OMAHA, NEB. — Lodging Dynamics Hospitality Group LLC has acquired the Staybridge Suites, located at 7825 Davenport St. in Omaha for an undisclosed price. The 106-room hotel opened in 2011 and is located a short distance from many Omaha attractions. Lloyd Farley of Paramount Lodging Advisors represented the buyer in the transaction.
Midwest
SKOKIE, ILL. — Sperry Van Ness Chicago Commercial has completed the sale of Sharp Corner School, which is situated on three acres at 9301 Gross Point Road in Skokie. The 69,300-square-foot property sold for $2.2 million to an undisclosed buyer. Vincent D’Amico and John Hancko of Sperry Van Ness LLC and Louis Fisher of Sperry Van Ness Auctions represented the undisclosed seller in the transaction.
MINNEAPOLIS — Knutson Construction has moved its corporate headquarters to a new space in Minneapolis. The new office is located at 7515 Wayzata Blvd, along I-394. Designed in partnership with Minneapolis-based HDR Architecture, the 25,000-square-foot building features an open floor plan, a 400-square-foot skylight, distinctive conference rooms, a multipurpose room and a 1,300-square-foot outdoor patio. The company formerly leased space at Colonnade Tower.
FRIDLEY, MINN. — Tri-Land Properties Inc. is on track to complete the extensive renovation of the 20-acre Fridley Market in metro Minneapolis by September. The $21 million redevelopment of the 165,000-square-foot center will include significant building, infrastructure, lighting and paving improvements, along with new construction. Tri-Land negotiated new long-term leases with tenants Cub Foods and Fridley Liquor Store, as well as updated their store layouts. Cub Foods downsized its former 104,000-square-foot location to a new 65,000-square-foot store. New tenants at Fridley Market include Great Clips, McDonald's and Teppanyaki Grill.
ARLINGTON HEIGHTS, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $2.4 million loan for the acquisition of Dryden Apartments, a 48-unit multifamily property in Arlington Heights, a suburb of Chicago. Dean Giannakopoulos, a director in MMCC’s Chicago office, arranged the 30-year, self-amortizing loan, which carries a 3.56 percent interest rate.
INDIANAPOLIS — Tikijian Associates has arranged the sale of Orchard Apartments, a 378-unit apartment community located in Indianapolis. Tikijian Associates represented the seller, a New York-based private real estate investment group. The seller acquired the property from its lender in 2011 and completed needed repairs to stabilize property operations before listing it for sale. Herman & Kittle Properties Inc., an Indianapolis-based real estate owner and developer, purchased the property. The new owner renamed the property The Landings at 56th Street and plans to spend approximately $1.5 million on capital improvements to further improve operations. Improvements include clubhouse and property common area amenity enhancements and upgrades of kitchens and bathrooms. Merchants Bank provided the financing for the acquisition.
CHICAGO — Outlook Development, Bucksbaum Retail Properties and Simon Konover Development have sold a Mariano’s Fresh Market grocery store in Chicago for $40.5 million. Clark 1625 LLC, a New York City-based private investor, purchased the newly constructed, 65,568-square-foot store. The property is located at 1615 S. Clark St. in the South Loop submarket of Chicago. Guy Ponticiello, Bruce Westwood-Booth, Brian Shanfeld and Matt Berres led the Jones Lang LaSalle’s capital markets team, which represented the seller, in the transaction. Mariano’s Fresh Market is part of Roundy’s Supermarkets Inc.’s grocery store chain and it operates on a triple-net lease with 20 years of remaining on its lease.
OMAHA — The Opus Group has completed construction of and sold Gavilon’s new world headquarters in Omaha to an affiliate of Lexington Realty Trust, a single-tenant real estate investment trust. The purchase price was undisclosed. The 128,000-square-foot, build-to-suit office building includes a 50,000-square-foot, column-free trading floor featuring 22-foot ceilings, full-height glass walls and an open staircase connecting two levels. Opus Development Co. LLC was the developer, and Opus Design Build LLC served as the design-builder on the project. Open Studio Architecture was designed the project, and Opus AE Group LLC served as the architect and engineer of record.
ST. LOUIS — Michael Hanrahan and Paul Hilton, senior managing directors at Cassidy Turley, have been selected to market the historic 718,660-square-foot Butler Brothers building located at 1717 Olive St. in the Central Business District of St. Louis. A preliminary redevelopment plan for the building includes 342 multifamily units with 397 garage parking spaces and two retail spaces. Plans also feature an additional two-story, 71,277-square-foot penthouse. The property, built in 1906 and designed by Muarhan, Russell & Gasden, is listed in the National Register of Historic Places and is presently approved for state and federal historic tax credits to support redevelopment costs.
TIPP CITY, OHIO — Midwest supermarket chain Meijer has announced plans to build a $100 million dairy production facility in Tipp City, located about 15 miles north of Dayton, Ohio, according to the Dayton Business Journal. The 85,000-square-foot facility will be built in three phases during the next three years, with one phase set to open each year. Meijer plans to hire more than 100 people, who will prepare milk and other dairy products for the chain’s Ohio stores. Meijer is a Grand Rapids, Mich.-based retailer that operates 204 supercenters and grocery stores throughout Michigan, Ohio, Indiana, Illinois and Kentucky.