TRAVERSE CITY, MICH. — Colliers International has arranged an 18.3-acre ground lease for Costco near Cherry Capital Airport in Traverse City. Costco will build a new wholesale warehouse at the site. The size of the building was not disclosed, but the Traverse City Record Eagle reports the size at 156,000 square feet. Max Goldman of Colliers represented Costco in the lease of the property from Northwestern Regional Airport Commission. Construction will commence immediately with the opening planned for the fourth quarter of this year.
TROY, MICH. — Signature Associates has negotiated the sale of an 88,886-square-foot industrial building located at 1600-1630 E. Big Beaver Road in Troy. Paul Hoge and John Boyd of Signature Associates represented the seller, Iron Point Troy Industrial LLC. Boyd also represented the buyer, DB1600 LLC.
WEST LAFAYETTE, IND. — In a joint venture with T2 Capital Management, South Street Capital has acquired an 18,300-square-foot mixed-use building in West Lafayette. The purchase price was not disclosed. The three-story building is located at 100 Northwestern Ave. near Purdue University. Locally known as The Miller Building, the building consists of retail and office space as well as apartment units.
STURTEVANT, WIS. — The Dickman Co. Inc./CORFAC International has brokered the sale of a 14,800-square-foot industrial building in Sturtevant, about 30 miles south of Milwaukee. The building is located at 3012-3014 S. Sylvania Ave. Robert A. Gleason purchased the property from Wayne and Mardell Fuller Trust. Cale Berg, Zach Noble, Samuel M. Dickman Jr. and Samuel D. Dickman of the Dickman Co. brokered the transaction.
DETROIT — Woodpile BBQ Shack has signed a 2,000-square-foot retail lease in Detroit to open its second location in Southeast Michigan. The restaurant will be located at 6402 Woodward Ave. in the Baltimore Station development. The project will consist of the renovation of two vacant buildings at 6402 and 6408 Woodward Ave. in the New Center area, including approximately 8,000 square feet of retail space throughout the ground level and 23 apartment units on the second and third floors. Woodpile BBQ Shack will open once the development is completed in early 2018. Ben Hubert and Ben Rosenzweig of Colliers International represented the Clawson, Mich.-based barbecue establishment in the transaction. The duo also represented the landlord, The Platform.
BROOKLYN CENTER, MINN. — CBRE has arranged the sale of the Brookdale Corporate Center I and II, a pair of office buildings located in Brooklyn Center near Minneapolis, for $14.3 million. New York-based Sovereign Capital purchased the 230,000-square-foot portfolio. The six-story buildings were constructed in 1982 and 1985 and renovated in 2004. The buildings were 77 percent occupied at the time of sale to tenants such as the University of Minnesota Physicians, Brooklyn Center Independent School District headquarters, Qualcomm, National American University and Aerotek. Sonja Dusil, Ryan Watts, Judd Welliver and Tom Holtz of CBRE represented the undisclosed owner in the transaction.
SOUTH BEND, IND. — RD Management LLC has sold a former Sears Essentials building located at 4640 S. Michigan St. in South Bend. A national retailer purchased the 112,900-square-foot property for an undisclosed price. The vacant building sits on 16 acres near U.S. Highway 31. A Ford dealership and Aldi supermarket are adjacent to the property, and Erskine Commons and Erskine Plaza centers are nearby. RD Management sold the asset as part of the company’s strategy to reposition its portfolio as a more diversified group of properties.
DAVENPORT, IOWA — Binswanger has arranged the sale of a nearly 160-acre land site in Davenport for an undisclosed price. Sterilite Corp. purchased the land from the Greater Davenport Redevelopment Corp. Sterilite, a manufacturer of plastic storage containers, plans to build a new manufacturing and distribution center on the site. The center, slated to open in early 2018, will employ approximately 500 employees. As part of the transaction, the Scott County Board of Supervisors and the City of Davenport will provide a multimillion-dollar incentive package for moving to the Quad Cities. Tim O’Callaghan and Larry Spinelli of Binswanger arranged the sale on behalf of Sterilite. The team also helped negotiate the incentive package.
PLAINFIELD, IND. — HSA Commercial, in a joint venture partnership with Great Point Investors, has begun development of a 151,220-square-foot speculative industrial building in Plainfield, a southwest suburb of Indianapolis. Gateway Industrial IV is currently under construction, with delivery scheduled for this June. It will be the fifth and final building developed by HSA Commercial in the 40-acre Gateway Business Park. The PrivateBank provided the project financing. HSA Commercial and Great Point Investors previously partnered on the development of Gateway Industrial III, an adjacent 220,000-square-foot building that was completed in 2015 and is now fully leased. When complete, Gateway Industrial IV will feature 30-foot clear heights, 16 expandable truck docks, four drive-in doors and parking for 156 vehicles. The development is located just west of the Indianapolis International Airport and is designed to accommodate users as small as 25,000 square feet. John Hanley, Terry Busch and Jared Scaringe of CBRE are handling leasing for Gateway Industrial IV. Fishers, Ind.-based Meyer Najem is the general contractor for the project. West Lafayette, Ind.-based KJG Architecture designed the building.
GRAND RAPIDS, MICH. — NAI Wisinski has arranged the sale of a 5,720-square-foot restaurant building in Grand Rapids. Georgina’s Fusion Cuisine, a Traverse City-based Asian and Latin taqueria, purchased the two-story building for an undisclosed price. Located at 724 Wealthy St., the property will feature a 2,860-square-foot restaurant on the first floor and two apartments on the second floor. The building will undergo major renovations for the full-service restaurant before an anticipated opening this summer. This will be Georgina’s second location in Michigan. Todd Leinberger of NAI Wisinski arranged the sale on behalf of Georgina’s. Dave Zeemering of Victory Realty represented the seller, who is retiring from his retail business, Phil’s Stuff.