CHAMPAIGN, ILL. — Captain D’s newest franchise location has opened in Champaign. Located at 1409 N. Prospect Ave., the restaurant marks Captain D’s first restaurant in central Illinois and seventh overall in the state. The Champaign restaurant is currently open for drive-thru and carryout. The dining room will remain closed for the immediate future due to COVID-19. Sunil Modi owns the Champaign restaurant. He previously owned Dunkin’ restaurants in the Champaign area. Captain D’s, known for its fast-casual seafood, says it has experienced a surge in franchise development across the Midwest since 2018. Today, there are more than 530 Captain D’s restaurants in 23 states across the country.
CHICAGO — Englewood Construction has completed a new Windy City Cannabis-branded dispensary at 923 W. Weed St. in Chicago. The facility is the second recreational dispensary within Chicago’s city limits since Illinois legalized recreational marijuana on Jan. 1. Des Plaines, Ill.-based Camburas & Theodore Ltd. served as architect. Englewood has started work on a second Windy City Cannabis location at 1413 W. North Ave. in Melrose Park, a western suburb of Chicago. The dispensary is slated to open in September. Bill Di Santo, president of Lemont, Ill.-based Englewood, says that that the construction of cannabis projects is currently a bright spot for the firm given “a strong pipeline of work.”
KANSAS CITY, MO. — Kansas City-based developer Hunt Midwest has promoted two members of its management team and hired three new employees. The move is in effort “to support the volume of development projects underway and in the pipeline,” according to a release from the company. Earlier this year, Hunt Midwest completed construction of 400,000 square feet of speculative Class A industrial space at SubTropolis, the world’s largest underground business complex. The addition brought the amount of leasable space in SubTropolis to more than 6.5 million square feet. There is more than 7.5 million square feet available for development at the site. Justin White has been promoted to senior director of operations and will continue oversight of facilities, security, property management and capital improvements for SubTropolis. Tony Borchers has been promoted to senior director of acquisitions and development. Borchers was instrumental in expanding Hunt Midwest’s industrial footprint to Louisville, Ky. Tyler Schyvinck has joined the commercial division as manager of facilities. He will supervise ongoing maintenance, light construction and grounds operations for SubTropolis and portions of the Hunt Midwest Business Center. Bret Richardson has joined the corporate services division as asset manager. He will guide third-party management and operations of …
PEKIN, ILL. — An 88-room Hampton Inn & Suites hotel has opened at East Court Village in Pekin, about 10 miles south of Peoria. The four-story property is located at 3445 Court St. Amenities include a free hot breakfast, Wi-Fi, on-site parking, a heated indoor pool, fitness center and meeting spaces. The pool will open to guests soon. Face masks are currently required in all indoor public areas of the hotel for guests and employees. In 2016, Marigold Lodging purchased the 2.8-acre parcel for the hotel from Cullinan Properties Ltd., which owns and manages East Court Village, a regional power center.
TROY, MICH. — Beyond Juicery + Eatery has signed a 1,104-square-foot lease at Troy Marketplace. The juicer will occupy space that formerly housed Menchie’s Frozen Yogurt. The retail center is located at the intersection of Big Beaver and Rochester roads in Troy, about 20 miles north of Detroit. Tjader Gerdom, Michael Murphy and Larry Siedell of Gerdom Realty & Investment represented the landlord, RPT Realty, in the lease negotiations. William Gershenson of Gershenson Group represented Beyond Juicery + Eatery.
GURNEE, ILL. — An unnamed developer has purchased a 2.6-acre parcel at 5742 Northridge Drive in Gurnee near Waukegan for $1 million. The buyer plans to build a hotel at the site, which includes a 24,000-square-foot, single-story building. The site is near Gurnee Mills, Six Flags and Great Wolf Lodge. Paul Cawthorn and Angelo Labriola of SVN | Chicago Commercial represented the undisclosed seller in the transaction.
FINDLAY, OHIO — Marathon Petroleum Corp. (NYSE: MPC) has entered into a definitive agreement with 7-Eleven Inc. whereby 7-Eleven will acquire the convenience store chain Speedway for $21 billion in cash. The transaction is expected to close in the first quarter of 2021. Ohio-based Marathon expects the sale to result in after-tax cash proceeds of approximately $16.5 billion and to use the proceeds to both repay debt and return capital to shareholders. The arrangement includes a 15-year fuel supply agreement for approximately 7.7 billion gallons per year associated with the Speedway business. Speedway, a subsidiary of Marathon, owns and operates retail convenience stores nationwide. The deal includes about 3,900 convenience stores and would bring 7-Eleven’s retail footprint in the U.S. and Canada to roughly 14,000 locations, according to The Wall Street Journal. Tokyo-based Seven & i Holdings Co. Ltd. is the parent company of 7-Eleven.
EDEN PRAIRIE, MINN. — JLL Capital Markets has arranged a $26.6 million loan for the acquisition of UnitedHealth Group’s Optum Campus in Eden Prairie, a suburb of Minneapolis. The fully leased office property spans 473,325 square feet and is located on Technology Drive. Completed in 2001, the mid-rise complex comprises three buildings. Amenities include a cafeteria, fitness center, auditorium and covered parking. Doug Opalka, Chris McColpin and Alastair Barnes of JLL arranged the 10-year, fixed-rate loan on behalf of the buyer, Virtus Real Estate Capital. A CMBS lender provided the loan.
EDINA, MINN. — NAI Legacy has acquired the RH | Minneapolis – Gallery property in Edina for $25.5 million. In conjunction with the sale, Restoration Hardware leased back the property on a 20-year absolute net lease. Opened in September 2019, the store spans 58,000 square feet across three levels. A rooftop restaurant is housed on the third floor. A Delaware statutory trust controlled by NAI Legacy, and known as 6801 France DST, was used to acquire the asset. Edina-based Tradition Capital Bank provided mortgage financing. A Delaware statutory trust is an ownership model through a separate legal entity that allows co-investment among sponsors and investors.
ROLLING MEADOWS, ILL. — Glenstar and Rubenstein Partners have completed a $20 million renovation of Continental Towers in Rolling Meadows. Built between 1978 and 1982, the 910,000-square-foot office complex is located at 1701 Golf Road. The three-building property sits on 34 acres and is home to tenants such as Verizon and Panasonic. The main portion of the modernization project was a one-acre outdoor space, which now houses flexible seating, gathering areas, fire pits and grills. Additional improvements were made to the lobbies, elevator cabs, common areas and tenant lounge. Michael Klein, co-founder and managing principal of Glenstar, says the owners have a robust program in place to address today’s safety and social distancing concerns. “Our new amenities, especially our sprawling outdoor areas, provide tenants the opportunity to work outdoors and meet with their colleagues at a safe distance.” In 2015, Glenstar invested $30 million in the construction of a parking garage, reconfigured site plan and renovation of a 23,000-square-foot fitness center run by Midtown Fitness. Glenstar originally acquired Continental Towers in 2013 and recapitalized the property in 2018 with the help of Rubenstein Partners, which is a fund manager for a series of private equity funds focused on office investments …