DES MOINES, IOWA — Fort Worth, Texas-based Sperry Van Ness | Visions Commercial (SVN) has completed the sale of a 144-room Best Western Hotel, located at 1810 Army Post Rd. in Des Moines, for $5.8 million. The property also includes a conference center and a Bennigan’s Restaurant, and is situated on 4.79 acres. Scott Henderson of SVN represented the buyer, Fort Worth-based REDJ Ltd., in the 1031 exchange. Henderson also represented REDJ in the other component of the exchange, a 116-unit multifamily property located in Fort Worth. The seller in the Des Moines transaction was undisclosed.
Midwest
ROMEOVILLE, ILL. — Denver-based ProLogis has acquired a 650,000-square-foot distribution center located in ProLogis Park 55, a 4.5 million-square-foot, master-planned industrial park located in Romeoville. ProLogis had originally sold the land on which the building is situated to Duke Realty Corp., which developed the facility. ProLogis plans to market the distribution center to consumer products companies, third-party logistics providers and manufacturers with large-scale distribution needs. David Kahnweiler and Charles Canale of Colliers Bennett & Kahnweiler have been appointed marketing agents for the property. The acquisition price was not disclosed.
NORTH OLMSTED, OHIO — Carnegie Management & Development Corp. has completed construction on the third of four buildings comprising North Olmsted Towne Center, a 321,000-square-foot mixed-use project located at the corner of Great Northern Boulevard and Brookpark Road in North Olmsted. When completed, the center will include 249,000 square feet of street-front retail, as well as 72,000 square feet of second-floor office space. The retail portion of the project is anchored by Target; other retail tenants include David’s Bridal, La-Z-Boy Furniture Galleries, Men’s Wearhouse, G&G Fitness, Pearle Vision, Massage Envy, Inkstop, Allcare Dental, Jimmy John’s Gourmet Subs, Moe’s Southwest Grill, Fatburger and Fuji Oishi Japanese Steakhouse. The last building in the development is expected to be complete in the fourth quarter.
BRIDGETON, MO. — May Center Advisors (MCA) has brokered the sale of Hilltop Plaza, a 302,921-square-foot community shopping center located in Bridgeton. The center features tenants including Lowe’s Home Improvement Warehouse, Kmart, The Sports Authority and PetsMart. MCA represented the seller, an affiliate of THF Realty, in the transaction. The buyer and sale price were undisclosed.
ST. MARY’S, OHIO —Midland Atlantic Development has acquired St. Mary’s Square, a 253,163-square-foot shopping center located off of State Route 33 in St. Mary’s. The center is 88 percent occupied, and is anchored by Kmart. Other tenants include Sears, Fashion Bug, Maurices, Shoe Show, Bath & Body Works, Hallmark, GNC, Claire’s and Radio Shack. Midland Atlantic plans to make capital improvements to the property and lease the vacant space. The seller, as well as the acquisition price, was undisclosed.
CLAYTON, MO. — CPC Hospitality, a division of Conrad Properties Corp., will re-flag the Daniele Hotel located at 216 N. Meramec Ave. in Clayton as a Hotel Indigo. The company is planning $13 million in renovations, which will add a fifth story to the four-story structure, bringing it from 84 to approximately 120 rooms. Other renovations include a new entrance, the complete gutting of the interior of the building, the updating of all common and amenity areas, and the addition of a restaurant and lounge. St. Louis-based Rosemann Associates will serve as project architect, with GS&S Inc. providing general contracting services. The Hotel Indigo is being franchised out by Atlanta-based InterContinental Hotel Group. Completion is slated for first-quarter 2009.
INDIANAPOLIS — Indianapolis-based Tikijian Associates has brokered the sale of four apartment communities totaling 644 units in two separate transactions. In the first sale, Tikijian, along with CB Richard Ellis, represented an affiliate of Indianapolis-based Barrett & Stokeley in the sale of three apartment communities for more than $24 million. The properties were the 196-unit Muirwood Village located in Zanesville, Ohio; the 136-unit Sheffield at Sylvan located in Circleville, Ohio; and the 112-unit Residence at Newark located in Newark, Ohio. The buyers are affiliates of Pasadena, Calif.-based Evergreen Realty Group. In the second sale, Tikijian represented Zidan Management Group in the sale of Stonegate Apartments, a 200-unit community located in Carmel, Ind. The property was acquired by Barrett & Stokeley, which plans to upgrade the property and combine marketing and operations with an adjacent apartment community that it owns. The sale price was undisclosed.
PLAINFIELD, IND. — Rosemont, Ill.-based McShane Corp. has completed a 248,336-square-foot industrial building at MetroAir Business Park, located adjacent to Indianapolis International Airport in Plainfield. Situated on 13.32 acres at the intersection of Stafford Road and Ronald Reagan Parkway, Building Three is able to accommodate single or multiple users. It features a precast panel exterior, 28-foot clear ceiling heights, 30 exterior docks, six drive-in doors, 50-foot by 50-foot bay spacing, a 140-foot truck court and is divisible from 25,000 square feet. McShane provided construction services for the project, with JRA Architecture providing design services. Patrick Lindley of Colliers Turley Martin Tucker is acting as exclusive leasing agent for the property. Building Three represents the second phase of development of MetroAir Business Park, a 56-acre, master-planned business park that is being developed by Horn Properties and McShane.
NOVI, MICH. — InterContinental Hotel Group is nearing completion of a $10.7 million Staybridge Suites located on the campus of St. John Health at Province Park in Novi. The hotel will feature 108 guest suites, and includes an indoor pool, a sports court, an outdoor courtyard with a barbecue pavilion, a meeting room, a fitness room, complimentary guest laundry and complimentary wireless Internet. To cater to the large number of Japanese-owned companies in the area, the hotel will also offer Japanese newspapers and include Japanese items on the complimentary breakfast buffet. The hotel is expected to be complete this month.
ALEXANDRIA, MINN. — Boston-based STAG Capital Partners has acquired a 172,170-square-foot industrial facility located at 4750 County Road 13 NE in a sale/leaseback transaction. The property contains manufacturing, warehousing and office space, and is currently leased to Brenton Engineering, a division of Pro Mach. Brad Sweeney and Josh Plosker of STAG, along with Tom Wagener of Wagener Commercial Realty, represented STAG in the transaction. Pollina Corporate Real Estate represented Pro Mach. The acquisition price was not disclosed.