OVERLAND PARK, KAN. — Atlanta-based NYLO Hotels LLC has announced plans for a 160-room NYLO Hotel in Overland Park. Located within the 96-acre Corbin Park mixed-use development at the corner of 135th Street and Metcalf Avenue, the hotel will feature loft-style rooms with ceiling heights exceeding 10 feet. Hotel amenities will include a business center, a gym, a clothing boutique, and a 24-hour restaurant and bar. Groundbreaking is expected to occur soon, with completion in mid-2009. The NYLO Hotel will serve as one of the anchors of Corbin Park. It is the company’s fifth hotel and first in the Midwest.
DUBLIN, OHIO — Grubb & Ellis Realty Investors has acquired 5200 Upper Metro Place, a three-story, Class A office building located in the Columbus, Ohio, suburb of Dublin. Situated on approximately 8 acres, the 96,000-square-foot building is 90 percent leased to a tenant roster that includes Smith’s Medical and CoreSource. The property was acquired from Upper Metro LLC, which was represented by George Stecz of CB Richard Ellis. The acquisition price was undisclosed.
CHICAGO — Northbrook, Ill.-based Essex Realty Group has brokered the sale of a 66-unit multifamily building, located at 4840 North Linder in Chicago’s Jefferson Park neighborhood, for $7.7 million. The mid-rise property contains 38 one-bedroom and 28 two-bedroom units. Jacob Fenton of Essex represented the buyer; David Goss and Jon Morgan, also of Essex, represented the seller. Both parties were undisclosed.
EVANSVILLE, IND. — Evansville-based Summit Real Estate has arranged the sale of Vogel Business Park, a 45,000-square-foot office property located at 5401 Vogel Rd. in Evansville, for $3.9 million. The property contains 20 tenants, including Better Business Bureau, Viola Hair Salon and Body Makeover. Scott Hyatt of Summit represented the buyer, Vogel Business Park LLC, as well as the seller, locally based SSS Development. Additionally, Hyatt completed the $2.97 million sale of another office building located in Evansville. The building was acquired by CWK-Sycamore Street from Lloyd-41 Properties. It is currently leased to Trane Operations.
ITASCA, ILL. — L.J. Sheridan & Co. has brokered the acquisition of a 75,000-square-foot office building, located at 425 Spring Lake Dr. in Itasca, for $8.8 million. The buyer, Gift of Hope Organ & Tissue Donation Network, plans to expand into the new building from its old location in Elmhurst, Ill. The new building will be retrofitted for general office, medical and laboratory uses. Representing Gift of Hope was Patrick Caruso of L.J. Sheridan. Mark Smith of CB Richard Ellis represented the seller, Falcon Real Estate Investment Co. Gift of Hope plans to occupy the new facility by the fourth quarter of 2009. L.J. Sheridan is currently marketing its previous office.
MCCOOK AND ELMHURST, ILL. — Oak Brook, Ill.-based Krusinski Construction Co. has completed two projects for Comcast Cable Communications. The first is a 42,726-square-foot technical operations facility located at 8701 W. 50th St. in McCook. Situated on approximately 4.54 acres, the building comprises 21,726 square feet of warehouse space and 21,000 square feet of office space. It features 24-foot clear ceiling heights, one exterior dock door, one drive-in door and 282 parking spaces. In Elmhurst, Krusinski completed renovations to an existing 113,000-square-foot technical operations and payment center located at 155 W. Industrial Dr. Construction consisted of the demolition of 25,000 square feet of the building, the addition of 25,580 square feet of space with higher clear heights, and the interior renovation of the remaining 88,000 square feet. Ann Norman of Deerfield, Ill.-based Partners In Design served as project architect for the Elmhurst project, and interior designer for the McCook project. Lisa Aiken of Cornerstone Architects designed the McCook facility’s shell. Comcast McCook was developed by CenterPoint Properties, and Comcast Elmhurst was developed by Avi Nagel of Cook Financial.
INDIANAPOLIS — Spectrus Real Estate has completed the 1031 exchange sale of Southport Pavilion, a 16,369-square-foot retail strip center located on Southport Road in Indianapolis. Situated on 2.22 acres, the center includes Panera Bread, Game Stop, Great Clips, Azteca Mexican Restaurant, Domino’s Pizza and Jimmy John’s Gourmet Sandwiches. Tom Georges of Spectrus represented the undisclosed seller; Stuart Singer of NAI Eric Bram & Co. represented the buyer. The sale price was not disclosed.
FENTON, MO. — The Minneapolis office of CBRE | Melody has arranged $4.9 million in permanent financing for Intertech Building, a 64,600-square-foot office building located in Fenton. The first mortgage loan includes a 6.02 percent fixed interest rate, a 25-year amortization, a 10-year term and a 70 percent loan-to-value ratio. Douglas Seylar and Murray Kornberg of CBRE | Melody secured the financing on behalf of the undisclosed borrower with the lender, First Unum Life Insurance Co.
GRAND RAPIDS, MICH. — Burger Easton & Co. has completed the acquisition of a 949,684-square-foot warehouse/distribution facility located at 1040 40th St. in Grand Rapids. David Wax of Burger Easton represented the buyer, Minneapolis-based Diversified Distribution Systems. John Kuiper of Grubb & Ellis/Paramount represented the seller, Ashley Capital. The acquisition price was not disclosed, but the property listed for $14.24 million.
WABASH, IND. — CB Richard Ellis | Sturges (CBRE) has arranged the sale of a 93,200-square-foot retail property located at 1550 North Cass St. in Wabash. The building, which is situated on 10.91 acres, will be occupied by Big R, a home and farm retailer. Alex Genova of CBRE represented the buyer, Illiana Realty, as well as the seller, Wal-Mart Realty Co. The acquisition price was not disclosed.