AUBURN HILLS, MICH. — NAI Farbman has negotiated the sale of a 19-acre industrial site in Auburn Hills. The sales price was not disclosed. Developer Cunningham-Limp purchased the property, located at Dutton and Bald Mountain roads. The site has the flexibility to house multiple buildings, ranging from 85,000 to 200,000 square feet, and is in close proximity to Fiat Chrysler Automotive headquarters, General Motors Lake Orion Assembly Plant and Oakland University. NAI Farbman will also serve as leasing agent for the property, which has the potential for 2017 occupancy.
WYOMING, MICH. — Wolverine Building Group has broken ground on a 36,000-square-foot expansion for Craig’s Cruisers in Wyoming, five miles south of Grand Rapids. The family fun center is located at 5730 Clyde Park Ave. The addition will be home to a trampoline park, laser tag arena and an indoor roller coaster. The $2.4 million project is slated for completion in February 2018.
LOMBARD, ILL. — Greystar has selected McShane Construction Co. to build Elan Yorktown, a 295-unit luxury apartment complex in the Chicago suburb of Lombard. The four-story property is under construction on a six-acre parcel at 50 Yorktown Shopping Center. The building will feature a mix of studio, one-, two and three-bedroom units. Amenities will include exterior courtyards, a fitness center, golf simulator room, theater room, library, clubroom, pool and grilling stations. ESG Architects is providing the architectural services for the project, slated for completion in May 2019.
DES PLAINES, ILL. — Cawley Chicago has been selected as the leasing agent for the O’Hare Offices, a three-building, 450,000-square-foot office portfolio in Des Plaines near the Chicago O’Hare International Airport. The portfolio consists of 999, 1011 and 1111 Touhy Ave. Affiliates of Siete 7 LLC, a private investment group that occupies space in one of the buildings, own the portfolio. The three buildings were developed from 1973 to 1979 and acquired in separate transactions in 2008 and 2009. The buildings are currently 50 percent leased and offer spaces ranging from 933 square feet to 60,000 square feet. Amenities include executive conference and training rooms as well as a fitness center. The owners of the building are undertaking several initiatives to help market and position the buildings, such as creating move-in ready suites, general cleanup and refreshing of available space and improved property signage.
BENSENVILLE, ILL. — NKF has negotiated three lease renewals for industrial companies in Bensenville, located in the heart of the O’Hare market. Adam Marshall of NKF represented the tenants in all of the lease transactions. Mitsui-Soko USA Inc. signed a lease renewal for 71,242 square feet at 888 Thomas Drive within Bensenville Industrial Park. The landlord, Prologis, was self-represented. Lion Logistics signed a 45,088-square-foot lease renewal at 1001 Bryn Mawr. The property is also owned by Prologis. In addition to the renewal, NKF negotiated funding for tenant improvements and upgrades to the space on behalf of the tenant. Fidelitone Logistics signed a 43,053-square-foot renewal at 1107 Ellis St. NKF secured a long-term renewal with a tenant improvement allowance for various building improvements. The owner of the building, Industrial Property Trust, was self-represented in the lease negotiations.
TROY, MICH. — Colliers International has brokered the sale of a 12,180-square-foot industrial warehouse in Troy. The sales price was not disclosed. The property is located at 1070 Livernois Road. John Lominack of Colliers represented the purchaser and the seller in the sale of the property formerly owned by 3DPolymers. DHM Associates, a machinery repair company that specializes in electronic control systems, purchased the building with plans to utilize the space immediately.
TOMAH, WIS. — Marcus & Millichap has arranged the sale of a retail property net leased to Starbucks in Tomah in central Wisconsin for $1.3 million. The 2,100-square-foot building is located at 224 Buan Ave. Starbucks has 10 years remaining on its lease. Mark Ruble, Zack House and Jamie Medress of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Todd Lindblom, also of Marcus & Millichap, assisted in closing the transaction. The buyer was not disclosed.
Kansas City is in the midst of an aggressive expansion of capital investment in medical office space that is consistent with national activity. A variety of factors drive these developments, including patients’ expectations for medical care, a change in how large-scale healthcare operators view their networks and the growth of specialty practitioners. The evolution of medical space created by these forces leads to an entirely new development approach. The most obvious evidence of this change in the Kansas City market is located along the Interstate 435 corridor between State Line Road and Metcalf Avenue. Every major healthcare operator in the metro area either has an established presence there, is in the midst of an expansion project, or both. Within that area, the new medical office building for St. Luke’s Health System at Mission Farms was completed in the second half of 2016. Further west, the 76,000-square-foot Quad Six medical office building, located at 6650 W. 110th St., delivered in June of this year. To the south, at 159th Street and Antioch Road, the first phase of the BluHawk project recently delivered for Shawnee Mission Health – Overland Park. The project includes a 75,000-square-foot medical office building, along with a separate …
LIVONIA, MICH. — Ready Capital Structured Finance has provided an $8.9 million loan for the refinancing of Northridge Commons in Livonia, about 20 miles west of Detroit. The 119,000-square-foot retail property is located at 33523 W. Eight Mile Road. Kroger anchors the property. A portion of loan proceeds will be used to build out space for a recently completed lease with a local gym tenant. The non-recourse loan features a 36-month term with two extension options. The borrower was not disclosed.
WAYNE, MICH. — Marcus & Millichap has arranged the sale of EZ Storage in Wayne, about 25 miles west of Detroit. The sales price was not disclosed. The 68,840-square-foot self-storage facility is located at 34333 East Michigan Ave. The property consists of 588 units, 251 of which are climate-controlled. Brett R. Hatcher and Gabriel Coe of Marcus & Millichap’s marketed the property on behalf of the seller, a limited liability company. The team also procured the buyer, a limited liability company. Steven Chaben assisted in closing the transaction.