PORTAGE, IND. — Quantum Real Estate Advisors has arranged the sale of a newly constructed, multi-tenant retail building located at 6030-6036 U.S. Highway 6 in Portage. A Chicago-based developer sold the property to a private real estate investor for $3 million. At the time of sale, the 5,934-square-foot property was fully leased to Starbucks Coffee, Domino’s Pizza and Five Guys. Chad Firsel of Quantum Real Estate Advisors represented the seller in the deal.
SOUTH HAVEN, MICH. — NAI Wisinski West Michigan brokered the sale of a 2.5-acre site located at 72133 Phoenix St. in South Haven. Honor Credit Union acquired the site for an undisclosed price and plans to relocate from its current location at 749 Phillips St. to the property. Slated for completion in 2017, the new property will feature drive-thru lanes, a drive-up ATM and a night drop. Dane Davis of NAI Wisinski represented the seller, Locker & Locker Properties, while Doug Clark of The Case Group represented the buyer in the transaction.
SPRINGFIELD, MO. AND SIDNEY, NEB. — Bass Pro Shops has agreed to acquire Cabela’s Inc. (NYSE: CAB) for $5.5 billion, or $65.50 per share of CAB stock. The merger brings together three of the nation’s top outdoor sporting brands: Cabela’s, which specializes in hunting; Bass Pro Shops, which specializes in fishing; and White River Marine Group, a Bass Pro Shops company that specializes in boating. The combined company will own 184 stores in the U.S. and Canada. Cabela’s Board of Directors unanimously approved the acquisition, which is expected to close in the first half of 2017. It was not immediately clear whether the deal would result in any store closures. Bass Pro Shops will also enter into a multi-year partnership agreement with Capital One, National Association, which will originate and service Cabela’s CLUB, the retailer’s co-branded credit card. The customer rewards systems for both retailers should be unaffected by the acquisition. The transaction will be completed through a cash merger and is subject to approval by Cabela’s shareholders, as well as regulatory approvals and other customary closing conditions. The Merchant Banking Division of Goldman Sachs and Pamplona provided partial acquisition financing for the deal. Goldman Sachs has committed $1.8 billion, …
RACINE, WIS. — Graves Hospitality and Hilton have opened DoubleTree by Hilton Racine Harbourwalk, located at 223 Gaslight Circle in Racine. The 121-room hotel recently underwent a one-year, multi-million-dollar renovation to transform the former independently branded hotel into a DoubleTree by Hilton. The hotel features the DoubleTree Sweet Dreams Sleep Experience, free WiFi, Third Coast Wood Fire Pizza & Pub, outdoor tiki bar, indoor pool and whirlpool, and 24-hour fitness and business centers. Additionally, the property offers 4,000 square feet of meeting, event and banquet facilitates. Graves Hospitality owns and manages the hotel.
CHICAGO — Leopardo Cos. has completed the construction of a 265,000-square-foot retail development located at 3030 N. Broadway in Chicago’s Lakeview neighborhood. A 71,000-square-foot Mariano’s Fresh Market anchors the five-story center. Additional tenants include XSport Fitness, Starbucks Coffee and PNC Bank. The center also features two levels of parking with 266 stalls and multiple sustainable features. The development team included Gene Porto, Timothy Barrett and Seymour Taxman and the architect was Antunovich Associates.
ST. PAUL, MINN. — SARA Investment Real Estate has acquired River Park Plaza, an office building located at 10 River Park Plaza in St. Paul, for an undisclosed sum. The eight-story property features 328,947 square feet of office space. At the time of sale, the building was 88 percent occupied by a variety of tenants, including St. Paul Pioneer Press, Comcast and Gillette Children’s Specialty Healthcare. The transaction is SARA’s first acquisition in the St. Paul market. The name of the seller was not released.
LAWRENCE, KAN. — Colliers International has arranged the acquisition of an office building located at 401 Arkansas St. in Lawrence. Kinetikos Bodywork Therapy purchased the 1,691-square-foot office building from George R. Learned Estate for an undisclosed price. Kirsten Flory of Colliers represented the buyer, while Doug Brown of McGrew Commercial represented the seller in the deal.
ALPINE TOWNSHIP AND PORTAGE, MICH. — Midwest Realty Group has arranged two leases totaling 6,049 square feet of retail space in Alpine Township and Portage. In the first deal, Great Lakes Outpost LLC leased 3,862 square feet of retail space at 4147 Alpine Ave. in Alpine Township. This location will be the online retailer’s first brick-and-mortar store. Midwest Realty Group represented the tenant and landlord, Alpine Valley LLC in the transaction. In the second deal, Reverse Mortgage Funding LLC leased 2,187 square feet of office space at 3275 Cooley Court in Portage. Midwest Realty Group represented the tenant and landlord, Cooley Park I LLC, in the transaction.
SCHAUMBURG, ILL. — Architect Goettsch Partners and developer Clayco have opened the new North American headquarters of Swiss-based Zurich Insurance Group. Located in Schaumburg, the 783,800-square-foot office building, a large build-to-suit project, will house nearly 3,000 employees and contractors. Designed with an emphasis on communication, collaboration and wellness, the building recently received LEED Platinum certification. Additional project members include JLL, CannonDesign, WSP/Halvorson and Partners, Hoerr Schaudt Landscape Architects and V3 Cos.
HANOVER PARK, ILL. — Kinzie Builders, a division of Kinzie Real Estate Group, has been retained by developer Aman Living LLC as general contractor for Verandah, a $40 million master-planned community with assisted living and memory care components in Hanover Park. Kinzie is expected to break ground on the age-restricted community ithis fall. Located on Irving Park Road, the community will include for-sale. two-story townhomes and single-level villas and condominiums to buyers age 55 and above. All home options offer independent living units, while the condominium building also includes assisted living studios. On-site community amenities will include a community room, fitness center and theater, community-wide walking paths and lush landscaping. The community is scheduled for completion in 2018, with pre-sales for the townhomes and condominiums beginning next year.
