NORMAL, ILL. — Five new retail and restaurant tenants have been announced at Constitution Trail Centre, a 350,000-square-foot, open-air shopping center located at the interchange of Interstate 55 and North Main Street in Normal. Discount Tire plans to open a 7,000-square-foot location by this fall. Famous Labels will also soon open a new 11,440-square-foot location. Recently, Wendy’s opened a new “Fresh Brand” concept restaurant within 2,600 square feet of space at the center. Castle Nail Spa will open a new 1,600-square-foot location in late September. Finally, Taco Bell will break ground in spring 2010 for a new 2,900-square-foot restaurant, with completion scheduled for July 2010. Constitution Trail Centre is owned by a partnership between Omaha, Neb.-based Dial Properties; Little Rock, Ark.-based Clary Development Corp.; and principals of Bloomfield Hills, Mich.-based Coral Ridge Cos.
LAKE IN THE HILLS, ILL. — Omega Industries, an importer and distributor of steel cable products, has relocated its Chicago distribution operations to an 8,750-square-foot facility in Lake In The Hills. John O’Hara of RE/Max Commercial Real Estate Services represented Omega in lease negotiations. Don Wolf and Lisa Horton of Wolf Realty represented the undisclosed landlord. Terms of the lease were also not disclosed.
AINSWORTH, NEB. — Mumford Co. has completed the sale of a 35-room Super 8 Motel located in Ainsworth. It was purchased by Aarav Hospitality, a hotel operator that plans to complete capital improvements to the hotel and retain its Super 8 brand. David Mumford and Randy Lee of Mumford represented the seller, Gold Inc., in the transaction. Financing for the deal was provided by a local bank utilizing the USDA’s loan program. The acquisition price was not disclosed.
APPLETON, WIS. — Denver-based HREC Investment Advisors has completed the sale of a Best Western hotel located in Appleton. The seller, Midway Motor Lodge, is also the hotel’s original developer. Larry Kaplan and Mark Darrington of HREC negotiated the transaction between the seller and the out-of-state buyer. HREC also assisted in sourcing the acquisition financing through a Florida-based lender. The same HREC team also brokered the sale of a AmericInn located in McCall, Idaho. The acquisition prices were not released but the properties sold for under $10 million.
CHICAGO — The first two leases have been signed for the retail component of Presidential Towers, a four-tower, 50-story apartment community located in Chicago’s West Loop. The retail space that makes up the first and second floors of the property is in the midst of a repositioning campaign. The first tenant, Fitness Formula Clubs, will occupy 52,043 square feet of first- and second-floor space on a long-term basis. Once build-out is complete, the fitness club will feature a three-story atrium located near the intersection of Clinton and Madison streets, indoor and outdoor pools, a sundeck and state-of-the art fitness amenities. The second tenant, local restaurant Yolk, will be opening its third Chicago location in 4,200 square feet of street-level space. The restaurant, which specializes in breakfast and lunch fare, features Clinton Street frontage. Bruce Kaplan and Leslie Mader of CB Richard Ellis represented Waterton Residential, the project’s ownership agent, in lease negotiations. HSA Commercial represented Fitness Formula Clubs.
OMAHA, NEB. — The Omaha office of NorthMarq Capital has arranged two loans totaling $7.6 million. In the first transaction, NorthMarq secured a $6.1 million loan for Woodbridge Senior Apartments, a 107-unit, age-restricted senior community located in Omaha. The construction to mini-permanent loan carries a 3-year term with interest-only payments during the construction period, followed by a 25-year amortization schedule. Gary Rifkin of NorthMarq arranged the loan on behalf of the borrower, Calamar Enterprises through TierOne Bank. In the second transaction, NorthMarq arranged $1.5 million in first-mortgage financing for a 13,905-square-foot Walgreens pharmacy located in Omaha. Terms of the loan include a 10-year term with a fixed interest rate and a 20-year amortization schedule. Gary Rifkin of NorthMarq arranged the loan between the borrower, BDRE-Lake LLC, and the lender Enterprise Bank.
BELOIT, WIS. — Coldwell Banker Commercial (CBC) McGuire Mears & Associates has brokered the sale of an approximately 6,500-square-foot industrial property, located at 1611 and 1621 Gale Dr. in Beloit. CBC’s Barry Badertscher represented the seller, locally based Beloit Sign/Design Inc.; Dave McGrath of McGrath Realty represented the buyer, Jakin Enterprises. Terms of the deal were not released.
MINNEAPOLIS — Minneapolis-based NorthMarq Real Estate Services has entered into an agreement to acquire Opus Property Services from Minneapolis-based Opus Corp. NorthMarq’s bid for the company was selected from a field of eight. The two companies expect to complete the transaction by the end of August. All of Opus’ 140-person staff will transition to NorthMarq. Opus Property Services currently manages more than 30 million square feet of commercial real estate in 20 markets nationwide. Leasing relationships with local brokerage firms will remain in place.
KANSAS CITY, MO. — Advanced Logistics & Fulfillment (ALF) has expanded its lease at SubTropolis, a subterranean industrial park located in Kansas City. ALF will increase its footprint at the park from 89,440 square feet to 129,575 square feet. Terms of the lease were not disclosed. SubTropolis totals approximately 5 million square feet and is the world’s largest underground business complex. It is owned by locally based Hunt Midwest.
ELGIN AND BENSENVILLE, ILL. — Lee & Associates of Illinois has brokered a lease renewal for 25,702 square feet of warehouse space at 1370 Gateway Dr. in Elgin. The tenant is ADMO. Steve Bass of Lee and Jason Talanian of Lowenbaum REP represented the landlord, Knebl Real Estate. In addition, Chris Nelson, also of Lee, represented Helix USA in the renewal of 25,703 square feet of warehouse space at 1161 Ellis St. in Bensenville. Kevin Segerson of CB Richard Ellis represented the landlord, Invesco Real Estate. Terms of both leases were undisclosed.