WICHITA, KAN. — Doug Malone and Christi Royse of J.P. Weigand & Sons have brokered the sale of the 225,000-square-foot Westway Plaza Center located in Wichita. Triple Net Properties sold the development to Raymond Plaza LLC for an undisclosed amount. The new owner plans to renovate and redevelop the center, which was built in 1968.
WAUKESHA, WIS. — Rosemont, Ill.-based Opus North Corp. has broken ground on The Shoppes at Fox River, a redevelopment of the former Supervalu distribution facility located at 1200 W. Sunset Dr. in Waukesha. The 498,500-square-foot shopping center, which is situated on a 54-acre site, will provide approximately 273,000 square feet of space for up to three anchor tenants; 204,000 square feet for mid-box, junior, and small-space tenants; and 4.1 acres of outlots. Anchor tenants include a 132,000-square-foot Target and a 60,000-square-foot Pick ‘n Save grocery store, which will be pursuing LEED certification. Upon completion, the development will be the largest retail center in the city of Waukesha. Minneapolis-based KKE Architects is acting as designer for the project. The estimated cost of construction was not disclosed.
BOONE COUNTY, KY. — In early 2009, the United States Playing Card Co. will move from its long-time headquarters in Norwood, Ohio, to a 40-acre, 570,000-square-foot facility, which will be developed within Boone County in the Greater Cincinnati area. The company will invest $30 million during the next 2 years to establish a new manufacturing and distribution space, which will also serve as the headquarters for the arts and crafts supply company Loew-Cornell.
BROOKLYN PARK, MINN. — Marcus & Millichap has arranged the $10.45 million sale of the LA Fitness net-leased asset located at 6600 96th Lane in Brooklyn Park. The 45,000-square-foot facility is an anchor tenant within the 65-acre retail development, Park Place Promenade. LA Fitness will operate under a 15-year absolute triple-net lease, with rent escalations every 5 years. Additionally, there are three 5-year options to extend the lease with the same scheduled rent escalations. Solomon Poretsky of Marcus & Millichap’s Minneapolis office, in conjunction with Patrick Weibel and Robert Bender of the firm’s Detroit office represented the seller, Solomon Real Estate Group of Eden Prairie, Minn.; Marcus & Millichap also represented the buyer, Cole Capital of Phoenix, in the transaction.
MILWAUKEE — Milwaukee-based developer Wangard Partners has broken ground on the 1824 East Park Place apartments located 4 blocks south of the University of Wisconsin-Milwaukee. The four-story community, which is slated for completion in July 2009, includes 51 three-bedroom units and 10 two-bedroom units. Amenities at the facility include one underground level of heated and secured parking, fully furnished rental units, and a workout room. Plunkett Raysich Architects designed the facility; Altius Building Co. is acting as general contractor for the project.
COLUMBUS, OHIO — Chicago-based Beacon Realty Capital has arranged $15 million in variable-rate acquisition financing for seven Storage Inn self-storage facilities in the Columbus area. The 412,000-square-foot portfolio, which contains 3,400 storage units, was acquired by The Sterling Group of Mishawaka, Ind. Beacon secured a 3-year, interest-only variable-rate loan using private money execution.
ST. LOUIS — Developer Blue Urban and architecture and interior design firm Rosemann & Associates have completed the $14 million historic renovation of the G.W. Lofts located at 2615 Washington Ave. in St. Louis. The property, which was constructed using a Miami art deco color scheme, houses 60 rental units within six buildings. The community features 28 two-bedroom and 32 one-bedroom units ranging in size from 877 square feet to 1,241 square feet. HBD Construction served as the general contractor.
ROCKFORD AND SPRINGFIELD, ILL. — The Chicago office of Irvine, Calif.-based Sperry Van Ness has brokered the $10.5 million sale of two multifamily communities in Illinois. An out-of-state investor — in conjunction with two Illinois limited liability companies — has acquired the Briargate Apartments located at 5411 E. State St. in Rockford. The $8.3 million property, which contains 144 two-bedroom apartments, was acquired in a 1031 exchange transaction. Jim Sears, Dennis Arndt and Reid Bennett of Sperry Van Ness represented both parties in the transaction. Additionally, a local investor has acquired the St. Nicholas Apartments located at 400 E. Jefferson St. in Springfield. The community, which was listed for $2.5 million, was converted from a historic hotel into a 90-unit apartment facility with additional commercial space. Sears, Arndt and Jack Fisher of Sperry Van Ness represented both parties in the transaction.
DEERFIELD, ILL. — Krusinski Construction Co. has received a $12.2 million contract to develop the first phase of a new synagogue for Congregation B’nai Jehoshua Beth Elohim located at 1201 Lake Cook Rd. in Deerfield. The three-building development, which will be constructed in two phases, is situated on the site of an existing office complex. Congregation B’nai Jehoshua Beth Elohim is relocating from its current facility in Glenview, Ill. As part of the 46,000-square-foot first phase, two existing buildings will be partially demolished and replaced with a 600-seat sanctuary, a social hall that can hold up to 1,000 people, a village center, offices, and five pre-school classrooms with an outdoor playground. Phase II will include a 21,500-square-foot educational wing for the congregation’s religious school and adult education classes. The start date for Phase II has not been determined. Jerry Krusinski and Michael Metz of Krusinski Construction Co. are the project executives. Graham Harwood of Owner Services Group is representing the owner during construction.
OSHKOSH, WIS. — Minneapolis-based NorthMarq Capital has arranged $5.5 million in first mortgage financing for Oshkosh Center II, a 103,456-square-foot retail center located in Oshkosh. Anchor tenants at the center include Pick ‘n Save and OfficeMax. Financing was based on a 10-year term, with a 25-year amortization schedule. Jeff Frankel of NorhMarq’s Chicago office arranged the financing on behalf of the borrower, a Wisconsin limited liability company, through a Midwest-based life insurance company.