SHAKOPEE, MINN. — NorthMarq Capital's Minneapolis office has arranged $3.75 million in first mortgage financing for Dean Lakes Medical Office Building, a 20,000-square-foot building located at 4201 Dean Lakes Blvd. in Shakopee, Minn. Financing was based on a five-year term and a 25-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with Bremer Bank-Minnesota.
EDEN PRAIRIE, MINN. —CIGNA Behavioral Health Inc., a global health service company, has signed a long-term lease to renew its 117,058-square-foot office space and expand into a total of 211,105 square feet at One Southwest Crossing in Eden Prairie, Minn. Brandon Megal and Bob Zwengler of CBRE represented CIGNA in the transaction. Kevin O' Neill and Mike Gelfman of Colliers International | Minneapolis-St. Paul represented the landlord.
GLASSBORO, N.J. —Construction is complete on the first two phases of Whitney Crescent, an 80-unit apartment community on Higgins Avenue in Glassboro, N.J. The developer, Community Investment Strategies, demolished nine buildings to redevelop the 9.5-acre site, and relocated tenants before building the community. The $22 million project includes four new three-story buildings. Another 20 units are slated for completion this fall.
WARWICK, R.I. — Webster Bank recently provided $10 million in construction financing for the new $13.6 million Ambulatory Surgery and Medical Office Center at Kent Hospital in Warwick, R.I. Construction of the 62,454-square-foot medical office building began in May, and the facility is slated to open in summer 2012. The Washington D.C. office of Trammell Crow Co. is developing the building for Seavest Inc. The architect is Boston-based Steffian Bradley Architects, and Providence, R.I.-based Dimeo Construction Co. is the general contractor.
NEW JERSEY — G.S. Wilcox & Co. has arranged a $17 million mortgage loan for a warehouse, office, distribution and training facility located at Exit 8A on the New Jersey Turnpike. The borrower constructed the 352,812-square-foot property for the tenant, an automotive company. The 10-year loan was arranged through Great West Life, a correspondent lender of G.S. Wilcox.
RICHARDSON — The Institutional Property Advisors (IPA) group of Marcus & Millichap has brokered the sale of the 285-unit The Venue, a 283,577-square-foot multifamily development located in the Telecom Corridor at 2301 Performance Dr. in Richardson. The development also includes 6,000 square feet of retail space. Will Balthrope and Lindsay Allen of Marcus & Millichap's Dallas office represented the sellers, Foster City, Calif.-based Legacy Partners Residential Development and Boston-based The General Investment & Development Companies in the transaction. The buyer was Chicago-based Amli Residential.
MARSHALL — Deerfield Beach, Fla.-based SIKON Construction has commenced construction on the $13 million, 500-bed Wiley Hall Student Housing Facility, located at Wiley College in Marshall, on behalf of Student Suites of Independence. The three-story facility was designed by Dallas-based Randall Scott Architects and is slated for occupancy in the fall of 2012.
PEARLAND — Houston-based Kelsey-Seybold has been chosen to build a 170,000-square-foot office building on an 18-acre site on the corner of Kirby Drive and Shadow Creek Parkway in Shadow Creek Ranch, a submarket of Pearland. The healthcare organization worked with the Pearland Economic Development Corp. for the building's development. The four-story building is being designed by Houston-based Powers Brown Architecture and will be constructed by E.E. Reed Construction. The new facility will serve as Kelsey-Seybold's administrative offices and is slated for completion in 18 months.
DENTON — The University of North Texas has acquired the 117,000-square-foot Woodhill Square, a multi-building office complex located at the intersection of Dallas Drive and Teasley Lane in Denton. The school will occupy approximately 30,000 square feet, and eventually the school will occupy the complex in phases. Teri Dorazil of CBRE's Dallas office represented the buyer in the transaction. The undisclosed seller was self-represented.
BASTROP — Plano-based Rent-A-Center has opened a 6,000-square-foot showroom, located at 67 Loop 150 W. in Bastrop. The new store marks the business' 281st location in Texas. San Antonio-based GLM Construction built the store, which was designed by Dallas-based Dimension Group.