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Suburban Marriott hotel sold for about $35.5 million.

Suburban Marriott hotel sold for about $35.5 million

SCHAUMBURG -- Two investment companies partnered to buy the Schaumburg Marriott hotel for $35.5 million and plan to renovate the property.

Chicago-based Arbor Lodging Partners and Middleton Partners of Northbrook said Thursday that they bought Chicago Marriott Schaumburg, 50 N. Martingale Road, from a venture of Investcorp US Real Estate. The 398-room, 13-story hotel marks Arbor Lodging's fifth Marriott purchase. It is the first in Illinois.

The company said that it will begin "a significant renovation." The renovation will include updating all guest rooms and bathrooms, the lobby, dining rooms and meeting facilities. The property will continue to operate as a Marriott hotel.

Moss expands global footprint, fabric production in China

ELGIN -- Moss, headquartered in Elgin, said its global footprint has expanded with the opening of Moss Changzhou in eastern China.

The newly-built facility is Moss's fourth tension fabric production center servicing the global trade show, retail, event and corporate environment markets. Located in Jiangsu province, Moss Changzhou is less than 200 km west of Shanghai.

"The establishment of Moss Changzhou allows us to serve our existing customers and new Asia customers with a truly seamless global print platform. It comes amid growing demand from exhibition and retail organizations for Moss's high-quality solutions worldwide," said Dan Patterson, Moss president & CEO.

"This additional production capacity means we can deliver consistent high quality intercontinentally, with speed, regardless of where Moss products are purchased, produced or ultimately installed. That's a competitive boon to our customers who are creating brand experiences around the world and always seeking the confidence of reliable partnerships," Patterson said.

Parksite Inc. buying Atlantic Plywood Corp.

BATAVIA -- Batavia-based Parksite Inc. said it is acquiring Atlantic Plywood Corp., a distributor of industrial wood products and accessories in the Northeastern United States.

"We're combining two companies, with outstanding operations in the Northeast, who've operated alongside each other in adjacent product categories. Creating one company to deliver product solutions from industrial wood products, to premium surfacing materials, to specialty building materials, throughout the entire Northeast will provide our customers an unmatched resource in the market," said Parksite CEO Ron Heitzman.

Atlantic Plywood, headquartered in Woburn, Massachusetts, will operate as a wholly-owned subsidiary of Parksite.

Both Parksite and Atlantic Plywood are employee-owned (ESOP) organizations.

Clubhouse restaurant on American lane closes

SCHAUMBURG -- The Clubhouse restaurant in Schaumburg, the third user of the vast, 22,000-square-foot building on American Lane that opened as Entourage in 2006, has permanently closed.

A sign posted outside the Schaumburg restaurant confirms its permanent closing.

"Thank you for all your past business and support," it reads. "We are grateful for your patronage and look forward to serving you again at our Oak Brook location."

Entourage was 4 1/2 years old when it closed in August 2010. The building reopened as Grillhouse by David Burke in 2014, but that restaurant closed in early September 2016. The Clubhouse was announced as the building's third operator in November 2016.

The Moorings opened The Highlands building

ARLINGTON HEIGHTS -- The Moorings of Arlington Heights, a Presbyterian Homes community, celebrated the grand opening of The Highlands, its new assisted living building.

The $70 million expansion project, which broke ground in June 2016, includes the construction of 70 new assisted living apartments, as well the Odean Johnson chapel/fellowship hall, a new addition to The Moorings campus. Twenty additional assisted living/memory support apartments are slated for completion next year.

The second phase of the expansion project, 20 more assisted living/memory support apartments, begins this spring. Prior to demolition of the existing building, local first response teams will conduct practice exercises in it.

110-year-old company buys tax practice

ELGIN -- Noyes, a 110-year-old wealth management and investment banking firm with offices in Elgin, announced the acquisition of Kiely & Associates LLC, a 25-year-old Chicago tax and accounting practice.

The purchase advances Noyes' multifamily offering, solidifying its position for high net worth financial advisers and their clients. Kiely & Associates, founded by John J. Kiely, will provide comprehensive family office, tax and business solution services to Noyes' existing clientele and the market, the company said in a statement.

The launch of family office services is the latest in several service expansions to Noyes' core business, that includes wealth management, investment banking, financial planning and capital markets.

Illinois Tool Works Inc. to present at conference

GLENVIEW -- Michael M. Larsen, Illinois Tool Works Inc. senior vice president and CFO, will present at the Citi 2018 Global Industrials Conference on Thursday, Feb. 22.

The event will be webcast live and audio replays will be available on ITW's Investor Relations. Illinois Tool Works in Glenview is a Fortune 200 global multi-industrial manufacturing leader with revenues totaling $14.3 billion in 2017.

The company's seven industry-leading segments leverage the unique ITW Business Model to drive solid growth with best-in-class margins and returns in markets where highly innovative, customer-focused solutions are required. ITW has more than 50,000 dedicated colleagues in operations around the world who thrive in the company's unique, decentralized and entrepreneurial culture.

Village OKs restaurant for vacant Fortune Kookie building

PALATINE -- Palatine's Fortune Kookie Chinese restaurant will be getting a new life after a fire about two years ago led to its closure.

Village council members approved a special-use permit for Sakura Sushi and Grill at 570 N. Smith St. Sakura, a Japanese-Korean eatery, will renovate the Fortune Kookie building.

Jane Lee, who co-owns Sakura with her husband, Dongyeol, said she hopes the restaurant will be ready to open in March or April. Sakura already has locations including Naperville, Clarendon Hills, Lombard, Rosemont and Schaumburg.

Walgreens-anchored strip center sold

CARY -- Marcus & Millichap, a commercial real estate investment services firm, announced the sale of a Walgreens-anchored strip center, a 25,258-square foot retail property in Cary.

Walgreens Anchored Strip Center is at 500 Northwest Hwy. -- at the intersection of Northwest Highway (Route 14) and Cary-Algonquin Road. This property has high traffic counts of more than 31,000 vehicles passing by this property per day, said Steven D. Weinstock, regional manager of the firm's Chicago Oak Brook office.

Tammy A. Saia, an investment specialist in Marcus & Millichap's Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Walgreens occupies 55 percent of the center's space, including a two-lane drive-through. Walgreens was in the process of a full interior remodel at the time of the sale and expressed interest in extending their lease early for a reduced rent. The seller had confidence in their performance at this location and rejected the rent reduction early extension offer from Walgreens. This property also features other long-standing tenants including, Anytime Fitness, Papa John's, Lou Malnati's Pizza, WG Salon and Plaza Cleaners.
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Title Annotation:Biz Ledger
Publication:Daily Herald (Arlington Heights, IL)
Date:Feb 19, 2018
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