ST. CLOUD, MINN. — Miller Architects & Builders has broken ground on Encore on the Park Apartments, a 105-unit luxury apartment complex in St. Cloud, about 65 miles northwest of Minneapolis. Located next to Heritage Park, the three-story project will include a courtyard, walking path and parking garage. The ground floor will house a mail center, community room and fitness center. The second and third floors will include a business center, yoga room and game room. Completion is slated for summer 2021.
ANKENY, IOWA — Ankeny Community School District has hired Stahl to build additions to Ankeny High School and Ankeny Centennial High School. Combined costs for the two projects are $24 million. Stahl will begin construction this summer with completion scheduled in time for the 2021-2022 school year. The additions will increase capacity at each school from 1,400 to 1,860 students. Last year, Ankeny ranked as the 10th-fastest growing city in the country, according to the U.S. Census Bureau.
CHICAGO — Becovic Management Group LLC has purchased Shore Manor in Chicago for $13.3 million with plans to convert the 90-unit condo property into apartments. The building is located at 5858 N. Sheridan Road. Built in 1955 and converted to condos in 1977, the 12-story property offers a mix of studio and one-bedroom units averaging 576 square feet. Sam Haddadin and Justin Ross of CBRE represented the condo association in the sale. “Older buildings facing capital projects present a great opportunity for condo owners to get well above market value for their condos in a deconversion sale,” says Haddadin. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The city of Chicago recently increased the required owner approval to 85 percent. Sellers then have the option to either move out of their units or lease them back from the new owner.
ARNOLD, MO. — Love Funding has provided a $12.9 million FHA loan for The Woodlands of Arnold, an assisted living, memory care and skilled nursing complex in Arnold, nearly 20 miles south of St. Louis. The loan will replace bridge financing on the property. The Woodlands of Arnold is part of a larger healthcare campus, offering a full continuum of care including independent living, assisted living, memory care and skilled nursing. The subject credit facility included financing for a 178-bed skilled nursing facility and a 24-unit assisted living facility that is being converted into a memory care facility. Midland States Bank provided the original bridge loan for the undisclosed borrower. Eric Forguson of Love Funding arranged the nonrecourse, 35-year HUD loan.
HAMMOND, IND. — Greystone has provided a $27.6 million Freddie Mac loan for the acquisition of Tanglewood Apartments in Hammond, about 25 miles south of Chicago. The 384-unit Class B multifamily property consists of 16 three-story buildings. Amenities include a clubhouse, pool, sauna, fitness center and picnic areas. Dan Sacks and Eric Rosenstock of Greystone originated the loan on behalf of the borrower, Bayshore Properties. The 10-year loan, which features two years of interest-only payments, includes a 30-year amortization. Bayshore purchased the asset for $33.5 million.
KANSAS CITY, MO. — Pharmaceutical company Nostrum Laboratories and online retailer FarmFoods have increased their footprint in Kansas City’s SubTropolis, a massive underground business complex. New Jersey-based Nostrum has expanded from 10,000 to 32,000 square feet, while FarmFoods has expanded from 6,000 to 36,000 square feet. Hunt Midwest owns SubTropolis. There is more than 6.5 million square feet of leasable space within the property.
MIDLAND COUNTY, MICH. — Michigan Gov. Gretchen Whitmer has declared a state of emergency for Midland County after the Edenville and Sanford Dams breached. Shelters have opened across Midland County and are available to residents who need a place to evacuate. The Tittabawassee River reached an historic high of 35 feet, according to the National Weather Service. The river is considered in a flood stage at 24 feet. Downtown Midland, a city of 42,000, faced an especially serious flooding threat, according to Whitmer.
ARLINGTON HEIGHTS, ILL. — Marcus & Millichap has arranged the sale of an 18,322-square-foot office building in Arlington Heights for $1.1 million. The multi-tenant property, located at 415 E. Golf Road, was 94 percent occupied at the time of sale. Tammy Saia and Tami Andrew of Marcus & Millichap marketed the building on behalf of the seller, a Japan-based limited liability company. Adam Fortino of Marcus & Millichap secured and represented the buyer, a local private investor.
RAYMOND, ILL. — Stan Johnson Co. has brokered the $1.1 million sale of a 9,026-square-foot retail property occupied by Dollar General in Raymond, about 35 miles south of Springfield, the state capital. Constructed in 2014, the building is located at 512 S. O’Bannon St. There were approximately nine years left on the absolute triple net lease at the time of sale. Mike Matter of Stan Johnson represented the seller, a Texas-based individual investor. Craft Enterprise LLC, a Kansas-based private investor, purchased the property. Both the buyer and seller completed 1031 tax-deferred exchanges.
CHICAGO — Mirae Asset Global Investments, an asset management and investment banking firm, has sold 225 West Wacker Drive, a 31-story office tower in Chicago. Spear Street Capital purchased the trophy office building for $210 million, or roughly $322 per square foot. The tower is situated along the south bank of the Chicago River in the city’s Loop district. The building houses the world headquarters of Cushman & Wakefield (NYSE: CWK), which also represented Mirae Asset in the sale. The global real estate services firm handled the leasing the riverfront office tower for the previous ownership as well. Other tenants that list 225 W. Wacker Drive as their Chicago address include Jackson National Asset Management, True Partners Consulting, PPM America Inc. and Crowe LLP. David Knapp, Adam Spies, Marcella Fasulo, Tom Sitz, Cody Hundertmark, Paul Lundstedt and Dan Deuter of Cushman & Wakefield arranged the sale. Knapp says that Spear Street Capital may plan future capital improvements at the property. Kohn Pederson Fox and Perkins + Will designed 225 West Wacker Drive, which is LEED Gold-certified and Energy Star-rated and occupies a full city block along the path of the Chicago Riverwalk. The building features a seven-level parking garage for …