DETROIT — Kraemer Design Group (KDG) will serve as architect and historic consultant on the Detroit Free Press building renovations. The former newspaper building, located at 321 W. Lafayette Boulevard, will require structural updates, complete masonry restoration, new energy-efficient windows and a fresh interior design. The 271,858-square-foot, 14-story building will be repurposed into a mixed-use property with retail, office and residential space. KDG will work to preserve historic..
With an average occupancy rate of 96 percent at the end of 2016, coupled with a four percent growth in asking rental rates during 2016, Omaha’s apartment market continues to be a strong performer. According to apartment data research firm Reis, Omaha’s average asking rental rate has increased in every quarter for the past 23 quarters, and is expected to increase 3.6 percent in 2017. On the occupancy front, Reis expects the vacancy rate to finish 2017 slightly higher at 4.9 percent, which..
SCHAUMBURG, ILL. — First Western Properties Inc. has arranged the sale of a 15,000-square-foot industrial building in Schaumburg. The sales price was not disclosed. The property is located at 631-653 Morse Ave. The multi-tenant building was 92 percent leased at the time of sale. Bradford Dessy of First Western represented the out-of-state buyer in the transaction. Jeff Schultz of Kinzie Brokerage represented the undisclosed seller.
NEW BERLIN, WIS. — Ogden & Co. Inc. has brokered the sale of Parc Vue Apartments in New Berlin, about 15 miles southwest of Milwaukee, for $2.5 million. The 30-unit property consists of two buildings and is located at 12415 W. Greenfield Ave. Dave Tighe and Sue Sardina of Ogden represented the seller, Greenfield-124-Needham LLC. Tighe, along with Mike Seramur, represented the buyer, Parc Vue LLC.
SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has negotiated a 9,709-square-foot office lease in Southfield. The building is located at 29777 Telegraph Road. Jordan Friedman, Greggory Kent and Robert Gagniuk of Friedman represented both the landlord, Onyx Southfield LLC, and the tenant, Gill Industries. Headquartered in Grand Rapids, Gill operates 20 manufacturing, development and strategic partner centers across the globe.
CHICAGO — Vapiano has unveiled plans to open a 9,188-square-foot restaurant inside the AC Hotel Marriott in Chicago. The property is located at 630 N. Rush St. Spread over two floors, the new restaurant will serve Vapiano's trademark pasta, pizza and salad by chefs from an open kitchen. The company has an established location at 44 S. Wabash Ave. and more than 181 locations in 31 countries. Matt Alexander and John Skalla of Bradford Allen represented Vapiano in the lease transaction. Todd..
CHICAGO — Investcorp has acquired an industrial portfolio in Chicago and Boston for $160 million. The portfolio spans six properties and 1.8 million square feet of warehouse and distribution space. The Chicago portfolio, located in close proximity to downtown Chicago, is comprised of three individual cold storage industrial buildings that are used primarily for the storage and distribution of frozen food products. Investcorp partnered with Bridge Development Partners on the transaction.
AURORA, ILL. — CBRE has arranged the sale of an 18,000-square-foot industrial building in Aurora. The sales price was not disclosed. The property is located within the White Oak Business Park at 2505 Diehl Road. David Prioletti of CBRE represented the seller, Video Impressions. The building was constructed as a build-to-suit for Video Impressions, a video and audio company specializing in commercial, training film productions and broadcasting. Corey Chase of NKGF Inc. represented the buyer,..
INDIANAPOLIS — HomeUnion has negotiated the sale of a 38-unit multifamily property in Indianapolis for $1.8 million. The 43,054-square-foot building is located near Broad Ripple, a cultural district within Indianapolis. The property consists of all two-bedroom units. HomeUnion represented the undisclosed buyer in the transaction.
WYANDOTTE, MICH. — Marcus & Millichap has brokered the sale of a 10,712-square-foot office property in Wyandotte. The sales price was not disclosed. The Social Security Administration is the sole occupant of the building, which is located at 3450 Biddle Ave. Justin Fenn and Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Michael Glass assisted in closing the transaction.