MINNETONKA, MINN. — Opus Holding and its subsidiary, Opus Design Build, have acquired substantially all of the construction and design-build assets of Opus Northwest and its subsidiary, Opus Northwest Construction. The asset portfolio includes a variety of third-party design-build construction projects. The new structure for the company includes Opus North Corp., which will serve as a full service commercial real estate development company headed by Tom Shaver, and Opus Design Build, which will complete Opus Northwest construction projects currently in progress and will pursue new projects with Opus North Corp. Opus Design Build will be headquartered in Minnetonka and headed by Dave Bangasser.
ARLINGTON HEIGHTS, ILL. — DeKalb, Ill.-based Tegrant Diversified Brands has signed a long-term lease renewal and expansion at Commerce Point in Arlington Heights. Tegrant will occupy 44,153 square feet of the 52,000-square-foot office building, which is located at 3930 Ventura Drive. Michael Flynn and Jason Wurtz of NAI Hiffman represented the owner, Oakbrook Terrace, Ill.-based Premises Management. Grubb & Ellis represented the tenant in the transaction. Terms of the lease were not released.
DES PERES, MO. — St. Louis-based Pinnacle Contracting Inc. is managing the renovation and upgrade of a former grocery store property into Des Peres Centre in Des Peres. Located on Manchester Road, the 58,000-square-foot former Schnucks grocery store building is receiving a new façade, a new roof and new site utilities. Kuhlmann Design Group is providing architectural services for the project, which is owned by The DESCO Group.
SYRACUSE, IND. — Tikijian Associates has brokered the disposition of Turtle Bay Estates in Syracuse. The multifamily community offers 173 lots for manufactured housing units. FR Syracuse, an affiliate of Farrell-Roeh Group, purchased the property for an undisclosed price. Tikijian represented the court-appointed receiver, McKinley and Midland Loan Services, in the sale.
BLOOMINGTON, MINN. — Avtex has signed a lease at Northland Center, a 465,000-square-foot office complex in Bloomington. The company plans to relocate to the 15,000-square-foot space in the fall. The company is currently located at SouthTech Plaza in Bloomington. Bill Rothstein and Dan Wicker of NorthMarq Capital represented the landlord, United Properties, in the transaction. Terms of the lease were not released.
CHICAGO — DiamondRock Hospitality Co. has agreed to acquire a $69 million senior mortgage loan, which is secured by the Allerton Hotel in downtown Chicago. Located at 701 N. Michigan Ave., the historic 443-room hotel was built in 1924. The note will be acquired from the current holders at a discount to par value. Upon completion of the acquisition, DiamondRock plans to pursue the foreclosure action against the hotel that was recently filed in the Cook County, Ill., Circuit Court. Once the foreclosure proceedings are complete, DiamondRock expects to own fee title to the hotel. The transaction is expected to close within the next 30 days.
GRAND ISLAND, NEB. — Grand Island Inn and Suites has reopened as Best Western Grand Island Inn and Suites to reflect its recent brand aligned with Best Western International. Located at 2707 S. Locust St. in Grand Island, the hotel offers 80 guestrooms, including 16 suites. Hotel amenities include an indoor heated swimming pool and whirlpool, an outdoor patio, a state-of-the-art fitness center, guest laundry and a complimentary full breakfast. Guestrooms feature microwaves, mini-refrigerators, LCD televisions and Wi-Fi Internet access. South Pointe Development owns the property.
ELK GROVE VILLAGE, ILL. — Sitex Realty Group has acquired 850 Lunt Avenue in Elk Grove Village for an undisclosed price. The 54,060-square-foot industrial property features four interior truck docks, 18-foot clear heights and 44 parking spaces. The seller was Woodstock, Ill.-based Timpe Limited Partnership. Larry Goldwasser and Jay Maher of NAI Hiffman represented the seller in the transaction.
CHICAGO — Northbrook, Ill.-based Brinshore Development has selected McShane Construction Co. for the construction of Hairpin Lofts and Logan Square Arts Center. The reconstruction project will feature a six-story, mixed-use development featuring 25 affordable and three market-rate apartment units on floors three through six, Logan Square Arts Center on the second floor and ground-floor retail space. Hartshorne Plunkard Architecture designed the project to meet LEED Silver certification. Green elements include a roof deck patio garden/green roof, solar thermal panels for domestic hot water, a geothermal HVAC system, low VOC materials, ENERGY STAR appliances, recyclable content material and an extensive construction waste recycling system. The project is scheduled for completion in March 2011.
CHICAGO — Magellan Development Group, the developer of Aqua, has inked a deal with Minneapolis-based Carlson Hotels to bring a Radisson Blu hotel to the Lakeshore East tower. Scheduled to open in fall 2011, the $125 million, 300,000-square-foot Radisson Blu will offer 334 guest rooms, a 12,500-square-foot ballroom, 27,000 square feet of meeting space and a 125-seat restaurant and bar. Additionally, guests will have access to the amenity center and fitness package of Aqua tower. The hotel will occupy the first 18 floors and will have a separate entrance from the residential portion of the tower. Aqua is located at 225 N. Columbus Dr.