SPRINGFIELD, MO. — NorthMarq Capital has arranged first mortgage acqusition financing of $3.7 million for Hunter's Glen Apartments, a 168-unit multifamily complex in Springfield. Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower through NorthMarq's seller-servicer relationship with Freddie Mac. Greg Duvall of the firm's Kansas City regional office completed the deal.
Midwest
SANDUSKY, OHIO — Plano, Texas-based Cinemark Holdings is set to open the 12-screen Cinemark Sandusky Theatre at the Sandusky Mall Complex in Sandusky. A formal groundbreaking is scheduled for March 1, with completion for the venue slated for before the 2010 holiday season. An existing theater already located on the property will be redeveloped for new retail and restaurant uses. The Cinemark Sandusky Theatre will offer stadium seating, digital and 3-D capabilities and a self-serve concession stand. Located at 4314 Milan Road, Sandusky Mall Complex is owned by The Cafaro Company.
MINOT, N.D., AND ARDEN HILLS AND MINNEAPOLIS, MINN. — Graham Construction Services has been awarded three construction contracts totaling $33.5 million. The first project will consist of a two-building, three-story dormitory for Minot Air Force Base in Minot. The $18.8 million project will provide housing for 168 people. Groundbreaking will occur in April, and completion is expected in August 2011. Spokane, Wash.-based ALSC Architects is the project architect. The second project is a 90,000-square-foot Arden Hills Army Training Readiness Center that is being built in Arden Hills in a joint venture with Holte. The $11.1 million project will break ground in April and will be complete in January 2011. The final project is a $3.6 million Landcare Facility for the University of Minnesota – Twin Cities in Minneapolis. Situated at 2613 4th St., the project will include a two-story, 20,000-square-foot building and a 14,000-square-foot, fenced yard. Completion is expected in July 2010. The project architect is Minneapolis-based DLR Group.
CHICAGO AND ELK GROVE VILLAGE, ILL. — Chicago-based Paine/Wetzel • ONCOR International has completed a sale and a lease transaction in the Chicagoland. First, a private investor purchased a 3,200-square-foot commercial building located at 4153 W. Lake St. in Chicago. Kim Aigner of Paine/Wetzel represented the buyer. Bill Gold of Troy Realty represented the undisclosed seller. In the second deal, Science Supply Solutions signed a lease for 5,000 square feet within a 20,000-square-foot building located at 80 Lively Blvd. in Elk Grove Village. Paine/Wetzel's Elise Couston and Patrick Fitzgerald of Paine/Wetzel represented the landlord, Chicago Properties. Brad Bullington of Brown Commercial Group represented the tenant.
ST. LOUIS — The St. Louis office of NorthMarq Capital has secured $7.03 million in first-mortgage financing for Lofts of Lafayette, a 109-unit multifamily property located in St. Louis. The loan carries a 10-year term and a 30-year amortization schedule. David Garfinkel and Jeffrey Chaney of NorthMarq's St. Louis office arranged the loan on behalf of the undisclosed borrower through Freddie Mac. The loan was secured utilizing the borrower's Adjustable Rate Mortgage program.
OMAHA, NEB. — Goodwill Industries has purchased a 70,000-square-foot retail property from a private party for an undisclosed amount. The building, which contains offices and a 25,000-square-foot retail area, is located in Benson Park Plaza at 4805 N. 72nd St. in Omaha. Goodwill has enlisted Kiewit and RDG to help with renovations, which will be constructed to LEED standards. When renovations are complete, the building will house an Internet café, multi-use training rooms and a computer lab in addition to the office and retail space. R.J. Neary and Ryan Zabrowski of Investors Realty represented the buyer.
HARTLAND, WIS. — CCR Acquisitions has signed a lease with Myra Properties for a 21,172-square-foot building formerly occupied by Badger Wholesale. The property, located at 520 Progress Drive in Hartland, will be used as a silk screening and distribution facility. James Young of Colliers Barry brokered the lease.
MILWAUKEE — Clive B. Buckley Revocable Trust has sold the 11,900-square-foot Bresler Eitel Framing Gallery to JMB Real Estate Wisconsin for an undisclosed amount. The property is located at 525 W. Walnut St. in Milwaukee. The art gallery will stay on as the sole tenant in the building. David Buckley of Colliers Barry brokered the lease.
TROY, MICH. — Lama LLC has purchased 7,600 square feet of light industrial space in Troy. Located at 384 Park, the property sold for an undisclosed price. The space is occupied by New Royal Distributors, an importer of Indian and Southeastern Asian foods. Larry Schultz of Friedman Real Estate Group represented the seller, Taurus LTD, in the transaction.
SOUTHFIELD, MICH. — R.L. Polk & Co. is relocating its headquarters to more than 138,000 square feet of office space at Travelers Tower II in Southfield. The company will occupy floors nine through 13 at the building, which is located at 26533 Evergreen Road. Polk is currently located at First Center Building in Southfield. The new property is owned by Lehman Brothers Holdings Inc., which is being overseen by Alvarez & Marsal. Signature Associates represented Polk in the transaction. Terms of the lease were not disclosed.