BLOOMINGTON, MINN. — NorthMarq Capital has arranged a $1 million loan for Old Shakopee Auto Center, a 13,978-square-foot retail property located in Bloomington. The first-mortgage financing carries a 20-year term with a 20-year amortization schedule. Daniel Trebil of NorthMarq’s Minneapolis office secured the loan on behalf of the undisclosed borrow through NorthMarq’s correspondent relationship with StanCorp Mortgage Investors.
FERGUSON, MO. — The St. Louis office of Love Funding has secured $15.29 million in construction financing for the new Christian Care Home, a senior housing project located in Ferguson. Christian Care Home will contain a total of 178 beds, divided between 150 skilled nursing beds and 28 assisted living care beds. Robyn Cunningham of Love Funding arranged the financing, which carries a 6.7 percent interest rate and a 40-year amortization schedule, by utilizing the HUD 232 new construction program. The loan is FHA insured. The borrower and the construction timetable for the project were not disclosed.
INDIANAPOLIS – BPG Properties Inc. has announced that Yellow Pages Group has completed a long-term lease for 21,054 square feet of office space, located at 9200 Keystone Dr. in Indianapolis. The property consists of an eight-story, 146,000-square-foot office building within a 1.2 million-square-foot office park. Jon Bishop of Devencore Company, Ltd. and Brian Askins of UGL Equis represented the tenant. John Robinson from Jones Lang LaSalle represented the landlord.
DECATUR, ILL. — Marcus & Millichap has brokered the sale of a 3,367-square-foot Burger King for $1.15 million. The freestanding restaurant is located at 1099 East Eldorado in Decatur. David Ching from Marcus & Millichap’s Oakland, Calif., office represented the buyer, a private investor; Gregory Moyer, from Marcus & Millichap’s Chicago office, assisted in closing the transaction.
MADISON, WIS. — Commercial Tenant Advisors, LLC has represented the South Central Library System (SCLS) in leasing a new 11,000-square-foot headquarters property located at 4610 S. Biltmore Lane in Madison. The new office holds computer support operations and SCLS’s main office. Tim Rikkers from Commercial Tenant Advisors represented SCLS; the landlord, St. John Properties negotiated the transaction in-house.
FITCHBURG, WIS. — NorthMarq Capital has arranged the sale of New Fountains, a 578-unit apartment community located in Fitchburg, for $21.7 million. The transaction was arranged by Paul DeKruiff of NorthMarq’s Chicago office on behalf of the undisclosed seller. The property was purchased by an undisclosed party at a 7.25 percent capitalization rate.
SAUK VILLAGE, ILL. — Marcus & Millichap has brokered the sale of Crossroads Apartments, a 180-unit multifamily community located in Sauk Village. Crossroads Apartments comprises ten buildings with 18 units apiece. Amenities include an outdoor swimming pool, a tennis court and a picnic area. James Walsh and Michael Wernke of Marcus & Millichap’s Chicago Downtown office represented the seller and secured the buyer. Both parties were undisclosed. The property listed for $8.95 million but the sale price was not released.
PLAINFIELD, IND. — Rolls-Royce Corp. has signed a lease for 37,148 square feet of industrial space at MetroAir Business Park, located in Plainfield. The company will lease a portion of the MetroAir Three building, which is located at the intersection of Stafford Road and Ronald Reagan Parkway, as a production facility for aircraft components. The approximately 35,000 square feet of manufacturing space will include seven overhead cranes, one floor-mounted crane, and climate control systems for air conditioning, humidity and compressed air. The tenant space will also include 3,000 square feet of office space. Patrick Lindley of the Indianapolis office of Colliers Turley Martin Tucker represented Rolls-Royce in lease negotiations. Rolls-Royce will become the second tenant at the 248,336-square-foot MetroAir Three building, bringing occupancy up to 55 percent. MetroAir Business Park, which is owned jointly by Indianapolis-based Horn Properties and McShane Development Co., is a 775,000-square-foot, multi-tenant industrial park.
WAUKESHA AND BROOKFIELD, WIS. — Siegel-Gallagher • ONCOR International has completed the purchase of a new office location and a new bank branch for Park Bank. The bank’s new office totals 10,764 square feet and is located within Crossroads XIV at 2300 Watertower Blvd. in Waukesha. The new branch totals 9,100 square feet and is located within Brookfield Marketplace at the corner of West Greenfield Avenue and South Moorland Road in Brookfield. Marianne Burish and Dan Mickelson of Siegel-Gallagher represented Park Bank in the transactions.
LAKE SAINT LOUIS, MO. — Davenport, Iowa-based Von Maur Department Stores is set to break ground for the construction of its first store in Missouri this month at The Meadows at Lake Saint Louis. The 64-acre lifestyle center is located in Lake St. Louis along Interstate 64 and Lake Saint Louis Boulevard. Davis Street Land Co. is the developer of the center, which opened last fall and features 260,000 square feet of space in its first phase. The two-story Von Maur will total 124,000 square feet and is scheduled to open fall 2010. General contractor S.M. Wilson has been selected to build the store. The Meadows at Lake Saint Louis will encompass 500,000 square feet of retail space when fully built out.