COLUMBUS, OHIO — Interstate Hotels & Resorts and joint venture partner Waramaug Hospitality LLC have acquired the 300-room Crowne Plaza Columbus North hotel, along with an unnamed private investment group, for an undisclosed amount. The hotel will remain as a Crowne Plaza and immediately undergo a $5.25 million renovation. ArInterstate is owned by a joint venture between subsidiaries of Thayer Lodging and Jin Jiang.
EASTPOINTE, MICH. — American Realty Capital Properties has acquired a Walgreens drug store in Eastpointe for $3.8 million. The property consists of a 15,120-square-foot, freestanding building. Walgreens Co. has a 20-year lease, with about seven years remaining.
BISMARCK, N.D. — Partick Minea of NorthMarq Capital's Minneapolis office has secured $9.4 million in first mortgage financing for Sunset Ridge Apartments in Bismarck. The financing was arranged through NorthMarq's seller-servicer relationship with Freddie Mac. The 10-year loan has a 30-year amortization schedule.
OMAHA, NEB., SIOUX CITY, IOWA — Dunkin' Donuts has signed a multi-unit store development agreement with existing franchisee, Savoureux Corp., for 12 new restaurants in North Omaha, Neb. and Sioux City, Iowa. The first restaurant is slated to open in 2013. Savoureux Corp. is led by NFL greats and former University of Nebraska football players Kris Brown and Zach Wiegert, who have teamed up with Jeff Woodbury, a principal of Woodbury Corp., and David Scott, CEO of Tetrad Corp. In April 2011, Savoureux Corp. committed to develop five Dunkin Donuts in North Kansas City.
CHICAGO — Clark Street Development LLC, an affiliate of Mega Realty, has sold a 16,047-square-foot Walgreens drugstore in Chicago for $13 million. Sean Sharko and Austin Weisenbeck of Marcus & Millichap's Oak Brook, Ill. office represented Clark Street in the transaction. They also represented the buyer, an overseas-based private capital investor. Walgreens signed an absolute-net, 75-year lease for the property, which is located at 5440 N. Clark St.
MANHATTAN, KAN. —Colorado Springs-based Mortenson Construction has been awarded the Bill Snyder Family Stadium renovation project on the Kansas Sate University campus in Manhattan. The $75 million renovation will include a new student-athlete dining hall, improved concession facilities, luxury seating and a new team store. The renovation is expected to begin in the summer of 2012 and be completed in time for the football season in the fall of 2013.
The office segment of Omaha’s commercial real estate market is currently in a transitional phase. Companies that have been in the market for office space during the past two to three years have realized that discounted rent and/or the ability to relocate into higher-quality properties are feasible options. In order to retain and attract tenants, landlords are now required to lower rents and renovate properties to the extent they can. This pressure on property owners has been the leading force behind this current state of transition, and the ripple effects are felt through all classes of buildings. Tenants in Class C properties are now able to climb the property ladder and obtain favorable lease rates in a Class B property. Owners of Class C properties are forced to renovate, or redevelop, to avoid obsolescence. The Lund Co. refers to this evolution as “Real Estate Darwinism.” FACELIFT PAYS OFF A perfect example of the evolution of a property is the 450 Regency building. Originally constructed as a single-tenant, build-to-suit for IBM in 1983, the property became stale and was a non-factor in the overall office inventory in Omaha. The building sat vacant for many years after its second tenant, Commercial Federal/Bank …
GLENDALE HEIGHTS, ILL. —Benjamin Kadish of Maverick Commerical Mortgage Inc. has secured a $5.8 million construction and mini-per loan for Kelly Moon Properties LLC. The loan will finance a new, 40,000-square-foot Dodge Chrysler Jeep dealership to be built in Glendale Heights. Maverick secured the 21-year loan from an East Coast lending institution. The construction loan converts to a mini-perm loan after construction is completed. Charles River Development is building the dealership and the property is being designed by Northbrook, Ill.-based Interwork Architects. The building is slated for completion in mid-2012.
CHICAGO — Duke Realty has acquired Burr Ridge Medical Center, a 104,912-square-foot facility at 6800 N. Frontage Rd. in Chicago. The facility is fully leased to Loyola University Medical Center (LUMC), a subsidiary of Loyola University Health Systems. Burr Ridge houses LUMC's musculoskeletal, orthopedics and neuroscience service lines and rehabilitation facilities, as well as other physicians and healthcare practices.
NAPERVILLE, ILL. — Procter & Gamble's Tide Dry Cleaners will open a new drive-thru facility in the Chicagoland area. Tide will occupy a newly built 3,000-square-foot building in Naperville Commons at 95th and 59th St. in Napperville. Tide plans to open this summer. Jaime Platt of Mid-America represented the landlord in the transaction. Allen Joffe of Baum Realty represented the tenant.