EDINA, MINN. — NorthMarq has arranged a $17.4 million Freddie Mac loan for the refinancing of York Place Apartments in Edina. Built in 2009, the 114-unit apartment property is located at 3121 W. 69th St. Dan Trebil of NorthMarq arranged the 10-year loan with five years of interest-only payments and a 30-year amortization schedule. The borrower was undisclosed.
SUN PRAIRIE, WIS. — Ryan Cos. US Inc. will develop a 141-unit senior living community to be named Talamore at Sun Prairie in suburban Madison. Ryan will develop, design and build the project and is set to begin construction in spring 2020. Great Lakes Management will operate the property. Talamore at Sun Prairie will offer independent living, assisted living and memory care services. Amenities will include multiple dining venues, a library, wellness center, salon, clubroom and activity room.
EAGAN, MINN. — The Opus Group has broken ground on Dodd Road Business Center, a 152,000-square-foot industrial development in Eagan. Construction of the building is slated for the first quarter of 2020. The speculative project will sit on 10 acres and include 180 parking stalls, a clear height of 32 feet, 35 dock doors, two drive-in doors and an outdoor patio. Opus is the developer, design-builder, architect and engineer of record. Eric Rossbach and Bill Ritter of Colliers International will market the property for lease.
NAPERVILLE, ILL. — Marcus & Millichap has brokered the sale of Maple Court Apartments in Naperville for $4.6 million. The 48-unit multifamily property is located at 1135 W. Ogden Ave. Eric Bell of Marcus & Millichap marketed the property on behalf of the seller. Andrean Angelov and Ryan Engle of Marcus & Millichap secured and represented the buyer.
INDIANA, MICHIGAN, OHIO AND WEST VIRGINIA — Albanese Cormier Holdings has acquired nine shopping centers totaling 758,983 square feet in Indiana, Michigan, Ohio and West Virginia. The purchase prices were undisclosed. ShopOne Centers REIT was the seller. Representatives from May Real Estate, Cooper Commercial Investment Group, Marcus & Millichap and JLL brokered the sales. The average occupancy of the properties is 92 percent. The properties include: Pine Lake Shopping Center (147,017 square feet) in LaPorte, Ind.; Forest Park Plaza (104,231 square feet) in Brazil, Ind.; Phoenix Square (47,415 square feet) in South Haven, Mich.; Amberwood Center (34,553 square feet ) in Ashland, Ohio; Barberton Shopping Center (105,313 square feet ) in Barberton, Ohio; DeVeaux Village Shopping Center (72,050 square feet) in West Toledo, Ohio; Perrysburg Marketplace (101,859 square feet ) in Perrysburg, Ohio; Reynolds Plaza (110,479 square feet ) in South Toledo, Ohio; and Huntington Mall (36,066 square feet ) in Barboursville, W.Va.
DEARBORN, MICH. — Mag Mile Capital has arranged a $22.5 million loan for the refinancing of two hotels in Dearborn. The first is a 107-room Holiday Inn Express located at 24041 Michigan Ave. and the second is a 102-room Staybridge Suites located at 24105 Michigan Ave. The borrower, Malik Abdulnoor of Stellar Hospitality, opened both hotels less than three years ago. Francisco Nacorda of Mag Mile Capital arranged the 10-year, nonrecourse loan with a fixed interest rate of 3.9 percent and a 25-year amortization schedule. An undisclosed investment bank provided the loan.
ROLLING MEADOWS, ILL. — GlenStar and Rubenstein Partners LP have launched a $15 million capital improvement plan for Continental Towers, a 910,796-square-foot office complex in Rolling Meadows, about 30 miles northwest of Chicago. This is the second of a two-phase renovation project initiated in 2015. Plans call for a reimagined outdoor terrace with a lounge, grilling areas, fire pits and lawn area. The property’s café and amenity center, which are currently undergoing renovations, will be connected to the new terrace. Project completion is scheduled for second-quarter 2020. Phase I was a $30 million project that included the construction of a new 734-stall parking garage and a full renovation of the 22,000-square-foot fitness center run by Midtown Health Club. Continental Towers is a three-tower property situated on 34 acres at 1701 Golf Road. GlenStar originally acquired the property in 2013 and recapitalized the asset in 2018 with Rubenstein.
KANSAS CITY, MO. — Newmark Grubb Zimmer (NGZ) has brokered the sale of a 275,162-square-foot industrial building located at 2095-2383 Front St. in Kansas City. The sales price was not disclosed. The multi-tenant property was 58 percent leased at the time of sale to tenants including Cargill, Suburban Industrial Packaging and Grupo Antolin. David Zimmer, Michael VanBuskirk and Chris Robertson of NGZ represented the institutional seller. California-based Industrial Realty Group purchased the building.
NORFOLK, NEB. — Darland Construction Co. is nearing completion of a four-story, 130,000-square-foot medical office building in Norfolk in eastern Nebraska. The facility will be known as the Faith Regional Health Services South Medical Office. The first floor will include an outpatient surgery center with six operating rooms and more than 20 patient rooms. The orthopedics department will be housed on the second floor and feature 40 specialized exam rooms, multiple X-Ray rooms and staff offices. The third floor will include the women’s health and pediatrics departments. The fourth floor will be home to surgical specialties, including ear, nose and throat, gastroenterology, general surgery, pain management, rheumatology and urology. The building is connected by a skywalk to the main hospital campus. Completion is slated for later this year. Avant Architects is the project architect.
CHICAGO — J.C. Anderson has completed the build-out for Colliers International’s Chicago headquarters at 71 S. Wacker Drive. The global real estate services and investment management company has relocated its Chicago headquarters from 200 S. Wacker Drive. The space features raised flooring, open ceilings, new light fixtures and new painting. Irvine Co. owns 71 South Wacker, a 48-story office tower that was completed in 2005.
