FORT WAYNE, IND. — Fort Wayne-based BND Commercial has acquired Goldstine Knapke brokerage company. The combined firm will offer clients experience and services in the areas of commercial, office, industrial, medical, retail, multifamily and business brokerage. Philip Knapke, Stephen Wesner and David Norton, all from Goldstine Knapke, will continue to offer brokerage services through BND Commercial.
Midwest
PONTIAC AND ROYAL OAK, MICH. — Colliers International has completed the sale of two industrial properties in Michigan. In the first transaction, Highwood Enterprises sold a 90,315-square-foot industrial facility located at 1500 E. Highwood in Pontiac for an undisclosed price. John Lominack of Colliers International represented the undisclosed buyer; Peter E. Kepic and Peter J. Kepic of Colliers represented the seller. In the second transaction, Lominack and Gary Glotzhober, also of Colliers, represented Granfam Properties in the disposition of 4850 Coolidge Highway, a 107,000-square-foot industrial property in Royal Oak. Additional details of the transaction were not released.
BUFFALO GROVE, ILL. — Reed Construction has been selected to complete a 12,000-square-foot build-out for Northshore University HealthSystems Medical Group’s location in Buffalo Grove. Located at 650 Lake Cook Road, the project will include 24 exam rooms and three procedure rooms, as well as the addition of nursing stations, utility space, blood draw areas, and reception and waiting areas. Additionally, the project will feature a millwork package and new HVAC, electrical, plumbing and fire protection systems. Interwork Architects is providing architectural services for the project, which is scheduled for completion this fall. Integrated Facilities Solutions is providing representation for the property owner.
DES PLAINES, ILL. — The Greek American Restaurant Association has purchased an 18,856-square-foot office building. Located at 733 Lee St. in Des Plaines, the property sold for $625,000. The property was built in 1957 for the First National Bank of Des Plaines. Richard Kehoe and Robert Wall of Inland Real Estate Brokerage represented the purchaser and undisclosed seller in the transaction. Barry Collins and William Vedral of Tuttle, Vedral & Collins provided legal counsel for the seller; Spiro Zarkos of Kaplan, Papadakis & Gournis provided legal counsel for the buyer in the transaction.
ANN ARBOR, MICH. — RockBridge Partners, an affiliate of RockBridge Capital, has acquired a 197-room, full-service Sheraton hotel in Ann Arbor. RockBridge plans to complete a comprehensive $8 million renovation on the property and convert the hotel from a Four Points by Sheraton to the flagship Sheraton brand. The renovation will begin in December with completion expected in May 2011. The property will receive upgrades to the exterior façade, a full renovation of the public areas, an expansion of the fitness center and enhanced meeting space. Additionally, the guestrooms will be refurbished with upgraded bedding and a soft and case goods package. Amenities include a full-service restaurant and bar, an indoor/outdoor pool, a fitness center, a business center and more than 16,000 square feet of meeting space. Terms of the acquisition were not released.
GREEN BAY, WIS. — The Milwaukee office of Grandbridge Real Estate Capital has originated and closed a $16.95 million loan for the refinancing of a 633,150-square-foot industrial property in Green Bay. Green Bay Converting Inc. owns and occupies the facility, which features 24,000 square feet of office space. Pat Dempsey and Jeff Schmidt of Grandbridge arranged the financing on behalf of the property owner-occupant. Funding for the transaction was provided by Portland, Maine-based UNUM Group through Kim White. The 13-year term loan was made for 70 percent loan-to-value with a fixed interest rate of 6.70 percent.
BRIDGETON, MO. — Fairwood Capital LLC has purchased Embassy Suites St. Louis-Airport for an undisclosed price. Located at 11237 Lone Eagle Dr. in Bridgeton, the 159-room hotel features a business center, 4,000 square feet of meeting space, an indoor swimming pool, a fitness center and a restaurant. Fairwood plans to renovate the hotel’s guest suites and public areas. When completed, the renovated two-room guest suites will feature the Embassy Essentials Bedding Collection, flat-screen HD televisions, coffee makers and high-speed wireless Internet access. Memphis, Tenn.-based Maximum Hospitality will assume day-to-day operations of the property.
COON RAPIDS, MINN. — St. Louis Park, Minn.-based RJM Construction has been selected to construct a new Coon Rapids Ice Arena on Coons Rapids Boulevard. The 55,000-square-foot facility will replace the existing ice arena in Coon Rapids. The new facility will feature a 45,000-square-foot first floor and a 10,000-square-foot second floor mezzanine level. Construction is scheduled to begin in September with completion expected in fall 2011. Perkins + Will is providing architectural services for the project.
MILWAUKEE — Jomela LLC has purchased an apartment building in Milwaukee. Located at 2319-2327 W. Michigan St., the 57-unit property sold for $1.1 million. Tom Shepherd and Mark Schnoll of Inland Cos. brokered the deal. The seller was not disclosed.
GRAND RAPIDS AND WYOMING, MICH. — Colliers International has brokered two property sales in Western Michigan. In the first transaction, Wolverine Glass Products Inc. acquired a 53,472-square-foot industrial space at 5801 Clay St. in Grand Rapids. Matthew Abraham and Duke Suwyn of Colliers represented buyer; John Kuiper, Steve Marcusse and Tom DeBeor of Colliers represented the seller, Gill Properties, in the transaction. In the second transaction, Byron Bank completed the disposition of a 49,926-square-foot commercial space at 102 54th St. in Wyoming. Colin Kraay, Marcusse and Suwyn of Colliers represented the seller; Kraay, Kuiper and Suwyn represented the undisclosed buyer in the transaction. The acquisition prices were not released in either transaction.