CINCINNATI — Columbus, Ohio-based CASTO has held the grand opening for a 114,000-square-foot JC Penney department store located at 9365 Fields Ertel Rd. in Cincinnati. The store was designed in the company’s off-mall format, and is located inside Governor’s Plaza, a 339,157-square-foot shopping center. JC Penney will join Kohl’s, Linens ‘N Things and Office Max as anchor tenants at the center.
Midwest
GLEN CARBON, ILL. — Swansea, Ill.-based Holland Construction Services has completed Meridian Centre Two, a three-story, $2.1 million office building located in Meridian Commercial Park in Glen Carbon. The 25,000-square-foot building is located adjacent to Meridian Centre One, an identical building also constructed by Holland. Meridian Centre Two is developed and owned by Meridian Partners, a group of business partners that are all located in Meridian Centre One. Hurford Architects provided design services for the building.
OAK BROOK, ILL. — Kerasotes ShowPlace Theatres has plans to open a 14-screen multiplex in Clearwater, a mixed-use project under development in Oak Brook by The John Buck Company and San Francisco-based McMorgan & Co. The theater will break ground in the first half of 2008, and is expected to be complete in the first half of 2009. Clearwater, located on 29 acres at the corner of 22nd Street and York Road, is being designed by Chicago-based OKW Architects. In addition to the theater, the development will contain 80,000 square feet of retail and restaurant space, a 50,000-square-foot health club, a 139-room aloft Hotel, and a 13-story, 77-unit luxury condominium tower.
CLAYTON, MO. — Triple Net Properties, on behalf of NNN 2003 Value Fund, has acquired The Sevens Building, a 24-story, Class A office building located in Clayton. The 197,000-square-foot office building also contains a 10-level, 875-space parking garage, and is 79 percent leased to 56 tenants, including Smith Moore & Co., Grubb & Ellis|Gundaker Commercial Group and Clockwork Home Service. Triple Net acquired the property from Delaware-based Sevens St. Louis LLC, which was represented by Mike Hanrahan and Paul Hilton of Colliers International. Financing was arranged by Eric Tupler of CBRE|Melody and provided by GE Capital Corp. The acquisition price was not disclosed.
EDEN PRAIRIE, MINN. — Malvern, Pa.-based Liberty Property Trust has broken ground for the construction of Liberty Plaza, a 120,000-square-foot, Class A office building located off of Flying Cloud Drive in Eden Prairie. The four-story structure will feature a two-story lobby with a fireplace, locker rooms, showers, walking trails and a patio overlooking a wetland. Liberty will also be seeking LEED certification for the building, and will include a high-tech HVAC system, CO2 monitors, motion-light sensors, water efficient fixtures and a building design incorporating locally available Kasota stone. The building is expected to open fourth-quarter 2008.
SHELBY TOWNSHIP, MICH. — The Boise, Idaho, acquisition office of DDRS has purchased Lifestyle Center, an approximately 41,622-square-foot retail center located at 45835-45883 and 45905-45983 Hayes Rd. in Shelby Township. The property was acquired by DDRS for an undisclosed amount from an undisclosed seller.
DOWNERS GROVE, ILL. — Niles, Ill.-based Epic/Savage Realty Partners/TCN Worldwide has brokered the sale of a 39,200-square-foot industrial facility located at 2801 Centre Circle in Downers Grove. David Friedland of Epic/Savage represented the seller, Rossi Furniture, as well as the buyer, Cook Financial. The acquisition price was not disclosed.
DAYTON, OHIO — Meridian Capital Group has arranged a $3.56 million loan for Willowood Apartments, which features 125 apartment units and 20 townhomes, and is located at 3303 Shiloh Springs Rd. in Dayton. The loan carries a 6.39 percent interest rate over a 10-year term, with an 87 percent loan-to-value ratio. Jay Bidnick of Meridian’s New Jersey office originated the loan. The borrower was not disclosed.
COLUMBUS, OHIO — EF&A Funding has secured a $7 million acquisition loan for Ashton Place Apartments, a 292-unit, garden-style apartment community located in Columbus. The community comprises 21 two-story townhome buildings and five single-story apartment buildings. The loan carries a 10-year term with a 1-year extension, and the first 5 years interest-only. John Marr of EF&A secured the loan on behalf of an undisclosed borrower.
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