MINNEAPOLIS — San Francisco-based Kimpton Hotels & Restaurants has added The Grand Hotel Minneapolis to its hotel management portfolio. Owned by Pebblebrook Hotel Trust, the four diamond-rated hotel is located in downtown Minneapolis. Under Kimpton management, the hotel will feature personalized services, programs and amenities such as Tall Rooms, which are customized for tall guests.
Midwest
BROWNSBURG, IND. — NorthMarq Capital has arranged $3 million in financing for Brownsburg Square Shopping Center in Brownsburg. Anchored by Kmart, the 113,000-square-foot retail center is located at 905 N. Green St. Financing was based on a 5-year term and a 25-year amortization schedule. StanCorp Mortgage Investors provided the loan for the undisclosed borrower. Charles Cotsalas of NorthMarq's Long Island, N.Y., office brokered the transaction.
KANSAS CITY, MO. — A Chicago-based private investor has acquired a triple-net leased property, which is located at 8350 N.W. Roanridge Road in Kansas City, for $1.6 million. The 1.56-acre parcel contains a 5,738-square-foot building that is long-term leased to Chili's. Randy Blankstein of The Boulder Group represented the buyer; Eric Gonsher of The R.H. Johnson Company represented the seller, a Chili's franchisee, in the transaction.
CHICAGO — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has closed two loans totaling $3.3 million in Chicago. The 51-unit Woodlawn Apartments received a $1.29 million loan, which was funded under the Fannie Mae DUS Small Loan product line. The 10-year loans carries a 26-year amortization schedule. Additionally, the 56-unit Drexel Apartments complex received $2.01 million in Fannie Mae DUS Small Loan financing. The 10-year loan amortizes on a 30-year schedule. Michael Jehle of Arbor's Bloomfield HIlls, Mich., office originated the loans.
CHICAGO — Pangea Equities has purchased a 31-unit multifamily property, which is located at 7263 S. Coles Ave. in Chicago's South Shore district. The 95-year-old, 9,698-square-foot building is a three-story plus basement walk-up style apartment building offering one-, two- and three-bedroom units. Chase Bank sold the property for $397,500. Brad Thompson of Millennium Properties R/E brokered the transaction.
BEDFORD PARK, ILL. — M. Block & Sons, a provider of end-to-end supply chain solutions, has leased a 341,144-square-foot industrial facility in Bedford Park. Located at 6755 W. 65th St., the property features 2,500 square feet of office space, 30-foot clear ceiling heights, 141 parking spaces with 50 trailer spaces, 36 exterior docks and three drive-in doors. Missner Construction is completing work and tenant improvements to the property, which is owned by Principal Real Estate Investors. Jeff Locascio of Newmark Knight Frank represented the tenant; Larry Much, Steve Connolly and Kelly Disser of NAI Hiffman's Industrial Services Group represented the landlord, Principal Real Estate Investors, in the transaction. Terms of the lease were not released.
BELLEVILLE, ILL. — Swansea, Ill.-based Holland Construction Services has completed the construction of an addition at ROHO Group's manufacturing facility in Belleville. The 12,000-square-foot expansion offers storage space and two receiving docks. Collinsville, Ill.-based Oates & Associates Engineering and Architecture and Belleville-based Design Six provided architectural and design services for the project.
GLENDALE, WIS. — Glendale Business Center LLC has signed 16,200 square feet of industrial/office space to Prototype Composites LLC. The space is located at 6675-6681 N. Sidney Place in Glendale. Brian Parrish of The Dickman Company represented the landlord; Brett Garceau and Curt Pitzen of NAI MLG Commercial represented the tenant in the transaction. Terms of the lease were not disclosed.
JEFFERSON, WIS. — Crown Court Properties has acquired Jefferson Oaks West and Jefferson Commons, two apartment communities in Jefferson, for a combined price of $3.05 million. Jefferson Oaks West is located at 622 Collins Road and Jefferson Commons is located at 1009 Meadows Lane. The two properties were combined to form a 64-unit affordable housing project utilizing Federal American Recovery and Reinvestment Act Funds and received an allocation of tax credits under the Section 42 Low Income Housing Tax Credit program, which is administered by Wisconsin Housing and Economic Development Authority. Additionally, the transaction was funded by the United States Department of Agriculture under the Section 515 program. Dan Roseliep and Shane Thomas of Sperry Van Ness represented the seller, Roof Tree Properties, in the transaction.
SCHAUMBURG, ILL. — Crescend Technologies, a communication equipment designer and manufacturer, has purchased a 25,500-square-foot property in Schaumburg. Located at 140 E. State Parkway, the state-of-the-art facility features an air-conditioned production area, office space, engineering space and heavy power. The buyer plans to use the facility as its corporate headquarters and manufacturing center. Dan Smolensky of The Modal Group represented the buyer. The seller was not disclosed.