ST. LOUIS — Artisan Building Co. has completed a $1.5 million expansion for DYNALABS LLC, a pharmaceutical testing company. The 15,500-square-foot expansion of the existing St. Louis facility included a chemistry lab, analytical lab, area for maintaining glassware, inspection and management area for samples, distribution and storage space, offices, a lunch area and conference space. The 33,500-square-foot research building is located at 2327 Choteau Ave.
Growth in the Indianapolis downtown multifamily market is as dynamic as the city itself. Since 2013, 3,000 units have been delivered and leased up rapidly. The vacancy rate registers 4.5 percent in a submarket that historically has seen vacancy rates of around 8 percent. Demand is healthy and growth continues, with another 283 units scheduled for delivery by the end of this year. A unique contributor to this multifamily construction boom is the downtown campus of Indiana University-Purdue University Indianapolis (IUPUI), the IU Law School and the IU Medical School. A sudden building spree of more than $100 million of student-focused projects is occurring downtown near IUPUI. With more than 1,000 units currently under construction or in the works, these new deliveries signal a real change for IUPUI from a commuter orientation to that of a residential campus. These off-campus locations will likely appeal to young professionals as well, and savvy developers are making certain to provide conventional units as part of their mix. The largest such development currently under construction is Trinitas Ventures’ 193-unit, 669-bed project at the northeast corner of Michigan Street and Capitol Avenue. Known as Lux On Capitol, the student housing development is due to open …
ST. LOUIS — Aragon Holdings LLC has acquired a 480-unit apartment property in St. Louis for an undisclosed price. A joint venture between Covenant Capital Group and Bell Partners Inc. sold the asset. Oxford Hills Apartments is situated on 26.3 acres at 10304 Oxford Hill Drive. Amenities at the complex include an outdoor swimming pool with sundeck, indoor swimming pool, fitness center, tennis courts, clubhouse with cyber café, dog park, playground and detached garages. Oxford Hills Apartments has 36 residential buildings, which feature one-, two- and three-bedroom units that average 953 square feet. Sean Fogarty, Marty O’Connell and Wick Kirby of HFF represented the seller in the transaction. According to the St. Louis Business Journal, Oxford Hills Apartments has an appraised value of $7 million and was last sold in 2007 for $34.5 million.
ST. LOUIS — HDA Architects has completed a 27,000-square-foot renovation forMungenast St. Louis Honda. The $4.7 million project includes a new open concept floor plan, additional customer waiting area, a training room and a corporate conference room. Josh Goodman served as the project manager, Kim Murray was the interior designer, and David George and Leah McClendon were the architects of record. Holland Construction Services was the general contractor.
WAUKESHA, WIS. — Siegel-Gallagher has brokered the sale of a 2,382-square-foot mixed-use property for an undisclosed price. Sania Investments LLC purchased the property from Sunset Bank & Savings. The building, located at 1710 Paramount Drive in Waukesha, approximately 20 miles west of Milwaukee, includes office and retail space. Shaun Dempsey and Devin Tessmer of Siegel-Gallagher brokered the transaction.
CUDAHY, WIS. — The Dickman Company Inc./CORFAC International has arranged a 45,958-square-foot industrial lease in Cudahy, seven miles south of Milwaukee. Action Industries Ltd. will occupy the space located at 2200 E. College Ave. Nick Keys of The Dickman Company represented the tenant in the transaction. Pat Hake of Colliers International represented the landlord, CrossLake Partners.
STERLING HEIGHTS, MICH. — L. Mason Capitani CORFAC International has arranged a seven-year office lease in Sterling Heights, approximately 25 miles north of Detroit, for CoreSource, a third-party administrator of employee benefits programs. CoreSource will occupy space at the 24,700-square-foot Liberty Professional Center, located at 35601 Mound Road. Al Iafrate of L. Mason Capitani represented the landlord in the transaction.
INDIANAPOLIS — The original developer of the Indianapolis Marriott Downtown has reacquired a property it opened more than 15 years ago. Affiliates of Merrillville, Ind.-based White Lodging Services Corp. and REI Investments bought the 622-room hotel from LaSalle Hotel Properties (NYSE: LHO) for $165 million and plan to begin renovations in the first quarter of 2017. White Lodging has managed the hotel since its inception. The renovation will include 10 additional guestrooms as well as two new restaurants and a new lobby bar. White Lodging, REI Investments and Kite Cos. originally owned and opened the Indianapolis Marriott Downtown in February 2001. The hotel offers more than 40,000 square feet of meeting and event space with two restaurants and a Starbucks.
TOPEKA, KAN. — Minneapolis-based Timberland Partners has acquired Woodland Park at Soldier Creek, a 236-unit apartment community in Topeka, for an undisclosed price. The community was built in 2008. Timberland plans to add a variety of upgrades, including a new swimming pool, signage and improvements to the parking lot. Timberland used capital from its Timberland Partners Investment Fund V LLC to fund the acquisition. Reid Teaney and Mac Crowther of ARA Newmark Kansas City represented the seller in the deal. Timberland Partners is a real estate investment and management firm that currently owns over 11,000 apartment units in 12 states.
MINNEAPOLIS — Ackerberg has executed a long-term lease with HeadFlyer Brewing, a newly founded taproom and brewery, to occupy 9,435 square feet in the Miller Textile Building located at 861 E. Hennepin Ave. in northeast Minneapolis. The speculative project is now 61 percent leased. Renovation of the property began in December 2015 as part of the transformation of the former Miller Bag Building into office and retail space. The newly branded Miller Textile Building now includes 10,000 square feet of retail and 38,000 square feet of office space, with 84 free off-street parking stalls in a four-story building. HeadFlyer Brewing will open this fall. According to the Minneapolis Star-Tribune, for decades the Miller Bag Co. produced potato sacks, seed bags and feed bags for the agricultural market, later adding a production line for bags for Toro lawn mowers. In 1999, the Miller Bag Co. merged with another firm and today that entity is known as The Airtex Group, which provides multi-faceted textile design and manufacturing solutions. Ackerberg is developing the project. Additional project partners include general contractor Bainey Construction and project architect RoehrSchmitt. First Western Bank and the City of Minneapolis provided financing. The Metropolitan Council and the Department of …
