CHICAGO — Summit Hotel Properties has closed its acquisition of three Hyatt hotels for $36.1 million, including a property in Illinois. The company purchased the 126-room Hyatt Place in Chicago, as well as the Hyatt Place-Universal and Hyatt Place-Convention Center in Orlando. Select Hotels Group, an affiliate of Hyatt, will operate each hotel.
ST. PAUL, MINN. — Kellogg Square, a 32-story apartment tower in downtown St. Paul, has sold for $51 million. The apartment building features views of the Mississippi River, a walkable neighborhood and 594 covered parking stalls. The multifamily property is located at 111 E. Kellogg Blvd. and is adjacent to the Central Corridor light-rail line, which is slated to begin service in 2014. According to the StarTribune, the local newspaper, Northbrook, Ill.-based Sentinel Management sold the tower to Golden Valley, Minn.-based Bigos Management.
ADDISON, ILL. — A private investor has purchased the Addison Retail Center, a 9,504-square-foot retail property in Addison, Ill. for $3.7 million. The property is an outparcel to a Walmart and Sam’s Club, which is located at 1050 North Rohlwing Road, some 20 miles west of Chicago. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the buyer. They also represented the seller, a Chicago-based partnership that developed the center.
AURORA, ILL. — NAI Hiffman will oversee property management and leasing for Rush Copley Physician Office Buildings I and II, which total approximately 160,000 square feet, in Aurora, Ill., some 40 miles west of Chicago. Both buildings are situated on the Rush Copley Medical Center campus and were recently purchased by American Realty Capital Healthcare Trust Inc., which awarded NAI Hiffman the assignment. The Class A medical office buildings provide physicians with suites ranging in size from 1,500 to 5,000 square feet. While Physician Office Building I is fully leased, Brian Edgerton and Mike Van Zandt of NAI Hiffman will market existing availabilities at Physician Office Building II.
BUFFALO, GROVE, ILL. — CBRE has arranged the lease of a 15,000-square-foot industrial space in Buffalo Grove, located about 30 miles north of Chicago. Zach Graham, Keith Puritz, Brett Kroner and Ryan Bain of CBRE assisted The Shamrock Cos. in its five-year lease of the industrial property, located at 1367-1407 Barclay Blvd. Adam Heffner and Dan Prendergast of Darwin Realty represented the landlord, TA Associates Realty, in the deal. Shamrock is a multichannel marketing company headquartered in Westlake, Ohio, with sales and distribution offices located across the country.
MICHIGAN CITY, IND. — A limited liability company has purchased a 37,150-square-foot office building that is home to Brown Mackie College in Michigan City, Ind., for $4.7 million. The college occupies approximately 77 percent of the building, which is located at 1007-1001 East U.S. Highway 20, some 60 miles east of Chicago. John Abuja of Marcus & Millichap represented the buyer and the seller, a partnership, in this deal.
OAK FOREST, ILL. — Marcus & Millichap has arranged the sale of an 11-unit apartment property in Oak Forest, Ill. for $785,000. Located at 16733-16735 Forest Avenue, the property consists of two, one-bedroom units and nine, two-bedroom units. Ryan Engle, Voltaire Zapanta and Adam Fortino, of Marcus & Millichap’s Chicago office represented the seller, a private investor, as well as the buyer, an individual trust.
URBANA, ILL. — Rosemont, Ill.-based McShane Construction Co. will build Hamilton on the Park, a 36-unit apartment complex in Urbana, 90 miles east of Springfield, the state capital. The company is building the affordable housing development on behalf of The Benoit Group, an Atlanta-based developer. The multifamily property, which will be located on two acres of land at 1201 Brookstone Ct., will include single- and two-story units. Each apartment will also be equipped with energy-efficient windows and Energy Star appliances. Construction is scheduled for completion this fall.
CHICAGO — Chicago-based Auctions by ATG will host a commercial real estate auction that will feature Arlington Ridge, a former Motorola corporate campus in Arlington Heights, about 25 miles northwest of Chicago. The eight-building, single-story office park is located parallel to Route 53 and south of Dundee Road. Other auction offerings include mixed-use, retail, multifamily and flex buildings as well as development sites and vacant land. Seven of the 22 properties currently offered are bank owned. Buyers can bid live or online on these Chicago-area properties, most of which are being sold absolute. The auction starts at 9 a.m. Wednesday, Feb. 13, at 1 S. Wacker Drive, 24th floor in downtown Chicago. Persons interested in participating should visit auctionsbyatg.com to register.
ST. LOUIS AND BRIDGETON, MO. — Gateway Commercial ?Cushman & Wakefield has arranged the sale of two industrial properties for a combined total of $15 million. The first industrial building, located at 6504 Prescott Ave., was sold to Exeter 6504 Prescott Avenue for $12.25 million. The seller of the 420,000-square-foot North Broadway Distribution in St. Louis was Fort Wayne, Ind.-based The Lincoln National Life Insurance Co. Crane Co. sold the second building, located at 12949 Enterprise Way in Bridgeton, Mo. The 443,000-square-foot production and distribution building was sold to Mallard LLC for $2.75 million.