ROCKVILLE, IND. — The Luttner Retail Group of Cleveland-based NAI Daus, in conjunction with NAI Olympia Partners of Indianapolis, has facilitated the sale of a CVS/pharmacy in Rockville. The freestanding, 12,900-square-foot store commanded a 6.75 percent capitalization rate in the sale between the undisclosed parties. Mark Luttner of NAI Daus was the exclusive listing broker to market the property for sale on behalf of a private developer.
OKEMOS, MICH. — The Detroit office of Hendricks & Partners (H&P) has brokered the sale of Cedar Creek, a 256-unit apartment community located at 4394 Okemos Rd. in Okemos. H&P’s Kevin Dillon and Andrew Bayster represented the seller, Farmington Hills, Mich.-based Cedar Creek Associates LP. The buyer, Orchard Lake, Mich.-based Cedar Creek MS LLC, plans to undertake significant capital improvements to the property. The acquisition price was not disclosed.
KENOSHA, WIS. — Marcus & Millichap has completed the sale of Glenwood Crossings Shopping Center, a 77,504-square-foot retail property located in Kenosha. Situated at the corner of 30th Avenue and 18th Street, the grocery-anchored property was 95 percent occupied at the time of closing. Stephen Rachman, Brian Parmacek and Scott Niedergang of Marcus & Millichap’s downtown Chicago office represented both undisclosed parties in the transaction. Non-recourse, acquisition financing was procured through a regional lender.
CHICAGO — Two new tenants have been announced at Marshfield Plaza, a 454,000-square-foot power center located at the intersection of West 119th Street and South Marshfield Avenue on the Southside of Chicago. LA Fitness plans to break ground mid-year for a 35,000-square-foot location, which will be one of the co-anchors of the center. Completion is scheduled for early 2010. In addition, locally based City Sports will open a 3,000-square-foot location in August. Richard Spinell, Paul Bryant and Mary Beth Manelli of Oakbrook Terrace, Ill.-based Mid-America Asset Management represented the landlord, locally based Primestor Development. Dan Tausk and Jeff Kuchman, also of Mid-America Real Estate Corp. represented LA Fitness in its lease negotiations. Kenny Kang of MHK Investments represented City Sports. Phase I of Marshfield Plaza, totaling 164,688 square feet, opened in October 2008. Phase II is scheduled to open this summer.
NEWPORT, MICH. — Grand Rapids, Mich.-based retailer Meijer has begun an approximately 250,000-square-foot expansion of its distribution center located in Newport. The $27 million project will bring the size of the facility to approximately 1.2 million square feet. Meijer’s Newport distribution center ships meat, produce, and dry and frozen foods to more than 45 Meijer locations. The construction timetable was not released. Meijer also operates distribution facilities in Grand Rapids and Lansing, Mich.; Tipp City, Ohio; and Middlebury, Ind.
CHICAGO — Leopardo Construction has completed a multi-million dollar renovation of the Millennium Knickerbocker Hotel, located on Chicago’s Magnificent Mile. Construction for the 14-story hotel included renovations to all 305 guestrooms, as well as common areas. The builder used a phased construction schedule that allowed the hotel to remain open throughout the project. Leopardo also recently completed a modernization of the lobby and wine room of the Fairmont Chicago Hotel, also located in Chicago.
WICHITA, KAN. — NorthMarq Capital has secured two loans for two Wichita retail properties totaling $14.6 million. First, Gary McGlynn of NorthMarq’s Washington, DC, office and Joseph Burke of the firm’s Baltimore office arranged $8 million in first-mortgage financing for Westgate Market. The 133,771-square-foot shopping center is fully leased to a tenant roster that includes Best Buy, TJ Maxx and Michael’s. The financing comprises a floating rate, interest-only loan based on a 3-year term with two 1-year extension options. The borrower was KIR Westgate Market LP and the lender was a life insurance company. In addition, McGlynn and Burke arranged $6.8 million in first-mortgage financing for Tall Grass Center. The 96,011-square-foot retail property is fully occupied by a tenant roster that includes Dick’s Sporting Goods and Gordmans. The loan carries the same terms as the one for Westgate Market. The borrower was KIR E Wichita LP and the lender was a life insurance company.
CHICAGO — The Illinois office of Meridian Capital Group has originated $5.08 million in financing for four Chicago multifamily properties. The portfolio comprises 28 residential units located on West Wrightwood, West Warner, West Addison/West Patterson, and West Grace avenues. Meridian’s Joseph Schwimmer secured the loans, which include 5- and 10-year terms with interest rates of 5.65 percent. The borrower and lender were undisclosed.
CHICAGO — Construction is wrapping up for Phase I of Parkhomes, the residential component of the Lakeshore East mixed-use development currently under development in Chicago. Phase I comprises 25 residences in two groupings. The first grouping includes 10 three-story homes ranging in size from 3,565 to 3,956 square feet. The residences include private attached parking and optional private elevators within the homes. The second grouping includes 15 single-story, duplex and triplex residences in a seven-story building. Amenities include balconies and terraces, and units range in size from 2,300 to more than 3,000 square feet. The homes are priced from $1.2 million to $2.6 million. Initial occupancies are planned for this summer. Lakeshore East is being developed by Magellan Development Co. across from Chicago’s Millennium Park. Upon completion, the $4 billion project will include up to 4,950 residences, 2.2 million square feet of commercial space, 1,500 hotel rooms, 770,000 square feet of retail space, a 6-acre public park and a planned elementary school.
MONITOR TOWNSHIP, MICH. — Construction is advancing for the new $16 million corporate headquarters and warehousing facility for Fabiano Brothers, located in Monitor Township. The 191,000-square-foot facility, which was designed by St. Louis-based HDA Architects, includes a concrete tilt-up warehouse, as well as an office component that features a lobby with skylights and granite accents, a state-of-the-art boardroom and a hospitality room with an upscale bar. The project is situated on 24 acres within the 71-acre Market Place Corporate Center. Fabiano Brothers is developing the business park, with HDA Architects providing master-planning services. Fabiano Brothers was established in 1911 and is one of the largest alcohol wholesalers in the state of Michigan.