St. Louis

[IMGCAP(1)] Presbyterian Manors of Mid-America Inc. has secured $179 million in financing for its Aberdeen Heights project. The senior living community is being built on the site of the former SSM St. Joseph Hospital in Kirkwood, MO. Demolition will begin soon on the 18-acre campus.

One City Center and the Arcade Building both sold to Environmental Operations Inc. through public auction. Built in 1986, One City Centre sold for $12.7 million, while the Arcade Building at 810 Olive St. sold for $9 million. Both properties were recently owned by Pyramid Cos. and were foreclosed on by lender Bank of America in 2009. Redevelopment plans are now being made for both properties.

Chicago

[IMGCAP(2)] AkzoNobel renewed its lease for 90,138 square feet at Congress Center, 525 W. Van Buren St. The renewal guarantees the company its space in the 16-story, class A office building through 2019. Mark Parrish and Sara Spicklemire of Grubb & Ellis Co. represented property manager Grubb & Ellis Realty Investors. Jones Lang LaSalle's Rob Schmidt, A.J. Magner and A.J. Whitehead represented AkzoNobel.

Regus, a workplace solutions company, has taken 29,517 square feet at 22 W. Washington in the Block 37 development project. Lease terms were not disclosed. MB Real Estate's Daniel Nikitas represented Regus. Peter Merrion with Golub & Co. represented the building owner.

The University of Chicago Medical Center has renewed its 44,000-square-foot lease at 7955 S. Cass Ave. in Darien, IL. The medical center also leased 18,000 square feet at 8201 S. Cass Ave. Jason Streepy of Grubb & Ellis represented the owner of the buildings, Triple Net Properties. Jay Beadle and Andrew Davidson with MB Real Estate negotiated on behalf of UCMC.

Minneapolis/St.Paul

The City of Oakdale has purchased the vacant Oakdale Mall for $7 million. The city plans to redevelop the 180,000-square-foot shopping center into a mixed-use facility. Ryan Cos. US Inc. and Wellington Management Inc. will be the master developers at the site. Current plans for the 18-acre site have not been made public yet.

Indianapolis

Electronics retailer hhgregg has plans to open 45 new locations through the country by the first half of 2011. It is targeting several new markets including Pennsylvania, New Jersey, Delaware and Maryland. This expansion will increase its footprint from 127 stores to more than 170 stores.

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Presbyterian Manors Secures $179M for Development

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