KANSAS CITY, MO. — Rockwood Real Estate Advisors has arranged the sale of the Q Hotel and Spa – Kansas City, a 123-room hotel located in the Westport area of Kansas City. Rockwood represented The Quarterage LLC in the sale of the hotel to Noble Investment Group, which intends to reposition the property as an AC Hotel by Marriott. The Q Hotel and Spa is minutes from downtown Kansas City, the Crown Center and the Country Club Plaza.
SOUTH EUCLID, OHIO — The Cooper Commercial Investment Group has arranged the $1 million sale of a property occupied by Arby’s in South Euclid, a suburb of Cleveland. Dan Cooper, president and broker at Cooper Commercial Investment Group, represented the owner, a private investment group based in Cleveland, in the transaction. The buyer was a California-based private investor. Arby’s has seven years remaining on its triple-net lease. The fast-food chain renewed its lease in 2010.
CHICAGO — On behalf of HCP Oxford OBG Wacker/Cass Property Cos. LLC, a joint venture led by Oxford Capital Group LLC and Jones Lang LaSalle (JLL) has secured $70.5 million for the refinancing of Hotel Felix and Hotel Cass in Chicago. The joint venture received $47 million for the 225-room Hotel Felix and $23.5 million for the 174-room Hotel Felix. The hotels are located in Chicago’s River North submarket in close proximity to the Magnificent Mile. An international lender provided the 10-year CMBS loans, which include fixed interest rates. Mathew Comfort, managing director, Keith Largay, executive vice president, and Matt Nowaczyk, vice president, led the Jones Lang LaSalle team, which arranged the financing.
TINLEY PARK, ILL. — MACK Cos. has purchased two shopping centers and an office building in Tinley Park, located about 30 miles south of Chicago. Gateway Plaza, located at 6800 Oak Park Ave., is a 7,500-square-foot shopping center with a mix of retail, office and commercial space. Interior renovations have begun, with plans for exterior renovations slated for the spring of 2014. Located 10 blocks north of Gateway Plaza at 6787 159th St., High Pointe Plaza is an 11,953-square-foot shopping center. Betscher Cleaners and Indy Mac Holdings LLC currently occupy 5,361 square feet at High Pointe. Centennial is an 8,000-square-foot facility that will become office space for approximately 40 MACK employees from the firm’s executive management, operations, accounting and sales and marketing divisions. Move-in is scheduled for early 2014. MACK will provide property management services for all three buildings.
GLENVIEW, ILL. — Illinois Tool Works (ITW), a Fortune 200 industrial manufacturer, has acquired the vast majority of the former Kraft Foods Group Inc. campus in Glenview, a northern suburb of Chicago. Terms of the transaction were not disclosed. The campus is located four miles southeast of ITW’s former location at 3600 W. Lake Ave. Global commercial real estate services firm Studley represented ITW in the site search and final transaction. The land ITW purchased from Kraft includes 49 acres and two office buildings spanning 503,000 square feet combined. Kraft vacated the Glenview campus as part of the splitting of its grocery and snack businesses. Rick Schuham, executive vice president and co-branch manager of Studley’s Chicago office, represented ITW in the transaction. John Goodman and Eric Feinberg, also of Studley, assisted Schuham. Paul Sheridan of Hamilton Partners assisted in the transaction.
BIG RAPIDS, MICH. — On behalf of Big Rapids Country Lodging LLC, Mumford Co. has sold the Country Inn & Suites of Big Rapids to Jackson Superior Hospitality Inc. Built in 2003, the three-story hotel includes 63 rooms, a business center, fitness center, guest laundry and a heated indoor pool. Big Rapids Country Lodging LLC is a South Dakota-based investment group, which is pruning its portfolio of non-core branded assets. Jackson Superior Hospitality Inc. is a Michigan-based group with extensive lodging holdings throughout the state. The new owner plans to upgrade and renovate the hotel. David Mumford, senior principal of Mumford Co.’s Newport News, Va., office and Lance Potter, vice president in the firm’s Chicago office, arranged the transaction.
BROOKLYN PARK, MINN. — Ryan Cos. has begun construction on a multi-million dollar office and manufacturing facility for Olympus Surgical Technologies America in suburban Minneapolis. Located in Brooklyn Park, Minn., the two-story, 180,000-square-foot facility will consolidate the company’s operations, currently housed in five buildings, in one building. The project is scheduled for a September 2014 completion. Ryan Cos. will provide development, architecture and engineering, construction and capital market services for the project. Other partners on the project include RSP Architects and Jones Lang LaSalle.
ELK GROVE, ILL. — Berkadia Commercial Mortgage LLC has arranged a $43.5 million loan through Fannie Mae for the acquisition of Willow Crossing Apartments in Elk Grove Village, a northwest suburb of Chicago. Matt Greer, vice president at Berkadia, arranged the 10-year, floating-rate loan for Steadfast Income REIT. Loan terms include a 75 percent loan-to-value ratio and a variable interest rate tied to LIBOR. Located at 1031 Charlela Lane, the 579-unit building is situated on 27 acres and is 97 percent occupied. Amenities at the property include a resident clubhouse, playground and business center.
MAPLE GROVE, MINN. — The Opus Group has secured two leases for office and retail space at its Arbor Lakes development and sold 2.7 acres in Maple Grove, a northwest suburb of Minneapolis. Pro Ag Management Inc. will occupy 9,179 square feet on the second floor of the Arbor Lakes Development. With the addition of Pro Ag Management Inc., the office space is now fully leased. Additionally, Sola Salon Studios signed a lease to occupy 4,524 square feet of ground-level retail space in the same building. Opus sold 1.3 acres located at 11301 Fountains Drive North in the Fountains at Arbor Lakes development to KF Dental Co. LLC. Freddy’s Frozen Custard & Steakburgers purchased 1.4 acres located at 11600 Fountains Drive North. Colliers International represented the tenants and Opus in the leasing transactions. Ben Krsnak of Hempel Cos. represented KF Dental LLC in the land sale transaction. Zach Stensland of Colliers International represented Freddy’s Frozen Custard & Steakburgers. Chris Simmons and Kris Schisel, also from Colliers International, represented Opus in the land sale transactions.
FENTON, MO. — Gander Mountain, an outdoor speciality retailer, plans to open its first store in Missouri in the spring of 2014. The Fenton store will be located in an existing 96,000-square-foot space at the Gravois Bluffs Shopping Center. Once the remodeling is complete, the site will include 65,000 square feet of retail space. Headquartered in St. Paul, Minn., Gander Mountain Co. has 131 locations in 24 states. In addition to the Fenton location, new stores are planned for Indiana, North Carolina, Texas, Alabama, Georgia and Florida in 2014.