WASHINGTON, MO. — St. Louis-based design/build firm Paric Corp. has topped out its expansion of Patients First Health Care located in Washington. The $30.4 million expansion will add 109,000 square feet in two, three-story wings to the existing 85,000-square-foot building. With the exterior wall components currently being placed, closing of the building is expected within the next few months. Grading, utility relocation and foundations have been completed on the three-story parking structure, which will provide spaces for approximately 675 cars. Upon completion of the project by the end of the summer, the campus will include an ambulatory surgery center; a cancer treatment center that will provide medical oncology, radiation oncology and infusion therapy; additional physician offices; and expanded retail space and meeting rooms. Lawrence Group completed the design for the project, and Bank of Washington is providing construction financing.
MINNEAPOLIS — The New Jersey and Minneapolis offices of NorthMarq Capital have arranged an $11.65 million loan for the construction of a hotel, which will be located in Minneapolis. A local hotelier has plans to build a 124-room extended-stay hotel representing one of the Hilton family brands. NorthMarq has secured 70 percent loan-to-cost financing for the client. Additional terms of the loan were not disclosed.
REYNOLDSBURG, OHIO — Columbus, Ohio-based Alterra Real Estate Advisors has brokered the sale of a medical office building located at 6895 E. Main St. in Reynoldsburg. The 9,084-square-foot building is fully occupied by Mt. Carmel’s National Road Family Health. Dr. Viet Le has purchased the facility from 36 Fiesta Lane LLC for $1.4 million. Financing for the acquisition was provided by U.S. Bank. Brad Kitchen of Alterra represented the seller; George Packer of CRES Realty Inc. represented the buyer in the transaction.
MONTGOMERY, ILL. — Edgemark Commercial Real Estate has brokered the sale of an outlot within Orchard Crossings shopping center, which is located at the corner of Orchard Road and Route 30 in Montgomery. Burger King has purchased the approximately 35,000-square-foot outlot for an undisclosed amount. The company plans to open a new restaurant at the property, which is situated in front of a new Wal-Mart store. Additional tenants within the 53-acre center include Walgreens, Firestone, Aldi and Starbucks Coffee. Les Kristof of Edgemark represented Burger King in the transaction.
NEW LENOX, ILL. — Chicago-based HSA Commercial Real Estate has purchased an approximately 8.9-acre parcel of land located at 2501 W. Haven Ave. in New Lenox. The company plans to develop a 127,400-square-foot industrial facility, which will be named the New Lenox Commerce Center. The project will be aimed at smaller users, with units starting at 23,000 square feet. HSA will finalize development plans and begin the permit process this winter, with construction expected to begin in the spring. In the search process and acquisition negotiations, HSA was represented in-house by Tim Thompson of the company’s industrial brokerage division. Laurence Lewis of CCS Inc. represented the undisclosed seller in the transaction. The acquisition price was not disclosed.
MINNEAPOLIS — Minneapolis-based NorthMarq Real Estate Services has been selected to manage six retail properties totaling 845,000 square feet, which are located in and around Minneapolis. The new third-party retail assignments have positioned NorthMarq as the largest manager of retail properties in the Twin Cities. The six centers include the 170,000-square-foot Calhoun Square in Minneapolis; the 115,000-square-foot Southdale Square in Edina; the 173,000-square-foot The Shoppes at Oak Park Heights in Oak Park Heights; the 26,000-square-foot Plymouth Town Center in Plymouth; the 110,000-square-foot Fountain Place in Eden Prairie; and the 251,000-square-foot Fischer Marketplace in Apple Valley. Plymouth Town Center, The Shoppes at Oak Park Heights, Fischer Marketplace and Southdale Square are all owned by Principal Real Estate Investors. Fountain Place is owned by LaSalle Investment Management. Various tenants within the developments include Applebee’s, Kohl’s, Pier 1 Imports, Bed Bath & Beyond, and Michaels. NorthMarq began overseeing leasing and management for Calhoun Square in November. The center, which is owned by BlackRock, is undergoing major renovations that are slated for completion in early 2010. As part of the project, a 35,000-square-foot LA Fitness will open at the center in 2009.
CANTON, OHIO — Nassimi Realty has completed the next phase of renovations for the 433,500-square-foot Canton Centre Mall, which is located on Tuscarawas Street West near downtown Canton. Completed improvements to the power center include the addition of a new 10,000-square-foot multi-tenant outlot building, façade renovations, and a partial de-malling of the interior space, including the opening of new storefronts and doors to the outside. New tenants in the renovated section of the building include Deb Shops, DOTS, Hibbet Sports and Sally Beauty. Canton Centre, which is currently anchored by JC Penney, is shadow-anchored by an approximately 200,000-square-foot Wal-Mart Supercenter. Plans are currently underway for the development of additional junior anchor stores and inline spaces for the remainder of the shopping center. Later renovation plans call for the redesign of the façade facing the Wal-Mart parking lot, a redesign of the entrance to the JC Penney building and the Whipple Avenue façade adjacent to JC Penney, the opening of additional store fronts, and an expansion of the existing Chase Bank drive thru into a full-service bank building. The estimated cost of completing the project was not disclosed.
MISHAWAKA, IND. — The Chicago downtown office of Marcus & Millichap has arranged the sale of a 78,000-square-foot industrial facility located at 520 S. Byrkit in Mishawaka. A limited liability company has sold the building to an undisclosed partnership for $2.5 million. The facility is fully leased to Actuant for a 7-year term, with a rent increase after 5 years. John Abuja and Raymond Sansonetti of Marcus & Millichap represented both the buyer and seller in the transaction.
CHICAGO AND CALUMET CITY, ILL. — Meridian Capital Group has arranged approximately $1.93 million in financing for a four-property multifamily portfolio located in Chicago and Calumet City. The properties, which total 39 units, are located at 7914-18 Hermitage Ave.; 8552-54 S. Laflin St.; 634 Sibley Blvd.; and 1633 Harbor. Gershon Friedman in the Illinois office of Meridian Capital Group negotiated the loan on behalf of the undisclosed borrower. Financing was based on a 5-year term, with rates in the 6 percent range. Additionally, Meridian has arranged $1 million in financing for a multifamily property located in the Edgewater neighborhood of Chicago. The 12-unit apartment community is located in the 5600 block of N. Winthrop Avenue. The borrower has owned the property for more than 30 years, and has completely rehabilitated all of the units. The mortgage was based on a 5-year term, with a rate of 5.75 percent. Joseph Schwimmer in Meridian’s Illinois office represented the borrower in negotiations.
PEORIA, ILL. — The Methodist Medical Center of Illinois (MMCI) has selected Chicago-based Lillibridge to serve as project manager for a $350 million restoration of its campus, which is located in Peoria. Plans for the project include a 180-bed hospital addition, a community pavilion and a parking deck with a covered skywalk. The seven-story hospital addition has been designed to achieve LEED certification. In addition to providing private patient beds, the 480,000-square-foot building will house the Methodist Cardiology Group, the imaging department, the emergency department, and a floor that is dedicated to surgical services. Construction of the addition is scheduled to begin in early 2010, with completion slated for late 2012. The four-story pavilion will be constructed on the north end of the hospital. Measuring 80,000 square feet in size, the pavilion will house MMCI’s administrative offices, the center’s food service department, a conference center and a series of community education rooms that will be available for public use. Finally, the six-level parking deck, which is currently underway, will be attached to the hospital by a new covered skywalk. The parking deck is scheduled for completion this summer.