CHICAGO — Chesapeake Lodging Trust has completed its 35-room expansion at the W Chicago — City Center for $5.1 million. The company purchased the property in May 2011. As a result of the project, Chesapeake has expanded the hotel's room count from 368 to 403 keys. The full-service hotel is located at 172 W. Adams St., near Willis Tower and the Civic Opera House. The property also features 12,000 square feet of meeting space, a fitness center and a recently renovated restaurant.
WILLISTON, N.D. — Marcus & Millichap has arranged the $2.1 million sale of 507 Reclamation Drive, an 18-unit apartment property in Williston. The property is fully leased and has recently undergone several large renovations. Mox Gunderson and Joe Cuskey of Marcus & Millichap represented the seller, a partnership, in the transaction.
CHICAGO — MJ Partners Self Storage Group has sold four self-storage properties in Illinois to various investors for a total of $24.3 million. The properties include Metro Self Storage, a 90,890-square-foot property in Chicago that sold for $13.5 million and Boxes To Buses Self Storage, a 131,427-square-foot property in Bourbonnais, Ill. that sold for $5.7 million. Extra Storage Space in Country Club Hills, Ill. sold for $2.7 million and Cardinal Self Storage in Grayslake, Ill. traded for $2.4 million. The buyers included a private equity fund, private operators and public REITs.
NEW LENOX, ILL. — A joint venture between Focus Health Partners and Artemis Real Estate Partners has acquired Paradise Park of New Lenox, an 80-unit assisted living and memory care community in New Lenox, for $9.8 million. The community includes 48 assisted living units and 32 memory care units in five cottages. ARA National Seniors Housing Group represented the buyer in the transaction.
CHICAGO — The Boulder Group has arranged the $1.6 million sale of a net-leased Dollar General property at 5701 Belmont Ave. in Chicago. The 9,500-square-foot property was renovated in 2011 and Dollar General has 10 years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a high-net-worth individual from Chicago, in the transaction. The buyer was a private partnership.
LENEXA, KAN. — Cellnet Technology Inc., a business services company, has signed a lease for 16,108 square feet of office space at 11146 Thompson Ave. in Lenexa. Larry Larsen of CBRE Group represented the tenant in the transaction. The landlord is HRPT Lenexa Properties Trust.
DEARBORN, MICH. — The University of Michigan at Dearborn, one of two regional campuses of the University of Michigan, will open its first student housing in fall 2013 across the street from the main campus. Urban Campus Communities (UCC) is funding the $30 million Union at Dearborn, which will be managed by Asset Campus Housing. It will include housing for more than 500 students as well as space leased by the university for student life activities, including meeting rooms, student gathering spaces, group study rooms, offices for student organizations and a cabaret-style theater. UCC finalized the purchase of the property from Ford Land on Thursday, Sept. 13. The development is privately owned and operated. It is not owned or operated by UM-Dearborn.
OVERLAND PARK, KAN. — Bridge Partners has purchased Essex Place Apartments, a 352-unit, Class B apartment community in Overland Park, a suburb of Kansas City. The garden-style property is located at 8900 W. 102nd Terrace near employment centers such as the Sprint/Nextel corporate campus and Corporate Woods Office Park. The apartment units average 1,219 square feet. Since 2010, the property has undergone $2.6 million in renovations. Essex Place was 95 percent occupied. Jordan Cortez led the Rockwood Real Estate Advisors team that represented the seller in the transaction.
XENIA, OHIO — Marcus & Millichap has arranged the $1.6 million sale of Chipotle Center, a 7,487-square-foot retail property at 1620 West Park Square in Xenia. The property is fully occupied by Chipotle, AT&T and Palm Beach Tan. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a limited liability company, in the transaction. An out-of-state buyer acquired the property at an 8.4 percent cap rate.
ROSEVILLE, MICH. — LVM Squared LLC has purchased a 16,000-square-foot industrial building at 15900 Common Road in Roseville. Ben Wilkiemeyer and Steve Gordon of Signature Associates represented the seller, Shady Lane Development Co., in the transaction.