CLAYTON, MO-Creve Coeur, MO-based Koman Group, through its entity COTP LLC, has purchased the empty 24-story building at 8025 Bonhomme Ave. for a reported $34.3 million. The Clayton on the Park building, a failed seniors housing facility that closed in 2009, will get some capital upgrades and will be repositioned as a luxury apartment property, said Koman officials in a statement.

The building opened in 2000 as a luxury apartment and extended stay hotel residence. However, only 20 tenants bit at a $12.5 million plan by locally based Conrad Properties Corp. and McLean, VA-based Sunrise Senior Living to renovate the property into 206 senior residences. PBE Cos., an affiliate of Providence, RI-based Sovereign Bank, sold the property.

Koman is joined on the project by San Diego-based Wermers Cos. The venture has hired Riverstone Residential Group to manage the new complex, which should open by summer.

Jason Braidwood, managing director at Koman, said in the statement that a decline in home ownership and a lack of new multifamily deliveries makes this an excellent time to invest in apartment property. Clayton is one of the more popular office submarkets in the St. Louis area.

Wells Fargo provided senior debt financing for the purchase. Reid Case Group LLC represented PBE Cos.

CHICAGO-Structured Development has signed leases with Petsmart and Buy Buy Baby to occupy 45,000 square feet at 1415 N. Kingsbury St. on Chicago’s North Side. The 2.3-acre retail center just south of North Avenue and one block west of Halsted Street will also offer an 8,500-square-foot retail space for lease. The development will break ground in early 2012. Structured advanced the development of the site after its partner, Commonfund of Wilton, CT, withdrew from the LLC. Structured paid off the existing PNC loan through a refinancing provided by the Private Bank in the amount of $14 million.

CHICAGO-J.C. Anderson Inc. has recently completed a 19,348-square-foot build-out of new office space for the Civic Committee of the Commercial Club of Chicago within the Chase Tower, at 21 S. Clark St. here. The remodel was to accommodate the club’s relocation from the 31st and 25th floors within the Chase Tower to the 43rd floor. The project included the construction of a new conference room which featured a center divider as well as wood and glass windows. Wood and glass office fronts were also incorporated into the design which used high-end millwork.

McCOOK, IL-MJ Partners Self Storage Group recently arranged the $7.2 million sale of the state-of-the-art self storage facility located at 9001 W. 47th St. here to a real estate fund managed by Morgan Stanley. The property consists of 69,945 square feet of rentable space and 698 storage units, and is approximately 90% occupied. The property features a unique two-story glass atrium entrance with complete drive-through access. The property was professionally managed by Extra Space Storage on behalf of JSM Ventures, and shall be rebranded as Safeguard Storage. “This sale represents the first non-distressed sale of a stabilized Class A self storage property in metropolitan Chicago in over three years,” said Marc Boorstein, principal with MJ Partners, in a statement.

VERNON HILLS, IL-Principle Construction Corp., are pleased to announce that the firm recently completed the construction of a 7,500-square-foot retail store, Five Below, within Fashion Square Mall. Principle was selected by the property owner, Chase Properties, for the build-out. The store location in Vernon Hills is part of a major expansion into the Chicagoland area for the discount retail chain.

CHICAGO- Marcus & Millichap Real Estate Investment Services recently arranged the sale of 1923 W. N. Ave., an 8,448-square-foot retail property in the Wicker Park/Bucktown neighborhood, for $4.3 million. Sean Sharko and Austin Weisenbeck marketed the asset on behalf of the seller. One of the tenants, Piece Brewery & Pizzeria, purchased the property.

RICHFIELD, MN-Cushman & Wakefield/NorthMarq Real Estate Services recently announced that it has secured a 14,000-square-foot lease for Schmitt Music at Southdale Square, 2906 W. 66th St. here. When the music retailer and educator relocates from its current Galleria location to its larger space at Southdale Square, the latter will be 100% leased. Relocation is expected to be complete by early April. Jim Larson represented Principal Real Estate Investors, which owns Southdale Square. Jim Vos with CresaPartners represented Schmitt Music.

ST. PAUL, MN-Brixmor Property Group announced a 26,256-square-foot lease has been signed with Blast Fitness at Sun Ray Shopping Center, located west of Interstate 694/Interstate 494 on the northwest corner of Interstate 94 and McKnight Road. Josh Bloom and Tim Bloom with Bloom Commercial Real Estate LLC represented Blast Fitness. Brixmor is the owner of the center and was represented by Matthew Johnson.

EDINA, MN-Kraus-Anderson Construction Co. has been selected to renovate Southdale Mall here. The 239,378-square-foot renovation will feature a new concourse, food court and entrances, and will also include new elevators, stair cores and general mall finishes. Construction is expected to be completed by December. KA will be operating two shifts in order to complete the renovation in time for next holiday's shopping season.

LENEXA, KS-Technology service provider CoSentry will build a new $31.6 million data center here. The company will purchase 57,517 square feet at 14500 W. 105th St. Colliers International led the real estate search on behalf of the company, which is expected to begin construction next month. The Kansas City Area Development Council, the Kansas Department of Commerce and the Lenexa Chamber and Economic Development Council worked together to bring CoSentry to the Kansas City, MO region.

OVERLAND PARK, KS-Newmark Knight Frank recently arranged the sale of the Southridge Medical Building, a 57,000-square-foot medical office building adjacent to Saint Luke’s South Hospital here. The asset sold for $16.6 million by a private group of doctors associated with Saint Luke’s Health System. The buyer is a private family trust local to the Midwest. Bill White, president of White & Associates CRES, was the broker of record for the transaction.

PRAIRIE VILLAGE, KS-Hunt Midwest Real Estate Development Inc. has announced plans to build an 80-bed assisted living facility for senior living and care at the site of the former Somerset Elementary School at Somerset Drive and Belinder Avenue here. Benton House of Prairie Village is scheduled to open in early 2013. Hunt Midwest will partner on the project with Principal Senior Living Group, which has owned and operated senior facilities in Florida, Georgia and South Carolina. The two companies have also partnered on two other Benton House facilities in the Kansas City, MO area.

ROSCOMMON, MI-Links Capital Advisors Inc., in partnership with Signature Associates, has completed the sale of Forest Dunes Golf and Residential Community here by a private investor. The 18-hole golf course, which opened in 2002, sits on 1,300 acres that includes Forest Dunes Living, a high end residential community. Within Forest Dunes Living, seven homes are for sale with an average price of $2.9 million and 105 lots are finished and ready for sale with an aggregate price of $13.9 million. Phase two allows for the development of at least 200 additional lots. Chris Charnas with Links and Mark Woods with Signature represented the seller in the transaction. The buyer was not represented.

SHELBY TOWNSHIP, MI-Signature Associates has negotiated the sale of a 20-unit condominium building, with additional development area, at the northwest corner of 24 Mile Road and Van Dyke Avenue here. The property includes pad-ready sites for 40 more condo units and 1.45 acres of vacant commercial land fronting Van Dyke. Andrew Boncore and Viktor Gjonaj represented the seller, a court-appointed receiver and 24 Mile Van Dyke LLC. The purchaser is Manchester Van Dyke LLC.

TROTWOOD, OH-The Boulder Group has completed the sale of a single tenant net leased CVS property located at 1001 E. Main St. here for $1.9 million. CVS is the sole occupant, with a 25-year lease, of the 10,722-square-foot retail building that was developed in 1996. The property is at the northeast corner of Main Street and Olive Road. Randy Blankstein and Jimmy Goodman represented the seller, a Texas based investment firm, in the transaction. The buyer was a New York-based 1031 exchange investor. “The market for CVS properties remains active as investors are attracted to investment grade tenanted properties with long term stable income streams” said Blankstein in a statement.