CHASKA, MINN. — The Minneapolis office of NorthMarq Capital has secured $3 million in first-mortgage financing for Sun Lake Woods Apartments, an 82-unit multifamily property located in Chaska. The loan carries a 10-year term with a 30-year amortization schedule. NorthMarq’s Daniel Trebil arranged the loan on behalf of the undisclosed borrower. The lender was Amerisphere Multifamily Finance, a NorthMarq affiliate and a Fannie Mae DUS lender.
ROLLING MEADOWS, ILL. — Transwestern has completed a 10-year, 23,682-square-foot lease renewal at Continental Office Towers in Rolling Meadows for Associated Agencies. The Class A building, which is located at 1701 Golf Rd., consists of three 12-story office towers. The firm received tenant improvement dollars to renovate the space, flexible expansion rights and monument signage rights.
WEST BLOOMFIELD, MICH. — The Beale Group has brokered the sale of Bloomfield Avenue Shoppes, a 58,000-square-foot retail center located at 6041-6199 Haggerty Rd. in West Bloomfield. The property was purchased by Bloomfield Shoppes I LLC; the seller was undisclosed. Steven Beale, Greg Newman and Steve Shamoun of The Beale Group represented both parties in the transaction and helped secure funding for the purchase. The Beale Group will also continue to lease the center and has been selected to provide management services as well.
JOLIET, ILL. — Ecolab has renewed its lease for 177,829 square feet at 3501 Corporate Drive, a 408,394-square-foot industrial building located in Joliet. The building is situated within Southfield Business Park; it is currently 70 percent occupied with a 124,552-square-foot space still available. Ecolab is currently occupying the space on a short-term basis, but has the option to expand into it permanently at a later date. Ecolab has been a tenant at the building since 2004. Geoffrey Kasselman and Daniel Dakhil of Op2mize LLC represented the landlord, Liberty Property Trust. The tenant was represented by Patrick Lederer of Korman Lederer Associates and Ken Boyd of Jackson Cooksey. Terms of the lease were not released.
WAITE PARK AND MOORHEAD, MINN. — NorthMarq Capital has arranged $11.25 million in first-mortgage financing for two Minnesota apartment properties. The first is Park Meadows Apartments, a 360-unit property located in Waite Park, and the second is Terrace On The Green, a 116-unit community located in Moorhead. Patrick Minea of NorthMarq’s Minneapolis office secured the loan on behalf of the undisclosed borrower through Freddie Mac.
WINNETKA, ILL. — New Trier Partners has acquired an office building located at 714-716 Elm St. in Winnetka for an undisclosed amount. The building, which was purchased out of foreclosure, is situated adjacent to the Winnetka Metra train station. It was almost fully occupied at the time of closing. New Trier purchased the property on behalf of New Trier Real Estate Partners II LP, a value-added fund launched by the company more than a year ago. Terms of the transaction were not released.
ALTON, ILL. — Edwardsville, Ill.-based Contegra Construction has begun construction for the new Community Counseling Center for Madison County. The $4.5 million project will be built at 2615 Edwards St. in Alton. It will consist of a three-story, 37,000-square-foot facility that was designed by Glen Carbon, Ill.-based Hurford Architects. The current Community Counseling Center, which provides behavioral health services to approximately 27,000 Madison County residents annually, is spread out among four different locations. The new facility will consolidate them in a single location. Completion is slated for May 2010.
CHICAGO — Leopardo has started construction for five Illinois healthcare projects. In Naperville, Leopardo is building out a 12,000-square-foot dermatology and plastic surgery suite for DuPage Medical Group. It will feature eight procedure rooms, 12 exam rooms and a photodynamic therapy room. Eckenhoff Saunders is the architect. In Itasca, the company is completing an 80,000-square-foot office headquarters for Gift of Hope that will feature three operating rooms. The architect is Stromsland and DeYoung. In Arlington Heights, the project is a new 12,000-square-foot neonatal intensive care unit for Northwest Community Hospital that will feature 20 new special-care private nursery rooms and is slated for completion in spring 2010. Leopardo will also be building the clinic space of the University of Chicago Comer Children’s Hospital. The $16 million, 24,000-square-foot project will feature 40 new rooms for examinations, procedures, testing and radiology. Leopardo will also replace the north façade of the building and install a new five-story stair tower with a two-car elevator bank. Proteus Group is the architect. Finally, the company is remodeling the first floor of a two-story building on the Swedish Covenant Hospital campus in Chicago. The floor will feature a new physician group’s office with five exam rooms.
ROSEMONT AND CHICAGO, ILL. — Colliers Bennett & Kahnweiler has been selected to provide transaction management services for insurance company Allstate Corporation’s Western United States region. The portfolio encompasses 150 leased and owned properties in 29 states that total approximately 6.7 million square feet. The account team will be lead by William Fausone of Colliers’ Rosemont office and David Burden of the firm’s Chicago office. Colliers Bennett & Kahnweiler has had previous experience with Allstate, having completed the sale of approximately 1 million square feet of office space for the company in the past 4 years. It has also completed strategic planning and portfolio optimization studies for the insurance provider in the past.
WENTZVILLE, MO. — Construction has begun for an independent senior living development in Wentzville called Villas at Peruque Hills. Designed by Rosemann & Associates, the $3.8 million project is part of a larger development called Peruque Hills Estates that features single-family homes. Developed by GHL Development, an affiliate of Gundaker Commercial Group, the project includes 23 townhomes and 11 garden-style units, and it will be mixed affordable and market-rate senior housing with funding provided by the Missouri Housing Development Commission and Bank of America. The project is scheduled for completion this winter.