KANSAS CITY, MO. — Chicago-based ORIX Real Estate Capital has acquired a 94,846-square-foot office building located at 300 Wyandotte Ave. in Kansas City. The building features floor-to-ceiling glass windows, exterior aluminum sunscreens and a 388-space underground parking garage. The building is anchored by sports architecture firm HOK Sports, which occupies 81 percent of the fully leased building. Eric Wollan and Brian Murphy arranged the acquisition for ORIX in-house; Eric Berkman of Grubb & Ellis’ Washington D.C. office represented the seller, Opus Estates, in the transaction. The acquisition price was not disclosed.
Midwest
NORTHBROOK, ILL. — CB Richard Ellis (CBRE) has brokered the sale of a 123,951-square-foot industrial warehouse located in Sky Harbor Industrial Park at 3411 Woodhead Dr. in Northbrook. The facility features 18-foot clear ceiling heights as well as 18,372 square feet of office space on the first floor and 7,079 square feet of office space on the second floor. Keith Puritz, Bob Reaumond and Brett Kroner of CBRE represented the seller, Woodhead Industries. Harlery Korman of Korman/Lederer represented the buyer, Leader Automotive Wholesalers. The acquisition price was not disclosed, but the property listed for $5.55 million.
PLAINFIELD, IND. — Farmington Hills, Mich.-based Agree Realty Corp. has acquired a 37.8-acre parcel of land located in Plainfield for retail development. The site, located at the intersection of Dan Jones Road and U.S. Highway 40, will contain an approximately 225,000-square-foot retail center. Meijer will lease approximately 32 acres for the development of a department store, with the developer building retail pad sites on the remaining acreage.
AURORA, ILL. — Oak Brook, Ill.-based Krusinski Construction Co. has received a more than $18 million contract to build a 416,000-square-foot, LEED-certified industrial facility at the corner of Diehl and County Line roads in Aurora. The building will feature 380,000 square feet of warehouse space with a 62,000-square-foot mezzanine, 35,000 square feet of office space, 24 interior docks and parking for 240 vehicles. The site will also be able to accommodate a 100,000-square-foot future expansion. Sustainable features of the facility will include special parking for bicycles and fuel-efficient vehicles, high efficiency lighting and HVAC systems and a rainwater collection system. Kiley Green of Georgia-based Randall-Paulson Architects is providing design services for the project. Groundbreaking occurred in September, and the project is expected to be complete in July 2008.
TOWN AND COUNTRY, MO. — The St. Louis office of Clayco has been selected as the design/builder for the shell and core of a three-story, 80,000-square-foot office building located at the intersection of South Outer 40 and Maryville Centre drives in Town and Country. 825 Maryville will be a Class A office building that can accommodate single or multiple tenants. The building will feature offices with garden views, as well as a lobby that will feature an ornamental, glass staircase. Construction began in October, with completion scheduled for next summer. Forum Studio Inc. is serving as project architect.
CHICAGO — Northbrook, Ill.-based Essex Realty Group has completed the sale of two adjacent multifamily buildings, located at 2310-2312 N. Lincoln Ave. in Chicago, for $3.16 million. The property consists of six residential units and two commercial spaces. Joe Morgan of Essex represented the undisclosed buyer. The seller was also undisclosed
LINCOLN, NEB. — Green Park Financial has provided a $5.18 million acquisition loan for Claremont Apartments, an 89-unit student housing property located in Lincoln. The loan carries a 9-year term with 1 year extended maturity, 5 years interest only and a 30-year amortization. It has an 80 percent loan-to-value ratio with a 1.20x debt-service coverage ratio. The borrower is Prime Property Investors. Will Baker of Green Park Financial originated the loan.
BLOOMINGTON, ILL. — Marcus & Millichap has arranged the sale of Broadstone Apartments, a 34-unit multifamily community located at 1600 R.T. Dunn Dr. in Bloomington, for approximately $2 million. All of the units contain three bedrooms, and the community features an on-site workout facility, parking and storage space assigned to each unit. Sean Lyons and Shaun Buss of Marcus & Millichap’s Chicago office listed the property, and John Olar and Kolman Bubis, also of the firm’s Chicago office, sold the property. The buyer and seller in the transaction were undisclosed.
CINCINNATI — Atlanta developers Carter and The Dawson Company have received approval from the city of Cincinnati and Hamilton County, Ohio, for the development of the $600 million Cincinnati Banks project. The development will consist of 2.8 million square feet of residential, office, hotel and retail space on 18 acres along the Ohio River in downtown Cincinnati. Construction of the first phase will begin in early 2008, which will consist of approximately 300 apartments and 70,000 square feet of retail. Completion of Phase I is expected in 2010.
PORTAGE, IND. — The Indianapolis and Chicago offices of CB Richard Ellis (CBRE) have negotiated the sale of Lake Pointe Apartments, a 192-unit multifamily community located in Portage. CBRE represented the seller, Pedcor Investments, in the transaction; the property was acquired by Elad National Properties. The acquisition price was not disclosed, but the property was listed at $19.8 million.