WEST LAFAYETTE, IND. — David Woida in the Milwaukee regional office of NorthMarq Capital has arranged $9.94 million in first mortgage financing for the acquisition of the Fairway Apartments located in West Lafayette. The 167-unit community, which is largely occupied by students, is situated within 1 mile of the University of Purdue campus. Financing was based on a 7-year term with 4 years interest only, and a 30-year amortization schedule. Through its seller-servicer relationship with Freddie Mac, NorthMarq arranged the loan for the borrower, Gross & Cohen Purdue LLC.
Midwest
BROOKFIELD, WIS. — CBL & Associates Properties, as owner and operator, has completed its year-long renovation of Brookfield Square, a 1.1 million-square-foot mall located at the intersection of Interstate 94 and Moorland Road in Brookfield. As part of the renovation, four new restaurants have moved into the mall, including Stir Crazy, Claim Jumper, Flemings Steakhouse and Wine Bar, and Mitchell’s Fish Market. Additionally, upscale specialty grocer The Fresh Market has opened on the periphery of the center, and Ethan Allan will open a store in January. The regional mall features 110 stores and restaurants, as well as four anchor tenants including Barnes & Noble, Boston Store, JCPenney and Sears.
ST. LOUIS — Colliers Turley Martin Tucker has brokered two St. Louis industrial transactions totaling more than 720,000 square feet. Ed Lampitt and Brandon Duncan of Colliers Turley Martin Tucker — St. Louis has arranged the acquisition of 402,192 square feet of industrial space located at West 70 Commerce Center. Three T’s Partnership has acquired the property from SFT Venture for an undisclosed amount. Also in the St. Louis office, Mike Hanrahan, Paul Hilton, Keith Schneider and Mike Statter represented Principal Financial Group in the sale of 319,800 square feet of industrial space. The property, which is located at 3750-3780 Rider Trail, was acquired by SP Investment Group for an undisclosed amount.
MINNETONKA, WIS. — New York-based Falcon Real Estate Investment Co. has represented an overseas institutional investor in the disposition of a 152,220-square-foot Class A office building located at 12700 Whitewater Dr. in Minnetonka. Situated on a 6.2-acre site within Minnetonka Corporate Center Business Park, the six-story facility is fully occupied by Cargill Inc. On behalf of its client, Falcon Real Estate Investment Co. sold the building to Hawaii-based James Campbell Co. for approximately $30.09 million. The property includes 4,000 square feet of storage space and a parking garage. Steven Buss, Tom Holtz and Ryan Watts of CB Richard Ellis’ Minneapolis Institutional Group represented Falcon Real Estate; Hart Realty Advisors represented the buyer in the transaction.
ST. PAUL, MINN. — Colliers Turley Martin Tucker — Minneapolis has brokered the sale of three St. Paul industrial properties totaling more than 305,000 square feet. Mark Kolsrud, James McCaffrey, Matthew Klein and Shawn Moore have arranged the sale of 165,360 square feet of industrial space located at 139 Eva St; St. Paul Port Authority sold the property for an undisclosed amount. Wellington Management has acquired 71,905 square feet of industrial space located at 1280 Energy Park Drive. Kolsrud, Klein and Moore represented the undisclosed seller in the transaction. Additionally, David Stokes arranged the sale of 68,030 square feet of industrial space located at 300 York Ave. Viking Automatic Sprinkler has acquired the property from Digital Investors. The property was valued at $1.9 million.
HUDSON, OHIO — The Self Storage Advisory Group of CB Richard Ellis has arranged the sale of a 65,640-square-foot self-storage property located at 70 West Streetsboro Rd. in Hudson. U-Store-It sold the facility to Square Foot Co. for $2.64 million. The building includes 372 units and 25 office suites. Steve Hryszko and Michael Howard represented the seller in the transaction.
OMAHA, NEB. — Phillips Edison & Co. has acquired Plaza North Shopping Center located in Omaha. The 203,250-square-foot center is anchored by Baker’s Supermarket, a division of The Kroger Co. out of Hutchinson, Kan. Plaza North is Phillips Edison & Co.’s third acquisition in Omaha. The acquisition cost was not disclosed.
CHICAGO — Chicago-based financial services firm Northern Trust has signed a 5-year lease extension for 100,357 square feet of office space located at 10 South LaSalle St. in Chicago. The 10 South LaSalle building is a 28-story office tower featuring 23,000-square-foot floor plates. Mike Watts and Carey King of J.F. McKinney & Associates represented the building owner, New York-based The Feil Organization, in negotiations. Craig McKesson, Michael Sessa and Dan Maslauski of Jones Lang LaSalle represented Northern Trust in the transaction.
PLEASANT PRAIRIE, WIS. — Milwaukee-based CG Schmidt is providing construction management services for Uline’s new corporate headquarters and distribution center, which is underway in Pleasant Prairie. Uline, which is relocating from Waukegan, Ill., has broken ground on the 280,000-square-foot corporate headquarters facility, as well as the 1.1 million-square-foot distribution center. The headquarters building will include Class A office space, a three-story gathering and training area, a kitchen and cafeteria, and a fitness center. The project is scheduled for completion in the spring of 2010.
LINCOLN, NEB. — The Dallas office of Holliday Fenoglio Fowler has arranged $38.7 million in financing for the Links at Lincoln, a 612-unit multifamily property located at 375 Fletcher Ave. in Lincoln. The 10-year fixed-rate loan was arranged through Freddie Mac. Brian Carlton of Holliday Fenoglio Fowler worked to secure financing on behalf of the borrower The Links at Lincoln LP and Fayetteville, Ark.-based Lindsey Management Co. The community, which is 97 percent leased, features one- and two-bedroom units. Residents at the community have access to a golf shop and unlimited golf privileges at the adjacent Links at Lincoln golf course, which is owned and managed by a Lindsey-affiliated company. Financing was used to retire the property’s construction loans.