KANSAS AND MINNESOTA — Colliers Mortgage has provided three separate HUD 223(a)(7) loans totaling $20.4 million for the refinancing of three seniors housing properties in Kansas and Minnesota. The properties include Village Cooperative of Albert Lea and Village Cooperative of Red Wing in Minnesota as well as Village Cooperative of Lawrence in Kansas. The three communities total 146 units. By refinancing the properties, the borrowers were able to reduce the interest rate on each loan and generate substantial annual savings, according to Colliers. The two loans for the Minnesota properties carry 38-year terms and the Kansas loan features a 40-year term.
DEERFIELD, ILL. — Bradford Allen Investment Advisors has acquired a 137,492-square-foot office building in Deerfield for an undisclosed price. The four-story property is located at 570 Lake Cook Road. The building was constructed in 1984 and recently renovated. Joel Berger and Matt Alexander of Bradford Allen Realty Services will serve as leasing agents for the building, which currently has 40,000 square feet of vacancy. Bradford Allen Management Services will serve as property manager. The seller was undisclosed.
FREMONT, OHIO — Marcus & Millichap has arranged the $5.4 million sale of a Whirlpool-occupied distribution center in Fremont, about 35 miles southeast of Toledo. The 132,500-square-foot, net-leased property is located at 240 Norwest Drive. Whirlpool has fully occupied the building for more than 10 years. Dustin Javitch, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap secured and represented the buyer, a private investor. Buyer information was undisclosed.
CHICAGO — Talis Biomedical Corp. is the latest company to join the tenant lineup at Trammell Crow Co.’s Fulton Labs development in Chicago. Talis will occupy 26,432 square feet of advanced lab, office and chemical storage space. Other tenants at the property include Xeris Pharmaceuticals and Portal Innovations. Fulton Labs totals 725,000 square feet across two buildings, the second of which is slated for completion in early 2022. The first building is immediately available for occupancy. David Saad and Chad Freese of CBRE represented Talis in the lease transaction.
ROYAL OAK, MICH. — Baker College is building a new campus in Royal Oak, a northern suburb of Detroit. The 86,000-square-foot, seven-story campus will be situated at 420 S. Lafayette Ave. Construction recently began on the $51 million project, which is slated for completion in time for the 2022 academic year. The campus will accommodate approximately 1,500 undergraduate and graduate students. It will include classrooms, laboratories, study areas, gathering spaces and onsite parking. Edge Design Associates and Colasanti Construction Services Inc. make up the project team. Students at the Royal Oak campus will have the opportunity to pursue degrees in business, information technology, nursing, education, occupational therapy, physical therapy, criminal justice, psychology or liberal arts. Baker College, a private nonprofit college, currently maintains campuses in Auburn Hills, Cadillac, Jackson, Muskegon and Owosso, as well as its Culinary Institute of Michigan locations in Port Huron and Muskegon and its Auto Diesel Institute in Owosso. Baker College’s online program offers more than 40 academic options for students globally.
KANSAS CITY, KAN. — Newmark has brokered the sale of Prairie View at Village West in Kansas City for an undisclosed price. The 311-unit apartment community is located at 11200 Delaware Parkway in Wyandotte County. The complex was built in 2016. Mac Crowther and Whittaker Potts of Newmark represented the seller, a private equity real estate fund advised by Crow Holdings Capital. Charles Williams of Newmark arranged acquisition financing on behalf of the buyer, Avanti Residential.
ST. LOUIS — Midas Construction is building an AC Hotel in the Central West End of St. Louis. The seven-story, 192-room hotel is located at 215 York Ave. Construction costs total $26.4 million. Completion is slated for the fourth quarter of this year. Project developers include Concord Hospitality, Koplar Properties and Homebase Partners. The hotel is being built on a site formerly occupied by the KPLR television station, which was demolished in December 2019. Midas is optimizing its construction process by using building information modeling and fabricating some components offsite. The project team includes ENGWorks, HDA Architects, Alper Audi, DeLuca Plumbing, McClure Engineering, Eisen Group and DLR Group. This is the first hotel project in the Central West End in nearly 20 years, according to Midas.
KANSAS CITY, MO. — Logoplaste, a designer and manufacturer of plastic packaging products, has leased 160,000 square feet of industrial space in Kansas City’s Executive Park. The property is located at 6900 Stilwell St. Mark Long, David Zimmer and John Hassler of Newmark Zimmer represented the undisclosed landlord in the lease transaction. Daniel Jensen of Kessinger Hunter and Britt Casey of Cushman & Wakefield represented the tenant.
WICHITA, KAN. — Credit Union of America (CUA) has purchased a new corporate office in Wichita for an undisclosed price. The three-story building, formerly known as the IMA building, spans 55,000 square feet and is situated on 3.2 acres. CUA plans to move all staff from its current office at 650 S. Westdale Drive to the new building in June. Craig Ablah of Classic Real Estate represented the seller, 8200 LLC. Randy Johnston of J.P. Weigand & Sons Inc. represented CUA.
INDIANAPOLIS — Citimark has acquired the former headquarters of hhgregg Inc. and announced plans to redevelop the 27-acre property on the far north side of Indianapolis. Citimark hasn’t unveiled full plans yet, but says it is considering single or multi-tenant flex, industrial and last-mile uses while preserving the flexibility for some retail out-lots. Appliance, electronics and furniture retailer hhgregg declared bankruptcy and liquidated all its assets in 2017, including closing its 220 stores and laying off more than 5,000 workers. The 400,000-square-foot headquarters, which featured office, industrial and showroom buildings, has sat vacant since then. The property’s unique shell design, with an open-air courtyard that can accommodate 200 cars, may have slowed the sale process. In January of 2019, national car dealer Napleton Auto Group kicked the tires on the property as a potential Kia dealership, before backing out later in the month, according to the Indiana Business Journal. Local contractor Deem LLC considered purchasing the property, but pulled out of the deal in November 2020, reported the Journal. Ultimately, Citimark emerged as the buyer in late December, paying $14 million for the asset. Alex Cantu with Colliers Indianapolis assisted Citimark with the purchase. Colliers Indianapolis brokers Jimmy Cohoat and …