CRESTON, IOWA — Condor Hospitality Trust Inc. is under contract to sell its 121-room Super 8 hotel in Creston, about 70 miles southwest of Des Moines, for $5.1 million. The transaction is expected to close in the third quarter. Condor is a REIT based in Maryland that specializes in the investment and ownership of select-service, extended stay and limited-service hotels. The company currently owns 17 hotels in nine states.
BETTENDORF, IOWA — The Boulder Group has arranged the $4.7 million sale of a single-tenant property net leased to Walgreens in Bettendorf near Davenport. The 14,490-square-foot property is located at 830 Middle Road near a Home Depot, Hobby Lobby and Hilton Garden Inn. Walgreens has more than five years remaining on its lease, which expires in December 2023. Randy Blankstein and John Feeney of The Boulder Group represented the buyer, a Midwest-based 1031 exchange investor. A Northeast-based real estate fund was the seller.
BURNSVILLE, MINN. — Marcus & Millichap has brokered the $2.1 million sale of River Ridge Circle in Burnsville, about 15 miles south of Minneapolis. The 23,138-square-foot office property is located at 190 S. River Ridge Circle. Constructed in 1994, the three-story building originally served as the Minnesota River School of Fine Arts. In 2009, the school closed and the property was transitioned into an office building. Marc Paylor and Claire Roberts of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The undisclosed buyer plans to occupy space at the property.
TROY, MICH. — Newmark Knight Frank (NKF) has negotiated the sale of a 22,000-square-foot industrial warehouse in Troy for an undisclosed price. The property is located at 1875 Stephenson Highway. Built in 1965, the warehouse is situated on two acres and features LED lighting, storage and office space. Geoff Hill and Paul Gyarmati represented the seller, National Print and Mail. SourceHub, an online distributor of warehousing and facility equipment, purchased the property and plans to take occupancy in July.
EVANSTON, ILL. — Investcorp has sold its ownership stake in Orrington Plaza, a 20-story office tower in downtown Evanston. The sales price was not disclosed. Golub & Co., which purchased the asset with Investcorp in 2013, will maintain an ownership stake in the building by co-investing with a new institutional capital partner and will continue to operate, manage and lease the property. Located at 1603 Orrington Ave., the property features 309,000 square feet of office space and 30,000 square feet of retail space. Next of Kinship restaurant and café as well as a full-service JP Morgan Chase branch occupy the retail portion. Paul Lundstedt and Dan Deuter of CBRE represented the sellers. The new capital partner is GEM Realty, according to local media reports.
LANSING, MICH. — Harley Ellis Devereaux (HED) has been selected to serve as the executive architect and engineer for a new hospital for McLaren Greater Lansing. The 500,000-square-foot, 240-bed medical center will be built adjacent to Michigan State University on a 39-acre site. The project is expected to move from the design phase into construction by the end of this year with a 2021 opening. McLaren is investing $450 million to consolidate its two current Lansing hospital facilities at the new campus.
CHICAGO — Wintrust Bank has provided a $21 million loan for the acquisition of a five-property industrial portfolio totaling 665,903 square feet in metro Chicago. The portfolio includes: 550-600 North Commons in Aurora; 710-854 Foster Ave. in Bensenville; 1400-1538 Elmhurst Road in Elk Grove Village; 3456 North Ridge Ave. in Arlington Heights; and 8220 North Austin Ave. in Morton Grove. Christopher Carroll and Jason Bond of HFF arranged the financing on behalf of the borrower, Clear Height Properties. The seller was not disclosed.
SIOUX FALLS, S.D. — The Boulder Group has arranged the sale of a single-tenant property net leased to Shopko in Sioux Falls for $11.7 million. The 90,585-square-foot building is located at 1601 W. 41st St. The property is near big box retailers such as Walmart Supercenter, Target, Costco and Menards. There are over 17 years remaining on Shopko’s lease, which expires in December 2035. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Texas-based REIT. A local real estate investor purchased the asset.
WEST CHICAGO, ILL. — Brown Commercial Group has brokered the sale of a 31,440-square-foot industrial building in West Chicago for an undisclosed price. The property, constructed in 2008, is located at 310-330 Charles Court. The buyer, Tag Fitness, plans to occupy a portion of the building while generating rental income from the remainder of the property. The company warehouses and distributes fitness equipment to health clubs and home gyms. Mike Antonelli represented both the buyer and the seller, a private investor.
LAWRENCEBURG, IND. — The Lawrenceburg City Council has approved a planned apartment development by Flaherty & Collins Properties. The $30 million project will feature 150 luxury apartment units near the west end of High Street in downtown Lawrenceburg, which is located about 30 miles west of Cincinnati. The project will include one- and two-bedroom units. Completion is slated for 2021, but a groundbreaking date has not been set. The city is expected to contribute $15 million to the project, according to local newspaper Dearborn County Register, but other financing is not yet in place.