BIRMINGHAM, ALA. — NorthMarq Capital has arranged approximately $1.6 million in first mortgage refinancing for the Omega Health Building, a 10,000-square-foot medical office building located at 250 State Farm Parkway in Birmingham. Jeff Robertson of NorthMarq Capital arranged the two-year loan with a three-year extension option through a regional bank.
MINNEAPOLIS — Chicago-based Magellan Development Group is building a 36-story apartment tower in the Loring Park neighborhood of downtown Minneapolis. LPM Apartments will feature 354 rental apartments, including studios, one-, two- and three-bedroom units. More than 41,000 square feet of amenity space will feature a fitness center, lap pool, hot tub, sauna and steam rooms, media and game room, resident lounge, business center and bicycle storage. LPM Apartments will also feature a community deck that will include a splash pool, hot tub, fire pits, grills and lounge areas. According to the Star Tribune, rental prices at the property range from $2 to $3 per square foot. James McHugh Construction Co. is serving as the general contractor. Loewenberg Architects LLC is designing LPM Apartments.
NAPERVILLE, ILL. — Ryan Cos. US Inc. has worked on two continuing care retirement community renovation projects for Three Crowns Park in Evanston and Friendship Village of Schaumburg. The Minneapolis-based developer and builder has renovated half of the third floor of Three Crowns Park’s Landstrom Manor building. Though not in use, the 10,000-square-foot space had included a skilled nursing unit. A new kitchen and dining facility was added to the space, along with a state-of-the-art nurse call, 14 skilled nursing units and wandering security system. The project was completed in late July. At Friendship Village, Ryan Cos. will complete a series of interior and exterior projects over the course of the next five to six months. On the exterior, Ryan Cos. will rebuild various hardscape areas, including a decorative fountain and a tenant atrium that features a stone labyrinth that is part of the community’s memory care program. The primary interior project will be the renovation of the Briarwood Wing, a phase of the community that features approximately 80 living units. Ryan Cos. will renovate the common areas and tenant spaces and rebuild the existing physical and occupational therapy areas. The project is expected to be completed by early fall.
CHICAGO — J.C. Anderson Inc. has completed a 9,200-square-foot renovation project for the Child and Adolescent Health Associates Ltd. practice at 1030 N. Clark St. in Chicago. The project included the renovation of private doctor offices, exam rooms, waiting areas, a nursing station and laboratory. The project also included the addition of a sick patient waiting room. IA provided the architectural services for the renovation project. CRESA was the project manager for ownership. Child and Adolescent Health Associates was established in 1980 as a private practice in general pediatrics. Affiliated with Children’s Memorial Medical Center and Northwestern Memorial Medical Center, the practice’s physicians provide comprehensive healthcare for children up to 18 years old.
BOARDMAN, OHIO — Marcus & Millichap has arranged the $850,000 sale of DentalWorks, a 2,761-square-foot, net-leased property located in Boardman about 50 miles east of Akron. Brian Parmacek and Stephen Rachman, investment specialists in Marcus & Millichap’s Chicago O’Hare office, marketed the property on behalf of the seller, a private investor. Parmacek and Rachman, also represented the buyer, a limited liability company in the transaction. DentalWorks is located at 930 Boardman Poland Road. This facility is one of 160 locations in 14 states and is now part of DentalOne Partners, one of the nation's largest privately owned dental services companies. Michael Glass, the Ohio broker of record, assisted in closing the transaction.
BROOKLINE, MASS. — The Grossman Cos. Inc., with its partner, the Kara Family, has purchased a 3,000-square-foot retail building in Brookline for $2.3 million. The retail property is located at 429 Harvard St. in the heart of the Coolidge Corner section of Brookline. Cambridge Savings Bank financed the acquisition. Citizen Bank occupies the building, which includes 14 parking spaces. The Grossman Companies has acquired approximately 750,000 square feet of office, retail and industrial property across New England during the last three years.
BOSTON — Cresa Boston has managed the build-out and project management services for Zipcar’s new corporate headquarters in the Fort Point district of south Boston. Zipcar, a vehicle-sharing service that rents cars by the hour, is relocating from a 35,000-square-foot building at 25 First St. in Cambridge, to the 46,000-square-foot, six-story property at 35 Thomson Place. Chris Crooks, Adam Subber and Dan Sullivan of Cresa provided the transaction management services, which included planning, vendor selection, design and construction management. Janet Morra of Margulies Perruzzi Architects led the design team. Wise Construction, led by Tom Healy, provided pre-construction and construction management services. Dan Moody of W.B. Engineers led the engineering services component. Crosspoint Associates Inc. is the property manager of the building.
CORTLAND, N.Y. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $1.4 million loan for the refinancing of a single-tenant building in Cortland, located about 34 miles south of Syracuse. Christopher Marks, associate director, and Kyle Young, associate, in the firm’s Manhattan office, arranged the financing. The 10-year loan includes a fixed-interest rate of 4.25 percent and a 20-year amortization schedule. Kentucky Fried Chicken occupies the building, which is located at 3890 State Route 281.
BETHLEHEM, PA. — Selvaggio & Sons Plumbing and Heating has signed a five-year lease for 14,200 square feet in Bethlehem, located about 60 miles north of Philadelphia. The company, which specializes in plumbing heating, ventilating and air conditioning, plans to use the warehouse space for supplies and a service department. The property is located at 22 S. Commerce. Mike Adams of NAI Summit represented the landlord, 297 Getty Ave Associates LLC, in the transaction.
DALLAS — Steadfast Income REIT has acquired the 400-unit Dawntree apartment community in Dallas for $24 million. The complex was 97 percent occupied at the time of sale. Dawntree offers both one- and two-bedroom apartments, of which 20 percent have been renovated with new appliances and large-slat wood blinds, as well as a swimming pool, tennis court, barbeque and picnic area, clubhouse and fitness center. Steadfast announced this purchase in conjunction with its purchase of Tapestry Park in Birmingham, Ala. for $32.4 million and now boasts 45 properties in 11 states.