ROCHESTER HILLS, MICH. — Colliers International has arranged the sale of a 30,000-square-foot industrial building in Rochester Hills, a northern suburb of Detroit. JAS Commodities LLC sold the facility to 1655 Hamlin Acquisition LLC for $1.1 million. Deborah’s Stage Door was built in 2007 and is a dance and performing arts studio.The asset is located at 1655 W. Hamlin Road. Peter J. Kepic and Peter E. Kepic of Colliers represented both parties in the transaction.
EAST PEORIA, ILL. — Marcus & Millichap has brokered the sale of a 5,829-square-foot property net leased to Applebee’s for $2.5 million in East Peoria. The building is located at 900 Riverside Drive and was renovated in 2015. The property sits on an outparcel to a Walmart and Lowes. Matthew Wenger and Dominic Sulo of Marcus & Millichap represented both undisclosed parties in the transaction.
WAUWATOSA, WIS. — The Dickman Company Inc./CORFAC International has arranged a 36,523-square-foot industrial lease in Wauwatosa, a western Milwaukee suburb. U.S. Aluminum Inc. will occupy the space located at 4600 N. 124th St. OTR Wheel Engineering is the landlord. Anthony Huenerbein of Dickman represented OTR Wheel Engineering in the transaction. Kurt Van Dyke of The Barry Co. represented U.S. Aluminum.
FARMINGTON HILLS, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 14,050-square-foot office building located at 30375 Northwestern Highway in Farmington Hills, a northwest suburb of Detroit. 30375 Northwestern Highway LLC sold the building to Northwestern Investment Co. for an undisclosed price. Todd Hawley and Rick Kaplan of Friedman represented the seller in the transaction.
INDIANAPOLIS — Gershman Partners has unveiled plans for a 700,000-square-foot retail project in Indianapolis. Greenwood Town Center is a $90 million project that will include retail, dining and entertainment spaces once complete. Construction is expected to begin in late 2016 with completion slated for fall of 2017. Gershman will own and manage the property. Dorsky + Yue International will serve as the primary architect, and the general contractor and developer have not yet been determined.
MOUNT PLEASANT, WIS. — The Opus Group will break ground on a new 155,844-square-foot industrial project later this month. The speculative building located in Mount Pleasant, a southern Milwaukee suburb, will be the first building in the Mount Pleasant Business Park. The facility will feature 32-foot clear heights, 16 dock doors, three drive-in doors and parking stalls for 151 vehicles. The development will be able to accommodate single or multi-tenant occupancy, and completion is slated for summer of 2016. The building will be owned by a joint venture partnership between Opus Development Co. LLC and Founders Properties LLC. Opus Development will be the developer. Opus Design Build LLC will be the designer and builder, and Opus AE Group LLC will be the architect and structural engineer. Barry Chavin and Curt Pitzen of NAI MLG Commercial will market the property for lease.
RICHFIELD, MINN. — Marcus & Millichap has brokered the sale of a 28,208-square-foot retail property in Richfield, a southern Minneapolis suburb. Kensington Park was sold to an undisclosed buyer for $7 million. The asset is located at 7610 Lyndale Ave. S. Brian Klancke, Sean Doyle, Cory Villaume, Matthew Hazelton and Adam Prins of Marcus & Millichap had the rights to market the property on behalf of the seller. Marcus & Millichap also secured and represented the buyer.
LIVONIA, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 19,346-square-foot medical office building in Livonia, a northwest Detroit suburb. PAK Real Estate Properties LLC sold the building to Premiere Offices LLC for an undisclosed amount. Premiere Offices is the existing tenant and will continue to use the space as psychiatric offices. Dan Verderbar of Friedman represented the seller in the transaction.
CHICAGO AND DEKALB, ILL. — Mid-America Asset Management Inc. has arranged two retail leases in separate transactions in Illinois. Jimmy Jazz has signed a 4,811-square-foot lease at Ford City Mall in Chicago. The 661,644-square-foot shopping mall is anchored by AMC Theatres, JCPenney, Carson’s, Marshalls, Ross Dress for Less and hhgregg. Marget Graham, Maria Rossobillo and Sarah Drumgould of Mid-America represented the landlord. The tenant was self-represented. In the second transaction, Athletico inked a deal for 3,964 square feet at Oakland Place in DeKalb. Other tenants in the 155,730-square-foot facility include Michaels, T.J. Maxx, Super Target, DSW Shoe Warehouse and Pier 1 Imports. Katie Hennegan and Paige Schisser of Mid-America represented the landlord. Hyatt Thompson of Swearingen Realty Group LLC represented the tenant.
DETROIT — Detroit’s Ilitch family plans to donate money and land totaling $40 million for a new business school building for Wayne State University, according to Crain’s Detroit Business and the Detroit Free Press. It would be the largest donation in the school’s history. The donation reportedly includes $35 million to build the school and a $5 million endowment. The plan calls for construction of a single 120,000-square-foot, multi-story building of classrooms, offices and other spaces for the business school at the southwest corner of Woodward Avenue and Temple Street. The business school will be built on land the Ilitches have acquired for their District Detroit mixed-use development around the $532.5 million arena being built for the Detroit Red Wings, according to Crain’s. The arena is slated to open in time for the 2017 hockey season. The Ilitches are expected to retain ownership of the land and lease it to the business school for a nominal fee. Mike Ilitch is the owner of the Detroit Red Wings and Detroit Tigers. He and his wife, Marian, co-founded Little Caesars Pizza in 1959.