WEST CHICAGO, IIL. — CenterPoint Properties has sold a 174,400-square-foot industrial property in West Chicago to Simpson Manufacturing Co. for an undisclosed price. The facility, located at 2505 Enterprise Circle, features 48,776 square feet of office space, 28 exterior docks, two drive-in doors and 401 car parking spots. Simpson Manufacturing plans to renovate and expand the building. Britt Casey of Cushman & Wakefield represented CenterPoint in the transaction. David Prell, Cal Payne and Tyson Vallenari of CBRE represented Simpson Manufacturing.
SIOUX CITY, IOWA — United Commercial has arranged the sale of two industrial buildings in Sioux City for $14 million. NorAm Holdings LLC acquired the two assets from ILP I LLC. The buildings are located at 2401 and 2501 Expedition Court. The facility at 2401 Expedition Court was built in 1998 and offers 213,086 square feet of warehouse and distribution space and 5,314 square feet of professional office space. The building sits on 11 acres and features parking for 22 cars, 24-foot clear heights, 14 dock doors and one drive-in door. The property at 2501 Expedition Court was built in 2001 and offers 200,700 square feet of warehouse and distribution space and 25,606 square feet of professional office space. This asset is situated on 12 acres and has parking for 66 cars, 24-foor clear heights, 18 dock doors and one drive-in door. XPO Logistics occupies both buildings. Beau Braunger of United Commercial represented the buyer and seller in the transaction.
CHICAGO — Marcus & Millichap has brokered the sale of a mixed-use loft building in the River North neighborhood of Chicago for $9.5 million. The four-story building is anchored by Kinzie Chophouse Restaurant on the ground level, and the three top levels are utilized as offices. Baum Revision and Kaufman Jacobs purchased the building, satisfying a 1031 exchange trade requirement, from an undisclosed private investor. The 26,000-square-foot property, which is located at the northwest corner of Kinzie and Wells streets, is currently 95 percent occupied. Stephen Lieberman of Marcus & Millichap represented the seller in the transaction.
BOLINGBROOK, ILL. — Cushman & Wakefield has arranged an industrial lease in Bolingbrook, approximately 33 miles southwest of Chicago. Menasha Packaging Co. LLC will occupy 164,355 square feet of warehouse space at 800 S. Weber Road. Menasha’s lease brings the 328,709-square-foot building to 100 percent occupancy. The building features 30-foot clear heights, 20 exterior truck docks, two drive-in doors, 1,200 amps of power, 90 car parking spaces and 30 trailer parking spaces. Jason West and Sean Henrick of Cushman & Wakefield represented the landlord in the transaction, ML Realty Partners LLC. Patrick McCaffrey of Avison Young represented Menasha Packaging.
GLENVIEW, ILL. — The Missner Group will complete a build-out of a medical office property for the Illinois Bone & Joint Institute (IBJI) in Glenview, approximately 20 miles northwest of Chicago. IBJI’s OrthoAccess facility is located at 2401 Ravine Way and treats fractures, sprains, sports injuries and problems from minor auto accidents. New construction on the existing building will include the addition of an entire floor of exam rooms, nursing stations, three waiting areas, an updated reception area and an X-ray suite. The project is scheduled for completion in this spring. Stephen Rankin Associates is providing the architectural services.
WAYLAND, MICH. — NAI Wisinski of West Michigan has arranged a 2,500-square-foot office lease in Wayland, approximately 20 miles south of Grand Rapids. Salingue Agency Inc. will rent the space from Puhalski Family Farmers Insurance LLC. The formerly vacant space, located at 201 Clark St., will be renovated prior to Salingue Agency taking occupancy. Salingue Agency will relocate its insurance office from Hastings to the building in Wayland. Jason Makowski and Rod Alderink of NAI Wisinski of West Michigan represented the landlord in the transaction. Makowski also represented the tenant.
Strong renter demand in the metro St. Louis apartment market helped boost annual effective rent growth by 3.6 percent in 2015, 200 basis points above the market’s long-term average, according to Axiometrics. An estimated 1,012 apartment units were delivered to the St. Louis market for all of 2015 compared with 2,378 units of absorption during the same period, reports Axiometrics. But with numerous projects in the pipeline, that ratio is likely to change over the next few years, say real estate experts. “We expect supply levels to increase in 2017 and for absorption to begin to struggle to keep up due to slowing job growth,” says Sophie Zatterstrom Gore, analyst with Axiometrics. But 2016 is a different story, she points out. Robust job growth will help absorption outpace new supply by about 600 units in 2016: 1,587 units of absorption versus 990 units of new supply. Such strong demand is giving a strong lift to real estate fundamentals in the local apartment sector. The average effective rent in the third quarter of 2015 was $914, which Axiometrics projects will rise to $948 by the end of 2016. The average vacancy rate is projected to fall from 6.3 percent at the …
PARK RIDGE, ILL. — A joint venture consisting of High Street Residential and The Carlyle Group has sold a 115-unit apartment community to L&B Realty Advisors LLC for an undisclosed price. Park 205 is a three-story, Class A apartment community located in Park Ridge, a northwestern suburb of Chicago. ESG Architects designed Park 205, which was completed in the last quarter of 2015. The project offers one-, two- and three-bedroom units. Amenities include a pool and sun deck, outdoor fire pits and cabanas, a clubroom, Wi-Fi coffee lounge, fitness center, business center, dog spa, bicycle storage and covered and heated parking. The community also has the LEED Silver designation. John Jaeger of CBRE represented the joint venture in the transaction.
ONALASKA, WIS. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a 162,905-square-foot shopping center for $16.3 million. Crossing Meadows is located at 1260 Crossing Meadow Drive in Onalaska. Crossing Meadows is anchored by Festival Foods, which leases 57 percent of the retail center. Festival Foods has five years remaining on a 15-year lease. Crossing Meadows is shadow anchored by Sam’s Club and Gander Mountain. Other major tenants include Hancock Fabrics, Rogan’s Shoes and Party City. The shopping center is currently 89 percent leased. Erin Patton, Craig Fuller and Scott Wiles of IPA represented the seller in the transaction, an Ohio-based company. The trio also procured the buyer, a local developer.
RICHMOND, IND. — Mainstreet, an Indiana-based developer of skilled nursing and rehabilitation facilities, has opened The Springs of Richmond, a 70-bed property in Richmond, which is located midway between Indianapolis and Columbus, Ohio. The community includes 70 beds in a 48,034-square-foot building. Development costs totaled $12 million. Construction began in March 2015. The Springs of Richmond was developed in partnership with Trilogy Health Services, which now operates the community.