O’FALLON, ILL. — Tremont Realty Capital, a division of The RMR Group, has arranged a $5.5 million loan for the refinancing of Valley View Estates in O’Fallon, about 17 miles east of St. Louis. Tremont arranged the 10-year loan for the 223-unit manufactured home community through a lending relationship.
COLUMBUS, OHIO — Following a multi-year collaboration, M+A Architects has formally acquired KMA Design Partners’ (KMA/DP) institutional practice. KMA/DP, an architectural design and planning partnership also headquartered in Columbus, will cease to exist. KMA/DP focused on healthcare, civic and urban development, community and educational facilities. P’Elizabeth Koelker, co-founder of KMA/DP, has been directing M+A’s healthcare and higher education practices during the merger, and will continue in that role as principal with M+A Architects. Three other employees, Dottie Stamm, Ken Cleaver and Wes Hawkins, will also transition into roles with M+A Architects as associates.
The pace of retail construction remains brisk in Wichita with national retailers showing an increased interest in the market. In the first quarter, developers started construction on nine buildings totaling 112,961 square feet, reports brokerage firm NAI Martens. Completions during the first quarter totaled 117,300 square feet. Notable store openings included Sprouts Farmers Market at Central Avenue and Rock Road; Save-A-Lot grocery store at 1640 S. Broadway; Cavender’s western wear store in Greenwich Place at K-96 and Greenwich Road; Andy’s Frozen Custard at NewMarket Square along 21st Street; and a freestanding Starbucks at Wichita State University on the school’s innovation campus. In short, developers in Wichita appear to be making up for lost time. As a result of the Great Recession, the local economy shed 30,000 jobs between 2009 and 2011, many of them related to the aviation industry, according to the Wichita Metro Chamber of Commerce. Commercial real estate activity ground to a halt at that point. “Between 2008 and 2012 and maybe into 2014, we just didn’t have much development at all. There were some plans on the drawing boards, but nothing really reached fruition,” recalls Thomas Johnson, president of NAI Martens. But consumer confidence gradually began to …
COLUMBUS, OHIO — Covington Group Inc. has acquired a 500,625-square-foot industrial warehouse and distribution facility in Columbus for an undisclosed price. The two-building property is located near the John Glenn Columbus International Airport. A single tenant occupies 70 percent of the property. Covington plans to make improvements to the buildings such as exterior painting, landscaping, new signage and a refocused leasing effort. Covington also acquired an industrial building in Baltimore as part of the same transaction.
CICERO, ILL. — Bridge Development Partners LLC has unveiled plans to develop Bridge Point 290, a 323,343-square-foot industrial facility in Cicero near Chicago. The 18.5-acre site is located at 1531 S. 54th Ave., less than one mile from I-290. The site was formerly home to a General Electric manufacturing facility. George Maragos and Nicole Mentone of CBRE represented GE in the land sale. Bridge Point 290 is scheduled for completion in February 2018. The property will feature 36-foot clear heights, 50 docks, 77 trailer positions, parking for 273 cars and an ESFR sprinkler system. Premier Design + Build Group will serve as general contractor, and Cornerstone Architects will serve as architect. George Maragos, Mitch Adams and Nicole Mentone of CBRE will represent Bridge in lease-up of the building.
BUFFALO GROVE, ILL. — Running Away Enterprises LLC has extended and expanded its office lease at 901 Corporate Grove Road in Buffalo Grove. Starting June 1, the race event management and multisport retail company will occupy the entire 72,600-square-foot building. Matthew Lewandowski and Mandy Lewandowski of Darwin Realty represented the undisclosed landlord in the lease transaction.
NORTHBROOK, ILL. — The Missner Group has completed the first phase of renovations at Northbrook Toyota, located about 25 miles north of Chicago. The building is situated at 1550 Frontage Road. The first phase of the project included a renovation to the 25,500-square-foot service area. The Missner Group remodeled the entire building by adding new electrical, mechanical and plumbing systems. Additionally, the Missner Group installed new HVAC systems, a new air filtration system and compressor system designed to generate power for the dealership. Improvements also included the addition of a new car delivery area, an oil containment room, expanded service lanes, remodeled service bays and new bathrooms and offices. Phase II at Northbrook Toyota will include the demolition of an existing building and the construction of a new building, which will serve as a showroom for the dealership. Additional improvements to be completed in this phase include landscaping, site work and the installation of an underground storm trap system. Heath Yarger and Angelo Christopher of the Missner Group comprised the project team for the first phase, while Ron Cinkus will oversee Phase II of the project. Eckenhoff Saunders Architects provided architectural services.
CHICAGO — Maillard Tavern has signed a 1,600-square-foot lease to open a restaurant in Chicago. The burger restaurant, which will also offer ice cream and cocktails, will occupy the space at the southern apex of the Milwaukee Avenue and Halsted Street intersection. The restaurant is slated to open late this summer and will be the third operation for Tony Priolo and Ciro Longobardo. The duo opened their second venture, Nonnina, in 2012 in River North. Danny Spitz, Greg Dietz and Jacqueline Brito of Baum Realty Group LLC brokered the lease transaction on behalf of the landlord, the owners of the adjacent Piccolo Sogno building.
FAIRFIELD, OHIO — Founders Properties LLC has fully leased Port Union Commerce Park, which spans both cities of Fairfield and West Chester. O’Gara-Hess & Eisenhardt Armoring Co. LLC and ProFill Fulfillment leased the final two spaces at the industrial development, comprising approximately 235,000 square feet. Located near the intersection of State Route 747 and Port Union Road north of Cincinnati, the two new buildings at the park total 807,000 square feet and join two previously constructed buildings. The buildings feature 60-foot deep trailer storage in the truck courts, car and trailer parking, as well as ESFR sprinklers and T-5 fluorescent lighting. Opus Development Co. was the developer, Opus Design Build was the design-builder and Opus AE Group was the architect and structural engineer of record. Mike Lowe and Doug Whitten of CBRE managed lease-up for the owner, Founders Properties.
SCHAUMBURG, ILL. — Home2 Suites by Hilton Chicago/Schaumburg has opened in Schaumburg’s business district. The 107-suite hotel features amenities such as a combined laundry and fitness area, complimentary breakfast, indoor pool and barbecue grills. Located at 1300 E. American Lane, the hotel offers convenient access to Woodfield Mall. Superhost Hospitality will manage the hotel. Schaumburg Meacham Pointe LLC owns the hotel. The Delaware-based limited liability company retained the services of Inland National Development Corp. as its developer to oversee the construction of the hotel.