WICHITA, KAN. — Marcus & Millichap has brokered the sale of Best Western Airport Inn & Conference Center in Wichita for an undisclosed price. The 130-room hotel is located at 6815 W. Kellogg Drive near the Dwight D. Eisenhower National Airport. Steve Swenholt, Allan Miller, Chris Gomes and Greg Bates of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also procured the buyer, a limited liability company.
WEST PLAINS, MO. — Mumford Co. has arranged the sale of a 62-room Ozark Hills Inn in West Plains, located in southern Missouri. The sales price was not disclosed. The property, located at 1605 Imperial Road, features a swimming pool and outside picnic area. George Arvanitis of Mumford Co. represented the seller, a local hotel and commercial real estate owner/developer, and procured the buyer, a Missouri-based hotel owner. The buyer plans to operate the hotel as a Baymont Inn under the Wyndham brand.
CHICAGO — ESD, a global engineering firm, has signed a 46,884-square-foot office lease at Willis Tower in Chicago. The firm plans to move its Chicago operations from 175 W. Jackson Blvd. to the tower in June 2018. ESD will occupy the entire 53rd floor and half of the 54th floor. Blackstone acquired Willis Tower in 2015, and unveiled plans for a $500 million renovation to the building earlier this year in conjunction with Equity Office, the U.S. office portfolio company wholly owned by Blackstone’s real estate funds. Jamey Dix, Maggie Brophy and Joy Jordan of the Telos Group represented Equity Office in the lease transaction. Gregg Witt of CBRE and Steve Stratton and Jeff Liljeberg of JLL represented ESD.
KENDALLVILLE AND ANGOLA, IND. — The Boulder Group has negotiated the sale of two single-tenant properties net leased to Jiffy Lube in Indiana for $2.4 million. The properties are located at 317 W. North St. in Kendallville and 640 N. Wayne St. in Angola. The two locations were recently renovated with additional drive-in bays. There are more than 15 years remaining on both Jiffy Lube leases, which expire in December 2032. A private investment group was the buyer and a global real estate fund was the seller. Randy Blankstein and John Feeney of The Boulder Group represented both parties in the sales transaction.
WHEELING, ILL. — Berkadia has arranged $70.2 million in construction financing for the residential portion of Wheeling Town Center, a mixed-use development in Wheeling. The development will feature 300 luxury rental units. Amenities will include a courtyard with a pool, fire pit, grill stations, dining tables, covered bar with TVs, a putting green and an open lawn area for games and activities. Within the property, there will be a fitness room, yoga and spin class studio, lounge area, private party room with a demonstration kitchen, café, business center, conference room, dog washing station and game room. Paul Matusiak of Berkadia arranged the 40-year loan on behalf of the borrower, Illinois-based WTC Residential Development LLC. Wheeling Town Center is a $100 million development that also features 100,000 square feet of retail space anchored by CMX Theaters. The project is slated for completion in 2019.
FOND DU LAC, WIS. — Associated Bank has provided a combined $17 million in debt and equity for the conversion of two former Catholic schools into 47 apartments in Fond du Lac. Located at 63 East Merrill Ave. and 95 E. Second St., Parish School Apartments will feature 17 three-bedroom units, 28 two-bedroom units and two one-bedroom units. Amenities will include a community room, exercise room and business center. Eleven apartments will be reserved for veterans and/or individuals at risk of long-term homelessness. Completion is slated for March 2018. Commonwealth Development Corp. is the developer of the project, targeted for low-income residents. Associated Bank will purchase the federal low-income housing tax credits and the federal and Wisconsin historic tax credits totaling $9 million through the National Equity Fund. Associated Bank will also provide the $7.4 million construction loan and Associated Community Development will pass through a $600,000 affordable housing program grant via the Federal Home Loan Bank of Chicago.
WOODBRIDGE, ILL. — Newmark Knight Frank has brokered the sale of a 103,241-square-foot office and warehouse property in Woodridge, a suburb of Chicago. The sales price was not disclosed. The Class A property is located at 2501 W. Davey Road. Built in 2000, the building is 65 percent office, 20 percent laboratory and 15 percent warehouse space, with 18-foot clear heights and two dock loading doors. Elevance Renewable Sciences Inc. occupies 75,273 square feet of space at the property. Corey Chase, Jeff Miller, Sean Fulp and Mark Schuessler of NKF represented the private seller in the transaction. The buyer was not disclosed.
ROMEO, MICH. — R & E Automated Systems has signed a 101,297-square-foot industrial lease in Romeo, about 40 miles north of Detroit. The facility is located at 70701 Powell Road. R & E Automated Systems, which works in automation, engineering and prototypes supporting the aerospace and automotive industries, is expanding to support the growth of its corporate headquarters in Macomb Township, Michigan. Jason Capitani and Joseph E. DePonio of L. Mason Capitani CORFAC International represented the landlord, Four Star Realty LLC, in the lease transaction.
CHICAGO — Essex Realty Group Inc. has negotiated the sale of a vacant timber loft building, once home of Playskool Manufacturing Co.’s Lincoln Logs, for $2.2 million. The property is located at 1750 N. Lawndale Ave. in Chicago. The building features three floors of 15,278 square feet each. The attached warehouse includes an additional 23,380 square feet and office space totals 3,500 square feet. Jim Darrow and Jordan Gottlieb of Essex represented the undisclosed seller, while Brian Mond represented the buyer.
ARLINGTON HEIGHTS, ILL. — Natixis has provided $34.7 million in acquisition financing for Northpoint Center in Arlington Heights. The 276,333-square-foot retail center is located at the corner of Rand and Arlington Heights roads. A 68,237-square-foot Jewel-Osco anchors the center. A tenant at the property since 1991, Jewel-Osco recently renewed its lease and renovated the store. An initial $30.2 million loan will be provided, with the remaining $4.5 million earmarked to fund future leasing. Jeff Black of Colliers International arranged the financing for the borrower, an institutional investor.
