CLEVELAND — Amin, Turocy & Calvin has signed a 14,000-square-foot lease at Key Tower in Cleveland. The intellectual property law firm will call the 57th floor home in early summer. The floor is the highest office space between New York City and Chicago. Scott Halloran of CB Richard Ellis represented the tenant in the transaction.
Midwest
BELLEVUE, NEB. — Timbercrest Properties has sold Timbercrest Apartments in Bellevue to a local investor for $2.1 million. The 76-unit property, located at 1320 Bluff St., features one- and two-bedroom units and 19 garages. Jim Vokal of Omaha, Neb.-based Coldwell Banker Commercial World Group represented the seller in the transaction.
CHESTERFIELD, MO. — The joint venture of Grubb & Ellis Healthcare REIT and BD St. Louis Development, a subsidiary of Duke Realty Corp., has acquired Chesterfield Rehabilitation Center in Chesterfield. The 50-bed, three-story inpatient rehabilitation facility is located 22 miles west of St. Louis, and offers physical, brain and spinal cord rehabilitative services. Philip Mahler and Jeffrey Cooper with New York-based Savills Granite brokered the transaction. The acquisition price was not disclosed.
KALAMAZOO, MI. — Bill Bailey and John Bailey of Marcus & Millichap’s Chicago office have brokered the sale of Western Pines, a student housing complex in Kalamazoo. The 88-unit property is situated on 8.7 acres approximately 1 mile from Western Michigan University and features two- and three-bedroom units. The property is 100 percent occupied.
ELGIN, ILL. — NorthMarq Capital’s Chicago regional office has arranged $1.93 million in first-mortgage financing for a 62,450-square-foot industrial building located at 885-887 Church Rd. in Elgin. The facility is occupied by Engineered Plastic Systems and Chicago Logistics Services. Financing was based on a 10-year term with a 20-year amortization schedule. Mike Miller and Jeff Cherner of NorthMarq arranged the financing on behalf of the borrower, Shorewood Property Investments, with the lender, Aviva Capital Management.
ST. LOUIS — St. Louis-based NAI has brokered the acquisition of a 38,440-square-foot industrial building located at 10800 Midwest Industrial Blvd. in St. Louis. Floyd Sweeney of NAI represented the buyer, Mead/Mor Investments. The building was acquired from Alan A. Hamilton, Kathleen Hamilton Spouses Trust, and Stephen J. & Lecils Saller. The acquisition price was not disclosed.
CINCINNATI — American Financial Group (AFG) has signed a long-term lease to occupy 22 floors of the Great American Insurance Building at Queen City Square, a 40-story office tower located at the intersection of Fourth and Sycamore streets in downtown Cincinnati. AFG will lease approximately 530,000 square feet of the 825,000-square-foot building, representing two-thirds of the building, and will serve as the anchor tenant. The first phase of Queen City Square, the 303 Broadway building, was developed as a public/private partnership between Western & Southern Financial Group, the city of Cincinnati and the Port of Greater Cincinnati Development Authority, and it is expected that the new building will be developed through a similar partnership. Construction is set to begin in mid-2008, with completion scheduled in 2011.
MINNEAPOLIS — A partnership between Rosemont, Ill.-based First Hospitality Group and Minneapolis-based Global One Commercial has broken ground for the construction of the Hilton Garden Inn Downtown Minneapolis & Convention Center, a 210-room hotel located at 1101 Fourth Ave. South in Minneapolis. The 10-story building features more than 3,000 square feet of meeting space, as well as a fitness center, an indoor pool and spa, a full-service restaurant and bar, and a 24-hour business center. All rooms feature complimentary wireless Internet access and high-definition, flat-screen televisions.
CLAYTON, MO. — McLean, Va.-based Sunrise Senior Living and Conrad Properties have partnered up for the renovation of Clayton on the Park, a 23-story hotel and apartment building located at 8025 Bonhomme Ave. in Clayton, into a senior living community. The renovated building, which will retain the original name, will comprise 208 apartments divided into studio, one-, two-, and three-bedroom units ranging in size from 600 to 1,800 square feet. Amenities will include a fitness and wellness center, a spa, a library, a theater, a bar and bistro, and a rooftop gathering spot. Residents will also have access to a community concierge, on-site housekeeping and linen service, transportation services, health alert systems, and coordinated in-home wellness services.
NORTHBROOK, ILL. — Two new tenants have signed on at Center of the Northshore, a 500,000-square-foot mixed-use project located in Northbrook. Northshore Center LP has signed a contract with Pittsburgh-based Oxford Development Co. to build a 154-room Hyatt Place Hotel. Additionally, a letter of intent has been signed with Muvico Entertainment for the construction of a 12-screen movie theater. The theater project will feature a 21-and-over VIP area; a restaurant/bar by Levy Restaurant Group; a club for teens with a smoothie bar; interactive gaming and music; childcare facilities and valet parking.