WEST CHICAGO, ILL. — Flolo Corp. has acquired an industrial property located at 1400 Harvester Road in West Chicago. The company purchased the property from Acts Four Thirty Two LLC for an undisclosed price. Flolo Corp. will relocate and consolidate from its current facilities at 1061 E. Green St. and 420 Podlin in Franklin Park, Ill., to the new 42,411-square-foot facility. The buyer is a multi-faceted electro-mechanical repair facility, power transmission distributor and custom system integration company. John Hamilton, Mike Sedjo and Jack Brennan of CBRE represented the buyer, while David Prell, also of CBRE, represented the seller in the deal.
MILFORD, OHIO — MCR Development, a hotel owner-operator, has completed the renovation of Homewood Suites by Hilton Cincinnati-Milford, a 76-room, select-service hotel located at 600 Chamber Drive in Milford. The newly remodeled hotel was updated as part of Hilton’s design initiative and multi-faceted brand enhancement program that focuses on updating dining and lounging areas, as well as introducing new brand standards. The hotel’s dining area now features new and modern furniture, flooring and lighting, and the business center was redesigned to create an inviting work space for guests. Additionally, the hotel now features an outdoor kitchen and lounge complete with a grilling area and comfortable seating.
MILWAUKEE — The Dickman Company/CORFAC International has arranged a lease between Northwest Holdings Corp. and Sellars Absorbent Materials Inc. at 7300 N. 60th St. in Milwaukee. Sellars Absorbent Materials will occupy 104,627 square feet of industrial/office space at the property. Samuel Dickman Jr., Samuel Dickman, Zach Noble and TJ Huenerbein of The Dickman Company brokered the lease.
INDIANAPOLIS — Marcus & Millichap has brokered the sale of The Home Place Senior Apartments, an apartment property located at 6734 Millside Drive in Indianapolis. A private investor acquired the property from a limited liability company for $3.3 million. The property features 60 rental units. Darrell Johnson and Brent Silcox of Marcus & Millichap’s Indianapolis office represented the seller, while Shane Ryan McConnell of Marcus & Millichap’s Newport Beach, Calif., office represented the buyer in the transaction.
MINNEAPOLIS — CBRE Capital Markets has brokered the sale of Ameriprise Financial Center, a 31-story, 847,667-square-foot office building located at 701 Second Ave. South in downtown Minneapolis. A joint venture between Axar Capital Management and Morning Calm Management acquired the property for $200 million, or $236 per square foot. Built in 2000, the building serves as the global headquarters for Ameriprise Financial. Tom Holtz, Ryan Watts, Judd Welliver and Sonja Dusil of CBRE’s Minneapolis office represented the seller’s advisor and asset manager, Founders Properties LLC, in the transaction.
REPUBLIC, MO. — Resource Optimization & Innovation (ROi), a health care supply chain company owned by Mercy, has broken ground on its custom surgical pack manufacturing facility, located at 3000 E. Sawyer Road in Republic. Slated to open in fall 2017, the $10 million, 100,000-square-foot facility will enable the company to produce up to 1.5 million packs each year. The packs produced by ROi’s Custom Pack Solutions division contain all of the medical supplies needed to perform a range of surgical procedures. The company’s pack operation is the first and largest provider-owned, FDA-regulated custom pack manufacturing facility in the United States. The project team includes Slone Architects, Morelock-Ross and Rankin Development.
COLUMBUS, OHIO — CBRE has been retained as the exclusive leasing agent for Huntington Center, located at 41 S. High St. in Columbus. The 37-story, 1 million-square-foot office tower features 27,000 square feet of retail space, a 1,000-car parking facility and a 29,650-square-foot athletic club. Brad McMahon and Don Roberts of CBRE will lease the building on behalf of Hines, which owns and manages the property. Hines plans to make significant upgrades to the property, including a new amenity package with a tenant lounge, rooftop patio and secure bike storage. Hartshorne Plunkard Architecture is designing the upgrades.
EAST ST. LOUIS AND EDWARDSVILLE, ILL., AND CREVE COEUR AND WASHINGTON, MO. — L3 Corp. has arranged four leases totaling 32,391 square feet of retail space in Illinois and Missouri. In East St. Louis, Menyoun Jordan d/b/a Balloons R Us leased 2,150 square feet of retail space at State Street Shopping Center. L3 Corp. represented the landlord, State Street Shopping Center LLC, in the deal. In Edwardsville, Ross Dress for Less inked a deal for 25,000 square feet of retail space at Dierbergs Edwardsville Crossing from GCE Outparcels LLC. L3 Corp. represented the tenant in the transaction. In the third deal, BARRESTL2 LLC d/b/a barre3 leased 2,241 square feet of space at Heritage Place in Creve Coeur from Ramco-Gershenson Properties LP. Kevin Shapiro of L3 Corp. represented the tenant. In the final transaction, Sterling Inc. d/b/a/ Kay Jewelers signed a deal for 3,000 square feet of space at Phoenix Center II in Washington from PC II Vertical LLC. L3 Corp. represented the tenant and landlord in the deal.
BROOKLYN CENTER, MINN. — Cushman & Wakefield NorthMarq, on behalf of landlord The AtWater Group, has arranged the lease of 9,800 square feet of office space at Concorde Executive Center in Brooklyn Center, a suburb of Minneapolis. United Food and Commercial Workers will move into the space by Nov. 1. With this lease, the six-story property’s occupancy rate is 67 percent. Aaron Barnard of Cushman & Wakefield Northmarq represented The AtWater Group in the deal.
From Cleveland to Cincinnati, speculative Class A office development is on the rise in Ohio for the first time in at least five years. Primarily occurring in the suburbs, 3 to 4 million square feet of spec development is driven by a lack of office space as well as pent-up demand for new space with an urban feel that contains retail and multifamily components. Most spec office development reflects the demands of both Millennials and Baby Boomers. These significant population groups seek to locate in live-work-play neighborhoods that offer cool office and residential spaces, walkability and common green spaces. Because these components are important to Millennials — now the largest share of the American workforce — they have become important for companies in their efforts to recruit the best and the brightest. Quality talent is more of a factor than cost. In competing for talent, these companies must look for and include such office amenities as game rooms, outdoor patios and walking trails. Not only are the retail and residential components to an office project important, but companies are also expressing genuine interest in branding, signage opportunities, naming rights and modern amenities. Cost of financing guides developers in Cleveland While downtown …