senior housing community in Superior. The state-of-the-art facility will offer assisted-living and memory-care residences. Ryan Companies US is serving as general contractor on the project, which is scheduled for completion this fall.

March 31, 2010

Midwest Retail

9,014-SQUARE-FOOT RETAIL PROPERTY SELLS IN KANSAS

by admin March 31, 2010

CARBONDALE, KAN. — A Colorado-based investor has purchased a 9,014-square-foot retail property, which is located in Carbondale. The single-tenant property is net-leased to Dollar General. A Kansas-based developer sold the property for $837,500 at a 9.02 percent cap rate. Ben Sgambati, Michael Lombardi and Adam Christofferson represented the seller; Sgambati and Lombardi also represented the buyer in the transaction.

March 31, 2010

Midwest Multifamily

THE HABITAT COMPANY SELECTED TO MANAGE THREE HOUSING REHABS IN INDIANA

by admin March 30, 2010

GARY, INDIANA — The Gary Housing Authority (GHA) has selected The Habitat Company to manage construction services for three housing developments operated in Gary. GHA is investing more than $5.8 million in HUD funds to rehabilitate units within the Dorie Marie, East Point and Ivanhoe Garden developments. The project involves renovating 92 units in the Dorie Marie and East Point properties, and demolishing 316 units in the 104-building Ivanhoe Garden property. The HUD funding was received as part of the federal stimulus program.

March 30, 2010

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