REBusinessOnline - Today's Regional News

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	INLAND AND TMK TO REDEVELOP PURPLE HOTEL SITE LINCOLNWOOD, ILL. — A joint venture between Inland Real Estate Acquisitions and TMK Development has acquired the former Purple Hotel, located at the intersection of Touhy and Lincoln avenues in Lincolnwood, for redevelopment. The hotel, which closed in 2007, will be demolished to make way for a mixed-use development named Legacy Place. Initial plans for the project include 100,000 square feet of restaurant and retail space, 40,000 square feet of office space, a 350-room boutique hotel, more than 200 residential units, a health club and a premium movie theater. Legacy Place will also include a fountain and a monument that will incorporate bricks from the Purple Hotel’s façade. Construction is expected to begin in 2009. H&P BROKERS $14.22 MILLION APARTMENT PORTFOLIO SALE CINCINNATI AND LOVELAND, OHIO — Hendricks & Partners (H&P) has brokered the sale of two Ohio multifamily properties for $14.22 million. Beechwood Villas, a 184-unit property located at 4706 Beechwood Rd. in Cincinnati, was sold for $10.1 million. MacArthur Park is an 85-unit property located at 660 Park Ave. in Loveland that sold for $4.12 million. Both of the properties provide Section 8 housing through HUD. Eric Taylor and Mark Rohr of H&P’s Detroit office represented the seller, Loveland-based Matrix Capital Partners. The properties were acquired by Knoxville, Tenn.-based Lawler-Wood Housing at a capitalization rate of 7.33 percent. The buyer plans to undertake a significant rehabilitation of the properties equating to more than $10,000 per unit. MERIDIAN DESIGN BUILD SELECTED FOR INDUSTRIAL BUILD-TO-SUIT BARTLETT, ILL. — Meridian Design Build has been selected to serve as design build general contractor for the construction of a 103,585-square-foot build-to-suit project for Auto Truck Group. The new facility will be situated on a 16.26-acre site within Brewster Creek Business Park in Bartlett, and will provide the company with office, showroom and manufacturing space. It will include 12,600 square feet of office space, as well as a 5,700-square-foot vehicle showroom. Meridian will also coordinate improvements within the shop space to accommodate welding stations, interior overhead cranes and paint booths. Auto Truck Group will relocate from its existing facility located on Ellis Avenue in Bensenville, Ill. Construction is scheduled to begin in late spring, with completion in the fourth quarter. Ware Malcomb is serving as the project architect.