CHICAGO — Chicago-based Ascendance Partners has acquired a three-story, 15,024-square-foot apartment building located at 4014-4016 South King Dr. in the Grand Boulevard neighborhood of Chicago’s South Side. The company plans to implement a $1 million capital improvements program to renovate the currently vacant building. Ascendance will convert the building’s 17 units into eight 1,800-square-foot units. The units will include amenities such as hardwood floors, stainless steel appliances, washers and dryers, granite countertops and audio system wiring. The acquisition price was undisclosed.
Midwest
LINCOLNSHIRE, ILL. — Cambridge Realty Capital has provided $10.7 million in FHA-insured financing for The Wealshire, a 144-bed skilled nursing facility located in Lincolnshire. The fully amortized, permanent mortgage loan is for a 35-year term, and was arranged for the property’s owner, an Illinois-based limited partnership.
INDIANAPOLIS — A partnership between The Paul Kite Company and KS Hendricks Partners is developing 70 West Commerce Park, a 1,000-acre build-to-suit industrial park located at the interchange of Interstate 70 and State Road 39 in Indianapolis. The new park will be able to accommodate industrial buildings from 20,000 to 2 million square feet, and can be designed for high-tech manufacturing, air cargo, transportation, distribution and light assembly uses. Opportunities will also exist on select sites for specialized uses such as retail, medical and general office, and life science.
COLUMBUS, OHIO, AND GLEN ELLYN, ILL. — The Tampa office of CBRE Melody has arranged $73.7 million in financing for three retail properties located in Ohio and Illinois. Michael Strober of CBRE Melody arranged the financing on behalf of Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust. Principal Real Estate Investors was the lender in each transaction. In Columbus, a $27.6 million loan was arranged for the Shops on Lane Avenue, a 177,092-square-foot retail center located at 1555-1735 W. Lane Ave. The loan has a fixed rate of 5.95 percent, interest only, with a 5-year term. Also in Columbus, a $21.6 million loan was arranged for Olentangy Plaza, a 253,330-square-foot community shopping center located at 734-889 Bethel Rd. The loan has a 5.88 percent fixed rate with a 10-year term, and the initial 5 years interest only. Finally, in Glen Ellyn, a $24.5 million loan was arranged for Market Plaza, a 162,705-square-foot retail center located at 535-613 Roosevelt Rd. The loan carries a 5.88 percent interest rate over a 10-year term with the first 5 years interest only.
CHESTERFIELD, MO. — The St. Louis office of Hendricks & Partners has completed the sale of Village Green, a 252-unit apartment community located at 14441 Village Green Pkwy. in Chesterfield. The property comprises 15 three-story buildings on 22.34 acres, and features a clubhouse, indoor and outdoor swimming pools, a fitness center, tennis courts, and a business center. Ken Aston of Hendricks represented the seller, St. Louis-based Village Apartments LLC, as well as the buyer, St. Louis-based Mills Village Green LLC. The acquisition price was not disclosed.
CHICAGO — Chicago-based Newcastle Ltd. has acquired a three-story multifamily building, located at 2200 N. Clark St. in the Lincoln Park neighborhood of Chicago, for $8 million. The 29,546-square-foot building features 28 loft-style apartments and six commercial spaces. The property was acquired by Newcastle on behalf of the firm’s $500 million investment platform. Kiser Group represented the undisclosed seller.
ST. LOUIS — St. Louis-based Sperry Van Ness/Infinity Commercial Group (SVN) has brokered the sale of two St. Louis office buildings for $6.69 million. Robert Kleinlehrer and Trey Buffington of SVN represented Los Angeles-based 515 Olive LLC in the sale of The Millennium Center, a 20-story Class B office building located at 515 Olive St., for $4.14 million. The building contains 226,218 rentable square feet and was 50 percent occupied at the time of closing. The property was acquired by New York-based Nassimi Realty. Kleinlehrer and Buffington also represented St. Louis-based Shell Building LLC in the sale of The Shell Building, a 12-story, 112,000-square-foot office building located at 1221 Locust St., for $2.55 million The buyer, St. Louis-based RSDB, was represented by Hal Hanstein and Ron Kramer of Cardinal Real Estate.
RICHMOND HEIGHTS, OHIO — Marcus & Millichap has completed the sale of Richmond Park, a 736-unit multifamily community located at 444 Richmond Park East in Richmond Heights, for $25.64 million, or $34,838 per unit. The community comprises four six-story buildings and two parking garages on 36.46 acres, and features an outdoor and indoor swimming pool, on-site laundry facilities, fitness centers, controlled access, elevators, and balconies and patios for individual units. Jim Walsh of Marcus & Millichap’s downtown Chicago office, Gary Cooper of the firm’s Cleveland office and Matthew Friedman of the firm’s Encino, Calif., office represented the buyer and seller, both of whom are private Cleveland-based investors.
GLEN ELLYN, ILL. — The Chicago and Dallas offices of Holliday Fenoglio Fowler (HFF) have brokered the sale of Market Plaza, a 162,705-square-foot shopping center located at 525 Roosevelt Rd. in Glen Ellyn. The property is anchored by Jewel-Osco, and features Panera Bread, Blockbuster and Dollar Tree. Paul Barile, Janice Sellis, Jim Batjer and Barry Brown of HFF represented the undisclosed seller. The property was acquired by Ramco-Gershenson Properties Trust as part of a joint venture. The acquisition price was undisclosed.
ST. LOUIS — The St. Louis office of Clayco has completed construction for North Broadway Distribution Center, a 420,000-square-foot speculative warehouse facility located at 6500 Prescott in St. Louis. The $12.6 million facility is located on a 20-acre site, and is developed and owned by Balke Brown Associates, with Clayco and Forum Studio providing design-build services. Additionally, International Food Products Corp. has pre-leased 120,000 square feet of the building for its St. Louis warehousing operations.