Midwest

KAI DESIGN & BUILD NEARS COMPLETION OF $10.5 MILLION COMMUNITY CENTER

by admin December 4, 2008

KANSAS CITY, MO. — St. Louis-based KAI Design & Build is nearing completion of the Kansas City Parks and Recreation Department’s new Southeast Community Center located in Kansas City. Work on the new Southeast Community Center in Swope Park began in November 2006, and the facility is scheduled to open this month. Amenities at the $10.5 million project include an 11,000-square-foot gym; a natatorium with activity pool, swim spa and therapy pool; a ceramics room; activity rooms for various age groups; multi-purpose meeting rooms; and a lounge with a fireplace. The building was designed to achieve LEED Silver certification. Environmentally friendly features of the property include ground source heat pumps, low-water-use faucets, and a rain garden to filter and recycle storm water runoff. Olathe, Kan.-based Titan Construction served as the general contractor for the project.

December 4, 2008

KOMAN PROPERTIES BEGINS SECOND PHASE OF WOOD RIVER COMMONS

by admin December 4, 2008

WOOD RIVER, ILL. — Koman Properties has begun work on the second phase of its Wood River Commons retail development, which is located at the intersection of Illinois State Route 143 and Vaughn Road in Wood River. An 8,000-square-foot Club Fitness will anchor the 13,500-square-foot second phase of the project. Club Fitness is scheduled to open in the spring. The cost of developing the second phase of the project is estimated at $2 million. Tenants currently open at the center include Walgreens and McDonald’s. Upon completion of the second phase, Wood River Commons will house 33,000 square feet of retail shops and restaurants.

December 4, 2008

Midwest Retail

PACE PROPERTIES SECURES SEVEN TENANTS FOR TWO RETAIL CENTERS

by admin December 4, 2008

BALLWIN AND MANCHESTER, MO. — St. Louis-based Pace Properties Inc. has added three national retailers to its 180,000-square-foot Central Plaza Shopping Center, which is located at the corner of Manchester Road and New Ballwin Road in the St. Louis suburb of Ballwin. Office Max has opened a 20,000-square-foot store, and Pet Supplies “Plus” has opened an 8,050-square-foot store within the center, marking its first Missouri location. This spring, Jo-Ann Fabrics & Crafts will open its first 30,000-square-foot “superstore” in Missouri. Additional tenants at the development include Borders Books & Music, Bova Furniture, Hallmark Cards, Famous Footwear and Sauder Furniture. Additionally, in the St. Louis suburb of Manchester, Pace Properties has added four retailers to its Manchester Highlands regional shopping center, which is located at Manchester Road and Highway 141. Upon completion, Manchester Highlands will consist of more than 500,000 square feet of retail. Ulta, Best Buy, Bed Bath & Beyond and PetsMart were the first tenants to open at the development in November. Costco and a Wal-Mart Supercenter are scheduled to open in the summer. The city of Manchester will also move its municipal facility and police headquarters to the project.

December 4, 2008

Industrial Midwest

CBRE BROKERS 487,909-SQUARE-FOOT INDUSTRIAL SALE

by admin December 3, 2008

INDIANAPOLIS — CB Richard Ellis has brokered the sale of a 487,909-square-foot warehouse/distribution facility located at 5201 West 86th St. in Indianapolis. The building, which formerly housed the Midwest regional distribution center for TruServ/True Value Hardware, is situated on a 16-acre site adjacent to Park 100 Business Park. Cordell 5201 Indiana LLC sold the property to Harlan 86th Street LLC for an undisclosed amount. Harlan Bakeries will occupy the building, and has plans to remodel the facility. Mark Writt and Tom Cooler in the Indianapolis office of CB Richard Ellis represented the seller; Unique Realty Inc. represented the buyer in the transaction.

December 3, 2008

Midwest Multifamily

FREDDIE MAC PURCHASES $38.7 MILLION MORTGAGE FROM HFF

by admin December 3, 2008

LINCOLN, NEB. — Freddie Mac has purchased a $38.7 million mortgage from Holliday Fenoglio Fowler on behalf of the borrower, Lindsey Management Co. The funds allowed Fayetteville, Ark.-based Lindsey Management to retire construction financing for The Links at Lincoln, a 51-building apartment community located in Lincoln. Amenities at the 612-unit property include a clubhouse, pool, fitness center and business center. The 10-year fixed rate mortgage transaction utilized the Freddie Mac Capital Markets Execution SM pilot.

December 3, 2008

Industrial Midwest

KADEAN CONSTRUCTION COMPLETES OFFICE/DISTRIBUTION CENTER

by admin December 3, 2008

DUPO, ILL. — On behalf of Kuna Foodservice, Fenton, Mo.-based Kadean Construction Co. has completed an office/distribution center located within the South Point Commerce Center in Dupo. The 89,200-square-foot concrete, tilt-up facility consists of 76,500 square feet of warehouse and dock space, as well as a 12,700-square-foot office component. The warehouse includes a 16,300-square-foot freezer and a 3,400-square-foot USDA processing area. As part of the $11 million project, Kadean also completed sitework/infrastructure for the new business park, and a new road and utilities for future buildings at the park. Kuna Foodservice is currently the only occupant within the recently completed park. Hanover, Mass.-based Foodtech Structures was the architect for the project, which began in August 2007.

December 3, 2008

Midwest Multifamily

TIKIJIAN ASSOCIATES BROKERS APARTMENT COMMUNITY/RETAIL SALE

by admin December 3, 2008

INDIANAPOLIS — Tikijian Associates has brokered the sale of Michigan Apartments & Plaza, a 253-unit apartment community and 15,000-square-foot retail center located near Michigan Street and Holt Road in Indianapolis. Apartment Investment and Management Co. (AIMCO) sold the property to GenNX Properties, an Indiana-based private investor, for an undisclosed amount. GenNX Properties plans to renovate approximately one-third of the apartment units and perform significant renovations of the retail center. Indianapolis-based Tikijian Associates represented AIMCO in the transaction.

December 3, 2008

Midwest Retail

COHEN FINANCIAL SECURES $8.95 MILLION IN ACQUISITION FINANCING

by admin December 3, 2008

OAK LAWN, ILL. — Cohen Financial has secured approximately $8.95 million in financing for the acquisition of a 77,467-square-foot retail center located at 9633 S. Cicero Ave. in Oak Lawn. The Class A retail development is anchored by a Sports Authority, Staples and Men’s Warehouse. The loan, which has a 55 percent loan-to-value ratio, includes a fixed rate and interest-only payments for more than a 5-year term. The loan was arranged for the borrower Inland Mortgage Corp. Principal Global Investors is the lender. Joel Simmons in the Skokie, Ill., office of Cohen Financial originated and structured the transaction.

December 3, 2008

Midwest Retail

BRINKMANN CONSTRUCTORS COMPLETES PHASE I OF $120 MILLION RETAIL PROJECT

by admin December 2, 2008

MANCHESTER, MO. — Chesterfield, Mo.-based Brinkmann Constructors has completed the first phase of the three-phased Manchester Highlands shopping center located on a 70-acre site in the St. Louis suburb of Manchester. Pace Properties is developing the $120 million, 550,000-square-foot project. Stores that have opened within the center, which is 95 percent leased, include PetsMart, Best Buy, Bed Bath & Beyond, and Ulta Salon. Plans for subsequent phases of the project call for a Wal-Mart Supercenter and a Costco Wholesale Club. Both stores are scheduled to open in early summer. In addition to offering parking for 2,500 vehicles, the center will include an outdoor amphitheatre and a new municipal building for the city of Manchester. The center was designed by TR,i Architects.

December 2, 2008

Healthcare Midwest

RYAN COS. US TO DEVELOP 100,000-SQUARE-FOOT MEDICAL OFFICE BUILDING

by admin December 2, 2008

AUBURN HILLS, MICH. — Ryan Cos. US has plans to develop Oakland Crossing Medical Center, a 100,000-square-foot medical office building located on Great Lakes Crossing Drive in Auburn Hills. The Class A medical office facility is being developed on an approximately 18-acre site situated adjacent to the 1.4 million-square-foot Great Lakes Crossing Shopping Mall. The four-story building will feature floor plates measuring approximately 25,000 square feet. Construction is expected to begin in the spring, with completion slated for summer 2010. Mason Capitani and Gary Grochowski of Troy, Mich.-based L. Mason Capitani will coordinate leasing for the property. The estimated cost of completion for the project was not disclosed.

December 2, 2008

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