CAPE GIRARDEAU, MO. — St. Louis-based KAI Design & Build is providing construction administration services for an 82,000-square-foot residence hall located near the main entrance of Southeast Missouri State University in Cape Girardeau. The $24.6 million facility will house 306 beds. The first floor of the building, which will open up to Houck Field, will include a dining hall and a locker room for the university’s football and soccer programs. Additional plans for the L-shaped hall call for double occupancy rooms connected by shared bathrooms, multiple small living rooms, game rooms and laundry rooms. Each of the facility’s top three floors will include a study lounge. The project is slated for occupancy by the fall.
RICHFIELD, MINN. — Daniel Trebil in the Minneapolis office of NorthMarq Capital has arranged $24.3 million in first mortgage financing for Crossroads at Penn, a multifamily community located in Richfield. The loan for the 698-unit community was based on a 10-year term with 2-year interest only, followed by a 30-year amortization schedule. Financing was arranged for the borrower through NorthMarq’s affiliation with AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. Also in Richfield, Brian Hennen in the Minneapolis office of NorthMarq Capital has arranged $5 million in first mortgage financing for Colony Apartment Homes. Financing for the 212-unit community was based on a 7-year term with a 30-year amortization schedule. The loan was arranged from the undisclosed borrower through NorthMarq’s seller/servicer relationship with Freddie Mac.
CHICAGO — Marcus & Millichap has brokered the sale of The Farcroft, a mid-rise multifamily community located at 1337 West Fargo Ave. in Chicago’s Rogers Park neighborhood. A locally based operator has purchased the 13-story building from a private partnership for $8.05 million, with a cap rate of 5.63 percent. The property houses two studios, 72 one-bedroom and 12 two-bedroom units. Capital improvements to the building, which was built in 1928, include a new elevator, a façade restoration, the replacement of nearly all the windows and a new boiler. Eric Bell in the Chicago office of Marcus & Millichap represented the seller; Doug Fischer of Essex Realty represented the buyer in the transaction.
PAPILLION, NEB. — Omaha-based Darland Construction Co. is acting as construction manager for a 63,000-square-foot, Tier IV data center located in Papillion. Midlands Data Center, which is being completed on behalf of a joint venture between Alegent Health and CoSentry, will be situated on Alegent Health’s Midlands Hospital campus. Each 25,000-square-foot level of the two-story building will include two 5,000-square-foot raised floor data suites. Additionally, the facility will house approximately 13,000 square feet of office space, as well as a secured equipment yard and dual functioning loading docks. Midlands Data Center will store Alegent Health’s electronic medical records, digital imaging for cardiology and radiology, and the data and equipment of other CoSentry clients. The facility was designed by Altus Architectural Studios to withstand 250 mph winds. Construction of the project began in January.
MILWAUKEE — Wisconsin Arts Lab LLC has purchased a 14,400-square-foot building located at 1422 North 4th St. in Milwaukee. The company has donated the lease of the entire building to RedLine Milwaukee, an urban arts incubator serving the community through education, community service and the hosting of cultural events. RedLine will use the building, which includes 7,200 square feet of ground-level space, to offer affordable studio space for local artists. Participants are required to maintain their studio while participating in community service projects. Additionally, the building will house an exhibition hall, a library, a community room and a professional print shop. After refurbishing the property, RedLine has plans to open the facility in July. Thomas Pogodzinski and Jeno Cataldo of NAI MLG Commercial represented Wisconsin Arts Lab LLC in the transaction. The acquisition price was not disclosed.
OBETZ, OHIO — Kenco Logistic Services has signed a lease for approximately 1.17 million square feet of industrial space within KIRCO’s Centerpoint Business Park located in Obetz. Kenco will move into an existing 701,808-square-foot building within the multi-phased development in March, with plans to complete a 464,207-square-foot expansion of the facility by June. The building includes 32-foot clear ceiling heights, parking for 300 trailers and 115 dock doors. Dan Wendorf in the Columbus, Ohio, office of Jones Lang LaSalle and Dan McGillicuddy in the Chicago office of Jones Lang LaSalle represented Kenco in negotiations. The landlord, KIRCO, was represented in-house in the transaction. Additional terms of the lease were not disclosed.
IOWA CITY, IOWA — The 234-room Sheraton Iowa City Hotel, which is located at 210 S. Dubuque St. in Iowa City, is undergoing more than $11 million in renovations. Davidson Hotel Co. operates the nine-story property, which it owns as part of a joint venture with RockBridge Capital. As part of the renovation project, which is slated for completion in mid-August, all guestrooms will receive flat screen high-definition televisions, the Sheraton Sweet Sleeper Bed and all new furnishings. Additionally, 2,000 square feet of space is being added to the lobby of the hotel, and the restaurant is being completely redesigned to include a wine lounge/small plate bistro with multi-purpose meeting space. Amenities at the existing property include an indoor heated pool, a 24-hour fitness center, a tanning salon and 13,000 square feet of meeting space.
INDIANAPOLIS — The Crowne Plaza Indianapolis-Airport, which is located at 2501 South High School Rd., has opened following a $10.5 million renovation. The 272-room hotel is owned by Airport Inn Developers and was converted from a Holiday Inn Select. Amenities at the five-story hotel include a heated indoor pool with Jacuzzi and sauna, an on-site fitness center, and on-site dining and entertainment with two restaurants including a bar and a coffee shop. General Hotels Corp. is managing the property, which opened as a Crowne Plaza in December, under a license agreement with a company in the InterContinental Hotels Group.
ELMHURST, ILL. — Oakbrook Terrace, Ill.-based NAI Hiffman has brokered the sale of a 25,000-square-foot building located at 162 South York St. in Elmhurst. Elmhurst School District 205 has purchased the property from the Bank of America Pension Plan for approximately $3.18 million. Elmhurst School District 205 will use the property to consolidate its administrative offices, to expand the Early Childhood Program, to expand the 18-21 Year Old Transition Program, and to alleviate traffic and parking congestion at Hawthorn Elementary School. Lee Daniels of Lee Daniels & Associates represented Frank Catalano, the contractor purchaser who assigned its rights to Elmhurst School District 205. Dan Hiffman of NAI Hiffman represented Bank of America Pension Plan in the transaction.
CHICAGO — Marcus & Millichap has arranged the sale of a 4,950-square-foot mixed-use building located in the Wicker Park/Bucktown neighborhood of Chicago. The vintage brick four-unit property houses three apartments above a ground-level retail space that has been extensively rehabbed. The building was acquired by an undisclosed buyer for approximately $1.78 million with a 6.8 percent cap rate. Evan Halkias and Michael Marks in the Downtown Chicago office of Marcus & Millichap represented the undisclosed seller; Shaun Buss and Sean Lyons, also in the Downtown Chicago office Marcus & Millichap, represented the buyer in the transaction.