ST. LOUIS — Marcus & Millichap has brokered the $11.8 million sale of a four-property portfolio of La Quinta Inns. Two of the hotels are located in St. Louis, Mo., one is in Tallahassee, Fla. and one is in Knoxville, Tenn. The St. Louis properties include a 136-room hotel in the Maryland Heights suburb; and a 104-room hotel in proximity to Lambert St. Louis International Airport. Two of the properties will be rebranded into Baymont Inn & Suites hotels and two will take the name Motel 6. Marcus & Millichap represented the seller, a Dallas-based hospitality firm and the undisclosed California-based buyer.
Midwest
LINCOLNWOOD, ILL. — The Missner Group has been selected to renovate a 15,500-square-foot existing building into a new medical office facility for the Illinois Bone & Joint Institute. The property is located at 6540 N. Lincoln Ave. in Lincolnwood, a northern suburb of Chicago. The building was formerly a small auto dealership and showroom. The Missner Group will demolish components of the property, leaving the exterior shell intact. Renovations will include the addition of a new roof, the incorporation of windows along both sides of the building and the construction of an entrance canopy. New mechanical, electrical and plumbing systems will also be added throughout the space. Upon completion, the new building will feature private offices, meeting and conference rooms, medical exam rooms, physical and occupational therapy facilities, X-ray suites and medical storage space. Construction is scheduled for completion in fall 2014. Debb Kosich LLC is the developer and Stephen Rankin & Associates is providing the architectural services for the project. Chicago-based Illinois Bone & Joint Institute specializes in the diagnosis, treatment and management of injuries and diseases of the musculoskeletal system. The orthopedic care center has more than 20 locations. This is The Missner Group’s fourth project for the …
CHICAGO — The Boulder Group has arranged the $1.6 million sale of a retail condo in Chicago. The property is located at 3718 N. Southport Ave. in the Lakeview neighborhood’s Southport Corridor, a popular shopping destination. Tenants at the retail condo include Bank of America and Massage Envy. Bank of America recently exercised its first renewal option and has two years remaining on their lease. Massage Envy has more than eight years remaining on its recently signed lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based developer, in the transaction. A West Coast-based investor purchased the property in an all-cash transaction.
ROSEMONT, ILL. — Morgan / Harbour has completed an office build-out for the Chicago offices of Hanley Wood, a national design and construction media firm. The new offices are within Columbia Centre I at 5600 N. River Road in Rosemont. The media firm is relocating from another location within the O’Hare submarket. The construction featured 8,200 square feet of improvements including new private offices with sidelights, conference rooms and a 3,600-square-foot open work area. The new space also features new energy code-compliant lighting controls. The project was completed in eight weeks. Morgan / Harbour provided construction services for the project. Newman Architects provided architectural services and Cushman & Wakefield represented Hanley Wood in the relocation.
EVERGREEN PARK, ILL. — The Boulder Group has brokered the $11 million sale of a single-tenant, triple-net leased retail property in Evergreen Park, a suburb 15 miles south of Chicago. Walgreens will be the sole occupant of the 14,820-square-foot retail building located at the southeast corner of W. 95th St. and S. Pulaski Road. Walgreens is relocating to this site from its existing building at 3545 W. 95th St. Walgreens opted to move two blocks in order to maximize vehicular traffic and store visibility. The new Walgreens property is set to open in July. The property is fully leased to Walgreens and will have 20 years of primary lease term remaining upon commencement. The lease features rental escalations in the primary term and renewal option periods. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based developer, in the transaction. The buyer was a Massachusetts-based limited partnership in a 1031 tax-deferred exchange.
CARBONDALE, ILL. — A new $3.1 million fire station will open July 1 in Carbondale, a city in southern Illinois. The new Carbondale Fire Station will be a 12,400-square-foot, single-story brick building, which will replace its 50-year-old fire station. The new facility will feature four apparatus bays, seven bunk rooms, a living and kitchen space, a workout room, a training room and office space. In addition, the city of Carbondale’s Emergency Operations Center and Storm Watch Center will relocate from city hall into a new space at the new fire station. The building has been designed to be energy efficient, meet all energy codes and seismic standards. Design features will include a backup generator, capable of powering the entire building; geothermal heating and air-conditioning for the living area; and provisions for the addition of future solar equipment. FGM Architects and general contractor Fager McGee Commercial Construction are a part of the design team for the project.
ST. PAUL, MINN. — Marcus & Millichap has arranged the $666,667 sale of a 17-unit apartment property located in St. Paul. Maryland Avenue Apartments is located at 1952 & 1956 Maryland Ave. East. The property features courtyard-style private entryways to one- and two-bedroom units. The property was 94 percent occupied at the time of sale. Dan Linnell of Marcus & Millichap represented the seller, a partnership, as well as the buyer, a private investor.
ZIONSVILLE, IND. — Lee & Associates has arranged the $470,000 sale of a 4,432-square-foot medical office building in Zionsville, approximately 18 miles northwest of Indianapolis. Indiana Medical Weight Loss LLC purchased the building located at 12050 M. Michigan Road. Keith Claghorn of Sycamore Group represented the buyer. Bob Lindgren of Lee & Associates represented the seller, Forty One Corp. The freestanding medical office building is situated on slightly less than one acre.
ANN ARBOR, MICH. — The Opus Group will begin development on a 13-story student housing complex near the University of Michigan campus in Ann Arbor this month. ArborBLU will include a total of 123 one-, two- and three-bedroom units. The luxury apartment complex will be built directly above family-owned pizzeria Pizza House, which is located at 624 Church St. in the South University district. ArborBLU will feature a fitness studio, study space, a rooftop patio and a clubroom with stadium views. The apartments will also offer in-house tanning, free 24-hour delivery from Pizza House, bike storage and Wi-Fi. The project will be built to meet LEED Silver certification. ArborBLU is scheduled for completion in fall 2015. Opus Development Company LLC is the developer for the project. Opus Design Build LLC is the design builder, J. Bradley Moore & Associates is the design architect and Opus AE Group LLC will serve as the architect.
BERKELEY, ILL. — NAI Hiffman has arranged the lease of 75,200 square feet of industrial space in Berkeley. Diversified Entities LLC will occupy space in a 218,749-square-foot building located at 5600 Proviso Drive. Diversified Entities plans to utilize the space for bulk commodity storage. The building is near I-294 and the Union Pacific Global II intermodal terminal in Northlake. Joe Bronson of NAI Hiffman and Colin Green and Larry Goldwasser of Cushman & Wakefield represented the landlord, Proviso Partners LLC, in the transaction. John Cash, David Haigh and Adam Naparsteck also of NAI Hiffman, represented Diversified Entities.