MINNEAPOLIS — Minneapolis-based Kraus-Anderson Construction Co. (KA) has acquired Phoenix-based Sonoran Crest Construction, a 20-year-old firm with a focus on healthcare construction in the Southwest U.S. region. The transaction, financial terms of which were undisclosed, marks the first acquisition of another company in KA’s 126-year history. The acquisition will expand KA’s growth in the Southwest. Sonoran Crest has built projects for regional healthcare providers such as Banner Health, Abrazo Health, Honor-Health and Healthcare Trust of America. The company’s new name will be Sonoran Crest Construction — a division of Kraus-Anderson Construction Co. The office at 1401 N. 24th St. in Phoenix will be led by Jaki Scott, director of operations.
CLEVELAND — KeyBank Community Development Lending and Investment (CDLI) has invested $10.2 million of 4 percent Low-Income Housing Tax Credit equity and provided a $7.9 million construction loan for the development of Henrietta Homes in Cleveland. The project will consist of 40 lease-to-purchase single-family homes in the city’s Hough neighborhood. Henrietta Homes will target family households with incomes between 30 and 60 percent of the area median income. The development will be partially subsidized, of which eight homes will be supported by 20-year Section 8 project-based vouchers provided through Cuyahoga Metro Housing Authority. Additional soft funding sources include $1.6 million from City of Cleveland Housing Trust Funds, a $450,000 Cuyahoga County HOME loan and a $1.2 million equity bridge loan through Ohio Housing Finance Agency’s Housing Development Loan program. Nonprofit the Famicos Foundation is the project sponsor. The homes will be available to lease during a 15-year period. At year 16, residents will have the opportunity to purchase the home at an affordable price. Famicos will prepare tenants to transition into homeownership by providing financial training and homeownership counseling during the 15-year leasing period. Derek Reed and Kory Clark of KeyBank CDLI structured the tax credit equity and debt financing.
CARMEL, IND. — Big V Property Group and Equity Street Capital have acquired Merchants Square shopping center in the Indianapolis suburb of Carmel. The purchase price and seller were undisclosed. The open-air retail property totals 232,284 square feet. Tenants include Planet Fitness, Flix Brewhouse, Cost Plus World Market, Petco and Dollar Tree. Harvest Market will shadow anchor the property when it opens this fall.
BROOKLYN PARK, MINN. — Hanley Investment Group Real Estate Advisors has arranged the $11.9 million sale of Edinburgh Festival Centre in the Minneapolis suburb of Brooklyn Park. The 91,563-square-foot shopping center was 96 percent occupied at the time of sale. A 54,476-square-foot Festival Foods store anchors the property, which is located on Edinburgh Centre Drive. Bill Asher and Jeff Lefko of Hanley, in association with ParaSell Inc., represented the seller, LS Capital Inc., and the buyer, a private investor from northern California.
TRAVERSE CITY, MICH. — Marcus & Millichap has brokered the sale of Empire Self Storage, a 71,350-square-foot self-storage facility in Traverse City. The sales price was undisclosed. Built in 2015, the property consists of 500 non-climate-controlled units. Approvals are in place to build an additional six buildings totaling 300 units. Brian Kelly, Brett Hatcher, Gabriel Coe and Nathan Coe of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies.
CHICAGO — Marquette Cos. has completed The Thompson at Fulton Market, a 210-unit apartment building located at 150 N. Ashland Ave. in Chicago’s Fulton Market district. The project transformed the former Mary Thompson Hospital into apartments. Named for Dr. Mary Thompson, Chicago’s first female doctor and the first woman known to have performed major surgery, The Thompson is comprised of a new 12-story building that is integrated with an original five-story building that was constructed in the 1920s as part of the hospital. Units range from 502 to 2,098 square feet, with monthly rents ranging from $2,155 to $5,350. In addition to the market-rate apartments, there are 32 affordable housing units. Amenities include The Collaboratory, a 24-hour coworking space; The Parlor, a social hub featuring a resident bar and lounge; a fitness center; and dog wash station. An outdoor courtyard features grill stations, seating and a covered terrace. The penthouse level includes an indoor lounge and a rooftop deck overlooking Union Park. Chicago-based artist Lefty Out There created several murals for the common areas. Marquette Management is the property manager, ParkFowler Plus served as the architect and Power Construction was the general contractor.
SPRINGFIELD, MO. — Sentinel Net Lease has sold the Chase Operations Center, a 268,413-square-foot office building in Springfield, a city in southwest Missouri. The sales price was undisclosed. A local healthcare operator purchased the property. Holding the asset for less than two years, Sentinel generated an internal rate of return of 45 percent and produced a return on invested capital of 1.9 times. The sale marks one of the most profitable office transactions nationwide over the past several years, according to Sentinel. Ross Murray of R.B. Murray Co. brokered the transaction.
CHICAGO — McHugh Construction has completed the $30 million transformation of the historic Ramova Theatre in Chicago’s Bridgeport neighborhood. The long-shuttered, single-screen cinema is now an 1,800-person concert hall. The 36,000-square-foot project also included the build-out of a space for Other Half Brewing, an independent craft brewery and taproom; Ramova Grill, an 18-seat diner; and Ramova Loft, a second-floor, 200-person event venue. Ramova Theatre originally opened in 1929 and closed in 1985. After sitting dormant for nearly 40 years, the theater was added to the National Register of Historic Places in 2021. McHugh began the building’s restoration that same year. McHugh worked with O’Riley Office, Baum Revision and historic preservation specialists to restore the building’s architectural details with its original Spanish courtyard-style lobby and auditorium. Project funding came from investments from the local populace, tax-increment financing subsidies from the City of Chicago, a state grant and a Historic Places loan.
CHICAGO — Mintel has signed a 30,000-square-foot office lease at 203 N. LaSalle, a 27-story office tower totaling 624,724 square feet in Chicago’s Central Loop. The global market intelligence agency has relocated from its 26,000-square-foot office at 333 W. Wacker Drive in the West Loop. The Chicago office is the only address that the organization maintains in North America. Kathleen Bertrand, Eric Myers and John Nelson of Transwestern represented ownership, Sumitomo Corp. of Americas. Transwestern handles leasing and management of the building. Michelle Wiedman of Wiedman Real Estate represented Mintel.
BEDFORD PARK, ILL. — Food manufacturer Snyder’s-Lance Inc. has renewed its 72,956-square-foot industrial lease at 5025 W. 73rd St. in the Chicago suburb of Bedford Park. Jeff Janda and Brian Vanosky of Lee & Associates represented the undisclosed landlord. Sally Macoicz of Cushman & Wakefield represented the tenant.