INDIANAPOLIS — A joint venture between Integris Ventures and Starlight Equity Partners has acquired 50 South Meridian, a 50,000-square-foot office building in the heart of downtown Indianapolis. The purchase price was not disclosed. The new owners plan to renovate the main elevator lobby, common corridors and signage. Rich Forslund and Matt Langfeldt of Colliers are marketing the property for lease. Originally constructed in 1985, the property was 75 percent occupied at the time of acquisition.
MACOMB TOWNSHIP, MICH. — Morley Candy Makers has signed a lease to occupy 38,361 square feet of industrial warehouse space at 51640 Quadrate Drive in Macomb Township. Founded in 1919, the company is headquartered in Clinton Township and markets the Sanders Candy confectionary line. Joe DePonio of L. Mason Capitani CORFAC International represented the landlord, Quadrate Holdings, in the lease transaction.
Healthcare properties present a tremendous opportunity for real estate developers in the Milwaukee market and the upper Midwest. The national and regional healthcare real estate sectors remain on solid footing, according to the 2018 Healthcare Marketplace Report from Colliers International. The sector remains attractive in terms of both stability and diversification. There will always be a demand for healthcare services as the U.S. population continues to age at an unprecedented rate. A growing number of Milwaukee-based health systems have announced plans to expand in bids to gain or maintain market share. The merger of Aurora Healthcare with Advocate Health Care Network to create a single health system known as Advocate Aurora Health is a recent example. There’s been a significant expansion of and increased focus on the outpatient ambulatory environment. Health systems face significant capital expenditures in order to maintain aging hospitals. Alternative developments such as specialty outpatient facilities and micro hospitals have gained momentum and allow for expansion to remain competitive while efficient. With the emerging trend toward population health management, hospitals and health systems take on the financial risk of providing care for a certain population across a certain geography. Having to take on the additional risk of …
CHICAGO — Clear Height Properties has acquired a four-property, 522,000-square-foot industrial and office portfolio in suburban Chicago for $30 million. The portfolio includes a 201,800-square-foot office building in Oak Brook as well as more than 320,000 square feet of flex properties in Elmhurst, Bensenville and Willowbrook. The office building was 81 percent leased at the time of acquisition. Clear Height plans to upgrade the amenities, including the fitness center, lobby and conference facilities. The other properties include Elmhurst Metro Court in Elmhurst, Tower Lane Business Park in Bensenville and Willowbrook Court in Willowbrook. Transwestern represented the seller, a private investor.
FENTON, MO. — Hubbell-Killark, a provider of integrated electrical industrial products, and BASF, a chemical producer, have signed leases at Fenton Logistics Park in suburban St. Louis. Hubbell-Killark will occupy a 160,000-square-foot building, while the agricultural services division of BASF will occupy 80,000 square feet at another building. The tenant spaces are slated for delivery by the end of this year. KP Development has invested nearly $75 million in the development of Fenton Logistics Park at the former Chrysler site. Nearly one-third of the park is now leased.
WEST CHESTER, OHIO — Marcus & Millichap has brokered the $6.2 million sale of a Comfort Inn & Suites in West Chester, about 20 miles north of Cincinnati. The 92-room hotel is located at 5944 W. Chester Road. Alexandre Duong and Andrew Bankhurst of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also represented the buyer, a limited liability company.
CLINTON, IOWA — Dougherty Mortgage LLC has provided a $5.7 million HUD-insured loan for the refinancing of Village Cooperative of Clinton. The 44-unit seniors housing property was constructed in 2013. All units are restricted to persons age 62 and older. The HUD 213/223(a)(7) loan is fully amortized over 40 years. The refinancing lowered the interest rate and resulted in reduced annual debt-service payments for the borrower, according to Dougherty.
GARDEN CITY, MICH. — Signature Associates has arranged the sale of a 46,200-square-foot industrial building in Garden City, about 20 miles west of Detroit. The sales price was not disclosed. The property is located at 32330 Ford Road. Brad Viergever and Steve Kozak of Signature Associates represented the seller, First Parker Realty Inc., as well as the buyer, WMES.
APPLE VALLEY, MINN. — Dominium has completed development of The Legends of Apple Valley, a 163-unit affordable seniors housing property located 20 miles south of Minneapolis. Residents who are 55 and older and who earn up to 60 percent of the area median income are eligible to live at the property. Amenities include a fitness center, community room, theater room and a beauty salon. Eagle Building Co. was the general contractor. Dominium’s Legends portfolio comprises 2,100 units of affordable senior apartments across the metro area.
CHICAGO — Chicago Trading Co. (CTC) has signed a 114,186-square-foot office lease renewal and expansion at 425 Financial Place in Chicago. CTC, a derivatives trading firm, has expanded its lease by 26,768 square feet. Mark Keebler and Brad Serot of CBRE represented CTC in the lease transaction. Mike Curran of JLL represented the undisclosed landlord. Owner CIM Group has committed to investing significantly in the property, formerly known as 440 S. LaSalle St., to upgrade amenities and improve common areas.
