Midwest

Meridian Completes 112,288 SF Industrial Tenant Build-out in Glendale Heights, Illinois

by Kristin Harlow June 15, 2017

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.

June 15, 2017

Industrial Michigan Midwest

Wurth Baer Signs 55,045 SF Industrial Lease in Oak Park, Michigan

by Kristin Harlow June 15, 2017

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.

June 15, 2017

Midwest Office Ohio

Reichle Klein Negotiates 26,586 SF Office Lease in Maumee, Ohio

by Kristin Harlow June 15, 2017

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.

June 15, 2017

Illinois Market Reports Midwest Midwest Market Reports Office

Strong Tenant Demand Continues to Propel Chicago’s Office Market

by Kristin Harlow June 15, 2017

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 …

June 15, 2017

Civic Michigan Midwest

City of Lansing to Relocate City Hall, Redevelop Property in Michigan

by Kristin Harlow June 14, 2017

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.

June 14, 2017

Industrial Michigan Midwest

Wolverine Breaks Ground on 300,000 SF Food Manufacturing Facility Addition in Kentwood, Michigan

by Kristin Harlow June 14, 2017

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.

June 14, 2017

Midwest Minnesota Retail

Cushman & Wakefield NorthMarq Arranges Sale of Two Shopping Centers in Suburban Minneapolis

by Kristin Harlow June 14, 2017

BROOKLYN PARK, MINN. — Cushman & Wakefield NorthMarq has arranged the sale of two shopping centers in suburban Minneapolis for undisclosed prices. Edinburgh Festival Centre, located at the corner of Highway 252 and 85th Avenue North in Brooklyn Park, consists of 91,563 square feet. Festival Foods anchors the center, which is 95 percent leased. Other tenants include Caribou Coffee, Broadway Pizza and Dollar Tree. Shingle Creek Shopping Center consists of 39,456 square feet and is located in Brooklyn Center. The property is fully leased to tenants such as Panera Bread, H&R Block, Gamestop and UPS. IRC Retail Centers sold both properties to LS Capital. Leah Maurer of Cushman & Wakefield NorthMarq represented the seller in the Edinburgh Festival transaction and the buyer in the Shingle Creek transaction.

June 14, 2017

Michigan Midwest Retail

Mid-America Brokers Sale of 174,353 SF Shopping Center in Delta Township, Michigan

by Kristin Harlow June 14, 2017

DELTA TOWNSHIP, MICH. — Mid-America Real Estate Corp. has brokered the sale of a 174,353-square-foot shopping center in Delta Township, a western suburb of Lansing. The sales price was not disclosed. Marketplace at Delta Township is located at the southwest corner of I-69 and Saginaw Highway. Michaels, PetSmart, Tractor Supply Co. and Ulta anchor the center. GDA Real Estate Services purchased the property. Ben Wineman, Carly Gallagher and Daniel Stern of Mid-America brokered the transaction on behalf of the seller, a public REIT.

June 14, 2017

Illinois Midwest Office

Reed Construction to Complete 32,000 SF Interior Renovation at Office Building in Chicago

by Kristin Harlow June 14, 2017

CHICAGO — Reed Construction has been selected to complete a 32,000-square-foot interior renovation of six new tenant suites at 123 North Wacker in Chicago. Built in 1986, 123 North Wacker is a 30-story Class A office tower located in the West Loop. LaSalle Investment Management’s Income and Growth Fund VII acquired the building for $147 million last year, according to Crain’s Chicago. JLL selected Reed Construction to complete the project, which will include the construction of six new suites. Interiors will include open offices, exposed ceilings, polished concrete and conference rooms. The project is slated for completion next month. Erik Gunderson of Reed Construction is leading the project team, along with Paul Jennrich and Mike Detlefsen. Earles Architect Associates is providing architectural services.

June 14, 2017

Michigan Midwest Multifamily

City of Detroit Unveils Plans for $32M Apartment Property in Midtown

by Kristin Harlow June 13, 2017

DETROIT — The City of Detroit has unveiled plans for a $32 million, 84-unit apartment property in Midtown’s Sugar Hill Historic District. The plans call for 25 percent of the units to be designated as affordable housing for those making between 50 and 80 percent of the area median income. The project will also include 7,000 square feet of commercial space and a 300-space parking garage. Sonya Mays of Develop Detroit and Rodger Brown of Preservation of Affordable Housing Inc. will lead the development team. Phil Freelon, the architect behind the design of the National Museum of African American History and Culture in Washington, D.C., will lead the design team along with Michael Poris of McIntosh Poris Associates. The developer will purchase the vacant land — which spans slightly more than three-quarters of an acre — from the city for $400,000, pending council approval later this year. The development team is expected to break ground on the project in September 2018.

June 13, 2017

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