CHESTERFIELD, MO. — St. Louis-based Walton Construction Co. has been selected to serve as general contractor for the development of Chesterfield Medical Institute, a $6.7 million medical facility located at 1001 Chesterfield Pkwy. East in Chesterfield. The two-story building will house three medical practices, including Laser & Dermatologic Surgery Center, West County Dermatology and Generation Dental Group. Feeler-Sheer Architects will provide design services for the project.
Midwest
WILLOUGHBY HILLS, OHIO — KeyBank Real Estate Capital has secured $12.5 million in permanent mortgage financing for The Village at Pine Ridge, a recently completed, 162-unit townhome community located in the Cleveland suburb of Willoughby Hills. The borrower in the transaction was Pine Ridge Valley Apartments East LLC; the lender was Freddie Mac. The terms of the loan were not disclosed.
CHICAGO — Structured Development and Commonfund Realty have announced that Milwaukee-based Roundy’s Supermarkets has signed a lease to open its first Chicago grocery store within NewCity, an approximately 1.5 million-square-foot mixed-use development located at the intersection of Halsted Street and Clybourn Avenue in Chicago. Roundy’s signed a 15-year lease for an 80,000-square-foot location, which will house the grocer’s new gourmet market concept. The grocery store will anchor the retail portion of NewCity, which will contain an approximately 440,000 square feet of retail and commercial space, in addition to a 25-story residential tower. Roundy’s is expected to open in 2009, with completion of NewCity expected in 2010.
INDIANAPOLIS The Indianapolis office of Colliers Turley Martin Tucker (CTMT) has brokered the sale of a two-building 343,200-square-foot industrial portfolio for more than $15 million. The facilities are located at 8219 and 8227 Northwest Blvd. in Indianapolis, and were sold by Chicago-based First Industrial Realty Trust to Bianco Properties. John Huguenard, Angela Wethington and Kimberly Estes of CTMT represented First Industrial in the transaction.
LANSING, MICH. — East Lansing-based CB Richard Ellis/Martin (CBRE) has completed the sale of the 83,430-square-foot former ASC industrial facility located at 2101 West Willow in Lansing. Blaire Moore of CBRE represented the seller, ASC, with Joe Gentillozi, also of CBRE, representing the buyer, Smart Office Systems. The acquisition price was undisclosed.
ANOKA, MINN. — Minneapolis-based Kraus-Anderson Construction Co. has been selected to build the new Fixed Base Operation (FBO) at the Anoka County-Blaine Airport in Anoka. The first phase of construction, which is scheduled for completion in September, will include at least 14,000 square feet of terminal space and 65,000 square feet of hangar space. At full build-out, the project will add more than 250,000 square feet of hangar space. The FBO will cater to the business jet sector, and will be owned and operated by Key Air.
INDIANAPOLIS — Indianapolis-based NAI Olympia Partners has arranged the purchase of Metroplex Centre, a 20,400-square-foot retail center located at the corner of East 82nd and Craig streets in Indianapolis. Tracey Holtzman of NAI represented the buyer, Emster Properties; the property was sold by Williams Realty Seventeen for an undisclosed amount.
CARMEL, IND. — Indianapolis-based Browning Investments has announced plans for the construction of a $10 million mixed-use development located at the intersection of Meridian and Main streets in Carmel. Situated on 20 acres, the project will consist of three buildings containing 260,000 square feet hotel, medical, office and retail space. Groundbreaking is expected to occur this summer. The hotel component, which is being built by Dora Brothers Hospitality Corp., will be built in 2009.
HOMER TOWNSHIP, ILL. — Downers Grove, Ill.-based Champion Retail Associates, a subsidiary of Champion Retail Advisors, has announced plans for Twin Maples, a mixed-use development located in Homer Township. To develop the center, J.D. Salazar and Larry Locascio of Champion will partner with Tim Hague of Keystone Ventures, as well as Cathy and David Boo, the landowners of the 40-acre parcel that is located at the corner of 159th Street and Gougar Road. Twin Maples will contain approximately 250,000 square feet of retail, restaurant, hotel and office space located near the newly completed Interstate 355 extension. The design and entitlement process is currently underway. Construction is set to begin in early 2009, with phase I completion slated for November 2009.