BETTENDORF, IOWA — Isle of Capri Casinos Inc. has opened the $60 million land-based Isle Casino Hotel Bettendorf, which is located seven miles northeast of Davenport. The casino, which relocated 223 feet from a riverboat gaming facility, features roughly 1,000 slot machines, 19 table games, a bar and two restaurants, Farmer’s Pick Buffet and Keller’s Express. An additional restaurant, Keller’s American Grill, will open later this year. The new 35,000-square-foot casino is accompanied by over 500 hotel rooms and more than 40,000 square feet of convention space. Kraus-Anderson Construction was the general contractor, and Hnedak Bobo Group Inc. was the architect of record.
CHARLOTTE, N.C. — Charlotte-based Grandbridge Real Estate Capital has arranged $41.1 million in loans for five properties in Minnesota. The transactions include: A $1.8 million refinancing loan for a 25,000-square-foot office property in Minneapolis, which includes a 15-year term and 15-year amortization schedule. A $3 million loan used to refinance a 39,466-square-foot retail property in Lake Elmo that features a five-year term and 20-year amortization schedule. A $30 million, 15-year loan to refinance a 191-unit multifamily property in Eden Prairie. A $4.8 million refinancing loan for a 68,554-square-foot office property in Eagan. The loan consists of a 10-year term and 25-year amortization schedule. A $1.5 million loan for the acquisition of a 30,147-square-foot industrial property in Apple Valley. The financing features a 10-year term and 25-year amortization schedule.
INDIANAPOLIS — Drury Hotels Co. has opened the Drury Plaza Hotel Indianapolis Carmel. The hotel features 303 guest rooms and over 7,000 square feet of event space. Amenities include Wi-Fi, a complimentary breakfast, business center, fitness center and an indoor/outdoor pool with hot tub. The Drury Plaza offers king, queen and two-room suites. Missouri-based Drury Hotels Co. owns and operates over 130 hotels in 21 states.
ST. LOUIS — Biomedical Systems has opened a new technology and research center in St. Louis near its global headquarters. Biomedical Systems is a 40-year-old clinical trial provider to pharmaceutical, medical device, biotech and contract research organizations. The 12,000-square-foot facility houses over 70 software developers, data technicians and business analysts. The center was designed to foster innovation and integration of new technology to improve efficiencies.
CINCINNATI — CBRE Group Inc. has arranged an office lease renewal and expansion for Blue & Co., an independent accounting and advisory firm. The company, which will continue to occupy space on the first floor of the Sawyer Point Building, signed a lease for 5,359 additional square feet on the second floor, doubling its space. The Sawyer Point Building is a four-story, 185,000-square-foot office building located at 720 E. Pete Rose Way. Chuck Male of CBRE represented the tenant in the transaction. John Eckert and Travis Likes of CBRE represented the landlord.
The office market in Chesterfield, a suburb of St. Louis, has undergone tremendous growth in the past two years. In particular, the I-64/Highway 40 corridor within the West St. Louis County submarket has experienced a flurry of activity highlighted by the construction of several corporate headquarters as well as expansions. The corridor, which stretches from Clayton to Chesterfield, boasts a highly visible central location, proximity to high-end housing that appeals to corporate executives, newer buildings that bode well for future resale or leasing, and convenient interstate access. With a Class A vacancy rate of only 7.6 percent, the West St. Louis County submarket is experiencing a shortage of available blocks of office space of 50,000 square feet or more. Corporations desiring to locate along the prestigious corridor are relocating from older Class B space to existing or build-to-suit Class A properties. In fact, new construction during the last two years added 774,000 square feet of office space to this submarket, of which all but 50,000 square feet was already committed upon delivery. Less than 50,000 square feet was considered speculative. Magnet for headquarters RaboAgrifinance will relocate its corporate headquarters from Creve Coeur Pointe to the new Delmar Gardens III at …
WOODRIDGE, ILL. — Cohen Financial has arranged a $25 million bridge loan for the acquisition and renovation of a 304-unit apartment property in Woodridge, approximately 30 miles southwest of Chicago. Timber Creek Apartments, located at 3421 Foxboro Drive, is a Class B complex that was built in 1974. The property was 88 percent occupied at the time of sale. The borrower, SSIL Woodridge LLC, plans to renovate Timber Creek Apartments by upgrading unit interiors, roofs, the clubhouse and exterior amenities. Michael Hart and Don Trossman of Cohen Financial arranged the non-recourse financing with The Private Bank.
SPRINGFIELD, MO. — John Q. Hammons Hotels & Resorts (JQH) has filed for Chapter 11 bankruptcy. Springfield-based JQH is an owner and manager of hotels throughout the United States featuring brands such as Marriot, Hilton, Embassy Suites, IHG and more. The company is financially sound, but is filing for bankruptcy to restructure the organization and “navigate a litigious environment,” says Jacquie Dowdy, CEO of JQH. According to the Wall Street Journal, the legal battle is a result of a 2005 buyout in which John Hammons sold a portfolio of 43 hotels of hotels to Jonathan Eilian. Under terms of the contract, Hammons received equity interest in the acquiring company, and Eilian received right of first refusal for the sale of the JQH’s remaining 35 hotels. Eilian later sued JQH, claiming the company has made no move to sell those remaining properties. JQH’s Gregg Groves is providing in-house legal counsel in connection with the Chapter 11 filing, and Stinson Leonard Street LLP is providing outside counsel for the restructuring. JQH currently maintains a portfolio of 35 hotels that include 8,500 rooms scattered throughout 16 states.
COLUMBIA, MO. — California-based investment firm TwinRock Partners has acquired Log Hill Run Apartments, a 328-bed student housing community located less than four miles from the University of Missouri campus in Columbia, for $14.7 million. The community, developed in 2005, offers amenities including attached garages, a resort-style swimming pool and a sand volleyball court. Units include private patios and balconies and full-size washers and dryers. Scott Harris and Patrick Stang of Marcus & Millichap represented the seller, an undisclosed local owner and developer, in the sale of the property.
DAYTON, OHIO — Industrial Realty Group has purchased a 224,400-square-foot industrial building in Dayton for an undisclosed price. The facility is located on 15.4 acres at 678 Yellow Spring Fairfield Road. Industrial Realty Group will manage the property and oversee the lease of the remaining space in the multi-tenant building. Doug Whitten and Matthew Arnovitz of CBRE represented the seller, Transcontinental Ohio Inc. in the transaction.