May 13, 2014 | ISSUE 335
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Top Story

M&M Brokers $11.8M Sale 

of Four-Property Hospitality Portfolio

The four-property portfolio of La Quinta Inns includes two hotels in St. Louis, one in Tallahassee, Fla. and one in Knoxville, Tenn.


ST. LOUIS -- Marcus & Millichap has brokered the $11.8 million sale of a four-property portfolio of La Quinta Inns. Two of the hotels are located in St. Louis, Mo., one is in Tallahassee, Fla. and one is in Knoxville, Tenn. 


The St. Louis properties include a 136-room hotel in the Maryland Heights suburb; and a 104-room hotel in proximity to Lambert St. Louis International Airport. 


Two of the properties will be rebranded into Baymont Inn & Suites hotels and two will take the name Motel 6. Marcus & Millichap represented the seller, a Dallas-based hospitality firm and the undisclosed California-based buyer.

Boulder Group Brokers $11M Sale 

of Walgreens Property in Illinois

Walgreens will be the sole occupant of the new retail building located at the southeast corner of W. 95th St. and S. Pulaski Road.


EVERGREEN PARK, ILL. -- The Boulder Group has brokered the $11 million sale of a single-tenant, triple-net leased retail property in Evergreen Park, a suburb 15 miles south of Chicago. Walgreens will be the sole occupant of the 14,820-square-foot retail building located at the southeast corner of W. 95th St. and S. Pulaski Road. 


Walgreens is relocating to this site from its existing building at 3545 W. 95th St. Walgreens opted to move two blocks in order to maximize vehicular traffic and store visibility. The new Walgreens property is set to open in July. The property is fully leased to Walgreens and will have 20 years of primary lease term remaining upon commencement. 


The lease features rental escalations in the primary term and renewal option periods. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based developer, in the transaction. The buyer was a Massachusetts-based limited partnership in a 1031 tax-deferred exchange.

Opus to Develop Student Housing Complex Near University of Michigan

ArborBLU will include a total of 123 one-, two- and three-bedroom units.


ANN ARBOR, MICH. -- The Opus Group will begin development on a 13-story student housing complex near the University of Michigan campus in Ann Arbor this month. ArborBLU will include a total of 123, one-, two- and three-bedroom units. The luxury apartment community will be built directly above family-owned pizzeria Pizza House, which is located at 624 Church St. in the South University district. 


ArborBLU will feature a fitness studio, study space, a rooftop patio and a clubroom with stadium views. The apartments will also offer in-house tanning, free 24-hour delivery from Pizza House, bike storage and Wi-Fi. The project will be built to meet LEED Silver certification. 


ArborBLU is scheduled for completion in fall 2015. Opus Development Company LLC is the developer for the project. Opus Design Build LLC is the design builder, J. Bradley Moore & Associates is the design architect and Opus AE Group LLC will serve as the architect.

Essex Realty Brokers $4.1M Sale 

of 52-Unit Chicago Apartment Building

This apartment building is located at 2420 N. Kedzie Blvd.


CHICAGO -- Essex Realty Group has brokered the $4.1 million sale of a 52-unit apartment building in Chicago's Logan Square neighborhood. The property is located at 2420 N. Kedzie Blvd. The building features studio and one-bedroom units. Jim Darrow and Jordan Gottlieb of Essex Realty were the brokers in the transaction.

Morgan / Harbour Completes 

Office Build-Out For Media Firm

Hanley Wood, a media firm that covers the design and construction industries, will occupy space within Columbia Centre I at 5600 N. River Road.


ROSEMONT, ILL. -- Morgan / Harbour has completed an office build-out for the Chicago offices of Hanley Wood, a media firm that covers the design and construction industries. 


The new offices are within Columbia Centre I at 5600 N. River Road in Rosemont. The media firm is relocating from another location within the O'Hare submarket. The construction featured 8,200 square feet of improvements including new private offices with sidelights, conference rooms and a 3,600-square-foot open work area. 


The new space also features new energy code-compliant lighting controls. The project was completed in eight weeks. Morgan / Harbour provided construction services for the project. Newman Architects provided architectural services and Cushman & Wakefield represented Hanley Wood in the relocation.

Lee & Associates Arranges $470,000 Sale of Indiana Medical Office Building

Indiana Medical Weight Loss LLC will occupy space at 12050 M. Michigan Road.


ZIONSVILLE, IND. -- Lee & Associates has arranged the $470,000 sale of a 4,432-square-foot medical office building in Zionsville, approximately 18 miles northwest of Indianapolis. Indiana Medical Weight Loss LLC purchased the building located at 12050 M. Michigan Road. 


Keith Claghorn of Sycamore Group represented the buyer. Bob Lindgren of Lee & Associates represented the seller, Forty One Corp. The freestanding medical office building is situated on slightly less than one acre.

Opus to Renovate Industrial Facility 

for Ford Motor Co. in Indiana

Ford Motor Co. will use the new building as a distribution center for automotive parts.

PLAINFIELD, IND. -- The Opus Group will begin renovation of a 280,000-square-foot industrial building in Plainfield this month. Airwest Building 9, which is in the Plainfield Business Center, is located north of I-70 near Indianapolis International Airport. 


Beginning in August, Ford Motor Co. will be a new tenant in the Airwest Building 9 and will use the building as a distribution center for automotive parts. Building improvements include constructing an office area, expanding the dock capacity with new equipment and additional doors, new lighting and paint, and upgrades to the HVAC system. 


Founders Properties LLC owns Airwest Building 9 and negotiated the lease with Ford Motor Co. Opus Design Build LLC managed the tenant improvement contract and will be the general contractor for the project. Opus AE Group LLC provided design services for the facility improvements.

REDICO Names David Haboian 
Senior Vice President of Operations
David Haboian
SOUTHFIELD, MICH. -- REDICO, a national real estate development, investment, construction and property management company, named David Haboian as its senior vice president of operations.


Haboian will oversee the operation and management of REDICO's commercial real estate portfolio. He will report to Dale Watchowski, president & CEO of REDICO.


Prior to joining REDICO, Haboian worked nearly 30 years at Kojaian Management, a Bloomfield Hills, Michigan-based development, design, construction and management company. While there, he most recently served as executive vice president of brokerage.

Margaret Goodin Named Project Architect in HOK St. Louis Office
Margaret Goodin
ST. LOUIS -- Margaret Goodin has joined the St. Louis office of HOK as a project architect for interior design. In her new role, Goodin will serve as architect on multiple Humana Inc. projects around the country. 
HOK is a global design, architecture, engineering and planning firm with a network of 24 offices worldwide. Goodin previously worked at HOK from 2005 to 2011 focusing on projects including the Saint Louis Art Museum renovation and expansion in St. Louis, and on the Sidney and Lois Eskenazi Hospital in Indianapolis. 
Goodin earned a master's degree in architecture from Washington University in St. Louis and a bachelor's degree in environmental design from the University of Missouri.

Upcoming Events

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When: June 12-13, 2014
Where: Hyatt Regency Cincinnati, Cincinnati, Ohio
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Where: Hilton Charlotte Center City
5th Annual InterFace Carolinas Conference
When: June 11, 2014
Where: Hilton Charlotte Center City

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Danielle Everson, Associate Editor
Heartland Real Estate Business
France Media, Inc.

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