Midwest

CHEROKEE SOUTH PLAZA TO UNDERGO REDEVELOPMENT

by admin June 18, 2009

OVERLAND PARK, KAN. — Westchester, Ill.-based Tri-land Properties will begin construction in July for the redevelopment of Cherokee South Plaza, a retail center located in Overland Park. Construction for the 188,000-square-foot project will include the demolition of the former Cherokee South Sun Fresh and the construction of three new buildings. A 15,000-square-foot, freestanding Walgreens pharmacy is already under construction and will serve as the anchor for the retail center when it opens in October. Other improvements at Cherokee South Plaza will include outdoor patios, tree-lined walkways, sidewalk planters and public spaces. Completion of the project is slated for December.

June 18, 2009

IPB COMPLETES 120,000-SQUARE-FOOT WAREHOUSE PURCHASE

by admin June 18, 2009

SABINA, OHIO — Sidney, Ohio-based Industrial Property Brokers (IPB) has completed the acquisition of a 120,000-square-foot warehouse facility, located at 853 E. Washington St. in Sabina. The property was purchased by Seed Consultants, which plans to use it as a supplemental warehouse for the company’s nearby operations. Seed Consultants plans to have the new facility ready to ship by this winter. Tim Echemann of IPB negotiated the transaction. The acquisition price was not disclosed.

June 18, 2009

Midwest Seniors Housing

TWIN OAKS ESTATES TO OPEN NEW SENIOR HOUSING FACILITY

by admin June 18, 2009

WENTZVILLE, MO. – O’Fallon, Mo.-based Twin Oaks Estates has broken ground for a new senior living center located in Wentzville. Twin Oaks at Heritage Pointe will feature 142 units, including a 50-bed assisted living facility, a 60-unit independent living apartment building, and 32 garden homes that feature a variety of services, including memory care. Amenities include community or private dining, a library, a computer lab, a beauty and barber shop, an ice cream parlor, a chapel, a movie theater and a spa. The construction division of Gundaker Commercial Group is serving as general contractor. The garden homes will be available starting in the fall from $160,000. Completion of the rest of the community is expected in spring 2010.

June 18, 2009

Midwest Retail

CB RICHARD ELLIS/HUBBELL COMMERCIAL CLOSES DEAL ON IOWA SHOPPING CENTER

by admin June 18, 2009

DES MOINES, IOWA – Des Moines-based CB Richard Ellis/Hubbell Commercial (CBRE) worked with REO-Cedar Ridge in its sale of the Cedar Ridge Shopping Center in Des Moines. The 46,215-square-foot center is located at 7501 Douglas Ave. and was built in 1980. Ridgeway Properties purchased the center for $1.65 million. Jan Berg and Rick Krause of CBRE/Hubbell represented the seller.

June 18, 2009

Midwest Retail

PARIC ADVANCING CONSTRUCTION FOR BANK BRANCH

by admin June 18, 2009

WENTZVILLE, MO. — O’Fallon, Mo.-based Paric Corp. is advancing construction for a new $1.2 million Regions Bank branch facility, located in Wentzville. The 3,800-square-foot foot, single-story building is situated at 1843 Wentzville Pkwy. It will include a four-lane drive-through. The project architect is PKA Architects. Completion is scheduled for late summer.

June 18, 2009

Healthcare Midwest

LEOPARDO COMPLETES $7 MILLION MEDICAL OFFICE BUILDING

by admin June 17, 2009

GLEN ELLYN, ILL. — Leopardo Construction has completed construction for a $7 million medical office building in Glen Ellyn on behalf of Central DuPage Hospital. The three-story convenient care facility is situated at 885 Roosevelt Rd., adjacent to an existing Central DuPage Hospital Health Track Facility. The new building features radiology, trauma and internal medicine departments, as well as diagnostics facilities. The two buildings share an existing parking area. Leopardo served as general contractor with architectural services being provided by RTKL.

June 17, 2009

Healthcare Midwest

WALTON COMPLETES CHESTERFIELD MEDICAL INSTITUTE

by admin June 17, 2009

CHESTERFIELD, MO. — The St. Louis office of Walton Construction has completed Chesterfield Medical Institute, a 20,000-square-foot ambulatory surgery center and medical office building located in Chesterfield. The $6.8 million project consists of a two-story building situated on Chesterfield Parkway. The project architect during construction was Feeler Sheer Architects. Tenants at the building include Laser & Dermatologic Surgery Center, West County Dermatology and Generation Dental Group. The property is owned by Drs. George Hruza, Dan Ring and Julie Ring.

June 17, 2009

Midwest Retail

TRADER JOE’S TO EXPAND BY APPROXIMATELY 50 PERCENT

by admin June 17, 2009

ARLINGTON HEIGHTS, ILL. — Trader Joe’s has signed a lease that will expand its Arlington Heights location by approximately 50 percent. The specialty grocer currently occupies an 8,910-square-foot location within Annex of Arlington, a shopping center situated at the intersection of Arlington Heights Road and Rand Road. The expansion consists of the grocer assuming 4,050 square feet of adjacent retail space. Construction is expected to commence this month, with completion expected in the fall. The shopping center’s owner, Centro Properties Group, was represented in-house by Brad Ratajczak in lese negotiations.

June 17, 2009

Midwest Multifamily

ALLIANT CAPITAL ARRANGES $10.9 MILLION MULTIFAMILY LOAN

by admin June 17, 2009

CEDAR RAPIDS, IOWA — Alliant Capital has arranged a $10.9 million loan for the refinancing of Goldfinch Meadows, a 328-unit multifamily community located in Cedar Rapids. Goldfinch Meadows comprises 39 two-story buildings with a mix of one- and two-bedroom units. It was constructed in two phases in 2004 and 2006. The non-recourse loan includes a 10-year term and a 5.66 percent fixed interest rate. The borrower was a private investor.

June 17, 2009

Industrial Midwest

CHAMPION COMPLETES 101,387-SQUARE-FOOT OFFICE LEASE

by admin June 16, 2009

BOLINGBROOK, ILL. — Champion Realty Advisors has negotiated a lease for 101,387 square feet of industrial space in Bolingbrook on behalf of Reusable Container Co. Rich Antczak of Champion, along with Drew Wadley of Corporate Realty Advisors, arranged the lease for the tenant within 400 Crossroads Parkway, which is a 260,890-square-foot modern cross-dock warehouse/distribution facility owned by First Industrial Realty Trust. The building features 24-foot clear ceiling heights, 21 exterior loading docks and on drive-in door. Peter Roberson and John Suerth of CB Richard Ellis represented First Industrial in the transaction.

June 16, 2009

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