WISCONSIN RAPIDS, WIS. — Jones Lang LaSalle Hotels (JLL) has completed the sale of Hotel Mead & Conference Center located in Wisconsin Rapids. The hotel comprises 157 rooms, including 51 suites, as well as 14,000 square feet of conference space, two ballrooms, an indoor swimming pool, a fitness center, a sauna, a hot tub, an upscale tavern and two restaurants. The seller, NewPage Wisconsin System, was represented by JLL. The property was acquired by WR Hotel Properties for an undisclosed amount.
Midwest
CHICAGO — PEAK Development has completed renovations to Wolcott Flats, a multifamily community located at 1901 West Newport and 1849 West Cornelia in the Roscoe Village neighborhood of Chicago. Construction consisted of the complete structural renovation and conversion of two existing three-story apartment buildings, with each building now containing 18 units and a total of 30,000 square feet. Amenities in the buildings include granite countertops, stainless steel appliances, hardwood floors and private decks. Summit Design + Build serves as general contractor for the project, with Funke Architects providing design services.
GRAND RAPIDS, MICH. — Marcus & Millichap has brokered the sale of an 11,321-square-foot Rite Aid, located at 4410 S. Division Ave. in Grand Rapids, for $2.2 million, at an 8.72 percent capitalization rate. Rite Aid has 10.5 years remaining on a 20-year, double net lease. The lease includes four 5-year renewal options with 3 to 4 percent increases. The property was acquired by a Grand Rapids-based private investor conducting a 1031 exchange. The seller was also undisclosed.
CARBONDALE, ILL. — Needham, Mass.-based Potomac Realty Capital has secured an $8.1 million permanent loan for a 121-unit apartment community located in Carbondale near the campus of Southern Illinois University. The property is being positioned as an off-campus student housing community. The borrower is a locally based developer; the lender and the terms of the loan were undisclosed.
CHICAGO — Jackson, Miss.-based Parkway Properties has acquired Citicorp Plaza, a three-building, 600,446-square-foot office complex located at 8410, 8420 and 8430 W. Bryn Mawr Ave. in Chicago, for $100 million. The property comprises three 11-story, Class A buildings connected by an enclosed walkway, as well as an adjacent three-story parking garage and surface parking. The property is 86 percent leased, and includes tenants such as Citicorp North America, US Cellular Corp., CareerBuilder.com and the Association for Operations Management. Parkway purchased the property on behalf of its Office Fund from Apollo Real Estate Advisors’ Value Enhancement Fund IV. Parkway’s $500 million fund is now fully invested.
EDWARDSVILLE, ILL. — IMPACT Strategies has been selected by Joseph E. Meyer & Associates to provide construction management services for the development of Park Plaza, a $12 million mixed-use development located in downtown Edwardsville. Upon completion, the project will contain 42,350 square feet of retail space, 7,000 square feet of Class A office space and 17 lofts. Phase I construction is currently underway, and should be complete by April.
ROCKFORD, ILL. — Millennium Properties has arranged the sale by auction of the Northern Illinois Medical Arts building, a 48,000-square-foot medical office property located at 5668 E. State St. in Rockford. The property was sold by Stickmen LLC; it was acquired by State and Roxbury LLC, a joint venture involving OSF Healthcare System and Genesis Land Development & Brokerage. The acquisition price was undisclosed.
DOWNERS GROVE, ILL. — Inland Real Estate Sales has brokered the sale of Maple Plaza, a 31,298-square-foot retail center located at the corner of Belmont and Maple avenues in Downers Grove, for $4.25 million. The property is anchored by Just Tires; other tenants include Benjamin Moore, Subway and Dairy Queen. Richard Kehoe of the Lake Bluff, Ill., office of Inland represented the seller, a real estate investment trust. The property was acquired by an Oak Brook Terrace, Ill.-based investment group.
LOUISIANA, MO. — Atlas Partners has arranged the sale of a 317,000-square-foot industrial building, located at 3016 W. George St. in Louisiana, for $1.75 million. Biff Ruttenberg of Atlas Partners, along with Tim Convy and Ben Hass of the St. Louis office of CB Richard Ellis, represented Home Products International, the previous owner-occupant, in the sale. The property was acquired by Lexton Group dba Stark Brothers Fulfillment.
INGALLS, IND. — Opus Corp. and Mann Properties have formed a joint venture for the development of I-69 Trade Center, a planned 140-acre industrial park and logistics center located at the intersection of Interstate 69 and Indiana Highway 13 outside of Indianapolis in Ingalls. The multi-building park is planned to comprise more than 1.5 million square feet of manufacturing, distribution and office space. Groundbreaking is expected to occur this year. Colliers Turley Martin Tucker has been retained to market the facilities.