WATERTOWN, BROOKFIELD AND DELAVAN, WIS. — Colliers International | Wisconsin has arranged two property sales and one lease in Wisconsin. In the first deal, FAB Leasing Co. acquired a building, located at 1701 Utah St. in Watertown, from an undisclosed seller for $320,000. Steve Sewart and Westin Kane of Colliers arranged the deal. In the second transaction, WLCFS leased 2,665 square feet of office space at 16535 W. Bluemound Road in Brookfield. Sal Strehlow, Matt Fahey, Ben Anderson and Lyle Landowski of Colliers brokered the transaction. In the third deal, Griego Sound Inventions purchased a building located at 1436 Mound Road in Delavan for $350,000. Jim Larkin and Joe Eldredge of Colliers arranged the transaction. The name of the seller was not released.
GRAND RAPIDS, MICH. — JLL has opened a new brokerage office located at 15 Ionia Ave. in downtown Grand Rapids to broaden its existing presence in Michigan. Jeffrey Karger and Robert Horn will lead the new office. Karger most recently served as senior advisor/director of office services for CWD Real Estate Investments, and Horn has completed more than 11 million square feet of industrial transactions during his career. JLL employs more than 800 professionals in Michigan, with dedicated teams in Detroit and Ann Arbor, Mich., specializing in project management, corporate solutions and public institutions.
It’s hard to argue with the fact that the Minneapolis and St. Paul metropolitan areas are among the most economically dynamic and socially vibrant cities in the United States. With a thriving business environment, strong growth and impressive demographics, Minnesota consistently ranks in the top five of the most educated states in America, according to the United States Census Bureau. The Twin Cities also boast an expanding workforce, outstanding public transportation network and a booming economy. With 17 Minnesota-based Fortune 500 companies, it’s not surprising that the Twin Cities are competitive on a national and even global scale. The competitive energy and high-level activity in the city’s retail marketplace is being fueled in part by a surge of new retailers. The aggressive entry of new tenants to the market, along with the challenge of a 4 percent vacancy rate, is prompting quality spaces to be absorbed almost immediately. As stated in the Welsh Q2 2015 market report, over 1.1 million square feet of retail space were absorbed during 2015, the highest number in the market in over a decade. The vacancy rate for regional mall trade areas is actually closer to 2.6 percent, with numbers for the Minnetonka/Ridgedale Mall trade …
OAK BROOK, ILL. — Ryan Cos. has begun demolition work on an 11-acre parcel in the eastern portion of Oak Brook to make way for a multi-building office/medical campus. Construction will begin in 2017. In February 2016, Ryan acquired the parcel adjacent to I-88/I-294 with frontage along the western side of York Road. Site demolition will be completed in two phases. In the first phase, the existing 203,000-square-foot industrial building will be demolished. Ryan will resume demolition of the foundations and parking lots in spring 2017 as part of new building construction. The company is also providing development, design-build and real estate management services. NAI Hiffman is the broker and marketing representative for the project, and Wright Heerema Architects is providing architectural services.
CHICAGO — R2 Cos. and York Capital Management have competed the $23.8 million recapitalization 770 N. Halsted St. in Chicago. The property consists of two eight-story office buildings in the River West neighborhood totaling 149,000 square feet. Major tenants include Radius, Inxpo and Northeastern Illinois University. R2 has completed a lease with Aire Ancient Baths, a spa with locations in Paris and New York, to open in 2017. The property is located on the border of the River West neighborhood and Goose Island, where R2 owns and operates 500,000 square feet of buildings and 12 acres of land.
MADISON, WIS. — Altus Commercial Real Estate Inc. has arranged the sale of Lake Edge Apartments, located at 4033 Monona Dr. in Madison. Altus represented the seller, Lou Reed, in the transaction. A private investor bought the property for $8.4 million. The newly constructed apartment building includes 42 units, 64 underground parking sites and a private pier on Lake Monona. Lake Edge Apartments features one-, two- and three-bedroom apartments.
WEST BLOOMFIELD, HOLLAND AND TROY, MICH. — Mid-America Real Estate – Michigan Inc. has secured three new retail leases in Michigan. The leases include: T-Mobile signed a lease for 2,774 square feet at Westgate Shopping Center located at the northwest corner of Orchard Lake Road and Northwestern Highway in West Bloomfield. Mid-America’s Adam Goodman represented the tenant. Potbelly Sandwich Shop signed a lease for 2,656 square feet at The Shops at Westshore located at 12359 James St. in Holland. The tenant will join JCPenney, Younkers and Dunham Sports. Mid-America’s Brad Rosenberg and Adam Goodman represented the tenant. J-Bees signed a lease for 2,400 square feet at Oakland Mall in Troy. The retailer will join Macy’s, JCPenney and Sears at the 499,212-square-foot mall located at 412 W. Fourteen Mile Road. Mid-America’s Brad Rosenberg and Aleyciuss Al-Ali represented the tenant in the transaction.
LAFAYETTE, IND. — The Boulder Group has brokered the sale of a single-tenant Jiffy Lube property located at 3115 South St. in Lafayette for $910,000. The property is located at the southwest corner of South Street and South Earl Avenue near Purdue University. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction. A Midwestern private partnership was the seller, while a private REIT was the buyer. The corporately guaranteed Jiffy Lube lease expires Oct. 31, 2022. The lease features 3 percent rental escalations in each of three 5-year renewal option periods. Jiffy Lube is a subsidiary of Shell Oil Co.
PAUL, MINN. — JLL Income Property Trust has acquired The Penfield, a 254-unit apartment complex with a grocery store on the ground floor. The Class A property is located in downtown Saint Paul. The purchase price was $65.5 million.
LIVONIA, MICH. — Mid-America Real Estate Corp. has arranged the $19.8 million sale of Livonia Plaza, a 137,391-square-foot shopping center located in the Detroit suburb of Livonia. Kroger anchors the center, which is also home to TJ Maxx, Red Wing Shoes, Sally Beauty Supply and Subway. Ben Wineman and Daniel Stern of Mid-America represented the seller, Ramco-Gershenson Properties Trust, in the sale of the property to Phillips Edison Grocery Center REIT II.