Midwest

LOCKPORT, ILL. — Bridge Development Partners has acquired 50 acres of land for the development of a new business park in Lockport. The site is midway between 1-55 and 1-80 and includes frontage along 1-355. The space can accommodate up to 1 million square feet of light industrial and distribution space. Bridge plans to break ground on a speculative building in 2013. The land is fully zoned and entitled.

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CHICAGO — Sunstone Hotel Investors has agreed to buy a fee-simple interest in the 357-room Hilton Garden Inn Chicago Downtown/Magnificent Mile for $91.7 million, or $257,000 per room. The hotel is one block from the city's “Magnificent Mile” and each guest room provides views of downtown Chicago. The property also features 5,700 square feet of combined meeting space. The lodging real-estate investment trust has interest in about 30 hotels.

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MAPLE GROVE, MINN. — TMI Hospitality has purchased Cambria Suites hotel in Maple Grove out of foreclosure for a reported $7.1 million. The 129-room Cambria Suites features a large lobby and all-suite rooms that include a separate living, working and sleeping space. TMI Hospitality, based in Fargo, N.D., has an existing portfolio of eight hotels in the greater Minneapolis marketplace.

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SHARONVILLE, OHIO — Cinelect Inc. has acquired Crowne Point, a 25,600-square-foot office building in Sharonville, for $1.67 million. The property was in receivership at the time of sale. Brian Graham of Cincinnati Investment Services served as advisor the seller and lender in the transaction, Wells Fargo. The building at 200 Crowne Point Dr. is situated on 2.5 acres.

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ALEXANDRIA, MINN. — Construction will begin this month on a new $65.15 million high school in Alexandria that will house 1,500 students. The school will be constructed on a 167-acre site located at 50th Avenue and Pioneer Road. The 280,000-square-foot high school will include two, 3-story academic wings with 36 classrooms, science labs, art rooms, a media center and special education classrooms. The facility will also feature new athletic fields, a stadium, a performing arts wing and a 1,000-seat auditorium. The new school will replace the current facility, which is landlocked and had few options for expansion. The Alexandria School District hired Kraus-Anderson Construction Co. as the project construction manager.

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MINNEAPOLIS — Opus Development Corp. plans to construct a 212,000-square-foot office building in Minneapolis for the new Xcel Energy Inc. headquarters. The site, on the corner of Fourth Street and Nicollet Mall, is just across the street from Xcel's current headquarters. Xcel will move into the building in 2016. Opus plans to begin construction in 2014. The planned Xcel Energy office building is adjacent to Nicollet Residences, a new high-rise apartment building that Opus is also developing adjacent to the site.

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LIBERTYVILLE, ILL. — MBX Systems, a technology manufacturer based in Wauconda, Ill., is relocating its headquarters to an 84,000-square-foot facility in Libertyville. The company signed a 7-year lease with the property owner, K&R Enterprises 1, and MBX plans to invest $2 million in remodeling and equipping the facility. The building is located at 1900 Winchester, just south of the Libertyville Township Soccer Complex along Route 45. MBX moved to its existing facility in Wauconda in 2005 and expanded the building to 19,000 square feet in 2009. The company plans to expand its workforce by 25 percent this year.

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