OVERLAND PARK, KAN. — The scheduled redevelopment of the Cherokee South Plaza shopping center is commencing this month in Overland Park. After obtaining financing in the midst of difficult lending conditions, the developer has commenced the construction process. Tri-Land Properties is handling the renovation of the 118,000-square-foot center, including the demolition of the former Cherokee South Sun Fresh, as well as the construction of three new buildings. Construction of a 15,000-square-foot Walgreens has already begun, with a scheduled opening in October. The remainder of the redevelopment is expected to be complete in December.
STERLING HEIGHTS, MICH. — Love Funding has closed a $7.3 million refinance loan for Sterling Lake Apartments, which is a 261-unit multifamily community located in Sterling Heights. Love Funding secured the funds on behalf of borrower LR Management using the HUD 207/233(f) loan program. Terms of the deal include a 5.5 percent interest rate and a 35-year amortization schedule. The Sterling Lake Apartments include one and two-bedroom apartment and townhome units, as well as a 24-hour fitness center, swimming pool and clubhouse.
CHICAGO — Transwestern has brokered a 7-year, 17.983-square-foot office lease on behalf of WH Trading in downtown Chicago. The proprietary trading firm has tripled its office space through its expansion into space located within the 31-story, 553,884-square-foot 125 South Wacker Drive office tower. Tony Karmin and Corby Marx of Transwestern negotiated the lease on behalf of WH Trading; Samuel Schaefer represented the undisclosed landlord.
ORANGE CITY, IOWA — Mumford Co. has brokered the sale of a Super 8 Motel located in Orange City. Constructed in 1999, the motel contains 34 rooms and is situated at 819 Lincoln Place. Lance Potter of Mumford’s Chicago office represented the seller, MW Hart. The buyer and the acquisition price were not disclosed.
INDEPENDENCE, MO. — Hobby Lobby and Christian bookstore Mardel have joined the tenant roster at The Falls, a destination retail center located at the interchange of Interstate 70 and Highway 291 in Independence. Hobby Lobby will occupy a 55,000-square-foot store and Mandel will occupy 25,000 square feet. Both stores are currently under construction, with completion expected by the end of the year. The Falls is a 200-acre development anchored by a 160,000-square-foot Bass Pro Shops Outdoor World with an adjoining 200-room hotel and conference center. The project also contains an 80-acre city park with an 18-acre stocked lake, a 70-foot waterfall and a 2-mile walking trail. Kessinger/Hunter & Co. is overseeing marketing efforts for the project.
MINNEAPOLIS AND INDIANAPOLIS — Colliers Turley Martin Tucker (CTMT) has arranged the sale of two flex properties. In the first transaction, the firm’s Twin Cities office brokered the $5.1 million sale of Phillips Eco-Enterprise Center, a 57,609-square-foot, multi-tenant office and industrial building located at 2801 21st Ave. in Minneapolis. David Stokes and Bradley Brown of CTMT represented the buyer, Wellington Management. The seller was undisclosed. In the second transaction, CTMT’s Indianapolis office brokered the sale of Fortune Park 14, a 53,189-square-foot flex office building located in Indianapolis. CTMT’s Rebecca Wells, David Moore and Darrin Boyd represented the seller, Professors Capital. The buyer was Fortune Park 14 LLC, a partnership led by Tom Frank of Summit Realty Group. The acquisition price was not disclosed.
WARRENSVILLE HEIGHTS, OHIO — NAI Daus has completed the sale of a 23,594-square-foot industrial facility, located at 18780 Cranwood Pkwy. in Warrensville Heights. Situated on approximately 2 acres, the building contains 4,394 square feet of office space, two docks and two drive-in doors. Jeffrey Calig and David Hexter of NAI Daus represented the undisclosed seller. The buyer, BB Buckle LLC, purchased the property for an undisclosed amount.
CHICAGO — Leopardo has completed a $4.3 million renovation for the 22,000-square-foot Chicago office of the international law firm Jones Day. Located at 77 W. Wacker Dr., the office had its executive conference floor remodeled with a more modernized look. Along with an upgrade HVAC and cabling infrastructure, the floor also received 15 new or upgraded meeting rooms, five administrative offices and a café/break room. Leopardo served as the general contractor with Gensler as the architect.
LOCKPORT, ILL. — Stan Johnson Co. has brokered the sale of an 8,064-square-foot retail store to an individual investor for $2.55 million. Located on 1.86 acres in Lockport, the freestanding store is occupied by National Tire & Battery. Gill Warner, Rod Pickney and Chad Byerly of Team Warner of Stan Johnson Co. represented the seller, a retail developer. Town & Country GMAC Real Estate represented the buyer in the transaction.
PALATINE, ILL. — BCI Acrylic Bath Systems has signed a 10-year lease for a 71,000-square-foot building, located at 514-532 S. Hicks Rd. in Palatine. The building features 18-foot clear ceiling heights, eight interior docks, three drive-in doors, 1,600 amps of power and office space. BCI had previously been occupying 39,000 square feet in the same building. It has the option to purchase the building in the future. Noel Liston of Elmhurst, Ill.-based Darwin Realty & Development Corp. represented the tenant. The landlord, Mirvac Industrial Trust, was represented by David Haigh and Steven Masters of NAI Hiffman.