OLATHE, KAN. — KeyBank Real Estate Capital has arranged a $24.9 million Fannie Mae loan for the acquisition of Greenwood Reserve Apartment Homes in Olathe, about 22 miles southwest of Kansas City. The 228-unit apartment property consists of seven buildings. Built in 2016, the Class A property is situated on 13.2 acres. Chris Black and Caleb Morton of KeyBank arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.
EDINA, MINN. — Doran Cos. and KM2 Development are developing a 185-unit luxury apartment property in Edina, a southwest suburb of Minneapolis. Known as ENVi, the property will be situated on a site formerly occupied by Best Buy, which closed in 2012. The store will be demolished in order to make room for the apartment property. Designed by Doran Architecture, the building will have environmental features such as a white roof to reduce the heat island effect, increased thermal building design, Energy Star appliances and electric car-charging stations. Slated for completion in summer 2019, the project will include a mix of studio, one-, two- and three-bedroom apartments as well as 13 townhomes. Amenities will include an entertainment clubroom, outdoor pool, grills, bocce ball, business center, fitness center, spa, sauna and golf simulator. Mike Mikan and Kurt Krumenauer of KM2 purchased the property and an adjacent single-family home in 2016.
BRIDGEVIEW, ILL. — NAI Hiffman has brokered the sale of a 161,740-square-foot industrial building in Bridgeview, about 13 miles southwest of Chicago. The sales price was not disclosed. The property is situated along I-294 at 7400-7420 Richards Road. The building features 18 exterior docks, one drive-in door, 24-foot clear heights and parking for 60 cars. Chris Gary and Jay Maher of NAI Hiffman represented the seller, Transwestern Investment Group. Adam Haefner of Darwin Realty & Development Corp. represented the buyer, Rex Carton Co., a manufacturer of corrugated boxes and custom shipping containers.
WOODBURY, MINN. — Elion Partners and Kraus-Anderson have unveiled plans to develop a 54,000-square-foot office building in Woodbury, an eastern suburb of St. Paul. The three-story Class A building will be the third office building situated within CityPlace, a 100-acre mixed-use development. Transwestern will represent Elion Partners in the lease-up of the building. The office portion of CityPlace began with the development of TRIA Orthopedic Center, a partnership between The Orthopedic Center, Park Nicollet & Health Partners and University of Minnesota Physicians. Earlier this year, The Davis Group unveiled plans to develop CityPlace’s second office building, a two-story, 50,000-square-foot medical office building, slated to open in July 2018.
LANSING, MICH. — CBRE Hotels has arranged the sale of the Courtyard by Marriott Lansing for an undisclosed price. The 129-room hotel is located at 2710 Lake Lansing Road near the Michigan State University campus and Capital Region International Airport. Amenities include an indoor heated pool, fitness center and pet-friendly rooms. Nate Sahn of CBRE represented the seller, Lansing-based Wickens Group. Lansing Hotel Owners LLC, an affiliate of the Banyan Investment Group, purchased the property.
NAMPA, IDAHO — RCG Ventures LLC has acquired Nampa Gateway Center, a 471,340-square-foot retail center in Nampa, a suburb of Boise, for an undisclosed price. Greg Brown, Chris Drew and Peter Thompson of HFF arranged a three-year, fixed-rate loan with two one-year extensions through A10 Capital for the acquisition. Other terms of the transaction were not disclosed. JC Penney anchors the center, which is home to tenants including Shoe Carnival, Edwards Theater, CircusTrix and Crunch Fitness.
ALISO VIEJO, CALIF. — A joint venture between Stillwater Investment Group and CrossHarbor Capital Partners has obtained a $34 million loan to renovate and lease Element, a 165,028-square-foot office campus in the Orange County submarket of Aliso Viejo. The Class A campus is located at 26600, 26650 and 26700 Aliso Viejo Parkway. The property formerly served as the headquarters for QLogic. Element is situated near the 73 Freeway, close to the Aliso Viejo Town Center, Renaissance Clubsport and John Wayne Airport. HFF secured the loan through Amherst Capital Management.
SANDY, UTAH — Keller Investment Properties has purchased the Park at City Center, a 330-unit apartment complex in Sandy. Though the price was not disclosed, this was the “largest total dollar sale price for a single multifamily asset this year,” according to CBRE’s Patrick Bodnar and Eli Mills, who executed the transaction. The Park at City Center is located at 213 W. Civic Center Drive. Resort-style amenities include a swimming pool, hot tubs, golf simulator, executive-style lounge, expansive fitness center, designer clubhouse and mixed media room. Kaplan Development opened the property in July 2017.
ROSEMEAD, CALIF. — Panda Express, which first opened on the West Coast in 1983, has opened its 2,000th location, with the newest location in New York City. Located in Manhattan, where Panda Express marked its East Coast expansion in 2015, the new restaurant is at the corner of Broadway and 111th Street. The 1,500-square-foot restaurant will provide seating for up to 38 guests. Since launching its first traditional New York City location two years ago, Panda Express has opened five additional New York City restaurants, with an upcoming opening in Brooklyn before the end of the year.
SAN DIEGO — Sundance, a retailer of women’s and men’s apparel, footwear, jewelry, accessories, art and home décor, has opened its newest store in Westfield University Town Center in San Diego. Since August 2015, Sundance has opened stores in Edina, Minn.; Dallas; Southlake, Texas; Scottsdale, Ariz.; Tigard, Ore.; Atlanta; and Leawood, Kan., adding to its existing legacy stores in Park Meadows, Colo., and Corte Madera, Calif. Robert Redford, the famed actor, director and visionary of independent filmmaking, founded Sundance Catalog in 1989 to promote the works of artists and craftspeople from across the country and around the world. Sundance headquarters are located in Salt Lake City.
