FOSSTON, MINN. — Minneapolis-based Kraus-Anderson Construction Co. has completed the 17-month, $4.6 million renovation of the Essentia Health facility, located at 900 Hilligoss Blvd. SE in in Fosston. The project included the construction of a new main building entry, lab relocation and expansion and a new surgery suite addition. It also includes a new registration and waiting area for the combined clinic and hospital. The project architect is St. Paul-based Pope Associates.
TINLEY PARK, ILL. — The Boulder Group has completed the $3.3 million sale of a 13,905-square-foot, net-leased Walgreens, located at 16675 S. Oak Park Ave. in Tinley Park. Walgreens has eight years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago trust, in the transaction. The buyer was a California-based 1031 exchange investor.
CARLISLE, PA. — Giant Food Stores has agreed to buy 16 Genuardi's Family Markets stores in the greater Philadelphia area from Safeway Inc. for $106 million. The outlets will be converted into Giant Food Stores after the transaction is completed. The sale is expected to close in the first half of 2012. Carlisle-based Giant Food Stores has more than 180 outlets and operates in states including Pennsylvania, Maryland and Virginia.
NEW YORK CITY — Vornado Realty Trust has completed a $330 million refinancing of Eleven Penn Plaza, a 1.1 million-square-foot office building in Manhattan. The company realized net proceeds of about $126 million after repaying the existing loan on the property and closing costs. The loan bears an interest rate of LIBOR (which today is 2.64 percent), plus 2.35 percent. The seven-year loan has a 30-year amortization schedule that begins in the fourth year.
MIDDLETOWN, CONN. — Baker Middletown LLC has purchased Town Place Apartments, a 166-unit complex in the West Lake district of Middletown, for $18.6 million. The community consists of of seven two-, three- and four-story buildings. Steve Witten and Victor Nolletti of the New Haven office of Institutional Property Advisors (IPA) represented the seller, CAPREIT Town Place LP. IPA also represented the buyer.
NEW YORK CITY — Meridian Capital Group has arranged $28 million in financing for a 12-story office building in Queens, on behalf of Pi Capital Partners LLC. An undisclosed local bank provided the five-year loan, which carries a 3.75 percent rate. Cary Pollack of Meridian's New York office negotiated the transaction. The 60,000-square-foot building includes 8,600 square feet of ground-floor retail space.
JERSEY CITY, N.J. — Time Equities Inc. has purchased a 9,134-square-foot retail condominium, located at 389 Washington St. in Jersey City, for $2.8 million. The property is on the ground floor of the Luxury A Condominiums, a 33-story residential building. Jeff Fishman, Barry Fishbach, Brian Segall and Jonathan Butwin of RFK's New York office represented the project's developer, GTIS Partners. Time Equities was represented in-house by Chris Pulling and Hy Schermer.
DALLAS — CyrusOne has plans to reposition a 700,000-square-foot property that it owns on a 30-acre parcel of land in the suburb north of Dallas to become the largest data center facility in Texas. CyrusOne plans to construct the facility to provide 400,000 square feet of raised floor data center space and 60,000 square feet of office space. The new facility will be constructed to achieve LEED Platinum certification.
MAGNOLIA — Marcus & Millichap has arranged the $1.7 million sale of the 13,013-square-foot Magnolia Plaza, a retail center located at 18602 FM 1488 in Magnolia. James Bell of Marcus & Millichap's Houston office represented the seller, a private investor, in the transaction.
SAN MARCOS — NAI REOC Austin has brokered the sale of a 64,733-square-foot industrial property, located at 1000 Civic Center Loop in San Marcos. Jerry Heare of NAI REOC Austin, along with Garrett Gibson of Houston-based Gibson & Granello, represented the buyer, Houston-based DCV Development, in the transaction. The seller was SH Leggitt Co.
