OVERLAND PARK, KAN. — Marcus & Millichap has brokered the $12.2 million sale of a 37,930-square-foot shopping center in Overland Park, a southern suburb of Kansas City. The sales price equates to $322 per square foot. Los Angeles-based Highpoint Capital Group LLC purchased the Southridge retail center, which was built in 2008 and 2009, from Carson Development, a local developer. The retail property is located 12090 Metcalf Ave. Southridge is shadow anchored by Costco.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the $12 million sale of 3.1 acres in downtown Grand Rapids that will serve as the future site of a 68-unit residential complex. The Woda Group LLC purchased the land located at 936 Front St. NW. Ryder Transportation Services, which sold the property, previously occupied a building on the land that is being demolished to make room for the housing project. Construction on Grand View Place is scheduled to start this summer. The housing development is expected to occupy two acres out of the 3.1-acre parcel. The remaining 1.1 acres will be used for a future mixed-use development. Stan Wisinski of NAI Wisinski of West Michigan represented The Woda Group in the transaction.
ELGIN, ILL. — An entity affiliated with the Midwest Industrial Funds has acquired a vacant 246,000-square-foot facility in Elgin, approximately 40 miles west of Chicago, for an undisclosed price. The building, located at 1600 Fleetwood Drive, is situated on 22 acres and features 26-foot clear heights, 10 docks and 22,000 square feet of office space. Stamar Packaging recently agreed to lease 187,000 square feet of the facility and is relocating its headquarters and warehouse from Addison. Frank Griffin and Dominick Carbonari of JLL represented the seller, a division of Philips Lighting, in the transaction. Michael Androwich Jr. of Lee & Associates represented Stamar Packaging.
WEST CHICAGO, IIL. — CenterPoint Properties has sold a 174,400-square-foot industrial property in West Chicago to Simpson Manufacturing Co. for an undisclosed price. The facility, located at 2505 Enterprise Circle, features 48,776 square feet of office space, 28 exterior docks, two drive-in doors and 401 car parking spots. Simpson Manufacturing plans to renovate and expand the building. Britt Casey of Cushman & Wakefield represented CenterPoint in the transaction. David Prell, Cal Payne and Tyson Vallenari of CBRE represented Simpson Manufacturing.
SIOUX CITY, IOWA — United Commercial has arranged the sale of two industrial buildings in Sioux City for $14 million. NorAm Holdings LLC acquired the two assets from ILP I LLC. The buildings are located at 2401 and 2501 Expedition Court. The facility at 2401 Expedition Court was built in 1998 and offers 213,086 square feet of warehouse and distribution space and 5,314 square feet of professional office space. The building sits on 11 acres and features parking for 22 cars, 24-foot clear heights, 14 dock doors and one drive-in door. The property at 2501 Expedition Court was built in 2001 and offers 200,700 square feet of warehouse and distribution space and 25,606 square feet of professional office space. This asset is situated on 12 acres and has parking for 66 cars, 24-foor clear heights, 18 dock doors and one drive-in door. XPO Logistics occupies both buildings. Beau Braunger of United Commercial represented the buyer and seller in the transaction.
CHICAGO — Marcus & Millichap has brokered the sale of a mixed-use loft building in the River North neighborhood of Chicago for $9.5 million. The four-story building is anchored by Kinzie Chophouse Restaurant on the ground level, and the three top levels are utilized as offices. Baum Revision and Kaufman Jacobs purchased the building, satisfying a 1031 exchange trade requirement, from an undisclosed private investor. The 26,000-square-foot property, which is located at the northwest corner of Kinzie and Wells streets, is currently 95 percent occupied. Stephen Lieberman of Marcus & Millichap represented the seller in the transaction.
BOLINGBROOK, ILL. — Cushman & Wakefield has arranged an industrial lease in Bolingbrook, approximately 33 miles southwest of Chicago. Menasha Packaging Co. LLC will occupy 164,355 square feet of warehouse space at 800 S. Weber Road. Menasha’s lease brings the 328,709-square-foot building to 100 percent occupancy. The building features 30-foot clear heights, 20 exterior truck docks, two drive-in doors, 1,200 amps of power, 90 car parking spaces and 30 trailer parking spaces. Jason West and Sean Henrick of Cushman & Wakefield represented the landlord in the transaction, ML Realty Partners LLC. Patrick McCaffrey of Avison Young represented Menasha Packaging.
GLENVIEW, ILL. — The Missner Group will complete a build-out of a medical office property for the Illinois Bone & Joint Institute (IBJI) in Glenview, approximately 20 miles northwest of Chicago. IBJI’s OrthoAccess facility is located at 2401 Ravine Way and treats fractures, sprains, sports injuries and problems from minor auto accidents. New construction on the existing building will include the addition of an entire floor of exam rooms, nursing stations, three waiting areas, an updated reception area and an X-ray suite. The project is scheduled for completion in this spring. Stephen Rankin Associates is providing the architectural services.
WAYLAND, MICH. — NAI Wisinski of West Michigan has arranged a 2,500-square-foot office lease in Wayland, approximately 20 miles south of Grand Rapids. Salingue Agency Inc. will rent the space from Puhalski Family Farmers Insurance LLC. The formerly vacant space, located at 201 Clark St., will be renovated prior to Salingue Agency taking occupancy. Salingue Agency will relocate its insurance office from Hastings to the building in Wayland. Jason Makowski and Rod Alderink of NAI Wisinski of West Michigan represented the landlord in the transaction. Makowski also represented the tenant.
Strong renter demand in the metro St. Louis apartment market helped boost annual effective rent growth by 3.6 percent in 2015, 200 basis points above the market’s long-term average, according to Axiometrics. An estimated 1,012 apartment units were delivered to the St. Louis market for all of 2015 compared with 2,378 units of absorption during the same period, reports Axiometrics. But with numerous projects in the pipeline, that ratio is likely to change over the next few years, say real estate experts. “We expect supply levels to increase in 2017 and for absorption to begin to struggle to keep up due to slowing job growth,” says Sophie Zatterstrom Gore, analyst with Axiometrics. But 2016 is a different story, she points out. Robust job growth will help absorption outpace new supply by about 600 units in 2016: 1,587 units of absorption versus 990 units of new supply. Such strong demand is giving a strong lift to real estate fundamentals in the local apartment sector. The average effective rent in the third quarter of 2015 was $914, which Axiometrics projects will rise to $948 by the end of 2016. The average vacancy rate is projected to fall from 6.3 percent at the …
