GALENA, ILL. — CB Richard Ellis Capital Markets (CBRE) has secured $31 million in bridge financing for Eagle Ridge Resort & Spa, a 6,800-acre golf course and resort located in Galena. The 3-year bridge loan includes interest-only payments for the first 24 months, followed by 30-year amortization schedule. The financing will enable the borrower to complete a rehabilitation and expansion of the property. The loan was arranged by Geoffrey Rice of CBRE on behalf of Eagle Ridge Resort LLC, an affiliate of Loeb Partners Realty LLC. The lender was Textron Financial.
OLATHE, KAN. — Kansas City, Mo.-based Kessinger Hunter is developing a 601,829-square-foot industrial facility located at the intersection of 167th Street and Lone Elm Road in the Kansas City suburb of Olathe. The speculative bulk distribution center is situated on approximately 40 acres. Features include 32- to 37-foot clear ceiling heights, 138 dock-high doors, two drive-in doors, 98 trailer parking spaces, heavy power capability and an ESFR sprinkler system. The facility also boasts easy access to the nearby BNSF intermodal facility currently under development. Construction of the Kessinger Hunter project is currently underway, with completion scheduled for October.
VALLEY PARK, MO. — Hendricks & Partners (H&P) has brokered the sale of Park Commons, a 174-unit apartment community located at 600 Park Commons Ct. in Valley Park. The garden-style community contains a mix of one- and two-bedroom units, with individual units averaging 1,004 square feet. Unit amenities include patios and balconies, as well as wood-burning fireplaces. Community amenities include a pool with a cabana, barbecue and picnic areas, a 24-hour fitness center, a private clubroom and a business center. Ken Aston of H&P’s St. Louis office represented the sellers, St. Louis-based Park Commons LLC and Five-O-One LLC, as well as the buyer, St. Louis-based Park Commons Apartments #100 LLC. The acquisition price was not disclosed.
CHICAGO — The investment sales group of Oakbrook Terrace, Ill.-based Mid-America Real Estate Corp. has completed the sale of Elston Logan Plaza, a 159,800-square-foot retail center located in Chicago. The three-tenant property is anchored by a two-story XSport Fitness Center, with Panera Bread and Enterprise Rent-A-Car rounding out the tenant roster. Stanley Nitzberg and Bonnie Ferguson of Mid-America represented the seller, a joint venture involving Palatine, Ill.-based Joseph Freed & Associates and Wynn & Associates. The property was acquired by Zurich, Switzerland-based AFIAA for an undisclosed amount.
HOFFMAN ESTATES, ILL. — Chicago-based MB Real Estate has represented AMCOL International in a build-to-suit agreement for a new 72,000-square-foot international headquarters and wet lab facility located within the Prairie Stone business park at 2370 Forbs Ave. in Hoffman Estates. The two-story building will be situated on a 7-acre site near a natural wetland. The project is applying for LEED-Silver certification from the U.S. Green Building Council. Pamela Rose and Jonathan Goldman of MB Real Estate represented AMCOL in the land acquisition and lease negotiations. AMCOL will occupy the space in the third quarter of this year.
DECATUR, ILL. — Chicago-based Lillibridge has signed a development agreement with Baker’s Dozen for the construction of a 55,000-square-foot medical facility in Decatur. Located at the corner of McKinley Avenue and Union Street adjacent to the Decatur Memorial Hospital campus, Cancer Care Center of Decatur will house medical and radiation oncology services. Upon completion, half of the building will be leased by Decatur Memorial Hospital, with the remaining space leased by Baker’s Dozen, a limited liability corporation created by a medical oncology group for the purposes of owning and managing the facility. Construction is set to begin in the fall, and is expected to be complete within a 12-month timetable.
NAPERVILLE, ILL. — CityGate Center, a 31-acre mixed-use project located in Naperville, has announced that a 12-story, 144-room Hotel Arista will be built in the center. Room amenities in the luxury hotel will include marble-finished baths with walk-in showers, in-room wireless Internet, 42-inch high-definition televisions, iPod docking stations and stocked mini-bars. Hotel amenities will include a spa, a salon, a fitness center, restaurants, a lounge, meeting space and ballrooms with seating for 500, and valet and covered parking. The project, which is being designed by Chicago-based Lohan Anderson, is applying for LEED certification from the U.S. Green Building Council. The grand opening is scheduled for this fall.
WARROAD, MINN. — Kraus-Anderson has been selected to provide preconstruction services for the development of a $31 million United States Port of Entry located in Warroad. The new border station will consist of a multi-lane drive-thru canopy with security stations, a commercial vehicle inspection building and a private-owner vehicle inspection building, The facilities will also provide office space, storage facilities and an indoor firing range. Designed by Minneapolis-based Julie Snow Architects, the project is applying for green building certification. Sustainable features will include geothermal heating, rainwater collection for irrigation, a green roof and native plants for landscaping. Construction is expected to begin in early summer, with completion slated for February 2010.
O’FALLON, MO. —Sisters of the Most Precious Blood in O’Fallon has partnered with McEagle Properties to develop a portion of the order’s 42-acre Motherhouse site, which is located on North Main Street, into a senior housing community. The project, which will be called Theresa Center, will include senior apartments, assisted living and skilled care units. The remainder of the development, to be called the Village of St. Mary’s, will include for-sale single-family homes, as well as a mixed-use development to provide services to the community. Paric Corp. is serving as design/build contractor for the project, with the Lawrence Group providing architectural services. Construction is slated to begin in September, with completion expected in 2011.
SPRING GROVE, ILL. — Edgemark Commercial Real Estate Services has brokered the purchase of a 2.94-acre parcel of land in Spring Grove for the development of a shopping center. The Shops at Spring Grove, located at the corner of Spring Grove Road and Route 12, will be an 18,498-square-foot shopping center; it will be anchored by an existing Jewel Food Store, which opened in June 2007. Tyson Fraser of Edgemark represented Icon in the land purchase; Bob Zacharias of Maxim Realty & Development represented the land owner in the transaction.