URBANA, ILL. — Champaign, Ill.-based Sperry Van Ness/Ramshaw Real Estate (SVN) has completed the sale of 1.76 acres of land, located at 1008-1012 University Ave. in Urbana, for $1.8 million. The buyer, San Antonio-based Trammell Crow Higher Education Development, plans to develop a high-rise residential and retail tower that will target students of the nearby University of Illinois at Urbana. The site is eligible for tax increment financing and resides within an enterprise zone. Alex Ruggieri of SVN represented Trammell Crow, as well as the seller, a Champaign-based family trust, in the land purchase.
Midwest
TOLEDO, OHIO — Signature Associates has brokered the sale of the former Fifth Third Center, a 271,356-square-foot office property located at 606 and 608 Madison Ave., and 319, 321 and 323 N. Huron St. in Toledo. Megan Malczewski and Sam Zyndorf of Signature represented the seller, Madison Assets. The buyer, as well as the acquisition price, was undisclosed.
ST. LOUIS — Norcross, Ga.-based Wells Real Estate Investment Trust II has acquired a five-story office building located in the St. Louis neighborhood of Earth City in a sale/leaseback transaction with United Healthcare Services. The building comprises 188,500 square feet of space, and was constructed 10 years ago as a build-to-suit for the company, which is a division of United Healthcare Group. The acquisition is Wells’ first in Missouri, and was purchased for an undisclosed amount.
NILES, ILL. — CB Richard Ellis (CBRE) has arranged the acquisition of a 150,197-square-foot industrial building located at 7555 N. Caldwell Ave. in Niles. The facility features 18,000 square feet of office space and 20- to 24-foot clear ceiling heights. It was acquired by Jinny Beauty Supply Corp., which plans to use the property as its distribution and corporate headquarters. Brett Kroner and Keith Puritz of CBRE represented Jinny in the transaction. Denise Chamovitz, Joel Friedland and Adam Schneiderman of Epic Realty Partners represented the undisclosed seller. The acquisition price was not disclosed, but the asking price was $7.8 million.
BRANSON, MO. — Springfield, Mo.-based Sperry Van Ness/Rankin Co. (SVN) has brokered the sale of a controlling interest in Branson Financial Center, a 46,462-square-foot, Class A office building located in Branson, for $4.2 million. The building is the only “smart” building in Branson, and incorporates high-tech features such as multimedia presentation and conference rooms, and Internet-ready offices into the infrastructure of the building. Mike Fusek of SVN represented the Springfield-based buyer, of which he is also a managing member. The investment company purchased a 51 percent share of the property. Tom Roth, also of SVN, represented the undisclosed Branson-based developer.
KANSAS CITY, MO. — NorthMarq Capital has arranged $11.57 million in first-mortgage financing for Province at Briarcliff, a 120-unit multifamily property located in Kansas City. The loan was for a 10-year term with a 30-year amortization. David Farrell of NorthMarq’s Kansas City arranged financing with Freddie Mac on behalf of the borrower, Briarcliff Apartment Homes LLC.
INDIANAPOLIS — NAI Olympia Partners has brokered the sale of a 434,501-square-foot industrial building located at 6003 Guion Rd. in Indianapolis. Chip Barnes and Mike Lubbers of NAI represented the seller, Frank Mason Realty. The property was acquired by Fastenal Co. for an undisclosed amount.
LAKE SAINT LOUIS, MO. — Three new tenants have signed on at The Meadows at Lake Saint Louis, a 500,000-square-foot lifestyle center developed by Davis Street Land Co., and located in Lake Saint Louis. Von Maur will build its first Missouri store on a 64-acre site located at the interchange of Lake Saint Louis Boulevard and Interstate 64, anchoring the northern portion of the development. The building will be a two-story, 130,000-square-foot structure, and is scheduled to open in August. Additionally, Bed, Bath & Beyond has leased a 25,000-square-foot space as a junior anchor in the development. Finally, Kansas City-based Ferguson Properties has announced plans to construct a 110- to 120-room hotel that will be branded as a Marriott or Hilton. The $12 million project will be located on a 3-acre site at the Lake Saint Louis/I-64 interchange, and is scheduled to open in spring 2009.
ANN ARBOR AND SOUTHFIELD, MICH. — EF&A Funding has secured two loans totaling $11.88 million for Michigan multifamily properties. In Ann Arbor, EF&A closed on a $7 million acquisition loan for the 134-unit Ponds at Georgetown Apartments. In Southfield, the company closed on a $4.88 million acquisition loan for the 106-unit Monticello Apartments. Financing in both transactions was for a 10-year term with a 1-year extension and the first 4 years interest only. John Marr represented EF&A in both transactions. The borrowers were undisclosed.
ANN ARBOR, MICH. — Centro Properties Group has completed the $4.6 million renovation of Maple Village, a 296,000-square-foot community shopping center located at the intersection of Maple and Jackson roads in Ann Arbor. Renovations included the relocation of Radio Shack, Sophia’s Tailoring and Michigan Insurance Group to redeveloped, free-standing buildings within the center; a new parking lot; upgraded lighting for the parking lot and sidewalks; and new landscaping. Plum Market, a specialty grocery store, will also be opening a 35,000-square-foot location in the center this month.