CHICAGO — Interra Realty has brokered the sale of a 16-unit multifamily property in Chicago’s Lincoln Park for $3.7 million. The property, located at 1955 N. Lincoln Ave., features four studios and 12 one-bedroom units. Brad Feldman and Adam Saxon of Interra represented the buyer, a local developer, as well as the sellers, Ron and Nancy Hollmeier. The Hollmeiers have owned the property since 1999. The new owner plans to renovate the units to increase rents.
LOWELL, MICH. — NAI Wisinski of West Michigan has negotiated a third Michigan location for Fettig Employment Agency in Lowell, about 18 miles east of Grand Rapids. The agency began occupying the 1,087-square-foot retail storefront at 11635 Fulton St. last month. The company, founded in 1995, also maintains locations in Rockford and Grand Rapids. Todd Leinberger and Doug Taatjes of NAI Wisinski negotiated the two-year lease on behalf of Fettig. Tri-Cord Enterprises is the building landlord.
CHICAGO — Kiser Group has brokered the sale of a multifamily property in Chicago’s Edgewater neighborhood for $11.5 million. The 80-unit building is located at 5536 N. Sheridan Road. An affiliate of Horizon Group Realty Holdings LLC purchased the property from a local family partnership. Lee Kiser and Michael Feldstein of Kiser Group brokered the transaction.
CHICAGO — Marcus & Millichap has arranged the sale of Ashland Wellington Plaza in Chicago for $9.8 million. The 19,979-square-foot retail property is located at 2862-2928 N. Ashland Ave. Jewel-Osco shadow anchors the property. Adrian Mendoza, Austin Weisenbeck and Sean R. Sharko of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also procured the buyer, a St. Louis-based investor.
GLENDALE HEIGHTS, ILL. — Meridian Design Build has completed a 112,288-square-foot industrial tenant build-out for Prologis and OSM Worldwide in Glendale Heights. The property is located at 601 Regency Drive. The project features 10,601 square feet of office space, 13 loading docks, 95 vehicle parking stalls, 21 trailer stalls and one drive-in door. OSM Worldwide is a parcel shipping company. Harris Architects provided architectural and structural engineering services, while Kimley-Horn completed engineering design work. Dan Smolensky of Taurus Modal Group represented OSM Worldwide in the transaction, while Brian Kling and Jonathan Kohn of Colliers International represented Prologis. Meridian Design Build is currently working on improvements for a second tenant that will also occupy the building.
OAK PARK, MICH. — Wurth Baer Supply Co. has signed a 55,045-square-foot industrial lease in Oak Park, a suburb north of Detroit. The wholesale distributor to the woodworking industry will occupy the space at 13390 Cloverdale St. The landlord, Bar Pro Ventures LLC, recently purchased the facility with plans to complete an interior renovation including 3,500 square feet of office space. Jason Capitani of L. Mason Capitani CORFAC International and Steven Podolsky of Podolsky Circle CORFAC International represented Wurth Baer in the lease transaction.
MAUMEE, OHIO — Reichle Klein Group has negotiated a 26,586-square-foot office lease in Maumee, a southwest suburb of Toledo. Adecco USA Inc. will occupy Suite 200 within the Arrowhead Business Park, located at 1695 Indian Wood Circle. Mike Poulos, Harlan Reichle and Walter Plath of Reichle Klein represented the landlord, Arrowhead Toledo Realty LP. Jason Westendorf of Reichle Klein represented Adecco USA, which is a job staffing firm.
In spite of the ongoing fiscal woes of the State of Illinois and City of Chicago, the downtown office market in the Windy City continues to experience solid growth in demand for quality office space. The first quarter of 2017 saw net absorption of 374,000 square feet, a 54 percent increase from the 243,000 square feet of net absorption recorded during the first quarter of 2016. This comes on the heels of a spike in supply in the central business district (CBD) of Chicago, with the opening of two new Class A office towers during the past two quarters: 150 North Riverside Plaza and 444 West Lake Street, developed by Riverside Investment & Development Co. and Hines Interests, respectively. These trophy assets added 2.4 million square feet of office space to the CBD. With these additions, Chicago’s office inventory in the CBD expanded from 132.6 million square feet in the first quarter of 2016 to 135 million square feet in the first quarter of 2017. Two additional towers under construction now at 151 N. Franklin Street and 625 W. Adams Street will open in the next 12 months, adding an additional 1.3 million square feet to the supply and bringing …
LANSING, MICH. — The City of Lansing has selected CBRE|Martin to procure a developer for the redevelopment of city hall located at 124 W. Michigan Ave. The 30,274-square-foot property is located directly across the street from the State Capitol Building. The redevelopment could include retail, office, entertainment, hospitality or residential concepts. The City of Lansing plans to relocate city hall, prior to the redevelopment of the current site. Although potential locations have been identified, no decision has been finalized. Therefore, the City of Lansing is willing to entertain proposals that include solutions for the construction of the new city hall. CBRE|Martin will be marketing the opportunity through a Request for Qualifications and Proposals (RFQP) process to developers throughout the country. Qualified candidates will ultimately be chosen by the city.
KENTWOOD, MICH. — Wolverine Building Group has broken ground on a 300,000-square-foot addition for Hearthside Bakery’s food manufacturing facility in Kentwood, about nine miles south of Grand Rapids. The $7 million project will expand storage space for the company, which manufactures snack bars, cookies, crackers, pretzels, croutons, breadcrumbs and other baked goods. Currently, Hearthside Bakery occupies a 255,000-square-foot location and stores raw ingredients in 53-foot semi-trailers at off-site locations around Michigan. Housing all the ingredients in one location will improve the company’s efficiency. Robert Grooters Development will own the new addition, and lease it to Hearthside Bakery.
