ST. LOUIS — Intelica CRE has arranged the sale of an office and warehouse facility located at 2316 Schuetz Road in St. Louis. Pohlman Metal Seal Precision acquired the property from Davidson Surface Air for $3.6 million. Situated on 6.7 acres, the property totals 97,000 square feet. Gary Parker and Dan Merlo of Intelica CRE brokered the transaction.
CHICAGO — Essex Realty Group has brokered the sale of an apartment building located at 53 W. Burton Place in Chicago’s Gold Coast. An undisclosed buyer acquired the property for $2 million. The six-unit building features four one-bedroom/one-bath units, one two-bedroom/one-bath unit and one three-bedroom/one-bath unit. Doug Fisher of Essex represented the undisclosed seller, while Jordan Gottlieb, also of Essex, represented the buyer.
ARLINGTON HEIGHTS, ILL. — Quantum Real Estate Advisors has arranged the sale of a multi-tenant retail property located at 2-18 S. Dunton Ave. in Arlington Heights, a northwest suburb of Chicago. An international real estate investment fund acquired the property from a Chicago-based investment group for $1.3 million. Built in 2006, the 8,195-square-foot street-level retail property is part of a 55-unit condo building. At the time of sale, the retail property was 100 percent occupied. Daniel Waszak of Quantum represented the seller in the deal.
It is a fascinating time for the Detroit office market. Downtown neighborhoods and suburban markets alike are being transformed thanks to years of positive economic trends marked by healthy job growth and the desire of several companies to locate in the city. Landlords, tenants and investors are looking to consolidate gains and position themselves for success in an evolving marketplace. On the leasing front, we are still seeing activity in Detroit proper with small to mid-sized firms, punctuated by a handful of larger deals that have taken place. The higher profile moves include Detroit-based auto lender and bank holding company Ally Financial taking approximately 320,0000 square feet on 13 floors at One Detroit Center, now known as the Ally Detroit Center. A number of law firms have inked leasing deals. For example, longtime Detroit tenant Miller, Canfield, Paddock and Stone PLC renewed its lease at 150 W. Jefferson, a 25-story skyscraper formerly known as the Madden Building, where the law firm occupies approximately 97,000 square feet. Southfield, Mich.-based Redico LLC recently acquired the 500,000-square-foot tower, built in 1989, from Piedmont Office Realty Trust for $81.5 million. While leasing activity is strong in the central business district (CBD) — driven in …
CARMEL, IND. — Colliers International has arranged the sale of 550 Congressional, an office building located in Carmel, a northern suburb of Indianapolis. An affiliate of Tryperion Partners purchased the property from a joint venture between REI Real Estate Services and Perennial Investments in an all-cash transaction for an undisclosed sum. The three-story building features 106,404 square feet of Class A office space, a bocce ball court, fire pit and grill, outdoor meeting areas and a bike share program. Colliers represented the seller in the deal. This purchase is Tryperion’s first acquisition in the Indianapolis area.
CHICAGO — White Oak Realty has reopened a 487,000-square-foot office building located at 200 W. Jackson in Chicago’s Loop. Redesigned by Wright Heerema Architects, the 29-story building features new amenity space on the 28th floor, including a four-seasons hospitality lounge, a full-service conference facility, fitness center and access to healthy and convenient food. Additionally, the redesign includes a renovated lobby and building exterior. Morgan Harbour Construction worked with Wright Heerema Architects on all the interior and exterior renovations. A joint venture between White Oak Realty and Angelo Gordon & Co. purchased the property in 2015.
MADISON, WIS. — Ascendant Holdings and Central Properties are developing a lifestyle hotel at 118 and 122 State St. in downtown Madison. The companies have tapped Portland, Ore.-based Provenance Hotels to manage the property. Slated to open in 2018, the hotel will feature a ground-floor food and beverage operation, meeting spaces and a rooftop lounge.
SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions is renovating Galleria Officentre, a multi-building office park in Southfield. Friedman began managing, leasing and implementing a renovation program at the 1 million-square-foot property, located at 100-400 Galleria, in February. Major interior improvements include a state-of-the-art conference center, video surveillance system, an automated door locking system and two new full-service cafeterias, as well as a renovation of the lobby. Exterior upgrades include modifications to the sidewalks, driveways, tree-lined common areas and courtyards and a redesigned exterior space with a park, including seating, music and gathering areas. The property offers space for lease ranging from 900 square feet to 100,000 square feet.
CHICAGO — Marcus & Millichap has brokered the sale of Southport Corridor Mixed-Use, a mixed-use property located at 1362 W. Belmont Ave. in Chicago. An individual/personal trust sold the 5,166-square-foot property to a limited liability company for an undisclosed price. The two-story building was vacant at the time of sale. Brewster Hague, Sean Sharko and Austin Weisenback of Marcus & Millichap represented the seller and buyer in the deal.
ST. LOUIS — Cullinan Properties hosted a grand opening celebration on Thursday, Oct. 6, for Lofts@Euclid, a mixed-use building located at the corner of Euclid and Delmar in St. Louis’ Central West End. The 150,000-square-foot project involved the complete renovation of the historic Langan and Taylor Co. building, which was originally developed by Widman & Walsh. The redeveloped building by Cullinan Properties features 87 loft apartment units, ground-level retail and office space, a fitness center, rooftop deck and clubhouse area. Constructed in 1910, the building is one of the largest commercial buildings remaining in the Central West End historic district. Residents began occupying the building in June, and the building is approximately 70 percent leased.