MINNEAPOLIS — An affiliate of Opus Holding, a member of The Opus Group, has acquired all the remaining Minnesota and South Dakota land holdings of Opus Northwest LLC. The acquired land totals 74 acres, including two sites in downtown Minneapolis, 11 retail center outlots, 40 acres of industrial land in Shakopee, Minn., 5 acres of land in Cambridge, Minn., 7 acres of land in Minnetonka, Minn., and 7 acres of land in Sioux Falls, S.D., which was subsequently sold to an affiliate of Lloyd Cos. Terms of the transaction were not disclosed.
CHICAGO — Bell Acquisition LLC has purchased the former Bell Federal building, which is located at 79 W. Monroe in Chicago. Built in 1906, the 13-story, 200,000-square-foot office building was sold by Bank of America. The sales price was not released.
AVON, OHIO — The Salvation Army has acquired a 2.79-acre land parcel, which is located across from Avon Crossings Shopping Center in Avon. The company plans to develop a 25,000-square-foot thrift store on the site. The store is expected to open in late 2011. Chris Seelig of NAI Daus represented the buyer; Goodman Real Estate Group represented the seller in the transaction. Terms of the transaction were not disclosed.
EASTLAKE, OHIO — Best Supply has acquired a 25,400-square-foot facility in Eastlake for its new headquarters. The sales price was not released. Situated on 4.85 acres at 33999 Vokes Road, the property offers 20-foot ceiling heights, one dock and one drive-in door. Eliot Kijewski of CRESCO Real Estate represented the buyer; Rick Ferris of Sequoia Realty represented the undisclosed seller in the transaction.
BANNOCKBURN, ILL. — AREA Property Partners has partnered with Dallas-based P.O'B. Montgomery & Co. to purchase Bannockburn Green, a 180,000-square-foot shopping center located at the intersection of Waukegan Road and Half Day Road in Bannockburn. The property was acquired for $29.3 million from an undisclosed institutional investor. Built in 1984 and renovated in 2008, the property is anchored by Dominick's and Walgreens. Additional tenants of the 85-percent leased center include Panera Bread, General Nutrition Center, Allstate Insurance, Subway and Sylvan Learning Center. Rick Drogosz, Ben Wineman and Stan Nitzberg of Mid-America Real Estate Corp. represented the seller in the transaction.
MADISON, WIS. — Irgens Development Partners has acquired Park West I, an office building located within University Research Park in Madison. Located at 406 Science Dr., the property offers 51,000 square feet of office space. Irgens plans to make substantial capital improvements to the building. Grubb & Ellis | Oakbrook has been retained to lease the property. Terms of the transaction were not released.
ANN ARBOR, MICH. — Sterling University Housing, the student housing division of The Dinerstein Companies, has acquired 4Eleven Lofts in Ann Arbor. Built in 2009, the 10-story, 96-unit property offers 342 beds and furnished lofts with 10-foot ceilings, flat-panel HD televisions, modern kitchens and single or shared bedrooms. The 100-percent occupied property was acquired for an undisclosed price. Holliday Fenoglio Fowler represented both parties in the transaction. The seller was not released.
DUBLIN, OHIO — Red Mortgage Capital has funded a $10.41 million loan for the refinancing of Tuttle's Grove Apartments Phase I in Dublin. Originally constructed in 1995, the 20-building complex offers 222 units, a heated swimming pool, a whirlpool/spa, tennis courts, a clubhouse, a fitness center, extra storage facilities and a gated entrance. The borrower is Columbus, Ohio-based Kontogiannis & Associates.
SCHAUMBURG, ILL. — Des Plaines, Ill.-based AAA Hospitality has acquired Homewood Suites in Schaumburg. The 108-room hotel sold for $5 million. The buyer plans to invest approximately $1.5 million into the property, which was renovated in 2006. Thomas Hamm of Sperry Van Ness represented the seller, RT Schaumburg, in the transaction. Homewood Suites is the select service/extended stay brand of Hilton Hotels.
CUYAHOGA FALLS, OHIO — The Luttner Retail Group has completed the sale of Trinity Square Shopping Center in Cuyahoga Falls. The 26,515-square-foot center, which is anchored by Walgreens, sold for $8 million. Built in 1993, the property is 93 percent occupied by tenants, including Five Guys Burgers and Penn Station. The seller was a Chicago-based private development group and the buyer was an out-of-town private investor.