ROSSFORD, OHIO — Orlando, Fla.-based Mohammed Merchant has purchased The Country Inn & Suites in Rossford. Located at 9790 Clark Drive, the property offers 80 guestrooms, a fitness center, an indoor pool and high-speed Internet access. Rossford Lodge sold the hotel for $4.8 million. Eric Belfrage of CB Richard Ellis|Hotels represented the seller in the transaction.
CHICAGO — Fifield Realty Partners, the property acquisition group of Fifield Companies, has hired two multifamily acquisition experts to oversee Fifield Residential Partners IV, its $600 million apartment acquisition fund. Matthew Masinter has joined the company as executive vice president of acquisitions and Erin DiPaola has joined as a senior vice president of acquisitions. The team will manage all aspects of the fund, which launched last year, and is focused on purchasing core-plus and value-add properties, as well as short-sale transactions and loan-to-own acquisitions. Masinter will focus on acquisitions across the East Coast, Florida and Texas, while DiPaola will concentrate on properties in Phoenix, Las Vegas and Denver. Most recently, Masinter served as chief investment officer for Chicago-based Covington Realty Partners, and DiPaola served as vice president of multifamily investments with Chicago-based Transwestern Investment Co.
BEACHWOOD, OHIO — Grubb & Ellis Healthcare REIT II has acquired Parkway Medical Center, a two-building medical office portfolio in Beachwood. Located at 3609 and 3619 Park East Dr., the 88,000-square-foot complex sold for an undisclosed price. The portfolio consists of a 51,000-square-foot building, which was constructed in 1972, and a 37,000-square-foot building, which was built in 1987. Currently the facility is 87 percent occupied to 35 tenants, including University Hospitals of Cleveland, Rapid Medical Research, The MetroHealth System and ID Consultants. Bob Nosal of Grubb & Ellis represented the seller, Parkway Medical Center LLC, in the transaction.
ST. PETERS, MO. — Hard, Austria-based Alpla Inc. has purchased an 83,485-square-foot industrial property, located at 9 Cermak Blvd. in St. Peters. The plastic packaging solutions manufacturer plans to initially invest $12 to $16 million in the facility and hire approximately 50 to 100 employees. Allen Klippel and Marc Cacciarelli of CB Richard Ellis represented the undisclosed seller; Southfield, Mich.-based Plante Moran CRESA represented the buyer. The acquisition price was not released.
CONCORD VILLAGE, MO. — Chesterfield, Mo.-based First MO Realty has purchased Concord Place in Concord Village. Located at 11542-11556 Concord Village, the property offers 50 apartment units. St. Louis-based Lorenzo Development sold the property for an undisclosed price. Ken Aston and Paul Cunningham of Hendricks & Partners’ St. Louis office represented both parties in the transaction.
BEDFORD PARK, ILL. — GRM has acquired a 300,000-square-foot industrial property, which is located at 7123 W. 65th St. in Bedford Park. The facility sold for $8.15 million. GRM, an information management services provider, plans to use the property to accommodate its growing presence in the Chicago market. Jeanne Rogers of Arthur J. Rogers & Co. represented the buyer; Mitch Adam and Mike Caprille of CB Richard Ellis represented the undisclosed seller in the transaction.
OLATHE, KAN. — McShane Construction Co. is constructing a 13,255-square-foot CVS/pharmacy location for CDI Development. Located in Olathe, the property will offer retail space, a walk-in cooler and a pharmacy with a customer drive-thru window. Cedarwood Architectural Inc. is providing architectural services for the project, which is scheduled for completion in July.
VALPARAISO, IND. — Michael Wernke of Marcus & Millichap’s Indianapolis office brokered the disposition and acquisition of Villa Moderne in Valparaiso. Located at 1411 E. Chicago St., the 58-unit property sold for $2.27 million. Built in 1974, the property features studio, one- and two-bedroom apartments. At the time of acquisition, the complex was 93 percent occupied. The buyer and seller were not disclosed.
RIVERDALE, ILL. — Turnstone Development Corp. has selected McShane Construction Co. to complete the renovation of Riverdale Senior Apartments, which is located at 335 W. 138th St. in Riverdale. The five-story, 52-unit multifamily project will offer public and affordable housing options, including 43 one-bedroom apartments and nine two-bedroom apartments; a community room; on-site laundry; two elevators and a social services office. Additionally, the property will feature three ADA accessible units and eight ADA adaptable units. The project is receiving funding from the American Reinvestment and Recovery Act through the U.S. Department of Housing and Urban Development, the Housing Authority of the County of Cook and the County of Cook’s Department of Planning and Development. Piekarz Associates is providing architectural services for the project, which is scheduled for completion in December.
SCHAUMBURG, ILL. — Leopardo, serving as general contractor, has broken ground for the construction of a headquarters property for Barrington Orthopedic Specialists. Located at 929 W. Higgins Road in Schaumburg, the 53,000-square-foot medical office will feature physical therapy, work hardening, work conditioning, MRI and physician offices. Completion is slated for January 2011. Tinley Park, Ill.-based Areté 3 is providing architectural services for the project.