OMAHA, NEB. — An affiliate of Hyatt Hotels Corp. has purchased land in Omaha for the construction of a Hyatt hotel. The hotel is expected to open in 2014. Construction is expected to begin later this year. The Hyatt Place Omaha Downtown/Old Market will include 159 rooms in a nine-story building on the northwest corner of Jackson and 12th streets. The Chicago office of DLR Group is designing the building, which will be the first Hyatt hotel in Nebraska.
CRYSTAL LAKE, ILL. — Marcus & Millichap arranged the $3.2 million sale of a Harris Bank ground lease in Crystal Lake. The 87,120-square-foot ground lease is located on an outparcel to a Walmart Supercenter along Route 31. Jeff Rowlett and Jason Ladner of Marcus & Millichap's Milwaukee office represented the seller, an Illinois developer, in the transaction. The buyer was a private investor.
IMLAY CITY, MICH. — Rlandco has purchased a 72,500-square-foot industrial building at 611 Industrial Parwkway in Imlay City for an undisclosed amount. Joe Hamway of Signature Associates represented the seller, Windcrest Properties. He also represented Rlandco, which is expanding its operations in Michigan.
AURORA, ILL. — The distribution branch of the Vescovini Group, an Italian-based manufacturing company, has signed a 55,161-square-foot lease at 1455 Sequoia Dr. in Aurora. The facility will be the company's first distribution center in the U.S. Jeff Girling and Terry Lynch of Paine/Wetzel represented the tenant in the transaction. The landlord, IDI, was represented in-house by Jeff Lanaghan of the company's Chicago office.
BELLEVILLE, ILL. — Holland Construction Services has completed The Center for Orthopedic and Neurosciences in Belleville, which is now open to patients. The new 85,000-square-foot building is the third medical office building and the first freestanding structure on Memorial Hospital's Belleville campus. The $24 million building includes additional physician office space, X-ray services and a cafe. St. Louis-based ACI/Boland provided architectural services for the project.
TERRE HAUTE, IND. — Marcus & Millichap has arranged the $1 million sale of a student housing portfolio in Terre Haute. The portfolio includes a collection of properties near Indiana State University, which is located at 500 S. 7th St. The properties total 178 apartment units. Alex Blagojevich and David Gaines of Marcus & Millichap's Chicago office represented the seller, a private partnership, in the transaction. Stephen Rachman of the firm's Chicago office represented the buyer, another private partnership.
COON RAPIDS, MINN. —Grandbridge Real Estate Capital has arranged a $3 million loan for the refinancing of three industrial properties totaling 95,000 square feet in Coon Rapids. The properties are 95 percent occupied. Ben Fazendin and Crhis Perry of the Minneapolis of Grandbridge originated the loan. RiverSource Life Insurance Co. provided funding for the 10-year loan, which includes a 25-year amortization schedule.
FORT WAYNE, IND. — Dollar General has renewed its lease for 9,000 square feet at 1425 Goshen Rd. in Fort Wayne. Brad Sturges of CBRE/Sturges represented the landlord, Gateway Plaza Shopping Center in the transaction. He also represented the tenant.
EASTPOINTE, MICH. — Totally U Boutique, a fashion retailer, has signed a 1,556-square-foot lease in East Brooke Commons at 9 Mile Rd. in Eastpointe. Mid-America Real Estate-Michigan represented the landlord, East Brooke Commons Limited Partnership, in the transaction.
NAPERVILLE, ILL. — Duke Realty Corp. has acquired an 827,258-square-foot industrial building in Naperville, which is fully occupied by Crate and Barrel under a long-term lease. Jeff Devine, Steve Disse and Jeff Kahan of Colliers International represented the seller, DB Real Estate West Jefferson Partners, in the transaction. The acquisition is Duke's fourth industrial purchase in Chicago since 2011, raising its total portfolio in the market to 10 million square feet.
