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IndustrialMidwestOhio

Opus to Build 250,050 SF Industrial Building in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — The Meritex Co. has selected The Opus Group to build a 250,050-square-foot industrial building in Columbus. The speculative building, which will feature 32-foot clear heights and truck ports, will accommodate up to four tenants. The project is slated for completion in May 2018. Opus Design Build LLC will serve as design-builder and Opus AE Group will serve as the architect and structural engineer. Rick Trott and Kevin McGrath of CBRE will market the property for lease on behalf of developer Meritex.

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HospitalityMidwestMissouri

Salina Hotel Corp. to Develop 83-Room Hotel in Belton, Missouri

by Kristin Harlow

BELTON, MO. — Salina Hotel Corp. will develop an 83-room Fairfield Inn & Suites in Belton, about 20 miles south of Kansas City. The 48,000-square-foot hotel, located between Mullen Road and I-49, is slated for completion by the end of 2018. The project includes construction of a new road, which will be funded by a newly established Community Improvement District (CID). Project partners include the City of Belton and Belton Economic Development Corp.

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IllinoisMidwestOffice

Podolsky Circle to Manage 135,151 SF Office Building in Des Plaines, Illinois

by Kristin Harlow

DES PLAINES, ILL. — Podolsky Circle has been awarded the management of a 135,151-square-foot office building in Des Plaines, a suburb of Chicago. The brokerage recently relocated its entire company office within the building, which is located at 1700 W. Higgins Road. Australia-based Quattro Asset Management owns the property, which was built in 1986. The building underwent renovations to the lobby, corridors, café and restrooms. Additional building enhancements are planned. Melissa Podolsky of Podolsky Circle will lead the property management team. The property is currently 69 percent leased to other tenants including Riddell and Batory Foods. Approximately 43,235 square feet is available for lease.

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IndustrialMarket ReportsMidwestMidwest Market ReportsMissouri

St. Louis Industrial Market Is a Force to Be Reckoned With

by Kristin Harlow

The St. Louis industrial market has enjoyed robust growth in recent years in part because of a growing economy, the rise of e-commerce and 3PL activity, favorable tax incentives and abatement packages and a movement to quality from existing users. With a population of 37.5 million in a 300-mile radius and over 96 million in a 500-mile radius, St. Louis is a distribution force to be reckoned with. Over the past five years, vacancy has dropped from 9 percent to 4.1 percent as of the second quarter of 2017. This number, paired with asking lease rates rising 9 percent during that same time frame, illustrate the health of the market. With more than 2.7 million square feet of space absorbed already this year, the 4.2 million square feet currently under construction will be absorbed quickly. Low vacancies have spurred the need for speculative space, which has increased at a rate not seen before in this market. Recent ongoing or completed projects include a 548,850-square-foot space at Aviator Business Park, 158,000 square feet at Fenton Logistics Park and two 100,000-square-foot buildings at Hazelwood Logistics Center. Having spec product on the market places St. Louis on the radars of users that require …

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MidwestMinnesotaMultifamily

CBRE Arranges $87M Sale of Luxury Multifamily Property in St. Paul

by Kristin Harlow

ST. PAUL, MINN. — CBRE has arranged the sale of the Vintage on Selby in St. Paul for $87 million. The 210-unit multifamily property features a 39,506-square-foot Whole Foods Market on the first floor. Completed in 2015, the property is located at the intersection of Snelling and Selby avenues. The building features a mix of units ranging from studios to three-bedroom units. Amenities include a rooftop terrace with swimming pool, fitness center and yoga room, club room, electric car charging stations and bike storage. Abe Appert, Keith Collins, Ted Abramson and Laura Hanneman of CBRE represented the seller, The Vintage on Selby LLC. The entity is related to Ryan Cos. and The Excelsior Group, which developed the property. An affiliate of Zurich North America purchased the property.

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HospitalityIllinoisMidwest

Graycor Completes Renovations at Marriott Resort in Lincolnshire, Illinois

by Kristin Harlow

LINCOLNSHIRE, ILL. — Graycor Construction Co. has completed the first two phases of renovations at the Chicago Marriott Lincolnshire Resort in Lincolnshire, a northern suburb of Chicago. Graycor renovated all 390 guest rooms and suites with new windows, HVAC, carpet, ceramic tile, shower door and bathroom fixtures, wall covering and fresh paint. Phase II also included the construction of the Lakeside Pavilion, a 5,000-square-foot, climate-controlled space for weddings and other events. Graycor has also completed nearly 75 percent of the final phase of renovations, which includes rebuilding of King’s Wharf into two new restaurants — Three Embers and Wright’s Brew & Bistro; renovating the lobby Brewpub; adding a Starbucks on the premises; and a new M-Club and Spa. Steven Crowley of Graycor led the project team. The Gettys Group and Stantec provided design services, while Daccord LLC provided project coordination services. LA RFMBG Lincolnshire LLC owns the property and The Bricton Group manages the hotel.

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IllinoisIndustrialMidwest

Principle to Build 107,000 SF Industrial Warehouse in Elk Grove Village, Illinois

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Seefried Properties has selected Principle Construction Co. to build a 107,000-square-foot industrial warehouse in Elk Grove Village. The speculative property will be located at 2080 Lunt Ave. The building will feature 32-foot clear heights with 16 dock positions, two drive-in doors and parking for 134 vehicles. The property will be able to accommodate a single user or multiple tenants. Completion is slated for December. Mark Augustyn, Darrin Dehmlow and Mark Frane are leading the project team for Principle. Harris Architects is the project architect.

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IllinoisMidwestMultifamily

Interra Arranges $5M Sale of Condo De-conversion in Chicago’s Hyde Park

by Kristin Harlow

CHICAGO — Interra Realty has arranged the sale of Everett Hyde Park in Chicago for $5 million. The 32-unit condominium building is located at 5454 S. Everett Ave. The property was renovated and converted to condominiums in 2007. Joe Smazal of Interra represented the condominium association and the purchaser, Chicago-based Tricap Residential Group. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent of residents or more are in agreement. Sellers then have the option to either move out or to lease back the property from the new owner.

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IndustrialKansasMidwest

Colliers Brokers Sale of 12,000 SF Industrial Building in Olathe, Kansas

by Kristin Harlow

OLATHE, KAN. — Colliers International has brokered the sale of a 12,000-square-foot industrial building in Olathe for an undisclosed price. The property is located at 15150 South Keeler St. John Stafford of Colliers represented the seller, Fisher Properties LLC. Rob Holland of Cushman & Wakefield represented the buyer, March Properties LLC.

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IndianaMidwestMultifamily

CBRE Arranges Sale of Three Multifamily Properties in Indianapolis Area for $69.1M

by Kristin Harlow

INDIANAPOLIS — CBRE has arranged the sale of three multifamily properties in the Indianapolis area for $69.1 million. Steve LaMotte Jr. of CBRE represented the seller in each of the separate transactions. Philadelphia-based Gold/Oller retained a management interest in Lighthouse Landings, a 336-unit property completed in 2001. Covenant Capital acquired Columns of Castleton, a 398-unit property located on the northeast side of Indianapolis. CBRE represented the seller, Samuel Geltman & Co., which had owned the property for nearly 30 years. The community will undergo a full renovation, including possible construction of a clubhouse and amenity area. Sundance Bay LLC purchased Eagle Pointe Apartments, a 256-unit property located on the west side of Indianapolis. Gold/Oller was the seller.

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