DAYTON, OHIO — The 399-room Marriott at the University of Dayton will undergo a $21 million renovation in May. The hotel will remain open and operational during the nine-month project. The renovation of guest rooms, meeting spaces, lounge areas and a restaurant is slated for completion in early 2017. Thomas Hamilton Associates will serve as the architect for the project. Concord Hospitality Enterprises Co., which manages the hotel, will oversee the renovation. The University of Dayton and Concord Hospitality purchased the hotel, located at 1414 S. Patterson Blvd., in 2014. The property was constructed in 1982 and sits on 9.8 acres. The hotel was last renovated in 2008. The Marriott at the University of Dayton includes 13,600 square feet of meeting space, a full-service restaurant and bar, a fitness center and pool.
OAK BROOK, ILL. — Mid-America Real Estate Corp. has brokered the sale of a 103,836-square-foot retail property in Oak Brook, approximately 20 miles west of Chicago, for $19.9 million. Oak Brook Court is located at the intersection of Kingery Highway and 16th Street. Binny’s Beverage Depot, Office Max and The Great Escape anchor the shopping center. Rick Drogosz and Ben Wineman of Mid-America were the sole brokers in the transaction and represented the seller, an institutional advisor.
OAK PARK, MICH. — Bernard Financial Group has arranged a $12.8 million refinancing loan for a mid-rise apartment tower in Oak Park, approximately 15 miles northwest of Detroit. Lincoln Towers Apartments, built in 1974, includes 480 units and is located at 15075 Lincoln St. Lincoln Towers Apartments LP was the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan through a CMBS lender.
TOLEDO, OHIO — Reichle Klein Group has brokered the $6.3 million sale of a 201-unit apartment property in Toledo. Beacon Place, located at 426 Beacon St., is comprised of 26 buildings situated on 16.5 acres. 401 E. Woodruff LLC sold the property to an undisclosed California-based investor. Tony Plath and Harlan Reichle of Reichle Klein Group represented the seller in the transaction.
FRANKLIN, IND. — RESOURCE Commercial Real Estate has arranged the sale of a 48-unit multifamily community in Franklin, approximately 25 miles south of Indianapolis, for an undisclosed price. Parkside Apartments was built in 1962 and offers a mix of one- and two-bedroom units with an average size of 733 square feet. Parkside Properties LLC sold the complex to Parkside Franklin Apartments LLC. Michael Wernke of RESOURCE Commercial Real Estate brokered the transaction.
CHICAGO — A joint venture between Westmount Realty Capital LLC and Partners Group has acquired an industrial portfolio in the greater Chicago area for an undisclosed amount. The portfolio consists of 19 multi-tenant, light industrial facilities totaling approximately 1.5 million square feet. The portfolio is 86 percent occupied. The seller in the transaction was a large, institutional owner of industrial real estate. Within the portfolio, 14 properties are located near Chicago’s O’Hare International Airport. The other five assets are located in Romeoville, Gurnee and Wheeling. Westmount will provide property management services, and Cawley Chicago will provide the leasing services.
LANSING, MICH. — Chick-fil-A will break ground next week on a freestanding store in Lansing, kicking off the restaurant chain’s expansion across the state. Chick-fil-A will open 15 to 20 new stores within the next five years. The first building, to be located at 5617 W. Saginaw Highway in Lansing, is slated for completion this fall. The 4,971-square-foot restaurant will feature seating for 132 people with additional patio seating. The building will also include two drive-thru lanes. The second store is expected to open at Troy’s Somerset Collection by the end of the year. The remainder of the stores in the expansion will open at a rate of approximately three to four stores per year, and the franchise is considering additional locations in Kalamazoo, metro Detroit and Grand Rapids. Chick-fil-A currently operates two stores in the state of Michigan, one at Detroit Metropolitan Airport and one on the Oakland University campus in Rochester.
MADISON, WIS. — Siegel-Gallagher has arranged the sale of a 217,814-square-foot office property in Madison for an undisclosed price. Arthur Goldner & Associates purchased High Point Office Park from Vanta Commercial Properties LLC. Patrick Gallagher and Max Schultz of Siegel-Gallagher brokered the transaction. According to Loopnet, High Point Office Park is an 83 percent occupied, Class B property that was listed for $16 million.
O’FALLON, MO. — Baceline Investments LLC has acquired a 36,455-square-foot neighborhood retail center in O’Fallon, a west suburb of St. Louis, for $3.3 million. The Four Seasons Shopping Center, located at 2421-2509 Highway K, was 100 percent leased at the time of sale. The property was built in 1996 and renovated in 2012. The seller in the transaction was undisclosed.
WEST CHICAGO, ILL. — Owen Wagner & Co. has sold a 19,400-square-foot industrial property in West Chicago. Contract Flooring Service of Glendale Heights purchased the suburban property, located at 1185 Atlanta Drive about 35 miles west of Chicago, for an undisclosed price. Contract Flooring Service plans to use the freestanding building as the site of its new headquarters. Andrea Hauger of Owen Wagener & Co. represented the company in the disposition.