ST. LOUIS PARK, MINN. — Daniel Trebil of NorthMarq Capital’s Minneapolis regional office has arranged $2.42 million in first mortgage financing for Knollwood shopping center. The two-building 11.765-square-foot strip center is located in St. Louis Park. Financing was based on a 10-year term, with a 25-year amortization schedule. The loan was arranged through NorthMarq’s relationship with a pension fund advisory firm.
Midwest
HOFFMAN ESTATES, ILL. — Hoffman Estates-based Leopardo Construction has completed three CVS/pharmacy stores in Chicago, Lincoln and Moline, Ill., and is currently constructing two additional stores for the retailer that are located in Joliet and Oak Forest, Ill. In Chicago, Leopardo has completed a 9,300-square-foot interior build-out for CVS within the newly constructed Library Tower condo mid-rise at 511 S. Plymouth Ct. In Lincoln, the contractor built a 13,000-square-foot freestanding store at 530 Woodlawn Rd. It is expected to open next year. Leopardo also completed a 13,000-square-foot drugstore at 2250 41st St. in Moline, which is now open for business. Leopardo has worked on 82 CVS stores for the retailer across Chicagoland.
INDIANAPOLIS — CB Richard Ellis Realty Trust and Duke Realty Corp. have completed the $139.1 million acquisition of four properties in Indianapolis, Jacksonville, Fla., Nashville, Tenn., and Dallas. Three of the properties in the portfolio, which total approximately 2.23 million square feet, are Class A single-tenant, build-to-suit bulk warehouse/distribution facilities. In Indianapolis, the joint venture has acquired a 630,573-square-foot facility within the AllPoints at Anson master-planned development. Located 22 miles northwest of downtown Indianapolis, the Class A single-tenant building is fully leased to Amazon.com.
CHICAGO — New York City-based Meridian Capital Group has arranged more than $8 million in financing for three Chicago multifamily properties. The company has arranged $5.3 million in financing for a 90-unit apartment complex located at 6954 N. Sheridan Rd. Financing was based on a 10-year term, with a rate of 5.8 percent. Joseph Schwimmer and Tannie Schnell of Meridian’s Illinois office negotiated the loan on behalf of the borrower. Schwimmer has also arranged a $1.84 million loan for three multifamily buildings located at 6154 S. Richmond St., 6148 and 6155 S. Sacramento Ave. The buildings, which house 41 units, were recently fully rehabbed. Financing was based on a 5-year term, with a rate of 5.75 percent. Additionally, Schnell has arranged $1.15 million in financing for a building located at 4630 N. Ashland Ave. The loan for the 18-unit apartment community was based on a 5-year term, with a rate of 5.75 percent.
MCHENRY AND LAKE IN THE HILLS, ILL. — Chicago-based NorthPoint Capital has arranged $4.68 million in financing for two All-Safe Self Storage complexes located in McHenry and Lake in the Hills. The properties, which comprise more than 160,776 square feet, house 1,354 units. Financing was based on an 8-year term with a 23-year amortization schedule, at a rate of 5.78 percent. The loan was placed with Southern Farm Bureau Life Insurance Co., a correspondent life insurance company lender of NorthPoint Capital. Keith Volgman of NorthPoint Capital arranged the financing.
NEOSHO, MO. — Rosemann & Associates, as architect and interior designer, has completed the historic renovation of Newton Place Apartments, an independent senior living community located in downtown Neosho. With four stories and more than 13,000 square feet, Newton Place houses 11 one-bedroom units and four two-bedroom units. The building, which once housed the Newton Hotel, is similar in style to a boutique hotel. Amenities at the property include a first-floor community room, a computer lab, a secured outdoor patio and common areas for group activities. Other companies involved in the project included the City of Neosho, the Missouri Housing Development Commission, Fairway Construction Co., Straub Construction, Bob D. Campbell & Co. and PKMR Engineers.
MIDDLETOWN, OHIO — Cincinnati-based MiddCities is nearing completion of the revitalization of the MiddCities Industrial Park development, which is located at 2601 Verity Pkwy. in Middletown. Situated on a 60-acre site, the park houses 200,000 square feet of industrial space, with approximately 15 acres available for build-to-suit development. Amenities at the property include up to 60-ton capacity crane service; CSX rail service and rail car storage; truck ramps and docks; 13,000 KVA electric; and outside storage. The property features multiple buildings with a heavy industrial infrastructure. The estimated cost of completing the revitalization project was not disclosed.
OAKDALE, MINN. — NAI Welsh has represented both parties in the $11 million sale of two industrial buildings located within the Oakdale Interstate Center II and the Hadley Avenue Business Center in Oakdale. The Oakdale Interstate Center II is located at 559 Hale Ave. N. and the Hadley Avenue Business Center is located at 7013 6th St. N. The facilities total 166,396 square feet of industrial space. GFI Investments has acquired the properties from Welsh subsidiaries, Welsh Oakdale III and Oakcreek Industrial Partners. Bob Pounds and Tim Prinsen of NAI Welsh represented the seller; Peter Mork, Steven Nilsson and Jason Simek, also of NAI Welsh, represented the buyer in the transaction.
OAK BROOK ILL., AND GRAND RAPIDS, MICH. — On behalf of Barnes & Noble, David Metrick and Patrick Owens of Transwestern have arranged two leases totaling 83,231 square feet in Illinois and Michigan. In Oak Brook, Transwestern has negotiated a 10-year lease for a 42,583-square-foot store within the Oakbrook Center Mall. The Oakbrook Center Mall store is owned by General Growth Properties and is currently under construction. The store is projected to open in November. Additionally, in Grand Rapids, Barnes & Noble is relocating from 28th Street to Woodland Mall. The mall is owned by PREIT Properties. Barnes & Noble has signed a 40,648-square-foot lease for a 10-year term. The store is projected to open in the fourth quarter of 2009.
TOLEDO, OHIO — NAI Daus has brokered the sale of Wildwood Hollow Commons, a 15,681-square-foot retail center located in Toledo. A private investor in California has acquired the center from a private merchant developer for $4.15 million. Tenants at the property, which is 100 percent leased, include Caribou Coffee, FedEx Kinko’s, San Francisco Oven, Wireless Toyz and Snap Fitness. The Luttner Retail Group of NAI Daus represented the seller in the transaction.