WHITEHALL, OHIO — Developer Mark F. Taggart Co. and contractor Fed One Dublin have broken ground on Phase I of a new 140,000-square-foot office warehouse facility in Whitehall, approximately 10 miles east of Columbus. The Air South Commerce Center will be situated inside the Airport South Commerce and Tech Center and is expected to be complete this June. The facility, which will be located at 265-285 N. Hamilton Road, will feature 28-foot to 32-foot clear heights, an ESFR sprinkler system, trailer parking and insulated concrete tilt-up panels. Continental Auto Parks has pre-leased a 50,000-square-foot space in the building and was represented by Matt Osowski of NAI Ohio Equities. Civista Bank provided financing for the project.
SUPERIOR, WIS. — Marcus & Millichap has arranged the $2 million sale of a 3,290-square-foot building net leased to Arby’s in Superior, the northwest corner of the state. A limited liability company sold the asset, located at 3821 Tower Ave., to an undisclosed buyer. Sean Doyle, Matthew Hazelton, Cory Villaume and AJ Prins of Marcus & Millichap listed the property on behalf of the seller.
SOUTHFIELD, MICH. — Sandler & Travis Trade Advisory Services Inc. has signed a 38,773-square-foot lease at the Galleria Officentre in Southfield, approximately 17 miles northwest of Detroit. Sandler & Travis will occupy space on the first and fourth floors of the 350,000-square-foot building. The five-story, Class A office building was constructed in 1987. David Friedman and Robert Gagniuk of Friedman Integrated Real Estate Solutions represented the ownership in the transaction.
CHICAGO — CIM Group, a Los Angeles-based real estate investment firm, has agreed to acquire Four40, a 39-story, 1 million-square-foot office tower located at 440 S. LaSalle St. in Chicago’s financial district. Dallas-based TIER REIT Inc. (NYSE: TIER) is reportedly selling the asset for $200 million, according to Crain’s Chicago. Sources say the deal has not closed, however, and CIM Group declined to comment. Crain’s also reports that between 2013-2014 the REIT sold the other three Chicago assets that it purchased in a four-property portfolio transaction in 2007. According to its 2015 financial results, TIER REIT’s goal for 2016 includes selling $200 million to $400 million of “non-strategic properties.” Built in 1984 and renovated in 2014, the office tower features a 40,000-square-foot amenity floor for tenants, 45,000-square-foot landscaped plaza, café, underground parking, 150-seat conference room, 24-hour staffed security and bay windows that offer 180-degree views. The tower also houses the Chicago Stock Exchange, the Arciel bar and lounge, The Everest Room and The Buckingham Club and Hotel. The Chicago Stock Exchange Inc. (CHX) signed a long-term lease renewal in May 2014 for 33,000 square feet within Four40, a consolidation of its original footprint. In addition to the office tower, new …
CHICAGO — Leopardo Companies Inc. has broken ground on a 290,000-square-foot office building in Chicago’s Fulton Market neighborhood. Fulton West, which will be located at 1330 W. Fulton St., will be a nine-story building. The property will include balconies, a private roof deck, 610 onsite parking spaces and an adjacent 20,000-square-foot mini-park. Sterling Bay is the project developer, and Gensler is the architect of record. The speculative building is slated for completion in spring 2017.
CARLINVILLE, ILL. — Developer Irgens has completed a new medical office building for Carlinville Area Hospital in Carlinville, approximately 60 miles northwest of St. Louis, Mo. The 28,730-square-foot building is located at 20613 N. Broad St. Carlinville Area Hospital is utilizing the medical office building to consolidate and expand existing clinics, allowing it to add services to the campus and free up strategic space within the hospital. Services include primary care, a sleep lab, physical/occupational therapy, senior behavioral health and a multi-purpose community room. The Korte Company was the general contractor for the project, and HGA was the architect.
PRIOR LAKE, MINN. — Dominium, an apartment development and management company, has broken ground on an affordable seniors housing property in Prior Lake, approximately 30 miles south of Minneapolis. The Grainwood, located at 5101 Gateway St. SE, will feature 168 units. Unit amenities will include 9-foot ceilings, appliances, patios, balconies and open floor plans. Select units will also feature walk-in closets. Community amenities will include underground parking, a community room with kitchen, craft room, salon, fitness center, outdoor plaza, theater area and fireplaces. The project is slated for completion by next summer.
MICHIGAN CITY, IND. — SVN | Property Investment Advisors LLC has arranged the $1.9 million sale of a 117-room hotel property in Michigan City, approximately 35 miles west of South Bend. Raj Patel and partners purchased the Clarion Inn & Suites from R&K Investment Corp. Robert Pliska of SVN| Property Investment Advisors brokered the sale.
GAHANNA, OHIO — Mainfreight USA Inc. has signed a 20,000-square-foot industrial lease at the Eastgate Business Center in Gahanna, approximately 10 miles northeast of Columbus. The 80,000-square-foot Eastgate Business Center is located within the Eastgate Industrial Park. Mainfreight, a global supply chain support and logistics service company, brings the building to full occupancy with its lease. Other tenants in the facility include HF Group, CORT Furniture Solutions and Distributor Wire & Cable. Mark F. Taggart Co. and Fed One Dublin are the landlords. Jeff Lyons of CBRE represented the tenant in the transaction.
KNOXVILLE, IOWA — Associated Bank has provided a $6.5 million construction loan for a Veterans Administration Primary Care Clinic in Iowa. Knoxville VA LLC was the borrower. The 16,731-square-foot clinic will be located at 1607 N. Lincoln St. in Knoxville, approximately 40 miles southeast of Des Moines. The single-story, build-to-suit facility is scheduled for completion by the end of the year. Knoxville VA LLC is an affiliate of W.D. Schorsch LLC, which specializes in the development and management of build-to-suit projects for the United States General Services Administration.