INDIANAPOLIS — Lee & Associates has brokered the sale of a 10,320-square-foot industrial building in Indianapolis for an undisclosed price. The property is located at 5311 Commerce Circle. Cindy Hoskinson of Lee & Associates represented the seller, Eiker Investments LLC. George Dury of Dury Investment Group represented the undisclosed buyer.
MOUNT VERNON, ILL. — Marcus & Millichap has arranged the sale of Times Square Marketplace in Mount Vernon for $8.2 million. The 263,459-square-foot retail property is located at the southeast corner of Broadway and 42nd streets in southern Illinois. Originally developed in 1974, the property was expanded in 1998 and received $12 million in upgrades to the parking lots, façade and signage in 2013. The center is situated on a 24-acre lot and is surrounded by six anchors including Hobby Lobby, Ross Dress for Less, Big Lots, Peebles, J.C. Penney and Dunham Sports. The property was 92 percent occupied at the time of sale. Sean Sharko, Austin Weisenbeck, Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a private investor.
MCCOOK, ILL. — Holly Hunt Enterprises Inc. has signed a 210,315-square-foot industrial lease in McCook, a western suburb of Chicago. The designer and manufacturer of furniture, lighting products, textiles and leather products will occupy the space at 9450 Sergo Drive. Vern Schultz and Mike Senner of Colliers International represented Holly Hunt Enterprises in the lease transaction. Jason West, Sean Henrick and Larry Goldwasser of Cushman & Wakefield represented ownership, ML Realty Partners.
SHARONVILLE, OHIO — Cincinnati Commercial Contracting LLC has broken ground on a 27,995-square-foot build-to-suit for TNT Services and Arrow Truck Sales in Sharonville, about 17 miles north of Cincinnati. The office and retail property property, located at 11910 Mosteller Road, will include sales and administration offices, retail parts department, wash bays, degreasing, equipment and service areas for the two tenants. A groundbreaking ceremony took place on Wednesday, Feb. 14. The property is slated for completion this summer. TNT Services is a power washing company, while Arrow Truck Sales is a used truck dealer.
ST. LOUIS — McGrath & Associates has completed a renovation of the Missouri Baptist Medical Heart Center in St. Louis. The renovations totaled 16,000 square feet and included two physician office suites, a PET/CT imaging room and an outpatient testing area. An advanced nuclear imaging technique combines positron emission tomography (PET) and computed tomography (CT) into one machine. Christner served as the architect for the six-month project.
CHICAGO — SVN | Chicago Commercial has brokered the sale of a 4,200-square-foot retail building in Chicago’s Fulton Market for $1.7 million. The two-story property is located at 1039 W. Lake St. Scott Maesel and Drew Dillon of SVN | Chicago Commercial represented the seller, Sterling Bay Co. Lee French and Tim Rasmussen represented the undisclosed buyer.
ROCHESTER, MINN. — Industrial Realty Group LLC (IRG) has acquired IBM’s technology campus in Rochester, about 90 miles southeast of Minneapolis. The price was not disclosed. The campus opened in 1957 and currently spans 490 acres. Its 34 buildings comprise a total of 3.1 million square feet of office, manufacturing, warehouse, data center and lab space. IRG plans to lease back eight of the buildings to IBM and create a multi-tenant, mixed-use campus for the rest of the property. “We have already engaged potential tenants who are interested in locating their operations to this high-tech campus,” says John Mase, CEO of IRG. “We plan to create an environment that encompasses a variety of uses and creates as many jobs as possible.” Rochester’s daily newspaper, The Post Bulletin, reports that the campus housed about 3,200 employees in 2012, when the data was last made available, and that Olmsted County recently valued the property at just under $33 million. The paper also reports that 1 million square feet of space is currently available for lease. IRG is a Los Angeles-based developer and operator of more than 150 commercial developments across eight states. — Taylor Williams
NORFOLK, NEB. — Darland Construction Co. is building a 130,000-square-foot medical office building for Faith Regional Health Services in Norfolk. The project, located in northeastern Nebraska, is slated for completion in spring 2019. The four-story building will include an outpatient surgery center on the main floor. The remainder of the building will be dedicated to women’s and children’s services, surgical and medical specialty offices and orthopedics. Avant Architects is the project architect.
NELSONVILLE, OHIO — Woda Group Inc. has completed the conversion of a historic school into a 33-unit affordable housing property in Nelsonville, 60 miles southeast of Columbus. A grand opening and ribbon-cutting ceremony is scheduled for Friday, March 2. The project, which included the restoration and renovation of two buildings into one facility, will be restricted to workforce families earning 60 percent of the area median income. Original chalkboards and classroom closets were incorporated into several of the units. Woda Group repurposed the school’s original auditorium into a large community room with a kitchen, property management office and fitness center. Funding for the $9.6 million project came from Ohio historic preservation tax credits administered by the Ohio Development Services Agency; federal historic preservation tax incentives through the National Park Service; and competitive housing tax credits made available through the Ohio Housing Finance Agency (OHFA). The Ohio Capital Corp. for Housing also served as an investor for the project, providing equity in exchange for tax credits. OHFA’s Home Development Loan Program provided a bridge loan. Summit Community Bank provided construction and permanent financing.
PLAINFIELD, ILL. — Midwest Industrial Funds has acquired a 49,000-square-foot industrial building in Plainfield, located 38 miles southwest of Chicago, for an undisclosed price. The multi-tenant property is situated on 3.7 acres at 24317 W. 143rd St. Constructed in 2007, the building features a clear height of 26 feet, eight exterior loading docks, eight grade-level doors, parking for 71 cars and an ESFR fire suppression system. The property was 88 percent leased to five tenants at the time of sale. Midwest Industrial Funds plans to enhance the exterior and landscaping as well as perform interior improvements to the vacant portion. Cory Ramey of John Greene Industrial represented Midwest Industrial Funds in the transaction. Mark Masino and Madison O’Connor of Marcus & Millichap represented the seller, a private investor.