Midwest

WALGREENS COMPLETES SALE-LEASEBACK OF HEADQUARTERS

by admin October 9, 2013

DEERFIELD, ILL. — Walgreen Co. has completed the sale-leaseback of six office buildings in its headquarters complex in Deerfield, a northern suburb of Chicago. Escondido, Calif.-based Realty Income Corp. purchased the property. Jones Lang LaSalle, which marketed the property, previously said the drugstore giant intended to sell the campus for approximately $85 million. The complex spans 574,605 square feet on 38 acres. Guy Ponticiello and Bruce Westwood-Booth, both managing directors, and Brian Shanfeld, senior vice president, led the Jones Lang LaSalle team in the transaction.

October 9, 2013

HYATT PLACE HOTEL OPENS IN DOWNTOWN MINNEAPOLIS

by admin October 9, 2013

MINNEAPOLIS — Hyatt Hotels Corp. has opened Hyatt Place Minneapolis Downtown, which has just completed a rebranding and renovation. Connected to Minneapolis’ climate-controlled skyway, the 213-room hotel is located minutes away from the historic Hennepin Theater District and shopping, restaurants and nightlife. The hotel includes 1,800 square feet of high-tech meeting and function space and a coffee-to-cocktails bar. Each guestroom features a 42-inch HDTV and a sectional sofa sleeper.

October 9, 2013

Midwest Office

M&M ARRANGES $5.9M SALE OF 18,965 SF PROPERTY IN CHICAGO

by admin October 9, 2013

CHICAGO — Marcus & Millichap has arranged the sale of DaVita Dialysis Building, a 18,965-square-foot property in Chicago, for $5.9 million. Austin Weisenbeck and Sean Sharko, investment specialists in Marcus & Millichap’s Oak Brook office, marketed the property on behalf of the seller, a private investor. David Weinberg, an investment specialist in Marcus & Millichap’s Detroit office, represented the buyer, a Michigan-based investor. The newly constructed building is located at 4253 S. Cottage Grove Ave. at the intersection of South Cottage Grove Avenue and 43rd Street. The property is a build-to-suit, flagship facility for DaVita Dialysis, which occupies 89 percent of the building. At the end of 2012, DaVita operated or provided services at 1,954 outpatient centers in the United States.

October 9, 2013

Midwest Retail

PHILLIPS EDISON BUYS ITS FIRST SHOPPING CENTER IN IOWA

by admin October 9, 2013

CARROLL, IOWA — Phillips Edison–ARC Shopping Center REIT Inc. has acquired its first shopping center in Iowa for $3.8 million. CitiCentre Plaza is a 63,518-square-foot shopping center in Carroll, located approximately 90 miles northwest of Des Moines. Hy-Vee grocery store occupies 45,613 square feet, anchoring the center. CitiCentre Plaza is 87.7 percent leased to six tenants. Davis-HV LLC sold the property to Phillips Edison.

October 9, 2013

Midwest Office

115,000 SF FLEX BUILDING IN ARLINGTON HEIGHTS SELLS FOR $2.7M

by admin October 8, 2013

ARLINGTON HEIGHTS, ILL. — Weber Atrium Centre LLC has sold an 115,000-square-foot flex building in Arlington Heights, about 30 miles northwest of Chicago, for $2.7 million. RMS Properties purchased the property, which is located at 715-723 Algonquin Road. The building, which fronts Interstate 90, is approximately 80 percent office. Tenants at the property include the State of Illinois and AVI Systems Inc., which signed a lease for 23,000 square feet earlier this year. Ed Lowenbaum and Jason Talanian with Chicago-based Lowenbaum REP represented Weber Atrium Centre LLC in the transaction. Kelly Joyce and Jason Simon of Colliers International represented RMS Properties.

October 8, 2013

Industrial Midwest

DICKMAN CO. ARRANGES SALE OF 55,000 SF INDUSTRIAL BUILDING

by admin October 8, 2013

MILWAUKEE — The Dickman Co. Inc./CORFAC International has arranged the sale of a 55,000-square-foot industrial building in Milwaukee. Theodore F. Dragotta purchased the building from The Robert A. Paneitz Revocable Living Trust. The property is located at 900 N. 46th St. Anthony Huenerbein of Dickman/CORFAC was the broker involved in the transaction.

October 8, 2013

Hospitality Midwest

HREC ARRANGES SALE OF 101-ROOM COUNTRY INN & SUITES

by admin October 8, 2013

ROSELLE, ILL. — HREC Investment Advisors has arranged the sale of the 101-guestroom Country Inn & Suites in Roselle, located about 30 miles west of Chicago. Scott Stephens, COO and senior principal, and Scott Kaniewski, senior vice president at HREC Investment Advisors, represented the seller, a private equity firm, in the transaction. The Country Inn & Suites is located two miles from the Schaumburg Regional Airport and roughly 13 miles from O’Hare International Airport. The hotel also includes 22,000 square feet of meeting space.

October 8, 2013

Midwest Retail

SAM’S WHOLESALE CLUB COMING TO SUBURBAN OMAHA

by admin October 8, 2013

PAPILLION, NEB. — The Lerner Co. and RED Development have begun construction on a new Sam’s Club in Papillion, a southern suburb of Omaha. Sam’s Club will open at Settler’s Creek Shopping Center, located at 72nd Street and Cornhusker Road. The new location, scheduled to open in the fall of 2014, will feature a pharmacy, optical department, fuel station and photo center to serve members in the community. Sam’s Club will join Walgreens and Hobby Lobby, which have previously opened at Settler’s Creek. When completed, the Settler’s Creek Shopping Center development will total 250,000 square feet.

October 8, 2013

Midwest Multifamily

$250M THE METROPOLITAN AT THE 9 UNDERWAY IN CLEVELAND

by admin October 7, 2013

CLEVELAND — Developer Geis Cos. and Sandvick Architects Inc. have teamed up to transform the former AmeriTrust tower and Cleveland Trust Rotunda into The Metropolitan at The 9. The $250 million hotel will be located at the intersection of East 9th Street and Euclid Avenue in downtown Cleveland. When it opens in the fall of 2014, the hotel will include 156 rooms and suites, featuring 16 custom-designed sky suites with large windows that provide panoramic views of downtown Cleveland. The project will also feature 12,000 square feet of meeting space, a Heinen’s grocery store, indoor dog park, spa and fitness center. Additional amenities include the Adega restaurant, offering Mediterranean cuisine and downtown Cleveland’s largest outdoor dining area, along with Azure Sky, which will offer the downtown’s largest rooftop bar. Geis Cos. and Sandvick Architects plan to preserve the site’s architectural features, while combining that with modern technology and design. The hotel will be affiliated with Marriott International’s Autograph Collection of more than 50 independent hotels. Geis-owned GLSD Architects is designing the project.

October 7, 2013

Midwest

ORIGIN CAPITAL PARTNERS LAUNCHES $100M INVESTMENT FUND

by admin October 7, 2013

CHICAGO — Origin Capital Partners, a real estate private equity firm based in Chicago, has launched Origin Capital Fund II LLC (Fund II), a $100 million investment fund. Fund II will invest in value-add medical office, multifamily, office, industrial and retail properties throughout the country. The launch of Fund II follows the closing of The Origin Capital Opportunity Fund (Fund I), which raised and has allocated almost $26 million in equity. The Fund I portfolio —11 properties in five states— totals approximately $163 million in assets. Fund II will include at least 10 assets, with no single asset accounting for more than 10 percent of the fund’s equity. Fund II has been seeded with four investment properties, including: Lux24, a 67-unit multifamily development in Chicago; Naper Place, a mixed-use development in Naperville; Kingwood, a 90,000-square-foot medical office in Houston; and Arium North Point, a 236-unit multifamily development in Atlanta.

October 7, 2013

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