SHAKOPEE, MINN. — Meritex has acquired 1080 Park Place, a 299,600-square-foot industrial property in Shakopee, about 25 miles southwest of Minneapolis. The class A property is 100 percent leased to two tenants. The building features 38-foot clear heights, an ESFR sprinkler system and trailer parking with convenient access from Minnesota State Highways 169 and 101. Steve Dorff of Meritex will manage the property. The sales price was not disclosed.
ELK GROVE VILLAGE, ILL. — The Opus Group has completed a new corporate headquarters for MC Machinery Systems Inc. in Elk Grove Village, a northwest suburb of Chicago. The 175,000-square-foot property consists of two buildings located off I-90. The new headquarters features 50,000 square feet of office space, 75,000 square feet of warehouse and storage space and a 50,000-square-foot industrial machinery showroom to showcase the company’s equipment and host customer walkthroughs. MC Machinery Systems, a subsidiary of Mitsubishi Corp., develops, sells and supports seven different types of manufacturing equipment used primarily for metalworking. Opus Design Build was the design-builder, Opus AE Group was the structural engineer of record and Heitman Architects was the architect of record and the design architect.
CINCINNATI — NorthMarq Capital has arranged a $7.2 million loan for the refinancing of Park 42 office property in Cincinnati. The 396,000-square-foot building is located at 3600 Park 42 Drive. Noah D. Juran of NorthMarq arranged the 10-year loan, which includes a 20-year amortization schedule. First Financial Bank provided the loan. The borrower was a real estate investment and management company.
HUNTLEY, ILL. — Midwest Industrial Funds has purchased a 71,000-square-foot industrial building in Huntley, about 50 miles northwest of Chicago. The property is located at 12007 Smith Drive. The building features 22-foot clear heights, eight exterior docks and parking for 60 cars. An additional three acres at the site can be developed separately. The facility is currently fully leased to one tenant that uses the property for warehousing and light manufacturing. Midwest Industrial plans to improve the exterior façade, install new windows, perform landscaping enhancements and eventually perform interior improvements to reposition the property in the marketplace. Dan Tobin of CTK Chicago Partners represented Midwest Industrial in the purchase. Michael Magliano of Cushman & Wakefield represented the seller, a private investor. The purchase price was not disclosed.
ROGERS, MINN. — Marcus & Millichap has arranged the sale of a retail property net leased to KinderCare in Rogers, about 25 miles northwest of Minneapolis, for $2.9 million. The 9,500-square-foot childcare center is located at 14080 Northdale Blvd. The property was built in 2007 and is located near elementary schools, parks and residential areas. Tammy A. Saia and Joseph Mirante of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Dominic Sulo, also of Marcus & Millichap, secured and represented the buyer, a limited liability company. Craig Patterson assisted in closing the transaction.
No matter where you turn in the Indianapolis metro area, there is one common thread — change. From Mile Square to Downtown Fishers to Main Street in Speedway to Fletcher Place, all are nearly unrecognizable from a few years ago, and they are just a sampling of central Indiana commercial districts that are transforming at a rapid pace. Restaurants, retail and mixed-use developments are a big part of this rapid evolution, but the ripple effects on office real estate are taking hold. Tech jobs are catalyst Downtown Indy Inc. estimates the population in the central business district (CBD) will double from 2010 to 2020. According to the Indy Partnership, approximately 60 percent of the market’s 11,100 new jobs in 2016 came from the information technology and logistics fields. The downtown office market, where a majority of these jobs are landing, is evolving as a result of this technology job growth. In the past few years, large blocks of vacancy have plagued the Indianapolis CBD, specifically in high-rise office towers. In mid-2016, the largest of those availabilities became an asset. San Francisco-based Salesforce.com signed a new lease to consolidate operations into nearly 250,000 square feet on 11 floors in the tallest …
CHICAGO — McShane Construction Co. has completed Clybourn 1200, an 84-unit mixed-use property in Chicago’s Old Town neighborhood. The seven-story building is located at the corner of Clybourn Avenue and Division Street and offers mixed-income housing. The property is within walking distance to several shops, restaurants and entertainment options as well as the CTA Clark/Division Red Line Station. The infill site is also easily accessible to the Kennedy Expressway. Clybourn 1200 also features 17,000 square feet of ground-floor retail space and a 25,295-square-foot parking garage. Studio, one-, two- and three-bedroom floor plans are available. Amenities include a community room, computer lab, party room and fitness center. The rooftop features a vegetable garden and bee keeping area. Brinshore-Michaels was the developer, while Pappageorge Haymes Partners served as the project architect.
CREVE COEUR, MO. — Meridian Capital Group has arranged a $29 million bridge loan for the acquisition of Vanguard Heights in Creve Coeur, a western suburb of St. Louis. The luxury multifamily property consists of 174 units and is located at 10362 Old Olive St. Amenities include a fitness training studio, valet dry cleaning service, car charging station, heated salt water swimming pool and fire pit lounge area. Shaya Ackerman and Shaya Sonnenschein of Meridian Capital arranged the 15-month loan, which features a floating rate of 250 basis points over the 30-day LIBOR rate and full-term, interest-only payments. Strategic Properties of North America was the borrower.
MADISON, WIS. — KeyBank Real Estate Capital has provided an $11.3 million loan for the refinancing of The Villages, a 193-unit workforce housing community in Madison. The property is currently leased to tenants at rent levels that qualify as being affordable to people who make 60 percent or less of the area median income. Dirk Falardeau and Robert Ray of KeyBank arranged the 10-year loan through Fannie Mae. Sundance Bay Multifamily, the multifamily development affiliate of San Diego-based Sundance Bay, was the borrower.
TERRE HAUTE, IND. — Yale Realty Services Corp. has acquired the Sycamore Terrace shopping center in Terre Haute, 77 miles southwest of Indianapolis. The purchase price was not disclosed. The 47,663-square-foot retail center is located at the intersection of I-70 and U.S. 41 and is shadow-anchored by a Walmart Supercenter. Other tenants include Dollar Tree, Pet Supplies Plus, Rent A Center, Maurices, Monical’s Pizza, GameStop, GNC and Fantastic Sams. Sycamore Terrace is the company’s first acquisition in the state of Indiana as it continues to focus on acquiring shopping centers anchored by Walmart Supercenters in growing secondary and tertiary markets. Based in Westchester County, N.Y., the firm owns and operates a portfolio of high-yield retail properties in the eastern United States.
