TROY, MICH. — Colliers International has brokered the sale of a 12,180-square-foot industrial warehouse in Troy. The sales price was not disclosed. The property is located at 1070 Livernois Road. John Lominack of Colliers represented the purchaser and the seller in the sale of the property formerly owned by 3DPolymers. DHM Associates, a machinery repair company that specializes in electronic control systems, purchased the building with plans to utilize the space immediately.
TOMAH, WIS. — Marcus & Millichap has arranged the sale of a retail property net leased to Starbucks in Tomah in central Wisconsin for $1.3 million. The 2,100-square-foot building is located at 224 Buan Ave. Starbucks has 10 years remaining on its lease. Mark Ruble, Zack House and Jamie Medress of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Todd Lindblom, also of Marcus & Millichap, assisted in closing the transaction. The buyer was not disclosed.
Kansas City is in the midst of an aggressive expansion of capital investment in medical office space that is consistent with national activity. A variety of factors drive these developments, including patients’ expectations for medical care, a change in how large-scale healthcare operators view their networks and the growth of specialty practitioners. The evolution of medical space created by these forces leads to an entirely new development approach. The most obvious evidence of this change in the Kansas City market is located along the Interstate 435 corridor between State Line Road and Metcalf Avenue. Every major healthcare operator in the metro area either has an established presence there, is in the midst of an expansion project, or both. Within that area, the new medical office building for St. Luke’s Health System at Mission Farms was completed in the second half of 2016. Further west, the 76,000-square-foot Quad Six medical office building, located at 6650 W. 110th St., delivered in June of this year. To the south, at 159th Street and Antioch Road, the first phase of the BluHawk project recently delivered for Shawnee Mission Health – Overland Park. The project includes a 75,000-square-foot medical office building, along with a separate …
LIVONIA, MICH. — Ready Capital Structured Finance has provided an $8.9 million loan for the refinancing of Northridge Commons in Livonia, about 20 miles west of Detroit. The 119,000-square-foot retail property is located at 33523 W. Eight Mile Road. Kroger anchors the property. A portion of loan proceeds will be used to build out space for a recently completed lease with a local gym tenant. The non-recourse loan features a 36-month term with two extension options. The borrower was not disclosed.
WAYNE, MICH. — Marcus & Millichap has arranged the sale of EZ Storage in Wayne, about 25 miles west of Detroit. The sales price was not disclosed. The 68,840-square-foot self-storage facility is located at 34333 East Michigan Ave. The property consists of 588 units, 251 of which are climate-controlled. Brett R. Hatcher and Gabriel Coe of Marcus & Millichap’s marketed the property on behalf of the seller, a limited liability company. The team also procured the buyer, a limited liability company. Steven Chaben assisted in closing the transaction.
DEERFIELD, ILL. — ICI has completed the construction of a 61,940-square-foot Jewel Osco in Deerfield. The grocery store is located at the corner of Waukegan and Lake Cook roads. The store was built between an existing strip center. The new Deerfield store features an updated look with a juice bar, customer seating area, sushi section and expanded departments. This store marks the ninth project ICI has completed for Jewel Osco. A ribbon-cutting ceremony for the store’s opening took place on July 19.
STERLING HEIGHTS, MICH. — Flex-N-Gate Corp. has signed a 24,165-square-foot office lease in Sterling Heights. The building is located at 35819 Mound Road in Liberty Place, a five-building office campus. Illinois-based Flex-N-Gate manufactures products for the automotive industry. L. Mason Capitani CORFAC International arranged the five-year lease transaction.
WAUWATOSA, WIS. — The Orthopedic Institute of Wisconsin has signed a 9,573-square-foot lease at a three-story office building to be redeveloped in Wauwatosa. HSA Commercial Real Estate owns the building, located at 3077 Mayfair Road. The Orthopedic Institute will open a 7,125-square-foot flagship clinic in the western portion of the building’s ground level with a patient drop-off area and parking. The institute, which will also utilize space on the building’s third level for administrative operations, is scheduled to open the new facility in April 2018 after relocating from an existing office nearby. HSA Commercial purchased the property in 2015 in partnership with Innovative Capital Advisors. Construction is scheduled to start in August for interior improvements. Chris Thomas of Evanston, Ill.-based TOA Architecture and Urban Design is responsible for the project design, and Itasca, Ill.-based Premier Design + Build will serve as the general contractor. Jim Cavanaugh of CBRE represented the Orthopedic Institute in the lease transaction.
INDIANAPOLIS, PORTAGE AND SOUTH BEND, IND. — NorthPoint Capital Funding Inc. has arranged a $65.5 million loan for the refinancing of a 15-property industrial portfolio in Indiana and Tennessee. The assets are located in Indianapolis, Portage and South Bend, Indiana, as well as Nashville. A mix of 36 tenants specializing in manufacturing or warehouse and distribution occupy the properties. The 10-year loan enabled the borrower, Holladay Properties, to retire multiple bank loans while forming a new entity that can be used to guarantee the financing of future development projects. AIG provided the loan.
EDGERTON, KAN. — Horizon Global has unveiled plans to open a 512,000-square-foot distribution facility in Logistics Park Kansas City (LPKC) in Edgerton. Construction is nearing completion on the facility, which is expected to create more than 120 new jobs. Horizon Global’s new home will be located in Inland Port XXXII. NorthPoint Development serves as the master developer for LPKC, a 1,700-acre master-planned distribution and warehouse development anchored by BNSF Railway’s newest intermodal facility. Since opening in 2013, LPKC is now home to more than 11 million square feet of warehouse and distribution space.
