INDIANAPOLIS — Thompson Thrift has brokered the sale of a 13,198-square-foot former International House of Pancakes located at 1529 N. Meridian St. in Indianapolis. GB Indiana 2 LLC has acquired the building from IL & IN Restaurant Realty LLC for an undisclosed amount. The buyer plans to construct a 12,900-square-foot CVS/pharmacy on this site and adjoining properties. Tony Orlando of Thompson Thrift represented the seller in the transaction.
Midwest
O’FALLON, ILL. — Swansea, Ill.-based Holland Construction Services has completed Central School District #104’s new middle school, which is located at 160 St. Ellen Mine Rd. in O’Fallon. This fall, students will begin attending classes at the 35,888-square-foot Joseph Arthur Middle School. The new facility will relieve overcrowding throughout the district, while adding approximately 20 acres of green space and athletic fields. Wm. B. Ittner Inc. of St. Louis acted as designer for the $6.5 million project.
LAWRENCE, KAN. — NorthMarq Capital has arranged $3 million in financing for Jacksonville Apartments located at 700 Monterey Way in Lawrence. Financing for the 88-unit multifamily property was based on a 10-year term, with a 30-year amortization schedule. The loan was arranged for the undisclosed borrower by NorthMarq through its seller/servicer relationship with Freddie Mac. Brent Blake in the Kansas City office of Northmarq Capital arranged the financing.
DAYTON, OHIO — Centro Properties Group has unveiled its $15 million redevelopment of South Towne Centre, a retail center located at the intersection of Miamisburg-Centerville Road and Route 675 in Dayton. Christmas Tree Shops has announced plans to open its first Midwest store within the center. The 32,000-square-foot store, which will open later this year, will occupy the remaining portion of the 98,000-square-foot former Kmart building. The $15 million redevelopment project included site improvements and upgrades. Burlington Coat Factory, Jo-Ann Fabrics & Crafts, PetSmart and Value City Furniture are among the new retailers at South Towne Centre. A 4,200-square-foot Fifth Third Bank is currently under construction and is scheduled to open this year. Various existing tenants at the center have undergone façade renovations.
QUINCY, ILL. — Quincy-based Prince Agri Products, a subsidiary of Ridgefield Park, N.J.-based Phibro Animal Health Corp., has broken ground on new manufacturing, warehousing and laboratory facilities within the South Quincy Development District in Quincy. Situated on the Mississippi River, the 5,000-acre South Quincy Development District is protected by a 500-year-old levee. Prince Agri Products, which has been located in Quincy since 1960, has acquired a 26-acre site from Ewing Land Development LLC for a 165,000-square-foot industrial building. Approximately $10 million in infrastructure investment within the South Quincy Development District has recently been completed or is planned for the near future.
VALPARAISO, IND. — Colliers Turley Martin Tucker has brokered the sale of a 24,049-square-foot Staples Office Superstore located at 2106 Morthland in Valparaiso. Brauvin Net Lease LLC has acquired the store from JRAN Co. of Valparaiso Ltd. for $3.52 million. Robert Taylor of the Colliers Investment Services Group and Giorgio Karras in the Cincinnati office of Colliers represented the seller in the transaction.
MUSKEGON, MICH. — New York City-based Meridian Capital Group has arranged $2.7 million in financing for the Beverly Hills Apartments located at 415 Mitzi Dr. in Muskegon. The 138-unit apartment community houses 12 three-story buildings. Financing was based on a 10-year term mortgage at a rate of 5.88 percent. David Lesser in the New Jersey office of Meridian Capital Group negotiated on behalf of the borrower, Dodgson Southwell Properties.
CARMEL, IND. — S&B Construction has been selected as construction manager/general contractor for Northview Christian Life Church’s new 2,000-seat worship center located in Carmel. The 50,568-square-foot worship center will include a main level with two balconies and support areas for office and audio/video recording. The facility, which is slated for completion in March 2010, will also include an engineered acoustical wall treatment system, a rear projection screen and theatrical lighting. The estimated cost of completion was not disclosed.
What area is your expertise? Greater Grand Rapids, Michigan. What trends do you see presently in multifamily development in your area? From 2002 to 2007, we had a tremendous amount of condo construction. Those projects are finishing up and a few new projects are being announced. Several condo projects that were announced have been pulled due to insufficient sales. Apartment construction has been moderate over the past few years. A few new projects have broken ground this year. Student driven markets like Allendale (Grand Valley University) have seen consistent deliveries of new units the past several years — and more units will be added to the market in 2008. Condo conversion projects started in 2006 are still selling out. Who are the active multifamily developers in your area? Condos: Second Story Properties, Parkland Properties, McKay Tower Partners LLC, Moch International, Kegle Construction, Robert Grooters Development, Eastbrook Homes, Redstone, and Epcon Communities. Apartments: Miller Valentine Group, Hof Investment Group, IPA, Copper Beech, and Fusion Properties. Please name one or two significant multifamily developments in your area. What impact will these projects have on the market? River House Condominiums — Robert Grooters Development: 207 units, Downtown. Under construction, estimated completion date 4/2009. …
OLATH AND OVERLAND PARK, KAN. — Greg Duvall in the Kansas City office of NorthMarq Capital has arranged approximately $30 million in first-mortgage financing for two multifamily properties in Kansas. Duvall has arranged $15.3 million in first-mortgage financing for Millcreek Woods Apartments, which are located at 1711 N Ridgeview Rd. in Olathe. Financing for the 312-unit property was based on a 7-year term with 3 years interest only, and a 30-year amortization schedule. In Overland Park, Duvall has arranged $14.5 million in first-mortgage financing for the Pebblebrook Apartments, which are located at 7700 W 95th St. The loan for the 267-unit multifamily community was based on a 7-year term with 3 years interest only, and a 30-year amortization schedule. Both loans were arranged for the borrower by NorthMarq through its seller/servicer relationship with Freddie Mac, through its streamline refinance program. Additionally, both transactions are a 7-year adjustable rate mortgage with an embedded cap.