OAK BROOK, ILL. — Podolsky|Circle CORFAC International has arranged the lease of a 3,191-square-foot office within The Drake Oak Brook Office Plaza in Oak Brook. The law offices of Engler, Baasten & Sraga will occupy the space located at 2215 York Road. The office space will serve as the firm’s corporate headquarters. Built in 1981, The Drake Oak Brook Office Plaza is a 252,000-square-foot building situated on more than nine acres. The property includes a 388-space parking garage. Corey Chase and Kyle McKechnie of Podolsky|Circle CORFAC International represented the tenant. Steve Flashbart of Jones Lang LaSalle represented building ownership, OB I LLC, in the transaction.
PLATTEVILLE, WIS. — Hunt Mortgage Group has arranged a $3.4 million Fannie Mae loan facility to refinance Prairie View Apartments, a 56-unit multifamily property in Platteville. The property is located at 1300, 1350, 1365 and 1435 Cody Parkway. Prairie View Apartments includes efficiency, one-, two- and three-bedroom units. The 12-year loan includes a 30-year amortization schedule. Hunt Mortgage Group arranged the loan for the borrower, a Wisconsin-based limited liability company that was formed in April 2008 and is backed by Robert Cody. Cody owns R. Cody Real Estate Development, a full service real estate development company.
ST. PAUL, MINN. — Ecolab Inc., a provider of water, hygiene and energy technologies and services, has signed a purchase agreement to acquire the 17-story North Tower from Travelers in downtown St. Paul. The transaction is expected to close in the third quarter. By the end of 2018, Ecolab will relocate its associates from the three buildings that comprise its world headquarters in downtown St. Paul to the North Tower. Ecolab will begin the process of relocating associates to the North Tower in the latter part of this year. Built in 1999, the North Tower includes 882,000 square feet of space, of which 484,500 square feet comprises office space, a data center and building common areas.
LYNDHURST, OHIO — Columbus-based Steiner + Associates has arranged two retail leases at Legacy Village in Lyndhurst, a suburb of Cleveland. L.L. Bean and The Capital Grille executed leases at the 610,000 square-foot mixed-use town center. The 16,000-square-foot L.L. Bean will sell active and casual apparel and footwear, outdoor gear including hiking, fly-fishing, kayaking and camping products. L.L. Bean will open in the space currently occupied by Talbots, which will be relocating to a new space within the shopping center. The Capital Grille will occupy a 9,000-square-foot space. The restaurant is known for its dry-aged steaks and fresh seafood. First Interstate Properties owns Legacy Village.
LAFAYETTE, LA. — Stirling Properties and CBL & Associates Properties Inc. have begun construction on Ambassador Town Center, a 425,000-square-foot shopping center anchored by Costco Wholesale in Lafayette. Other committed tenants include Dick’s Sporting Goods, Field & Stream, Marshalls, HomeGoods, Nordstrom Rack, Off Broadway Shoes, Chuy’s, Panera Bread, Freddy’s Frozen Custard & Steakburgers, BJ’s Restaurant & Brewhouse, World of Beer and Blaze Pizza. The 58-acre site for the new shopping center is located at the corner of Ambassador Caffery Parkway and Kaliste Saloom Road. The developers plan to open the project in March 2016 and expect to create approximately 2,200 construction jobs, 1,000 permanent jobs and generate nearly $9 million annually in sales taxes for the city of Lafayette.
CHARLOTTE, N.C. — Multi Housing Advisors (MHA) has brokered five separate sales of apartment communities in South Carolina totaling $52.6 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in the transactions. The transactions include: • Greystone & Co. sold the 152-unit The Reserve at Cavalier and the 130-unit Hampton Forest, both located in Greenville, to two separate funds controlled by Monument Capital Management. • Applegate & Co. sold the 312-unit Polo Village, located in Columbia, to an affiliate of EBSCO Income Properties LLC. • LNR Partners sold the 176-unit Pocalla Springs, located in Sumter, to an undisclosed buyer. • Southwood Realty sold the 132-unit Heather Heights, located in Rock Hill, to Varden Capital Properties.
BALTIMORE — Cronheim Mortgage Corp. has arranged $52.7 million in financing for THE AVENUE at White Marsh, a 298,000-square-foot main street lifestyle center in Baltimore’s White Marsh community. Constructed in 1997, THE AVENUE’s tenant roster includes a 16-screen AMC Theatre with an IMAX screen, Ulta Beauty, Chico’s, Old Navy, Starbucks, A.C. Moore, Staples, Carter’s, Famous Footwear and Pier 1 Imports. Andrew Stewart and Dev Morris of Cronheim arranged the seven-year, interest-only loan with a fixed interest rate of 3.35 percent on behalf of the borrower, Federal Realty Investment Trust.
ATLANTA — The Connor Group has sold Carriage Place, a 228-unit apartment community located near Emory University in Atlanta, for $23.7 million. The property is the company’s 20th community in the Atlanta market. The Connor Group entered the Atlanta market in 2003 and still owns five communities in the area. The Connor Group reportedly doubled their investment with the sale. The company has $1.5 billion in assets and owns and operates communities in Atlanta, Austin, Charlotte, Chicago, Cincinnati, Columbus, Dallas, Dayton, Nashville and Raleigh-Durham.
NASHVILLE, TENN. — Castilleja, a lifestyle and home décor retailer, plans to open a new 2,300-square-foot store in Edgehill Village, a shopping district right off Music Row in Nashville. The store is located at 1200 Villa Place, Suite 403. The company was founded by Liz Rose, a Grammy Award-winning songwriter. The store offers a variety of home furnishings, art, clothing and gifts.
SOUTH BRUNSWICK, N.J. — Clarion Partners has acquired a 20-acre site located at 335 Ridge Road in South Brunswick for an undisclosed price. The buyer plans to demolish the existing building, which was formerly a call center, and construct a state-of-the-art warehouse and distribution center on the site. The new warehouse will be part of a planned industrial business park and consolidate an adjoined parcel of previously purchased land. Doug Bansbach of DTZ represented the seller, United States Land Resources, and the buyer in the transaction. Additionally, Joseph Zingaro provided in-house representation for the buyer.