OVERLAND PARK, KAN. — Irvine, Calif.-based Passco Cos. has acquired The Village at LionsGate, a 360-unit multifamily property located at 14631 Broadmoor St. in Overland Park, for $37 million. The master-planned community comprises 43 buildings surrounding a 4-acre lake. Community amenities include a swimming pool, a 24-hour fitness center and business center, and a clubhouse with a billiards room, a large-screen TV and a video library. Passco plans to spend approximately $1 million upgrading the property. The company has selected Pinnacle Management to manage the property, which will remain a residential rental community in the near-term. William Powell of the Kansas City, Mo., office of Hendricks & Partners negotiated the sale on behalf of Passco and the seller, Houston-based USA LionsGate LeaseCo.
FORT WAYNE, IND. — Indianapolis-based Thomas English Retail Real Estate has commenced construction of Maysville Pointe, a 180,000-square-foot shopping center located near the interchange of Maysville Road and Interstate 469 in Fort Wayne. Situated on approximately 30 acres, the shopping center will be shadow-anchored by Wal-Mart, Kohl’s, Office Depot and Marshall’s. Tenants already signed at Maysville Pointe include PetSmart, MC Sports and Michaels. Completion of construction is scheduled for June, with the grand opening to be held in August.
OAK FOREST, ILL. — Naperville, Ill.-based Knightsbridge Design + Build has been selected to serve as general contractor for The Gateway, an 8.8-acre mixed-use development located at the intersection of 159th Street and Cicero Avenue in Oak Forest. Situated at the entrance to the Oak Forest train station, the transit-oriented project will include 78 residential units, as well as 37,750 square feet of in-line and freestanding retail space. Current plans include the construction of a 13,000-square-foot CVS/pharmacy, a 3,000-square-foot National City Bank, a 4,500-square-foot retail building and a 4,000-square-foot restaurant building. Construction of the five-story residential building is slated to begin upon completion of the freestanding retail construction. The Gateway is being developed by RSC & Associates, with Waukegan, Ill.-based Legat Architects providing design services.
AUBURN, IND. — BND Commercial has negotiated the sale of the Kimball International building, a 105,000-square-foot manufacturing property located in Auburn. The property was acquired by Churubusco, Ind.-based C&A Tool, which plans to use the facility to house the company’s aerospace division. The facility is expected to be operational by June. The sale was facilitated by Karl Behrens and David Nugent of BND Commercial. The seller, as well as the sale price, was not disclosed.
SCHAUMBURG, ILL. — Greenville, S.C.-based JHM Hotel has held the grand opening for a new Hyatt Summerfield Suites located at 1251 E. American Lane in Schaumburg. Hotel amenities include access to the hotel’s technology and entertainment center, wireless Internet access, a 24-hour business center, an indoor pool, an outdoor sport court and an exercise facility. Room amenities include fully equipped kitchens in all suites, flat-panel, high-definition televisions and MP3 clock radios. The hotel is managed by The Bricton Group.
CHICAGO — A joint venture involving LaSalle Hotel Properties has acquired 375,000 square feet of the IBM Building, a 52-story historic office building located at 330 N. Wabash Ave. in Chicago. LaSalle acquired floors two through 13 and part of the first floor for $46 million. The company plans to convert the space into a super luxury hotel. The hotel is expected to feature up to 335 rooms, and will include exclusive elevators and a separate entrance on the ground floor. Hotel amenities will include a 9,000-square-foot restaurant, as well as 17,000 square feet of space for social gatherings and meetings that includes a 5,000-square-foot ballroom. Other amenities include a lobby bar, a fitness center, an indoor pool and a destination spa. The hotel, which is expected to open in 2010, will be applying for LEED-Silver certification. The Gettys Group is providing design services. LaSalle owns a 95 percent interest in Modern Magic Hotel, the partnership that acquired the property and is developing the hotel. The remaining 5 percent is owned by Oxford OG Hospitality Chicago.
COLUMBUS, OHIO — CASTO will soon commence development of the first phase of Albany Park, a master-planned, mixed-use development located at the intersection of State Route 161 and Hamilton Road in Columbus. Phase I will consist of two retail anchors occupying more than 100,000 square feet apiece, as well as office and retail components located adjacent to the retail space. At full development, Albany Park will total approximately 300,000 square feet of retail, and more than 27 acres of outparcels for restaurants and service tenants. Infrastructure work is set to begin soon, with completion scheduled for summer 2009.
WAUWATOSA, WIS. — Atlanta-based InterContinental Hotels Group (IHG), in partnership with Lane Hospitality, has opened its first Crowne Plaza prototype. The 198-room, eight-story Crowne Plaza Milwaukee-Wauwatosa features a two-story lobby, 7,000 square feet of meeting space, an upscale restaurant and lounge, two executive floors, a business center, a fitness center with a swimming pool and whirlpool, valet and laundry service, and complimentary shuttle service. The building also contains various meeting spaces throughout the hotel to accommodate business travelers. The hotel is owned by KL Hotel and is managed by Lane Hospitality through a partnership with IHG.
OVERLAND PARK, KAN. — Chattanooga, Tenn.-based CBL & Associates Properties has announced the Barnes & Noble will join the tenant roster at Oak Park Mall, a 1.6 million-square-foot regional mall located in Overland Park. The two-story, 35,000-square-foot bookstore will be located near the mall’s main entrance next to Rainforest Café. Construction is currently underway and scheduled for completion in the fourth quarter.
CHICAGO The Chicago office of Hines has signed a lease for the anchor tenant of River Point, the developer s 52-story office tower located at 444 W. Lake St. in Chicago. William Blair & Co. will occupy more than 340,000 square feet of the 1.1 million-square-foot tower. Groundbreaking for the project is set to occur late this year, with completion scheduled for mid-2011. William Blair & Co. was represented by The Staubach Company in site selection and lease negotiations.