CHICAGO — The Chicago and Boston offices of Holliday Fenoglio Fowler (HFF) have arranged a $72.1 million loan for the refinancing of 550 West Washington, a 16-stry, Class A office tower located in Chicago’s West Loop. The office building contains 371,415 square feet of space, and is 97.5 percent leased to investment-grade tenants. Tim Joyce, Mike Kavanau and Fred Wittmann of HFF secured the financing on behalf of Boston-based Beacon Capital Partners. The loan, which was provided by Landesbank Hessen-Thuringen Girozentrale, carries a 5.84 percent fixed interest rate over a 5-year term.
Midwest
INDIANAPOLIS AND PRINCETON, N.J. — Indianapolis-based Duke Realty Corp. and Princeton-based CB Richard Ellis Realty Trust have entered into a joint venture that will acquire up to $800 million in industrial properties over the next 3 years. The joint venture will focus on newly developed, build-to-suit, bulk industrial projects. It has targeted six properties, totaling 5.2 million square feet and valued at approximately $250 million, for acquisition this year. The venture will acquire additional Duke build-to-suit, bulk industrial properties over the next 3 years as the projects are completed. Duke will receive asset management, property management, construction management, development and leasing fees in connection with services provided. The venture plans to hold onto the properties as long-term investments.
CHICAGO — Rosemont, Ill.-based Epic Realty Partners/TCN Worldwide has completed a 260,000-square-foot industrial lease in Chicago. Rapid Displays will occupy 260,000 square feet at 4100 W. 76th St., consolidating all of its Chicago distribution facilities into a single facility that will be known as Rapid Logistics. Phil Rosenberg and Ed Brandt of Epic represented Rapid Displays in the lease; the landlord, Insite Real Estate Development, was represented in-house by Ted Praspolous and Dan Kostelny.
OMAHA, NEB. — Phillips Edison & Co. has acquired Deerfield Plaza, a 129,914-square-foot retail center located in Omaha. The center is anchored by Baker’s Supermarket and Walgreens. The acquisition price, as well as the seller, was undisclosed.
ST. LOUIS — St. Louis-based Lawrence Group has completed the redevelopment of Kirberg Co.’s 44,000-square-foot headquarters and distribution facility located at 1400 S. 3rd Street in St. Louis. Lawrence Group provided design/build services for the redevelopment of the historic property, which contains office and warehouse space. The two-story building achieved LEED certification with sustainable features such as bamboo flooring, motion-sensor lighting, maximized natural light, the use of recycled materials, a green roof, increased water efficiency and the installation of a shower for employees to promote alternative transportation.
LAKE SAINT LOUIS, MO. — Seven new retailers have joined the tenant roster at The Meadows at Lake Saint Louis, a 64-acre lifestyle center located at the interchange of Lake Saint Louis Boulevard and Interstate 64 in Lake Saint Louis. St. Louis area tenants Clarkson Jewelers and Puddle Ducks will join national retailers CJ Banks, Aeropostale and Bachrach. The five retailers will open when the 260,000-square-foot first phase of the project opens in August. Additionally, Old Navy will open in early 2009 in a junior anchor location next to an already-announced Bed, Bath & Beyond. Outdoor apparel chain Backwoods will be constructing a freestanding location on an outparcel at the center, also scheduled to open in early 2009. At full completion, The Meadows at Lake Saint Louis will contain 500,000 square feet of retail space in a pedestrian-friendly, downtown environment.
INDIANAPOLIS — CB Richard Ellis (CBRE) has arranged the sale of Riverchase Apartments, a 216-unit apartment community located at 2730 Riverchase Dr. in Indianapolis. Steve LaMotte and Amy Burmeister of CBRE’s Multi-Housing Group represented the seller, JC Hart. The property was acquired by Colorado-based Continental Realty Advisors, and represented the company’s first acquisition in the Indianapolis market.
MOUNT VERNON, OHIO — Columbus, Ohio-based Glimcher Realty Trust has sold Knox Village Square, a 207,409-square-foot retail center located in Mount Vernon, for $9.5 million. The community shopping center is anchored by JC Penney, Kmart and Peebles. Glimcher sold the property to WP Realty, and will use the proceeds of the sale to pay down the company’s short-term borrowings.
O’FALLON, ILL. — Swansea, Ill.-based Holland Construction Services has completed construction of the $6.5 million Joseph Arthur Middle School, located on St. Ellen Mine Road in O’Fallon. The 35,888-square-foot school features 11 classrooms, a dedicated art room, a science room, a gymnasium, a cafeteria, a library, a computer room, and a dedicated music and band room. The project was designed by St. Louis-based William B. Ittner Inc. Joseph Arthur is the first middle school for O’Fallon Central School District 104.
ROCKFORD, ILL. — Northbrook, Ill.-based Essex Realty Group has brokered the sale of Crestview Manor, a 53-unit garden apartment community located in Rockford, for $2.23 million. The three-building property consists of 19 one-bedroom and 34 two-bedroom units. Jim Barcelona and Chad Frahm of Essex represented the seller, and Jim Darrow, also of Essex, represented the buyer. Both parties were undisclosed.