NORTON SHORES, MICH. — Norton Shores-based Horizon Group Properties has completed the disposition of minority interests in the entities that own five of its outlet centers to Bright Horizons of South Florida. The buyer acquired a 22.5 percent interest in the entities that own outlet centers in Burlington, Wash., Fremont, Ind., Gettysburg, Pa., and Oshkosh, Wis., and a 19.6 percent preferred interest and a 17.8 percent common interest in a center in El Paso, Texas. Bright Horizons has agreed to acquire an additional 26.5 percent interest in the properties in Burlington, Fremont, Gettysburg and Oshkosh, and an additional 23.6 percent preferred interest and an additional 21.8 percent common interest in the El Paso property on or before March 31, 2010. Bright Horizons is an entity controlled by Somerset Outlet Center.
Midwest
SARTELL, MINN. — Grubb & Ellis Healthcare REIT II has entered into an agreement to acquire the Center for Neurosurgery and Spine, a two-building, 36,600-square-foot medical office complex located at 162 19th St. South in Sartell. Build in 2006 and situated on 3.7 acres, the property is fully leased to five tenants, including Central Minnesota Neurosciences, the Center for Pain Management and Central Minnesota Center for Diagnostic Imaging. Terms of the acquisition agreement were not released.
KANSAS CITY, MO. — DLR Group, serving as architect of record, has designed the renovations for The Raphael Hotel, a 123-room hotel in Kansas City. The phased-construction renovation allowed the hotel to remain operational throughout the rehabilitation, which began in 2006. The newly completed guestrooms and bathrooms offer modern finishes and improved technology. Additionally, the renovated hotel features a state-of-the-art fitness center and new meeting rooms, as well as a renovated hotel lobby and restaurant. The hotel is owned by Lighthouse Properties. Gettys Group provided interior design services for the project.
LENEXA, KAN. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has provided a $2.75 million loan under the Fannie Mae DUS COOP (MAH) product line for Quail Valley Cooperative. Located in Lenexa, the multifamily property offers 100 rental units. The 30-year loan has a 30-year amortization schedule and carries a note rate of 7.57 percent. Michael Jehle of Arbor’s Bloomfield Hills, Mich., office originated the loan for undisclosed borrower.
OLATHE, KAN. — Veggie Land has acquired 4,750 square feet of office space at 100 N. Church in Olathe. The company plans to use the space for distribution and office needs. Larry McAferty and Brian Bowers of Coldwell Banker Commercial Fishman & Co. represented the seller, Bank of Blue Valley, in the transaction. The acquisition price was not disclosed.
TROY, MICH. — Forbes/Frankel Troy Ventures recently acquired the former Kmart headquarters in Troy. Situated on 40 acres at the corner of Big Beaver and Coolidge Highway, the property offers approximately 906,000 square feet of space. Robert Mahoney and David Long of CB Richard Ellis represented the seller, Diamond Troy JV, in the transaction. The acquisition price was not disclosed.
TROY, MICH. — Forbes/Frankel Troy Ventures recently acquired the former Kmart headquarters in Troy. Situated on 40 acres at the corner of Big Beaver and Coolidge Highway, the property offers approximately 906,000 square feet of space. Robert Mahoney and David Long of CB Richard Ellis represented the seller, Diamond Troy JV, in the transaction. The acquisition price was not disclosed.
CHICAGO — InterContinental Hotel Groups (IHG) has completed the renovation and redevelopment of Avenue Crowne Plaza Chicago, which is located at 160 E. Huron in downtown Chicago. Formerly the Avenue Hotel Chicago, the 40-story hotel offers more than 18,000 square feet of meeting space and 350 guestrooms. The guestrooms are equipped with flat-screen televisions, iHome docking systems, mini bars, rain showerheads and granite countertops. Additionally, the property features a fitness center, a rooftop pool, a business center, Sky Lounge and Elephant & Castle. The property is owned and managed by Driftwood Hospitality Management under a license agreement with a company in IHG.
CHICAGO — InterContinental Hotel Groups (IHG) has completed the renovation and redevelopment of Avenue Crowne Plaza Chicago, which is located at 160 E. Huron in downtown Chicago. Formerly the Avenue Hotel Chicago, the 40-story hotel offers more than 18,000 square feet of meeting space and 350 guestrooms. The guestrooms are equipped with flat-screen televisions, iHome docking systems, mini bars, rain showerheads and granite countertops. Additionally, the property features a fitness center, a rooftop pool, a business center, Sky Lounge and Elephant & Castle. The property is owned and managed by Driftwood Hospitality Management under a license agreement with a company in IHG.
NORTHBROOK, ILL. — Highland Baking Co. has selected Meridian Design Build to design and construct a new corporate office space at the company’s existing headquarters in Northbrook. Located at 2301 Shermer Road, the project includes the selected demolition and construction of approximately 12,500 square feet of office space in a vacant single-story building attached to the main plant. The new space will include private offices, a sales area, renovated restrooms, conference rooms and a lunchroom. A+M Architects is providing architectural services for the project.