MOUNT VERNON, ILL. — Pine Tree Commercial Realty LLC has arranged a lease of 52,729 square feet at Times Square Mall in Mount Vernon, Ill. for retailer Hobby Lobby. The new store, which is expected to open in the first quarter of 2014, will be the only Hobby Lobby location for 44 miles, the next closest being in Carbondale. Pine Tree Commercial owns the Times Square Mall development with St. Louis-based The Sansone Group and Elgin, Ill.-based Wanxiang America Real Estate Group. Mount Vernon is in southern Illinois.
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BEVERLY HILLS, MICH. — Bernard Financial Group has secured a $2.2 million loan for the Corners Office Building, a 17,250-square-foot medical office property located in Beverly Hills, a suburb approximately 20 miles northwest of Detroit. Kevin Kovachevich of Bernard Financial originated the loan for the borrower, The Corners Professional Office Building LLC. The lender was Symetra Life Insurance Co.
CHICAGO — Chicago Industrial Real Estate (CIRE) has brokered the sale of a 150,000-square-foot warehouse to Whipple Street LLC. The property, formerly occupied by Westex Inc., is located at 2845 W 48th Place. Whipple Street plans on converting the space from its current single-tenant layout to multi-tenant use. Matt Rogatz of CIRE represented the buyer in the transaction, while Dan Leahy and Chris Gary of NAI Hiffman represented the seller.
ITHACA, N.Y. — Walker & Dunlop Inc. has provided $70 million in bridge financing for Collegetown Terrace Apartments, a newly constructed off-campus student housing property located a half mile from Cornell University in Ithaca. Walker & Dunlop funded the loan through a subsidiary in conjunction with an institutional investor. The student housing community is being built in four phases. Once complete, the property will offer 1,177 beds in more than 800 units. The community will contain approximately 9 percent of Cornell University's off-campus student housing, according to Walker & Dunlop. Brendan Coleman of Walker & Dunlop led the team that structured the two-year interest-only bridge loan. Daniel Monte of Rose Hill Group originated the loan.
HAMBURG, N.Y. — The Cooper Commercial Investment Group has sold three retail outparcels of McKinly Mall in Hamburg for $5.6 million. Hamburg is located about 14 miles south of Buffalo. Tenants of the fully leased outparcels include Olive Garden, Pier 1 Imports, FedEx Office, Aspen Dental, GameStop, Sprint, Beltone and Ichiban Sushi. Olive Garden and Pier 1 Imports are both single-tenant, freestanding buildings. Dan Cooper of Cleveland-based Cooper Commercial represented the seller, Beachwood, Ohio-based BG McKinley II LLC, in the transaction. The buyer was a private investor based in New York.
CLIFTON, N.J. — Cushman & Wakefield has arranged an 11,000-square-foot lease for manufacturing space at 125 Kingsland Ave. in Clifton, N.J. Bonni Heller of Cushman & Wakefield's East Rutherford office represented the tenant, glass manufacturer Pilkington North America Inc., in the long-term lease. The new location is one of nearly 100 Pilkington automotive glass replacement facilities in the U.S. Andrew Somple of NAI James E. Hanson represented the landlord, 1913 Realty Associates.
IRVING — Chambers Street Properties has acquired Carpenter Corporate Center I and II, a two-building office property totaling 226,822 square feet in the Las Colinas master-planned development of Irving, located 10 miles west of Dallas. The buildings, both leased to a subsidiary of a major healthcare company on a long-term lease, offer an on-site café, fitness center and parking for 1,107 vehicles. With the purchase, Chambers Street now holds three office assets in the Dallas/Fort Worth Metroplex.
HOUSTON — Colliers International has arranged the lease of 26,950 square feet in Houston’s Beltway 8 Office Center to Haven Behavioral Services of Houston LLC. The new facility, which will focus on geriatric psychiatric services, is Haven’s second location in Houston and ninth nationwide. The company is headquartered in Nashville, Tenn. Walter Menuet, L. Ace Schlameus, Laura A. Schlameus, Ryan Byrd and Jenny Seckinger of Colliers represented the landlord in the transaction, while David Boyles and Stan Young of Medical Real Estate Inc. represented the tenant.
KAUFMAN — A new Walmart Supercenter will break ground on Aug. 27 at the Kings Fort community in Kaufman, approximately 33 miles southeast of Dallas. The 158,579-square-foot store will be situated on a 19.1-acre tract purchased by Wal-Mart from Kings Fort developer JWS Land Ltd. The Supercenter will be the first part of the Kings Fort project, which will eventually include $250 million in retail, commercial and residential development. Marks Parks and Kent Stainback of Stainback Organization represented Walmart in the transaction. Jim Meara of The Meara Company represented JWS.
DALLAS — SRS Real Estate Partners has arranged a lease for a new location of the casual dining franchise Bon Chon Chicken in a 4,500-square-foot space at Greenville Avenue and Lovers Lane in Dallas. The restaurant, which specializes in Korean-style fried chicken, joins other area tenants including Michael’s, Baker Brothers American Deli and Genghis Grill. Tyler Isbell and Jason Puig of SRS represented Bon Chon Chicken in the transaction, while Sue Hageman and Doug Howell of Westwood Financial represented the landlord.