CHICAGO — A joint venture between AJ Capital Partners and an affiliate of Chicago-based Walton Street Capital has purchased the Sutton Place Hotel in Chicago for an undisclosed amount. The 22-story property includes 246 rooms, a restaurant and bar and 7,160 square feet of meeting space. Peter Greene, Bill Stone, Deborah Borotsik and Mark Sparrow of CBRE Hotels represented the seller, Chicago Grande Inc., in the transaction.
SOUTH BEND, IND. — The Boulder Group has completed the $1.1 million sale of a triple net-leased Dollar General property, located at 4123 Western Ave. in South Bend. The 9,014-square-foot building is leased on a 15-year triple net basis to Dollar General. Randy Blankestein and Jimmy Goodman of the Boulder Group represented the buyer, a Chicago-based individual investor, in the transaction. The seller was a Midwest developer.
CHICAGO — NhuLan's Saigon Subs, an offshoot of Lincoln Square's NhuLan Bakery, will open at 604 W. Belmont in Chicago's East Lakeview neighborhood early next year. The property formerly housed Cloud 9, a shaved ice shop. Jarrett Fradin of Kudan Group represented the seller, Kenny Tsai, in the transaction. Fradin also represented the buyer, Lee Tran.
GREENWOOD, IND. — KYB Americas Corp. has signed a 153,748-square-foot lease at Southpoint Business Park, located at 850 North Graham Rd. in Greenwood. Franklin, Ind.-based KYB manufactures shocks, struts and suspension components. The company will use the space to distribute products to aftermarket customers in the U.S. and Canada. Mark Bell and Sean McHale of Colliers International represented KYB in the transaction. The landlord, IDI, was represented by Doug Armbruster of IDI.
NORMAL, ILL. — TNP Strategic Retail Trust, a public non-traded REIT, has secured $10 million in financing for Constitution Trail Centre in Normal. The 5-year loan was financed through American National Insurance Co. Wally Reid of HFF arranged the financing. Construction Trail Centre is a 197,739-square-foot retail center, anchored by Schnucks Market and Starplex Cinemas.
WHEELING, ILL. — Jeff D'Agostino has purchased 241 S. Milwaukee Ave. in Wheeling, where he plans to open a fifth D'Agostino's Pizza. The 10,679-square-foot building was acquired for an undisclosed amount. Jim Martin of Kudan Group represented the landlord, Masterson Land Trust, in the deal. The restaurant is scheduled to open in the spring of 2012.
CHICAGO — Ivine, Calif.-based Sperry Van Ness has completed one sale and two lease transactions in Chicago's West Loop. Scott Maesel of Sperry Van Ness represented the seller of 740 W. Randolph. The property, located at the northeast corner of Halsted and Randolph, contained Holiday Bar and Grill. The property was listed for about $1 million. The buyer is a private owner in the hospitality business. Maesel also represented the landlord in the leasing of 800 and 804 W. Randolph. The corner space was leased for $39 per square foot net to Brendon Sodikoff who will be opening a new bar and grille concept. The inline space was leased for $35 per square foot net to Chef Matt Eversman, whose venture will be called Oon.
ELK GROVE, ILL. — Deerfield, Ill.-based Meridian Design Build was selected to complete the renovation of a 14,626-square-foot facility for Barrington Orthopedic Specialists, located at 120 E. Higgins Rd. in Elk Grove Village. Construction is currently underway on the project, which includes the full renovation of an existing, single-story office building to accommodate new exam rooms, cast rooms, imaging areas, rehabilitation facilities and a physical therapy gym. A building addition also will be constructed to include waiting areas and a covered patient entrance/dropoff area. Project manager Bob Kolcz and Fred Jennings, general superintendent, are coordinating the project for Meridian. The space will be designed by Arete-Knight.
OMAHA — NorthMarq Capital has arranged $14 million in first mortgage refinancing for Lakeside Plaza I, a 171,124-square-foot grocery-anchored shopping center, located at 17372 Lakeside Hills Plaza in Omaha. Jason Kinnison of NorthMarq's Omaha office arranged the financing through the firm's relationship with Citigroup Global Markets Realty Corp. The 10-year loan has a 30-year amortization schedule.
CEDAR RAPIDS, IOWA — The Boulder Group has arranged the $4.17 million sale of a 13,905-square-foot, single-tenant Walgreens property, located at 3325 16th Ave. SW in Cedar Rapids. The property is leased to Walgreens for eight years. Randy Blankstein and Jimmy Goodman of the Boulder Group represented the seller, a Chicago trust, in the transaction. The buyer was a Miami-based investor.
