DES PLAINES, ILL. — Midwest Gaming has been awarded the final Illinois casino license and plans to develop a 200,000-square-foot casino facility at 3000 River Road in Des Plaines. In order to develop the new facility, Midwest Gaming executed its options to purchase and terminate its current lease at Revere Mills, which is owned by Marc Realty. In May, Revere Mills is relocating to a 10,000-square-foot office property at 2840 River Road in Des Plaines and a 182,000-square-foot warehouse in Greenville, S.C. Ben Rosenfield of Titan Commercial arranged the transaction, which involved renegotiating leases, purchase rights and termination agreements. The deal involved Midwest Gaming, Marc Realty and Revere Mills International Group.
SOUTH BARRINGTON AND JOLIET, ILL. — Marcus & Millichap’s Oak Brook, Ill., office has brokered the sale of two CVS/pharmacy locations in South Barrington and Joliet. A limited liability company organized by Chicagoland Trust acquired the properties for $12.6 million. The properties, which both have 25-year triple-net leases in place, are located at 100 W. Higgins Road in South Barrington and 2375 Drauden Road in Joliet. Austin Weisenbeck of Marcus & Millichap represented the buyer; Sean Sharko and Clinton Mitchell, also of Marcus & Millichap, represented the seller, a limited partnership.
ST. LOUIS — Granite City, Ill.-based AB Acres LLC has purchased Jefferson Arms, which is located at 409-415 N. Tucker Blvd. in St. Louis. The 578-unit multifamily property sold for an undisclosed price. The historic property was originally built in 1904, with an addition constructed in 1928. The ground floor of the building features a lobby, a dining room, a coffee shop and storefronts. The seller was Delaware-based Municipal Realty Corp./Thousand Oaks, Calif.-based Citi Community Capital. Ken Aston and Andrea Kendrick of Hendrick & Partners’ St. Louis office represented the seller in the transaction.
ROSSFORD, OHIO — Orlando, Fla.-based Mohammed Merchant has purchased The Country Inn & Suites in Rossford. Located at 9790 Clark Drive, the property offers 80 guestrooms, a fitness center, an indoor pool and high-speed Internet access. Rossford Lodge sold the hotel for $4.8 million. Eric Belfrage of CB Richard Ellis|Hotels represented the seller in the transaction.
CHICAGO — Fifield Realty Partners, the property acquisition group of Fifield Companies, has hired two multifamily acquisition experts to oversee Fifield Residential Partners IV, its $600 million apartment acquisition fund. Matthew Masinter has joined the company as executive vice president of acquisitions and Erin DiPaola has joined as a senior vice president of acquisitions. The team will manage all aspects of the fund, which launched last year, and is focused on purchasing core-plus and value-add properties, as well as short-sale transactions and loan-to-own acquisitions. Masinter will focus on acquisitions across the East Coast, Florida and Texas, while DiPaola will concentrate on properties in Phoenix, Las Vegas and Denver. Most recently, Masinter served as chief investment officer for Chicago-based Covington Realty Partners, and DiPaola served as vice president of multifamily investments with Chicago-based Transwestern Investment Co.
BEACHWOOD, OHIO — Grubb & Ellis Healthcare REIT II has acquired Parkway Medical Center, a two-building medical office portfolio in Beachwood. Located at 3609 and 3619 Park East Dr., the 88,000-square-foot complex sold for an undisclosed price. The portfolio consists of a 51,000-square-foot building, which was constructed in 1972, and a 37,000-square-foot building, which was built in 1987. Currently the facility is 87 percent occupied to 35 tenants, including University Hospitals of Cleveland, Rapid Medical Research, The MetroHealth System and ID Consultants. Bob Nosal of Grubb & Ellis represented the seller, Parkway Medical Center LLC, in the transaction.
ST. PETERS, MO. — Hard, Austria-based Alpla Inc. has purchased an 83,485-square-foot industrial property, located at 9 Cermak Blvd. in St. Peters. The plastic packaging solutions manufacturer plans to initially invest $12 to $16 million in the facility and hire approximately 50 to 100 employees. Allen Klippel and Marc Cacciarelli of CB Richard Ellis represented the undisclosed seller; Southfield, Mich.-based Plante Moran CRESA represented the buyer. The acquisition price was not released.
CONCORD VILLAGE, MO. — Chesterfield, Mo.-based First MO Realty has purchased Concord Place in Concord Village. Located at 11542-11556 Concord Village, the property offers 50 apartment units. St. Louis-based Lorenzo Development sold the property for an undisclosed price. Ken Aston and Paul Cunningham of Hendricks & Partners’ St. Louis office represented both parties in the transaction.
BEDFORD PARK, ILL. — GRM has acquired a 300,000-square-foot industrial property, which is located at 7123 W. 65th St. in Bedford Park. The facility sold for $8.15 million. GRM, an information management services provider, plans to use the property to accommodate its growing presence in the Chicago market. Jeanne Rogers of Arthur J. Rogers & Co. represented the buyer; Mitch Adam and Mike Caprille of CB Richard Ellis represented the undisclosed seller in the transaction.
OLATHE, KAN. — McShane Construction Co. is constructing a 13,255-square-foot CVS/pharmacy location for CDI Development. Located in Olathe, the property will offer retail space, a walk-in cooler and a pharmacy with a customer drive-thru window. Cedarwood Architectural Inc. is providing architectural services for the project, which is scheduled for completion in July.