Midwest

OPUS NORTH LEASES OFFICE SPACE AT OPUS GATEWAY

by admin May 12, 2009

GLENVIEW, ILL. — Opus North Corp. has signed Mead Johnson Nutrition to a long-term lease at the developer’s Opus Gateway office building in Glenview. Located within The Glen mixed-use community, the four-story, Class A office facility was completed late last year. Mead Johnson will relocate its corporate headquarters to the 134,000-square-foot building, occupying the entire fourth floor when it moves in this month. Each floor offers 33,000 square feet of office space. The Glen is a 1,200-acre office, retail and residential redevelopment located at the intersection of Willow Road and Patriot Boulevard on Chicago’s North Shore.

May 12, 2009

TWIN OAKS ASSISTED LIVING COMPLEX BREAKS GROUND

by admin May 12, 2009

WENTZVILLE, MO. — Developers Tim and Kathy Blattel of Heritage Pointe Partners and architecture firm Rosemann & Associates are expected to break ground this month for the development of the $4.6 million Twin Oaks at Heritage Pointe in Wentzville. The two-story, 50-unit assisted living facility is part of a greater overall site that will eventually include multiple levels of long-term senior housing products. The U.S. Department of Housing and Urban Development is assisting with funding and construction. Rosemann & Associates has provided architecture and interior design services. Completion is scheduled for March 2010.

May 12, 2009

Industrial Midwest

GRUBB & ELLIS/WINBURY GROUP COMPLETES KC INDUSTRIAL SALE

by admin May 12, 2009

KANSAS CITY, KAN. — Grubb & Ellis|The Winbury Group has completed the sale of 194,500 square feet of industrial space located at 900 S. 68th St. in Kansas City. Douglas Hedrick and Robert Galamba of Grubb & Ellis represented the undisclosed seller in the transaction. Also in Kansas City, Hedrick and John Delzer negotiated a 41,460-square-foot industrial sale on behalf of the seller, JAMI Inc. The property is located at 1642 Crystal Ave.

May 12, 2009

Hospitality Midwest

MUMFORD BROKERS MOTEL 6 SALE

by admin May 11, 2009

KANSAS CITY, MO. — Mumford Co. has brokered the sale of the Motel 6 – Kansas City Airport, located in northern Kansas City. The 86-room hotel is situated at 8230 NW Prairie View Rd., adjacent to Interstate 29, and it features an outdoor swimming pool. Lance Potter of Mumford’s Chicago office and Randy Lee of the company’s Dallas office represented the seller, ACCOR Hospitality. The hotel was purchased by Tiffany Springs LLC, which plans to complete a significant modernization of the property and continue operation as a Motel 6.

May 11, 2009

Midwest Retail

SKYSCAPE RETAIL SPACE SOLD TO CVS DEVELOPER

by admin May 11, 2009

MINNEAPOLIS — The Minneapolis/St. Paul office of Colliers Turley Martin Tucker (CTMT) has completed the sale of 10,592 square feet of retail space at Skyscape, a 250-unit residential condominium project located at the corner of Ninth Street and Portland Avenue in Minneapolis. The space was acquired by Velmeir Properties, a preferred developer of CVS/pharmacy stores, which plans to build a new location in the building. Skyscape contains 11,000 total square feet of retail space; the only unit that remains is a small space with outdoor seating designed for a restaurant or coffee shop. CTMT’s Andrea Christenson, Matt Klein and Kelcey McKean represented the seller, Chicago-based Tandem Developers, which is developing Skyscape. The acquisition price was not disclosed.

May 11, 2009

Midwest Multifamily

LOVE FUNDING ARRANGES $4.26 MILLION MULTIFAMILY LOAN

by admin May 11, 2009

COLUMBIA. MO. — The St. Louis office of Love Funding has arranged a $4.26 million loan for Lake Broadway Townhomes, a 58-unit multifamily community located in Columbia. The property contains all two-bedroom townhomes; amenities include private patios, yards and a community pool. Love Funding’s Harry Cheatham originated the loan using the FHA 223(f) mortgage insurance loan program. The financing carries a 5.9 percent fixed interest rate and a 35-year amortization schedule. The borrower was Broadway Apartments LLC.

May 11, 2009

Industrial Midwest

PIPER LOGISTICS TAKES 166,400 SQUARE FEET AT PARK 100

by admin May 11, 2009

INDIANAPOLIS — Indianapolis-based NAI Olympia Partners has arranged the leasing of 166,400 square feet of industrial space within Indianapolis’ Park 100 Industrial Park. Criss Horton of NAI represented the tenant, Piper Logistics. The landlord, ProLogis Trust, was represented in-house by Elizabeth Kauchak and by Luke Wessel of Colliers Turley Martin Tucker. Terms of the lease were not disclosed.

May 11, 2009

Industrial Midwest

CBRE NEGOTIATES LEASE FOR 98,735-SQUARE-FOOT INDUSTRIAL BUILDING

by admin May 11, 2009

LINCOLNSHIRE, ILL. — CB Richard Ellis (CBRE) has negotiated a lease for an industrial building currently under construction at 610 Schelter Rd. in Lincolnshire. Upon completion, the 98,735-square-foot facility will feature 30-foot clear ceiling heights, six interior docks, 12,000 square feet of office space and 143 car parking spaces. Star Creations will occupy the entire building for a 7.5-year term. The company will relocate from its current facility in Wheeling, Ill., once the new facility is complete in August. CBRE’s Keith Puritz, Brett Kroner, Ryan Bain and Zach Graham represented the landlord, Panattoni. Bill Mass of Mass Realty represented the tenant.

May 11, 2009

Hospitality Midwest

HOTEL FELIX COMPLETE

by admin May 8, 2009

CHICAGO — Construction is complete for Hotel Felix, a 12-story boutique hotel located in Chicago. The hotel, which was originally built in 1926, was previously known as Hotel Wacker before Oxford OBG Hospitality Investment Partners launched a green redevelopment of the property. The hotel is applying for LEED-Silver certification, and it would be the first hotel in the city to receive the designation. Sustainable features include in-room motion sensors that control the thermostat, energy-efficient HVAC and plumbing systems, a recycling program, and the use of recycled, renewable and low-emitting materials in the construction process. Hotel amenities include a lobby bar, the Asha wellness spa and three small conference rooms. The hotel’s restaurant, Elate, is scheduled to open this summer. The project was designed by Cubellis. Oxford OBG Hospitality Investment Partners is a value-added acquisition and redevelopment group led by Chicago-based Oxford Capital Group. Other principals include Park Ridge, Ill.-based Bricton Group and locally based Gettys.

May 8, 2009

Hospitality Midwest

CROWNE PLAZA REOPENS

by admin May 8, 2009

LENEXA, KAN. — The grand reopening has been held for the Crowne Plaza Lenexa – Overland Park following a $27 million renovation and re-branding. The four-story, 270-room hotel, which was formerly a Radisson, is located at 12601 W. 95th St. in Lenexa. Hotel amenities include complimentary wireless Internet access, an indoor swimming pool, a business center, 18,000 square feet of meeting space, a restaurant and a coffee shop. The hotel also includes six presidential suites, which contain a living room, a dining room and two flat-panel televisions. The Crowne Plaza Lenexa – Overland Park is owned by Lenexa Hotel LP. It is managed by SJC V LLC under a license agreement with an affiliate of Atlanta-based InterContinental Hotels Group.

May 8, 2009

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