LEAWOOD, KAN. — CycleBar has signed a long-term lease for 2,400 square feet in Town Center Plaza in Leawood. The facility, now open, is the indoor cycling fitness studio’s first location in the greater Kansas City area. CycleBar is located at 5053 W. 117th St. Founded in 2004, the indoor cycling franchise offers a variety of cycling classes at over 200 locations nationwide. David M. Block and Max DiCarlo of Block & Co. Inc. Realtors negotiated the lease transaction on behalf of CycleBar.
Metro Milwaukee’s industrial market continued to be a strong performer in 2016, and this strength should continue for the foreseeable future. We’re now seeing a healthy uptick in new industrial development, and even speculative development in select submarkets. While the demand for industrial space has continued to increase, the new supply has failed to keep pace. Sustained quarterly absorption without a sufficient corresponding increase in new product coming to market continues to keep vacancy rates hovering around 4 percent, near the record lows, according to Xceligent and CoStar. The new industrial construction that is occurring continues to be driven by users expanding, relocating or consolidating their existing facilities and by limited build-to-suit developments undertaking Milwaukee-based firms such as Wangard Partners Inc., Phoenix Investors LLC and Briohn Building Corp. Spec building returns Speculative development is still relatively rare, but developers such as Zilber, HSA Development and Interstate Partners are all venturing into the speculative realm and with favorable results so far. HSA, for example, recently completed a 214,000-square-foot speculative building in Waukesha, and Zilber continues to build and fill buildings in the I-94 South corridor. In late 2016, Zilber unveiled plans for a 163,716-square-foot facility in Franklin and a 72,324-square-foot facility …
SHAKOPEE, MINN. — The Opus Group has completed the third phase of development at Valley Park Business Center in Shakopee, southwest of Minneapolis. The 122,400-square-foot building is the final phase of Opus’ development at the 50-acre site. Minnesota-based Fountain Industries, a manufacturer of cleaning equipment and systems, will be the first tenant, leasing approximately 48,000 square feet. The building features 28-foot clear heights, 193 parking stalls, 24 dock doors and six drive-in doors. Previous phases of development at the park include the completion of a 200,000-square-foot speculative development and a 216,000-square-foot build-to-suit warehouse for Amerisource Bergen.
ST. LOUIS — Sealy & Co. has acquired a Class A industrial portfolio totaling 926,287 square feet in the Earth City submarket of St. Louis. The acquisition was made on behalf of Sealy Strategic Equity Partners. All three buildings are located in a master planned business park near I-70 and I-270. The portfolio is 94 percent leased to eight tenants.
ROMEOVILLE, ILL. — Apollo Flow Controls has signed a 226,102-square-foot industrial lease in Romeoville, 26 miles southwest of Chicago. The producer of flow control products will occupy the space at 1881 Normantown Road. The building, developed by Molto Properties in 2015, features 32-foot clear heights, two drive-in doors, 35 docks and parking for 200 cars and 39 trailers. Britt Casey, Chris Lydon and Al Caruana of Cushman & Wakefield represented Apollo in the long-term lease transaction, while Jim Estus of Colliers International represented Molto. Meridian Design Group was responsible for tenant improvements.
BATTLE CREEK, MICH. — Griffin-American Healthcare REIT IV Inc. has acquired Battle Creek Medical Office Building in Battle Creek, about 25 miles east of Kalamazoo. The 46,000-square-foot property is situated on 7.3 acres in a medical office park. The building is currently 97 percent leased and anchored by Brookside Surgery Center. American Healthcare Investors and Griffin Capital Co. LLC are the co-sponsors of the REIT.
O’FALLON, ILL. — Gateway Multifamily Group, along with its in-house property management company Tut and Tut Properties, has purchased a 78-unit apartment community in O’Fallon, about 17 miles east of St. Louis. The purchase price was not disclosed. The garden-style community will be rebranded as the Park Entrance Apartments. Gateway plans to invest an additional $2 million to $3 million in renovations. The property sits on 5.4 acres and consists of two-bedroom units averaging 1,200 square feet.
ST. LOUIS — CBRE has brokered the sale of The Tower at OPOP and The Lofts at OPOP in downtown St. Louis in the Old Post Office Plaza (OPOP). North American Properties and Urban Street Group sold the buildings to Strategic Properties of North America for an undisclosed price. The Tower consists of 128 units and is located at 411 N. 8th St. The Lofts consists of 53 units and is located at 911 Locust St. The buildings have occupancy rates of 96 and 94 percent, respectively. Matt Bukhshtaber of CBRE represented the seller in the transaction.
MOUNT PROSPECT, ILL. — Adelphia Properties has arranged the sale of a newly constructed retail property in Mount Prospect, a northwest suburb of Chicago, for $3.4 million. The 5,904-square-foot building is located at 100 W. Rand Road across from Randhurst Village. Potbelly Sandwich Shop and American Mattress occupy the building. A Chicago-based developer was the seller. Simeon Spirrison and George Spirrison of Adelphia Properties represented the buyer, a private real estate investor.
MILWAUKEE — Baceline Investments LLC has acquired two retail centers in the North Shore of Milwaukee for $2.8 million. Point Plaza is a 13,840-square-foot shopping center located at 8333 W. Appleton Ave. Baceline purchased the property from R&D Point Plaza LLC for $900,000. Glendale Square is a 17,880-square-foot center located at the corner of N. Green Bay Avenue and W. Green Tree Road. Baceline purchased Glendale Square for $1.9 million from Buckmann LLC. Both sellers are Wisconsin-based companies. Combined, the properties are currently 86 percent occupied. Baceline is based in Denver.
