ITASCA, ILL. — Mortenson Construction is relocating its headquarters to larger office space at 300 Park Blvd. in Itasca from its current location in Elk Grove Village. The company will consolidate its operations into a single space designed for continued growth at the new location. Approximately 50 executives and project support team members will occupy the new office space full time.
LEE’S SUMMIT, MO. — Parrot Properties, in partnership with Block & Co., has received approval for its $225 million Village at View High development in Lee’s Summit from the city’s planning commission. The mixed-use project will feature multifamily space, 250,000 square feet of retail space and more than 100,000 square feet of office and medical space, as well as a proposed senior living facility. To be developed in three phrases, the project will feature 23 acres of land for 300 luxury apartments, 13 acres for a gated-community of senior living villas, townhomes and apartments, and 35 acres for retail, restaurant and office development. The project team includes Engineering Solutions, TransSystems, Hirst and Associates Architects, Bushyhead, and Humphrey, Farrington & McClain PC.
INDIANAPOLIS — Colliers International has brokered the sale of Waterfront Office Park, an office park located at 2611-2780 Waterfront Parkway E. Drive in Indianapolis. New Boston Fund sold the four-building, 201,276-square-foot park for an undisclosed price. Alex Cantu, Rich Forslund and Matt Langfeldt of Colliers Indianapolis | Capital Markets represented the seller in the deal. The name of the buyer was not released.
KENOSHA, WIS., AND WARSAW, IND. — STREAM Capital Partners has arranged the sale-leaseback of a three-building portfolio of more than 151,000 square feet of industrial space in Kenosha and Warsaw. The properties are located at 3724 N. State Road and 486E 350N in Warsaw and 5307 95th Ave. in Kenosha. Tecomet sold the portfolio to an undisclosed REIT for $8 million. The seller then leased back three of properties as a long-term triple-net lease with periodic rent increases and multiple options for renewal from the new owner. Jonathan Wolfe and Jordan Shtulman of STREAM represented the seller in the transaction.
Quantum Real Estate Advisors Negotiates $3M Sale of Multi-Tenant Retail Property in Portage, Indiana
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.