Although retail developments and construction cooled during 2009, the Omaha retail sector is now experiencing an influx of completed projects, with most planned projects being set on the back burner. Retail projects in the final phases of construction include the 600,000-square-foot L Street Marketplace, located at the corner of 120th and L streets in Omaha; Midtown Crossing, a mixed-use project offering 200,000 square feet of retail space at 33rd and Dodge streets; and the forthcoming retail and entertainment component of Aksarben Village, which is located at 72nd and Center streets. The new projects are bringing Target, Best Buy, Sports Authority, Prairie Life Fitness Center, Marcus Theaters and Wohlner’s Grocery to the market. Neighboring retail developments in Council Bluffs, Iowa, include the JC Penney- and Shopko-anchored 24th Street Marketplace and Target-, Hobby Lobby- and Kohl’s-anchored Metro Crossing. A handful of new retailers and restaurants have entered the Omaha market, including Garden Ridge, Books A Million, Jump & Shout Play Center, Brix, Five Guys and Smashburger. Active developers include Cormac Company, Seldin Company, Noddle Company, Lerner Company and Magnum. Many developers are looking to infill sites for untapped development opportunities. Both the Midtown Crossing and Aksarben Village projects are helping to revitalize …
MINNEAPOLIS — The Minneapolis office of Grandbridge Real Estate Capital has originated and closed two first mortgage loans for multifamily properties in Minnesota. Arranged for a publicly traded REIT, the 10-year, fixed-rate loans total $8.5 million. Additionally, the loans carry less than 6 percent interest rates and 30-year amortization schedules. Grandbridge’s Dave Rasmussen and Tony Carlson arranged the financing through Fannie Mae’s DUS loan product.
INDIANAPOLIS — Mann Properties, along with a group of investors, has formed a real estate investment group to acquire the senior mortgage debt on Georgetown Commerce Park in Indianapolis. Located at 7301 N. Georgetown Road, the center offers 148,845 square feet of retail space. The new investment group, GCP Investment, plans to use Mann Properties to lease and manage the property. Current tenants at the center include Methodist Health Care Center, the National MS Society, Vibbert DDS and Symbios Technologies. Additional terms of the transaction were not disclosed.
SALINA, KANSAS — Marcus & Millichap's Alvin Mansour and Adam Christofferson have completed the sale and acquisition of Salina Strip Center, which is located at 2629 Market Place in Salina. The 6,400-square-foot retail property sold for $1.07 million. At the time of acquisition, the property was fully occupied by Check N Go, Sprint and Snap Fitness. The seller and buyer were not disclosed.
EDWARDSVILLE, ILL. — U.S. Bank has opened a new location at 1411 Lewis Road in Edwardsville. The 3,300-square-foot facility features four teller stations, three drive-thru lanes, a drive-up automated teller and night drop, safe deposit boxes and a specialized banking team. St. Louis-based The Lawrence Group provided architectural services for the project, which has been submitted for LEED certification. Swansea, Ill.-based Holland Construction Services served as general contractor for the project.
INDIANAPOLIS — Glen Carbon, Ill.-based Fireside Kessler Gardens LLC has acquired Kessler Gardens, a 133-unit apartment community located at 5480 N. Michigan Road in Indianapolis. Kessler Garden Apartments LLC sold the property for $4.9 million or $36,842 per unit with a 9.5 percent cap rate. Built in 1967, the property offers 108 one- and two-bedroom, garden-style apartments and 25 two- and three-bedroom townhome units. Rick Vidrio, Rick Brace, David Walstrom and Todd Stofflet of Hendricks & Partners’ Michigan office brokered the transaction.
CHICAGO — Summit Design + Build has completed the renovation of Gourmet Kitchens Inc.’s (GKi) existing 70,000-square-foot food production facility, which is located at 4300 S. Morgan in Chicago. The project included upgrading the building’s lobby, the employee cafeteria and a 25,000-square-foot production area. GKi also has plans to expand within its current facility. Chicago-based Archideas provided architectural services for the project.
MONROE, OHIO — IDI has leased 501,357 square feet of industrial space at Monroe Logistics Center to Hayneedle, an internet retailer with 220 specialty stores. The company will occupy Building A at 1001 Logistics Way in Monroe. Hayneedle plans to use the space for direct-to-customer distribution. Doug Armbruster provided in-house representation for IDI; Bob Bunton and David Maener of CB Richard Ellis represented the tenant. Terms of the lease were not disclosed.
STOW, OHIO — Interchez Properties has acquired 600 Alpha Park in Stow. Built in 2008, the freestanding property offers 10,000 square feet of office space. Family Man Properties sold the building for an undisclosed price. Bill Monbeck of William Monbeck Realty represented the buyer; Robert Brehmer and Lisa Trevino of NAI Daus represented the seller in the transaction.
KANSAS CITY, MO. — Construction is under way for The Apartments at Briarcliff in Kansas City. The six-building community will feature 263 units, attached and detached garages and a clubhouse with a pool, a spa and a private movie theater. The apartments will feature 9-foot ceilings, smooth walls, multiple interior color schemes, plank flooring, granite countertops, internal building elevators, and maintenance-free stucco and stone exteriors. Lenexa, Kan.-based Neighbors Construction Co. is serving as general contractor for the project, which is slated for completion in summer 2011.