FAIRBORN, OHIO — Quantum Real Estate Advisors Inc. has brokered the $1.2 million sale of Shops at Valle Green in Fairborn, about 12 miles northeast of Dayton. The 5,000-square-foot property is located at 1171 E. Dayton Yellow Springs Road. The asset is fully leased to Verizon, Great Clips and Hot Head Burritos. Daniel Waszak and Zack Hilgendorf of Quantum represented the private seller. A Midwest-based investment fund purchased the property.
MINNEAPOLIS — A joint venture between a subsidiary of Los Angeles-based Tutor Perini Corp. (NYSE: TPC) and Minnesota-based C.S. McCrossan has been awarded a $799.5 million construction contract from the Metropolitan Council for the Southwest Light Rail Transit project in Minneapolis. According to local media sources, the project carries a total price tag of about $2 billion, about half of which stems from federal funding. In addition, the project could create as many as 7,500 construction jobs. As the largest public infrastructure deal in Minnesota’s history, the regional project will deliver a 14.5-mile extension of the METRO Green Line. In addition to new light rail infrastructure, the project will deliver 44 bridges, two cut-and-cover tunnels and 16 new light rail stations. The new line will connect the southwestern suburb of Eden Prairie to downtown Minneapolis. New rail stations will also service the suburbs of Edina, Hopkins and Minnetonka. “This news is long-awaited and hard-earned,” Minnesota Gov. Mark Dayton said last week. “The Southwest Light Rail Transit project is a critical economic development project. When complete, it will improve many thousands of lives from Eden Prairie to North Minneapolis. It will create new jobs, reduce highway congestion, and better connect Minnesotans to one …
ORLAND PARK, ILL. — Structured Development LLC has been selected to develop the final phase of the downtown Main Street Triangle project in Orland Park. Structured will complete the five remaining parcels comprising approximately nine acres within the 27-acre Triangle master plan. The project will include retail, office, hospitality and entertainment space. Completion is slated for 2021. The Triangle currently houses Ninety7Fifty, a 295-unit mixed-use rental community; the University of Chicago Medicine Center for Advanced Care, a 110,000-square-foot medical office building; a 500-space public parking structure; and Crescent Park, a landscaped green space.
KILDEER, ILL. — A joint venture between DRA Advisors and Pine Tree LLC has acquired The Shops at Kildeer, a 171,339-square-foot retail center located in the Chicago suburb of Kildeer, for $32.5 million. Bed Bath & Beyond, Ulta Beauty, Michael’s, Old Navy, Uncle Dan’s and Cost Plus World Market anchor the center. George Good and Christian Williams of CBRE brokered the transaction. William Barry of Draper and Kramer arranged acquisition financing through Wells Fargo on behalf of the joint venture. The seller was undisclosed.
COLUMBUS, OHIO — Cronheim Hotel Capital (CHC) has arranged a $14.7 million loan for the refinancing of an Embassy Suites hotel property in Columbus. A national lender provided the loan, which features a locked rate of 4.44 percent, a 10-year term and a 30-year amortization schedule. Kana Hotel Group, the borrower, acquired the 224-room property in 2015 and extensively renovated it.
ZION, ILL. — JSM Venture Inc. has acquired a former Kmart store located at 3355 Sheridan Road in Zion for $2.3 million. JSM plans to convert the 90,426-square-foot building into a self-storage facility with 69,750 rentable square feet. Of the 619 total units, 96 percent are expected to be climate-controlled. Patrick Turner and Brendan Green of Colliers International represented JSM. Paine/Wetzel represented the seller, Amin & Shah Solutions LLC.
OMAHA, NEB. — Darland Construction Co. has completed the new headquarters for LGT Transport, a cryogenic transportation company. The 12,640-square-foot property includes 8,312 square feet of office space, which includes eight offices, a training center, conference room, driver’s lounge, workroom, exercise facility, break room and locker rooms. The remaining square footage houses the company’s two-bay service center. A 36,000-square-foot parking lot offers parking for up to 10 tractor-trailers. Schemmer Associates was the project architect.
GRANDVILLE AND WYOMING, MICH. — Berkadia has secured $108.3 million in acquisition financing through Fannie Mae for two apartment properties in Michigan. Torchlight Investors was the borrower. The Grandville property features a mix of studio, one-, two- and three-bedroom units. Amenities include a basketball court, pet area, fitness center and walking and biking trails. The Wyoming property offers upgraded units with vaulted ceilings and walk-in closets. Amenities include a fitness center, outdoor courtyard, swimming pools, tennis courts and storage facilities. Peter Benedetto of Berkadia arranged 12-year, fixed-rate financing for both properties.
AURORA, ILL. — Panattoni Development has purchased a 53.4-acre site in Aurora to develop Orchard Gateway, a 764,895-square-foot speculative warehouse. The Class A facility will be divisible up to 300,000 square feet. Completion is slated for the third quarter of 2019. Building features will include a clear height of 36 feet, 166 exterior docks, 185 trailer parking positions and 304 car parking spaces. Alston Construction and Harris Architects make up the project team.
CHICAGO — Interra Realty has brokered the sales of two multifamily buildings in Chicago’s South Shore community for $6.4 million. The first property, located at 6901 S. Paxton Ave., sold for $4.2 million. The 50-unit building includes a mix of one, two-, three- and four-bedroom units. At the time of sale, the property was 94 percent leased. The second property, located at 7250 S. Yates Blvd., sold for $2.2 million. The 29-unit building features hardwood flooring, granite countertops and in-unit laundry. The asset was 93 percent leased at the time of closing. David Goss, Jon Morgan, Ted Stratman, Lucas Fryman and Jeremy Morton of Interra represented the undisclosed buyers and seller.
