WHITESTOWN, IND. — Verus Partners has leased 182,000 square feet of distribution space located at 5100 Indianapolis Blvd. in Whitestown to Pitney Bowes. As the world’s largest provider of mailstream solutions, Pitney Bowes will generate 150 new employment opportunities in the area. The facility, which is situated within Verus Partners’ 624,000-square-foot industrial park, will host Pitney Bowes’ main supply and return hub for postage meter equipment. Features of the property include 36-foot clear ceiling height, cross-dock loading and abundant trailer parking.
INDIANAPOLIS — Indianapolis-based Ralston Square LLC has announced hotel and restaurant anchors for the $60 million mixed-use Ralston Square development, which is located at the northeast corner of South and Meridian streets in Indianapolis. Ceres Development Co. will construct a 155-unit Cambria Suites within the 11-story Ralston Square building. Occupying floors seven to nine, features of the hotel include a two-story lobby, as well as a restaurant and meeting space. In addition to the hotel, 37,000 square feet of first-floor retail space within Ralston Square will be occupied by three Landmark Leisure Group concepts including BlackFinn Restaurant & Saloon and Strike City Lanes. The second level of Ralston Square will house an additional 40,000 square feet of retail space, while floors four to six will provide 525 parking spaces. Ralston Square is attempting to become the first high-rise in Indiana to achieve LEED certification. Environmental features of the facility include street-level rain gardens and more than 11,000 square feet of green roof space.
ST. LOUIS AND O’FALLON, MO. — Grubb & Ellis Healthcare REIT has acquired Medical Portfolio 2, a five-building portfolio totaling more than 172,000 square feet of space in Missouri and Texas. In St. Louis, Grubb & Ellis Healthcare REIT has acquired a 69,000-square-foot, two-story medical facility located at 969 North Mason St. BJC HealthCare is the sole tenant of the building, which is situated on a 5.6-acre site. At 909 North 14th St. in St. Louis, the company has acquired a 6,200-square foot, single-story medical center situated on approximately 2.4 acres. In O’Fallon, a 61,000-square-foot, Class A medical office building was acquired. Situated on a 4.8-acre site, the facility is located at 5551 Winghaven. Additionally, two facilities totaling 36,000 square feet of medical space were acquired in Texas as part of the transaction. Affiliated entities of The Cirrus Group — represented by James Moloney of Cain Brothers & Co. — sold the portfolio for an undisclosed amount. Grubb & Ellis Healthcare REIT financed the acquisition through loans originated by Bank of America and Wachovia Financial Services, as well in-house funding.
INDIANAPOLIS — InterContinental Hotels Group has opened the 113-room Staybridge Suites Indianapolis City Centre hotel located adjacent to the new Lucas Oil Stadium at 535 S. West St. The facility, which is the area’s third Staybridge Suites hotel, features a complimentary daily breakfast buffet, workout facilities, a 24-hour convenience store and the brand’s Just Like Home Theater. Missouri Hotel Partners is the owner; Dora Brothers Hospitality — under a license agreement with a company affiliated with InterContinental Hotels Group — manages the Staybridge Suites Indianapolis City Centre. The total cost of construction was not disclosed.
HOPKINS, MINN. — Minneapolis-based Opus Northwest has been approved to expand Excelsior Crossings to 806,000 square feet of space. Cargill — a provider of food, agricultural, and risk management products and services — will fully occupy the 28-acre office park, which is located at the northeast corner of Highway 169 and Excelsior Boulevard in Hopkins. Construction of the 268,000-square-foot third phase is expected to begin in September, with completion slated for March 2010. The first building, which was completed for Cargill in June, is a seven-story, 260,000-square-foot complex with a ground-level skyway connecting it to the phase’s second building. The 268,000-square-foot second phase is currently underway, and is slated for completion in July 2009. An approximately 10,000-square-foot building will house Cargill’s on-site daycare facility. Upon completion in mid-2010, the office park will hold approximately 3,000 Cargill employees. Excelsior Crossings, which is a brownfield redevelopment, is being designed to achieve LEED Gold certification.
PEORIA, ILL. — Roswell, Ga.-based Randall-Paulson Architects has been selected to design interior and exterior renovations for the 111-room Jameson Inn & Suites located at 4112 N. Brandywine Dr. in Peoria. The first phase of renovations to the 58,138-square-foot hotel, which is near completion, includes interior improvements to guest rooms and suite, as well as the lobby and common areas. Exterior renovations are slated for completion before winter, and will include a new drive-through canopy entrance and an enclosed swimming pool. The cost of renovations was not disclosed.
HILLSIDE, ILL. — Elgin, Ill.-based Capital Lending Group has represented PAR Development in securing $47.5 million in construction financing — including Tax Incremental Financing — for a 400,000-square-foot retail development in Hillside. Tenants in the center, which is located at the intersection of Eisenhower Expressway/Interstate 90 and Mannheim Road, will include SuperTarget, Best Buy and Starbucks Coffee. The project is slated for completion in September 2009. Terms of financing were not disclosed.
COLUMBUS, OHIO — On behalf of Airport Core Hotel LLC, Brackett Builders has broken ground on the 185-suite Embassy Suites Columbus-Airport located near Port Columbus International Airport. As the third Embassy Suites property in Columbus, the hotel is slated for completion in the third quarter of 2009. The facility will feature Design Option III and a Flying Spoons casual dining restaurant. Jerry Bird of Bird Houk Collaborative is providing architectural services for the project. The estimated cost of completion was not disclosed.
PORT WASHINGTON, BROOKFIELD AND MILWAUKEE, WIS. — Grubb & Ellis|Apex Commercial has arranged the sale of three industrial facilities totaling more than 400,000 square feet and located throughout Wisconsin. In Port Washington, Jeff Horn of Grubb & Ellis|Apex Commercial has represented both parties in the sale of a 407,000-square-foot facility located at 500 North Spring St. Briggs & Stratton Yard Products Group sold the building to Roadster Port Washington LLC for $1.8 million. Additionally, Horn has represented Capital Partners Group in the sale of an 11,984-square-foot industrial facility located at 3315 North Intertech Dr. in Brookfield. Colliers Barry has represented the buyer, North Eden Properties, which acquired the building for approximately $1.19 million. In Milwaukee, Dan Schroeder of Grubb & Ellis|Apex Commercial has represented Ron D. Haidinger & Suzanne N. Gerstad Haidinger Trust in the acquisition of a 12,400-square-foot industrial building. Half of the facility, which is located at 11011 West Heather Ave., will be available for lease, while the owners will use the other half as a satellite distribution location for automotive parts. David Barry of Colliers Barry has represented the seller, Bismilla LLC, in the transaction.
FLINT, STURGIS AND HARTFORD, MICH.; AND CAMPBELL, OHIO — Marcus & Millichap has brokered the approximately $6.34 million sale of four Rite Aid Corp. stores in Michigan and Ohio. The portfolio includes an 11,180-square-foot store located at 1810 Maplewood Ave. in Flint, which sold for approximately $1.54 million; a 10,167-square-foot facility located at 102 N. Centerville Rd. in Sturgis, which sold for approximately $1.76 million; another 10,167-square-foot store located at 302 W. Main St. in Hartford, which sold for approximately $1.5 million; and a 10,363-square-foot store located at 693 McCartney Rd. in Campbell, which sold for approximately $1.54 million. Additionally, two Rite Aid facilities in West Virginia — totaling more than 22,000 square feet — were acquired as part of the portfolio transaction. Simon Jonna and Brandon Hanna of Marcus & Millichap’s Detroit office represented the seller; Cesar Talavera of the firm’s Las Vegas office represented the buyer, John Tsern, in the transaction.