MILWAUKEE — The Milwaukee office of Siegel-Gallagher • ONCOR International has negotiated the sale of Granville Professional building in Milwaukee for $1.75 million. The building contains 33,443 square feet of office space and is located at 9001 N. 76th St. John Dulmes of Siegel-Gallagher represented the seller, Granville Professional Building LLP. The property was acquired by K&K Holdings Granville WI LLC for an undisclosed amount.
INDIANAPOLIS — Coldwell Banker Commercial Realty Services (CBC) has brokered the sale of a 20,000-square-foot industrial building, located in Indianapolis. The facility is situated on 3.31 acres at 3910 Industrial Blvd. CBC’s Eric Huber represented the buyer, RCS Holdings. The seller was Guardian Properties of Fort Wayne LLC.
FORT WAYNE, IND. — Southfield, Mich.-based Bernard Financial Group has arranged a $3 million loan for Golf View Apartments in Fort Wayne. The property comprises eight garden-style buildings with 192 multifamily units. The borrower was Village Green of Ft. Wayne LP. The lender was a life insurance company. Bernard will also service the loan.
At close of the first quarter of the year, the Southeastern Wisconsin retail vacancy rate totaled 10.4 percent, up 1.4 percent from a year ago. The growth in the greater Milwaukee retail vacancy rate was primarily driven by the closings of several large-format retailers over the last 6 months. Changes in the retail environment have caused a shift in the Southeastern Wisconsin retail real estate market. More retailers are looking to existing developments or vacant boxes to expand as the tide of new development wanes. There are several major retailers looking to retrofit existing stores rather than build new boxes. Despite the negative news and stores closures, the Southeastern Wisconsin market is still experiencing some significant retail activity: • Wal-Mart is expanding and/or remodeling several area stores to include more grocery items. These stores include Southgate, East Capitol Drive, Midtown, Brown Deer Road, Franklin and Delafield. The retail giant is also moving forward with plans for new stores in Muskego and Waukesha. A new Wal-Mart Supercenter and a Sam’s Club will open at Somers Market Center this summer in Somers, which is located in Kenosha County along Highway 31. • Target has opened two new stores at Prairie Ridge in …
FORT RILEY, KAN. — The Kansas City District of the Army Corps of Engineers has selected the joint venture team of Balfour Beatty Construction and Walton Construction to provide preconstruction services for a replacement hospital at Fort Riley. The new $334 million facility will replace Irwin Army Community Hospital, which was constructed 50 years ago to provide medical services for the base. The new project consists of a 263,000-square-foot hospital, a 289,000-square-foot clinic, a central energy plant, an ambulance garage and support facilities. The project will be applying for LEED-Silver certification. The project will break ground in the fall and is scheduled for completion in 2012. The project architects are Leo A Daly and RLF. The preconstruction contract with Balfour Beatty and Walton includes an option to award the venture the construction services contract, which will be decided in September.
ST. PAUL, MINN. — St. Paul-based AEI Capital Corp. has acquired a portfolio of Best Buy stores for more than $30 million. The portfolio contains six stores: one each in Colorado, Michigan, Minnesota and Texas, as well as two stores in Wisconsin. The properties were acquired from multiple sellers. AEI acquired the stores on behalf of several of its net-leased property investment funds. The sellers were not disclosed.
BIG RAPIDS, MICH. — The Detroit Multi-Housing Group of CB Richard Ellis (CBRE) has brokered the sale of Parklane Apartments, a 48-unit multifamily located in Big Rapids. The community, which was built in 1970, consists of four three-story, garden-style buildings situated on 4.7 acres on Fuller Avenue. The apartment units each contain two bedrooms; occupancy was 98 percent at the time of closing. CBRE’s Keith Johnson and Rob Stone represented both undisclosed parties in the transaction. The acquisition price was not disclosed.
ST. LOUIS — Interior renovations are complete for Alexian Brothers Sherbrook Village Residential Care Facility, a 31,314-square-foot senior housing property located at 4005 Ripa Ave. in St. Louis. The project significantly upgraded the living space inside the facility, which was constructed in 1990. The reception desk in the lobby was removed and replaced with a travertine fireplace. Common spaces were also opened up its create lounge areas. Simulated wood flooring, new color schemes and artwork were also added. The private dining room was opened up by removing columns, and its atmosphere was enhanced with the addition of residential furnishings, new lighting and artwork, and a reconfiguration of the serving area. Residents’ apartments received new color schemes, window treatments, flooring and artwork. The interior designer was Spellman Brady & Co. The project architect was locally based HKW Architects and the general contractor was locally based McGrath & Associates.
CHICAGO — Construction has topped out for Aqua, an 82-story mixed-use tower located within Chicago’s Lakeshore East master-planned community. The tower rises 874 feet, and features 476 rental residences, 268 luxury condominium residences, 210 hotel rooms, and approximately 55,000 square feet of retail and office space. The building’s eight-story base contains five levels of parking and three levels of common areas and amenities, including the Shore Club, which consists of an 80,000-square-foot outdoor deck and a 35,000-square-foot indoor facility. Aqua’s façade features concrete balconies that resemble waves traveling around the building. The building is slated for completion in 2010. Aqua is being developed by Magellan Development Group and is being built by James McHugh Construction Co. The design architect is Studio/Gang/Architects and the architect of record is Loewenberg & Associates.
WINNETKA, ILL. — Chicago-based New Trier Partners has received approval from the Village Council of Winnetka for the construction of a new multi-use project located in downtown Winnetka. The project, which is currently unnamed, will be built on the site of the former Fell Company building at the corner of Lincoln Avenue and Elm Street. It will consist of a four-story structure with 31 condominium units over street-level retail space. The retail component will feature boutique shop space fronting both Elm and Lincoln. Residences will be priced from $800,000 to $1.8 million. The project will also be applying for LEED certification and will be Winnetka’s first LEED-certified new structure if it receives the designation. New Trier Partners is currently securing financing for the project. A groundbreaking date has not been set.
