OTSEGO, MINN. — Duke Realty Corp. will construct a 220,000-square-foot industrial facility for Wagner SprayTech Corp. in Otsego, approximately 33 miles northwest of Minneapolis. The building will be situated on 12.3 acres within the Gateway North Business Center. Wagner SprayTech, a company that develops and markets paint sprayers, applicators and decorating products, will use the facility as a warehouse and distribution center. Construction on the building will begin in the second quarter and delivery is slated for the fourth quarter of this year. The build-to-suit asset will feature 5,000 square feet of office space, 36-foot clear heights and has the capability to expand by 50,000 square feet. Wagner will relocate from its existing facility in Brooklyn Center once the new project is complete. Paul Bickford with Colliers International and Fred Hedberg with Paramount Real Estate represented Wagner in the transaction. Dan Swartz with CBRE represented Duke Realty.
BELOIT, WIS. — Hendricks Commercial Properties will develop a 105,000-square-foot speculative industrial building in Beloit, approximately 75 miles southwest of Milwaukee. Situated on 30 acres at the intersection of Willowbrook and State Line roads, the facility will be able to accommodate users 52,000 square feet and larger. The City of Beloit currently owns the land. The facility will feature 32-foot clear heights, 10 dock doors, two drive-in doors and 140-foot truck courts. The property will also have an expansion capacity of 420,000 square feet. The construction is slated to start this spring and be completed by this fall. Angus Young Associates is designing the building. Corporate Contractors Inc. will be the general contractor, and Chase Brieman of CBRE is marketing the development for lease.
WATERLOO, IOWA — HREC Investment Advisors has brokered the sale of a 79-room Holiday Inn Express in Waterloo, approximately 60 miles northwest of Cedar Rapids, for an undisclosed price. The hotel, located at 2127 La Porte Road, features a business center, fitness center, complimentary breakfast and indoor pool. The buyer and the seller were undisclosed. Ted Anka of HREC represented the seller in the transaction.
LAKEWOOD, OHIO — Phillips Edison Grocery Center REIT II Inc. has acquired Lakewood City Center, a 67,280-square-foot shopping center located in the Cleveland suburb of Lakewood, for an undisclosed price. A 39,400-square-foot Marc’s grocery store anchors the center, which is also home to tenants such as Gamestop, Best Cuts, Pet Supplies Plus, the UPS Store, Boston Market, Marco’s Pizza, Ace Cash Express, T-Mobile, Palm Beach Tan and Chipotle Mexican Grill.
WAUKESHA, WIS. — PREMIER Design + Build LLC will construct a 214,533-square-foot industrial distribution warehouse in Waukesha, approximately 20 miles west of Milwaukee. The speculative facility, situated on 11.8 acres, will feature 32-foot clear heights, 28 truck dock positions, four drive-in doors, 52 trailer stalls and 91 car parking spaces. The Class A building will be located at 901 Northview Road. Partners in Design Inc. is the architect for the project, and Pinnacle Engineering Group is providing civil engineering services. HSA Commercial Real Estate is the building developer, Roger Siegel of JLL will market the building for lease.
CORALVILLE, IOWA — Dougherty Mortgage LLC has closed a $9.8 million HUD 213 loan for the construction of a 59-unit market-rate seniors cooperative in Coralville, five miles northwest of Iowa City. The loan term is for 40 years. Vintage Cooperative of Coralville will include amenities such as a fitness center, workshop, garden plots, café and clubroom. Vintage Cooperative of Coralville was the borrower.
GURNEE, ILL. — Avison Young has arranged a 213,000-square-foot lease for Handi-foil in Gurnee, approximately 40 miles northwest of Chicago. The building, located at 5650 CenterPoint Court, sits inside the Grand Tri-State Business Park. Built in 2005, the property features 32-foot clear heights and 9,800 square feet of office space. The building will be an expansion for Handi-foil, a manufacturer of recyclable aluminum products, based in Wheeling, Ill. Brett Kroner, Keith Puritz and Eric Fischer of Avison Young represented the tenant in the transaction. Ryan Bain and Zach Graham of CBRE represented the landlord, CenterPoint Properties.
KENTWOOD, MICH. — NAI Wisinski of West Michigan has negotiated the sale of a 9,000-square-foot building in Kentwood, approximately 10 miles southeast of Grand Rapids, for an undisclosed price. Mattson Financial Services LLC purchased the property from Chulam Malin. Mattson Financial Services will be relocating from its current facility at 1507 Plainfield Ave. in Grand Rapids following the renovation of the building, to be completed this spring. Mattson Financial Services specializes in financial planning, investment management and tax planning. Cameron Timmer of NAI Wisinski represented Mattson Financial Services. Jason Makowski and Mary Anne Wisinski of NAI Wisinski represented the seller.
CLEVELAND — Namdar Realty Group has acquired a 6,600-square-foot retail property in Cleveland for an undisclosed price. KeyBank currently occupies the one-story building located at 5900 St. Claire Ave. CRESCO Real Estate represented the seller, a private investment fund, in the off-market transaction. The KeyBank branch renewed its lease six months prior to the transaction. Joel Gorjian of Namdar Realty Group represented the company in the deal.
ITASCA, ILL. — M&R Development has entered into a joint venture with Hamilton Partners and Murphy O’Brien to develop a 297-unit luxury rental community in Itasca, approximately 28 miles northwest of Chicago. The Residences at Hamilton Lakes will be situated adjacent to the Hamilton Lakes Business Park. The project will offer a mix of studio, one- and two-bedroom apartments. The Residences at Hamilton Lakes will consist of three four-story buildings on 10.7 acres. The joint venture will break ground on the project this spring and complete the development in the fall of 2017. Amenities at the complex will include a clubhouse, outdoor pool, steam and sauna room, media room, fitness facility, business center and event space.