MENOMONEE FALLS, WIS. — Menomonee Falls-based Kohl’s Corp. (NYSE: KSS) is set to close 18 underperforming stores during 2016, according to the company’s fourth-quarter earnings report released Feb. 25. The closures, representing less than one percent of total sales, will generate annual savings of approximately $45 million and annual depreciation savings of approximately $10 million. Specific locations will be announced by the end of March. Kohl’s expects to incur approximately $150 million to $170 million in charges as a result of these planned closures and realignment at the company’s headquarters, which occurred in early February. “While the decision to close stores is a difficult one, we evaluated all of the elements that contribute to making a store successful, and we were thoughtful and strategic in our approach,” says Kevin Mansell, chairman, president and CEO of Kohl’s. “We are committed to leveraging our resources on more productive assets.” Alongside these closures, Kohl’s plans to pilot a new, smaller format Kohl’s store, with seven planned to open in various regions around the country this year. Kohl’s also plans to open two Off-Aisle pilot stores in Wisconsin, as well as 12 Fila outlet stores — marking Kohl’s first entry into the outlet space. …
INDIANAPOLIS AND CAMBY, IND. — BayView Advisors has brokered the sale of a three-property self-storage portfolio for an undisclosed price. The three properties, located within the Indianapolis metropolitan area, total 231,060 square feet. National Storage Affiliates Trust purchased the assets from Emerson Access Storage LLC, Access Self Storage of Heartland Crossing LLC, Rockville Road Storage LLC and Rockville Road Storage II. SecurCare is managing the portfolio. The Access Self Storage portfolio consists of 355 climate-controlled storage units, 1,219 non-climate controlled storage units and 123 spaces for boat and vehicle parking.
COLUMBUS — The Cooper Commercial Investment Group has arranged the $2.9 million sale of a 101,621-square-foot retail center in Columbus. Livingston Avenue Center is anchored by Big Lots and Save-a-Lot. Dan Cooper of Cooper Commercial represented the seller, a Columbus-based private investment group, in the transaction. The private investment buyer was based in California. The transaction featured an 8.2 percent capitalization rate and was sold at 99 percent of list price.
LA GRANGE PARK, Ill. — Ziegler, a specialty investment bank, has closed $56.3 million in fixed-rate bonds for Plymouth Place Senior Living, a 360-unit continuing care retirement community in La Grange Park, approximately 15 miles southwest of Chicago. Plymouth Place is a nonprofit community established by United Church of Christ in 1939 and is situated on 18.6 acres. The community includes 182 independent living apartments, 14 independent living cottages, 52 assisted living apartments, 26 memory care apartments and 86 skilled nursing beds. Providence Management and Development Co. operates the skilled nursing portion of Plymouth Place. Proceeds from the bonds will pay for $2.3 million in capital improvements, pay for $52.8 million in outstanding 2005 bonds, establish a debt reserve fund and pay for issuance expenses. The 2005 bonds were used to redevelop the main building and demolish the prior main building.
SOUTHFIELD, MICH. — Newmark Grubb Knight Frank (NGKF) has brokered the sale of an 116,389-square-foot industrial building in Southfield for $8.4 million. ElringKlinger Automotive Manufacturing Inc. purchased the facility located at 23300 Northwestern Highway from STAG Industrial. Built in 2006, the asset was formerly a Staples fulfillment warehouse. ElringKlinger will begin occupying the facility, which is situated on 10.7 acres, by the end of the first quarter of this year. Tom Oldham of NGKF represented the buyer in the transaction. The seller was undisclosed.
COUNCIL BLUFFS, IOWA — NorthMarq Capital has arranged the $3.4 million refinancing of Lake Manawa Centre in Council Bluffs. The property consists of two neighborhood strip retail buildings and a McDonald’s ground lease. Jason Kinnison of NorthMarq arranged the financing, which was structured with an 18-year term and 22-year amortization schedule, through a life insurance company.
CHICAGO — J.C. Anderson will construct a 20,000-square-foot office expansion and renovation of a property in Chicago. West Monroe Partners occupies space at The Franklin, a two-building office property in Chicago’s West Loop. The business and technology consulting firm is set to move into the new space once it is completed this June. The Franklin, located at 222 W. Adams St. and 227 W. Monroe St., was designed by Skidmore, Owing & Merrill. The office building that houses West Monroe Partners, 227 W. Monroe St., was constructed in 1989 and is 60 stories. The building has 2.5 million square feet of rentable space. Amenities at The Franklin include an atrium lounge and a 10,000-square-foot fitness center. Garnett is providing architectural services for the expansion and renovation.
HIGHLAND PARK, ILL. — Adelphia Properties has arranged a 6,900-square-foot retail lease in Highland Park, approximately 26 miles northwest of Chicago. Summer Classics Home Furniture, a premier luxury home gallery, will occupy space at Renaissance Place, which is located at 1850 2nd St. Simeon Spirrison of Adelphia Properties represented the tenant in the transaction. Steven Baer of Metro Commercial Real Estate represented the landlord, a private Seattle-based group.
VILLAGE OF HUNTLEY, ILL. — Duke Realty will develop an 80,000-square-foot medical office building in the Village of Huntley, approximately 50 miles northwest of Chicago. The four-story building will be located on the Centegra Health campus. The facility is slated for completion in February 2017 and will connect to the 360,000-square-foot Centegra Hospital-Huntley, which has a completion date of August 2016. The medical office building will also connect to an existing 56,000-square-foot ambulatory care center. Tenants that have already signed leases at the building include Rosalind Franklin University of Medicine and Science, which will occupy 30,000 square feet and Northern Illinois Medical Center, which will occupy 20,000 square feet. Chicago-based Power Construction is the general contractor for the project, and Kahler Slater is the architect. St. Charles, Ill.-based O’Donnell Commercial Real Estate is managing leasing for the facility.
CHICAGO — A joint venture organized by Alex Brown Realty Inc. and Ameritus LLC has acquired a 150,815-square-foot office building in the medical district of Chicago for an undisclosed price. The Hasting Center was constructed in 1942 and is currently 90 percent occupied. The building is the office component of a larger industrial facility. The four-story building features loft office elements such as 15-foot ceilings, exposed ductwork, open floor plates and 10-foot windows. The joint venture plans to renovate the entrance, lobby and parking ratio.