KANSAS CITY, KAN. — Youngstown, Ohio-based Comprehensive Logistics, a third-party logistics provider, has signed a lease for 220,000 square feet of industrial space at 5300 Kansas Ave. within Kansas City's Turner Industrial District. The tenant plans to use the facility to receive international parts and sort the parts for distribution to the nearby General Motors Corp. Fairfax Assembly Plant. With this transaction, the 513,000-square-foot property is 100 percent leased to a variety of tenants, including Wainwright Inc. and Ozburn-Hessey Logistics. Howard Moss of Omni Consulting Group and Jack Allen of Karbank Real Estate Co. represented the tenant; Mark Long and John Green of Zimmer Real Estate Services, along with Bill Hardy of BH Properties, represented the landlord, BH Properties.
CINCINNATI — Jones Lang LaSalle (JLL) has merged its Cincinnati operations with Cincinnati Capital Properties in Cincinnati. The company has appointed Russell Myers, David Ottenjohn and William Poffenberger as executive vice presidents in the firm's Cincinnati office. The team will lead the new office and focus on office and industrial brokerage, representing both landlords and tenants across the Tri-State region.
MINNEAPOLIS — Bethesda, Md.-based Pebblebrook Hotel Trust has acquired The Grand Hotel Minneapolis for $33 million in an all-cash transaction. Located in downtown Minneapolis, the 14-story hotel features 140 guestrooms, the 58,000-square-foot Life Time Athletic Club and Life Spa, more than 6,500 square feet of meeting space and Zahtar, a three-meal-a-day restaurant. The hotel will be managed by San Francisco-based Kimpton Hotels and Restaurants.
CHICAGO — Leopardo, serving as construction manager, has completed the construction of Tailor Lofts, a 10-story student-housing property located at 315 S. Peoria in Chicago. The 275,000-square-foot property features 135 student apartments offering a total of 441 bedrooms. Each apartment is equipped with a kitchen, granite countertops, a dishwasher, a microwave, plasma televisions per bedroom and individual bathrooms in most units. Additional amenities include a tanning room, a fitness center, a lounge area, 11,400 square feet of retail space and a two-story, 15,000-square-foot parking garage. Fitzgerald Associates provided architectural services for the project.
BROOKFIELD, WIS. — Cities & Villages Mutual Insurance Co. has purchased a 24,696-square-foot office property in Brookfield. Grede LLC sold the property, which is located at 9898 W. Bluemound Rd., for an undisclosed price. Dan Jessup and John Mazza of Grubb & Ellis|Apex Commercial brokered the transaction.
WAUKEGAN, ILL. — Onsrud Cutter has purchased a 63,833-square-foot industrial facility in Waukegan. Situated on 6 acres at 1081 Northpoint Blvd., the property offers heavy power, air-conditioned warehouse/manufacturing space and 15,000 square feet of office space. Onsrud plans to relocate its manufacturing operations to the facility from its existing property in Libertyville, Ill. Steve Trapp of Cushman & Wakefield represented the buyer; Whit Heitman, Samuel Badger and Brad Weiner of Paine/Wetzel • ONCOR International represented the seller, Northpoint ADG LLC, in the transaction.
CHICAGO — A New York-based institutional real estate company has acquired the ground lease for a CVS/pharmacy location in Chicago. Located at 6355 W. Belmont Ave., the property is 100 percent leased to CVS on a long-term lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private Chicago-based developer. The acquisition price was $3.6 million.
ST. LOUIS — Principal Commercial Real Estate has merged with Walpert Properties. The new company will operate under Principal Commercial Real Estate and launched its new brand, structure and website on October 1, 2010. Walpert Properties was founded by Robert Walpert in 1989; Principal Commercial was co-founded by Gary Parker, Dan Merlo and Dan Dokovic in early 2010. Kent Evans, who joined the Principal team in July, will oversee the integration of the two companies. The combined companies plan to continue to expand all facets of development, acquisition, management and brokerage services.
MT. PROSPECT, ILL. — Brennan Investment Group has acquired a 217,000-square-foot industrial facility in Mt. Prospect. Situated on 8 acres at 1900-2000 S. Carboy Road, the two-building property is partially leased. An affiliate of Principal Global Investors sold the property for an undisclosed price. Grubb & Ellis provided representation for the seller. Brennan has engaged CB Richard Ellis to market and lease the remaining space in the facility.
JUNEAU, WIS. — Capitol Real Estate Juneau has acquired a 28,717-square-foot shopping center in Juneau. Located at 100 S. Western Ave., the 7-year-old retail center is occupied by Piggly Wiggly, Edward Jones and Subway. T. Rectangle Properties sold the 90-percent occupied center for $3.1 million. Steve Doran, Blake George and Todd Waller of Lee & Associates’ Madison, Wis., office represented both parties in the transaction.