MINNEAPOLIS — RockBridge Partners has purchased the University Hotel Minneapolis, a 304-room, full-service hotel. The new owner is planning a $14.8 million renovation and rebranding of the property. The project will begin this spring and include lobby enhancements, a new restaurant and lounge and an expanded fitness center. Guest rooms and corridors will also be refurbished. The hotel is the only full-service hotel on the University of Minnesota campus. Noble House Hotels and Resorts will manage the property.
CINCINNATI — Beauty care manufacturer Kao USA Inc. has signed a lease to relocate from its current corporate headquarters on Spring Grove Avenue to the 312 Plum St. building in Cincinnati. The company will occupy 55,000 square feet of the building. Kao also plans to renovate the Spring Grove Avenue facility, where the research and development and manufacturing facilities will remain. The company expects to move this summer.
ARLINGTON HEIGHTS, ILL. — Hamilton Partners has purchased 1615 W. Central, a 30,000-square-foot medical building from a private investor in Arlington Heights. Terms of the deal were undisclosed. Dan O' Neill of Cawley Chicago represented both parties in the transaction.
It was a little less than two decades ago that local business leaders could see what was unfolding in West Michigan. The industrial sector was steadily declining, and companies were either going out of business or moving away. It was evident that something had to be done. That’s when two hometown heroes, Amway founders Richard DeVos and Jay Van Andel, proposed their vision to turn Grand Rapids into one of the top medical services cities in the world. Their leadership and philanthropic efforts spurred a series of events, forever changing the landscape, mentality and image of Grand Rapids. One of the city’s first streets, Michigan Street, running parallel to I-196, was the initial site of their vision. In 1996, Jay and Betty Van Andel founded the Van Andel Institute. They broke ground in 1998, and the Van Andel Institute opened its doors in 2000. The institute is now home to scientific research that is focused primarily on cancer and Parkinson’s disease and has received more than $1 billion in research funding. The original development was a $60 million facility. In 2010, the institute opened a second phase with an additional 242,000 square feet at a cost of $175 million. Butterworth …
JEFFERSONVILLE, IND. — Amazon.com Inc. plans to open a $150 million warehouse and distribution center in southern Indiana, where as many as 1,050 full-time workers will be hired. The center is expected to open this fall. The Seattle-based online retailer already operates warehouse facilities in Indianapolis, Whitestown and Plainfield and has a total footprint of more than 4 million square feet in the state. The facility will be located in Jeffersonville's River Ridge Commerce Center, which is adjacent to a state-operated port on the Ohio River.
COLUMBIA, MO. — KAREP REIT II Inc. of Armonk, N.Y. has purchased Grindstone Canyon, a 384-bed apartment serving the University of Missouri. The property sold for a reported $15 million. Ken Aston, Andrea Kendrick and Kevin Larimer of Hendricks & Partners represented the seller, Grindstone Canyon Apartments, in the transaction.
CHICAGO — The former Giordano Jazz Dance studio in Chicago has sold to a private investor for $1 million. The buyer plans to redevelop the 17,340-square-foot building but provided no further details. Scott Maesel of the Chicago office of Sperry Van Ness represented both parties in the transaction.
CINCINATTI — An affiliate of Dallas-based Tabani Group Inc. has acquired Northgate Mall in Cincinnati for $21.5 million. The regional mall is located directly south of Interstate 275 in Colerain Township. The real estate company plans to redevelop the 915,956-square-foot mall, as well as the property surrounding it. Rockrose Real Estate Advisors arranged the sale on behalf of E3 Advisors. The distressed property has been under the control of a court-appointed receiver since 2009. The mall is anchored by Sears and Macy's, following the closure of Dillard's in 2009.
CHICAGO — International Bank of Chicago has acquired the assets and deposits of Premier Bank, the Wilmette lender that was closed by state banking regulators. Premier Bank, which operates two Illinois locations in Wilmette and near the west side of Chicago, had approximately $269 million in assets and $199 million in total deposits as of Dec. 31, 2011. Premier locations re-opened on March 24 and will now operate as International Bank of Chicago.
RAYTOWN, MO. — Monopoly Acquisitions has purchased a 54,000-square-foot shopping center in Raytown. The Blue Ridge Plaza Shopping Center is located on Blue Ridge Boulevard and 51st Street and is anchored by Family Dollar. Bill Maas of Block & Co. Inc. Realtors represented the seller in the transaction.