MARYLAND HEIGHTS, MO. — Indianapolis-based Duke Realty Corp. has entered into a build-to-suit agreement for the construction of a 146,000-square-foot, Class A office building for Amsterdam-based Elsevier in Maryland Heights. Situated on 11 acres within Riverport Business Park at 13610 Riverport Dr., the three-story building will feature 48,000-square-foot floor plates, a cafeteria and more than 825 parking spaces. Completion is scheduled for summer 2009. Scott Panzer and Lisa Campofranco of Newmark Knight Frank represented Elsevier in the transaction. Whitaker Varley negotiated the deal for Duke.
ST. LOUIS — Swansea, Ill.-based Holland Construction Services has begun construction of the $16 million Dave Mungenast Lexus of St. Louis, located at the corner of Mason and Manchester roads in St. Louis. The 70,000-square-foot car dealership will replace the current Mungenast Lexus located on Manchester Road. The LEED-certified project will include a large showroom, a service department, a customer lounge and office space. Green features include preferred parking for fuel-efficient vehicles, a reflective roofing system, and the use of recycled and renewable materials. Chesterfield, Mo.-based HDA Architects is providing design services. Completion is scheduled for early 2009. Holland recently completed the new Dave Mungenast Alton Toyota/Scion dealership, located in Alton, Ill.
VILLA PARK, ILL. — The Chicago office of Holliday Fenoglio Fowler (HFF) has secured a $31 million loan for the refinancing of Lincoln at Ovaltine Court, a 344-unit multifamily property located at One Ovaltine Court in Villa Park. Part of the property consists of a redevelopment of the former Ovaltine headquarters; the four-story factory building was converted into 121 loft-style homes. The remaining space at the 14-acre site contains 223 residences and six commercial units. Individual units range from 673 to 1,318 square feet and feature 9- to 16-foot ceilings, balconies and patios, fireplaces, and direct-access garages. Community amenities include a fitness center, a business center, a resident clubroom, an outdoor swimming pool and a sundeck. Matthew Schoenfeldt and Mike Kavanau of HFF represented the borrower, a partnership between Lincoln Property Co. and the AFL-CIO Building Investment Trust. The loan is for a 5-year term with a 5.35 percent fixed interest rate, and was provided by Freddie Mac.
JOLIET, ILL. — Colliers Bennett & Kahnweiler (CBK) has negotiated a lease for 122,596 square feet of industrial space within a building located at 2700 McDonough in Joliet. Solideal USA will occupy 122,596 square feet within the 645,817-suare-foot warehouse building. Solideal’s space features 20-foot clear ceiling heights, 10 exterior, depressed truck docks, a drive-in door, eight trailer stalls and is crane-equipped. The new facility will consolidate the company’s previous operations in Harvey and Rockford, Ill. Vernon Schultz and Brent De Noble of CBK represented Solideal, as well as the landlord, Higgins Development Partners. The lease was for a 10-year term.
CHICAGO — Chicago-based Wrightwood Capital has purchased an approximately 349,000-square-foot manufacturing and distribution building located at 2500 W. Bradley Place in Chicago. The building features 66,000 square feet of office space, and is leased to tenants such as Bodine Electric, Alstyle Apparel, Heltzer and the city of Chicago. The transaction was arranged by Josh Mintzer of Saxony Capital. Ronan Remandaban of Lee & Associates will handle leasing for the remainder of the building. The acquisition price, as well as the seller, was undisclosed.
ST. LOUIS — KAI Design & Build will soon begin construction of the second phase of Cambridge Heights, a three-phase, $45 million mixed-income housing community located in St. Louis. Phase II, which will cost $15 million and commence in June, will consist of 102 rental units, 72 of which will be designated as affordable housing. This phase, along with the 20 for-sale homes that make up Phase III of the project, is scheduled for completion in fall 2009. The first phase, which was completed in June 2007, includes a playground and 20 buildings containing 121 residential units, as well as a management/community facility. Community amenities will include two playgrounds, a community meeting space, a computer center and secure resident parking. St. Louis-based Cochran Redevelopment Partners is developing the project in partnership with various city, state and national government housing organizations. KAI is serving as construction manager, general contractor and project architect. Cambridge Heights replaces a distressed 500-unit housing project that was ordered to be demolished by the Department of Housing and Urban Development.
KANSAS CITY, MO. — Leawood, Kan.-based Harbinger Property Group has arranged the sale of the Interstate Building, a 40,542-square-foot office building located at 417 E. 13th St. in downtown Kansas City. The seven-story building is situated within the city’s new Power & Light District. The buyer, Matt Abbott of Abbott Development, plans to renovate the property, to feature office space above an upscale bar and restaurant on the first floor. The seller, represented by Harbinger, was undisclosed.
CHICAGO — Jones Lang LaSalle (JLL) has arranged $12.5 million in financing to assist in the acquisition of a 50,664-square-foot Dominick’s grocery store located with the CityFront Plaza mixed-use development at 225 E. Grand Ave. in Chicago. The borrower was Sandor Development, which purchased the property for $22.5 million. Sandor was represented by Steve Skok of JLL; the lender in the transaction was an undisclosed life insurance company.
LOCKPORT, ILL. — ML Realty Partners has commenced development of Heritage Crossing Corporate Center, a 228-acre business park located near the new Interstate 355 extension in Lockport. At full build-out, the project will encompass 2.6 million square feet of industrial space contained in 12 buildings ranging in size from 65,000 to 485,000 square feet. The park will be planned to optimize logistics, and will incorporate natural landscaping throughout the property. Daniel Leahy and Mark Moran of NAI Hiffman are serving as marketing agents for the park.
ROMULUS, MICH. — J.S. Vig Construction has completed the multi-million dollar expansion and renovation of Romulus Athletic Center, located at the corner of Wayne and Northline roads in Romulus. The 89,000-square-foot facility now features five indoor pools that include one lap pool, a lazy river and a water slide. Additional features include a rock climbing wall, an indoor track, a gymnasium, common areas, multi-use rooms, a child care area and an 8,000-square-foot fitness area. Funding for the project was arranged by the city of Romulus through its Tax Increment Finance Authority.