KANSAS CITY, KAN. — Kansas Speedway and The Cordish Company (Kansas Entertainment LLC) have proposed a 1.5 million-square-foot Hard Rock Hotel & Casino, which would be located in Kansas City Speedway’s Turn 2, with strong visibility and access to Interstates 70 and 435. The facility will include a 300-room luxury hotel; a state-of-the-art casino with 3,000 slot machines and 140 gaming tables; 275,000 square feet of retail, dining and entertainment product, including a live music venue; and meeting and convention facilities. The project cost is estimated at more than $700 million. As part of the proposal, a temporary casino would be able to open within 8 months. Operating during construction, the temporary casino will include 2,000 slot machines and 75 gaming tables.
TOLEDO, OHIO — Toledo-based companies Dana Holding Corp. and Health Care REIT have reached a contingent agreement for Dana Holding to sell its corporate headquarters property in Toledo to Health Care REIT for an undisclosed amount. The sale agreement, which is contingent on state and local authorities’ support, is expected to close by October. The 200,000-square-foot facility is located at 2500 Dorr St. Dana Holding will move its headquarters to an existing 200,000-square-foot building, which is located on a 30-acre site in the Toledo suburb of Maumee, Ohio. Under terms of the sale agreement, Dana Holding would vacate its Dorr Street facility by September 2009.
COLUMBIA, MO. — Forum Development Group has announced plans for Discovery, a 220-acre mixed-use community, which will be located on the west side of the new Highway 63 interchange at Discovery Parkway in Columbia. The property is situated near Columbia’s new A. Perry Phillips regional park and lake, the new Columbia Catholic high school, the Bristol Lake residential community and a multi-phase life science research park developed by the University of Missouri. Current plans for the development include a lifestyle center with retail and restaurant pad sites, two office districts, as well as upscale apartments and condominiums. Additionally, a hotel and convention center will be located at Discovery. Crawford Architects is providing architectural services for the project.
BRIGHTON, MICH. — Eberspaecher North America’s Brighton manufacturing facility will undergo $59.8 million in improvements to accommodate new EPA emissions reduction regulations aimed at the large truck market. In order to support the project, the Michigan Economic Growth Authority has approved a $7.4 million brownfield tax credit. The expansion will include acquisition and development of a contiguous 4.72-acre site, which will house 60,000 square feet of space for light industrial and warehousing operations.
INDIANAPOLIS — Summit Realty Group has represented Superior Packaging Co. in leasing 125,000 square feet of industrial space located at 4750 Kentucky Ave. in Indianapolis. The company is relocating and expanding its warehousing operations from its former Indianapolis property, which was located at 7901 W. 21st St. Fritz Kauffman of Collier Turley Martin Tucker represented the landlord, LIT Industrial Limited Partnership; Steve Schaub of Summit Realty Group represented Superior Packaging Co. in negotiations. The terms of the lease were not disclosed.
CHICAGO — Jones Lang LaSalle has represented BP in leasing 225,000 square feet of office space within the Chicago Mercantile Exchange, which is located at 10 & 30 South Wacker Drive in Chicago. BP’s United States supply, trading and fuels marketing team will relocated to the new facility, which is owned by Tishman Speyer. The new space will house approximately 1,000 employees on floors seven through nine and part of floor 10. BP will move into the building in the latter half of 2010. Elaine Melonides and Matt Carolan of Jones Lang LaSalle represented BP; Vicki Noonan and Eric Myers represented Tishman Speyer in-house. Terms of the long-term lease were not disclosed.
ELK GROVE VILLAGE, ILL. — The investment sales group of Mid-America Real Estate Corp. has brokered the sale of Elk Crossing, a 121,507-square-foot retail center located at Biesterfield and Arlington Heights roads in Elk Grove Village. Los Angeles-based Westwood Financial Corp. has acquired the development from an affiliate of the General Electric Pension Trust, which is advised by GE Asset Management. Elk Crossing is anchored by a Jewel-Osco grocery store. Additional tenants include Panera Bread, Bath & Body Works, Citibank and RadioShack. Rick Drogosz of Mid-America represented both parties in the transaction. The acquisition price was not disclosed.
WEBSTER GROVES, MO. — Chicago-based UGL Equis has represented Webster University in the acquisition of the 35,710-square-foot Old Orchard Shopping Center, which is located adjacent to the university at 25 S. Orchard Ave. in Webster Groves. The university, which occupies 55 acres in the St. Louis suburb, currently leases 15,207 square feet within the Old Orchard center for classroom space for its fine arts program and for practice space for The Repertory Theatre and the Opera Theater of St. Louis. Webster University has no plans to alter the retail center, which it acquired from Mills Properties for an undisclosed amount. Tenants at the development include Starbucks Coffee, Subway, The Boardwalk Café, and The Back and Neck Care Center of Webster Groves. Regan Trittler of UGL Equis represented the buyer; Ken Aston of Hendricks & Partners represented the seller in the transaction.
OTTAWA, KAN. — Marcus & Millichap has arranged the sale of a 13,006-square-foot Peoples Bank located in Ottawa. The net-leased bank had a sales price of $1.79 million. Tiger Real Estate Investments has acquired the facility from Sovereign Investment Co. Steve Strick in the St. Louis office of Marcus & Millichap represented the buyer; Glen Kunofsky in the New York City office of Marcus & Millichap represented the seller in the transaction.
LAKE SAINT LOUIS, MO. — Davenport, Iowa-based Von Maur has signed a lease to anchor the approximately 400,000-square-foot The Meadows at Lake Saint Louis lifestyle center in Lake Saint Louis. Developed by Davis Street Land Co., The Meadows at Lake Saint Louis is located on a 64-acre site at the intersection of Lake Saint Louis Boulevard and Interstate 64. Additional tenants at the center, which will celebrate its grand opening at the end of this month, include Bed Bath & Beyond, Victoria’s Secret, Eddie Bauer, Gymboree and Yankee Candle Co. Upon completion, The Meadows at Lake Saint Louis lifestyle center will house 500,000 square feet of retail space. Von Maur’s 130,000-square-foot, two-store department store will be the company’s first location in Missouri. Von Maur is scheduled to open in fall 2010.