Midwest

Why Today’s Development Wave in Downtown Detroit Has Staying Power

by Jeff Shaw August 20, 2015

Detroit is in a state of transition. It’s a process that has been simmering for some time, but really began in earnest about five years ago. This article discusses some of the property types, developments and neighborhoods that continue to reshape downtown Detroit and offers some insight into what the city might look like in five to 10 years. Fueled by a strengthening economy, there is an air of excitement in the Motor City, and the development climate is increasingly vibrant. The nexus of development and redevelopment activity is occurring in the same places — Downtown, Midtown, New Center — that were at the core of the city’s renaissance a century ago. In some respects, today’s Detroit is reinventing itself in the same way. Residential leads the way The foundation of Detroit’s development resurgence is residential growth. People are continuing to move to Detroit to work and to live — a trend that has accelerated dramatically in the last few years with downtown apartment buildings reporting upwards of 98 percent occupancy. It’s a phenomenon that shows no real sign of slowing down. It’s also an important and natural first phase. With residential comes the corresponding demand for dining, retail and …

August 20, 2015

Hospitality Midwest

Doran Construction Begins $12M Renovation of Depot Renaissance Hotel in Minneapolis

by Jonathan Mehall August 19, 2015

MINNEAPOLIS — General contractor Doran Construction has begun construction on a $12 million renovation of the Depot Renaissance Hotel located in downtown Minneapolis. Owner CSM Corp. first developed the hotel, located at 225 3rd Ave South, in 2001. The renovation includes the demolition of a water park inside of the hotel that will make room for an additional 110 guest rooms, a fitness center and indoor pool. The project also includes adding a floor, making a total of six floors and 312 rooms in The Depot. In 2015, Doran is building several projects totaling more $190 million in new construction.

August 19, 2015

Illinois Industrial Midwest

Meridian Completes 306,448 SF Industrial Build-to-Suit Project in Niles, Ill.

by Jonathan Mehall August 19, 2015

NILES, ILL. — Meridian Design Build has completed construction on a 306,448-square-foot automated package sortation and distribution center in Niles, 15 miles northwest of Chicago, for an undisclosed delivery service company. Scannell Properties was the project developer. The new build-to-suit facility is located on a 34-acre redevelopment site at the southeast corner of Howard Street and Lehigh Avenue. A majority of the project involved the demolition of multiple parking lots and an existing 756,000-square-foot industrial building. The facility features 101 loading docks, 562 auto parking stalls, 236 interior van-loading positions and 249 exterior trailer stalls. Additional construction included a freestanding 5,180-square-foot vehicle maintenance garage and 2,400-square-foot gateway security building. Precept Design provided architectural and structural design services. Spaceco Inc. completed civil engineering work.

August 19, 2015

Midwest Ohio Retail

Friedman to Auction Off 41,780 SF Retail Center in Cleveland

by Jonathan Mehall August 19, 2015

CLEVELAND, OHIO — Friedman Integrated Real Estate Solutions will auction off a 41,780-square-foot retail center in Cleveland on Aug. 31-Sept. 2 on behalf of an undisclosed seller. Constructed in 1993, Brooklyn Centre is located at W. 25th St. and sits on a three-acre site. The property is 57 percent occupied. The center is comprised of three buildings, the largest of which is 29,780 square feet. The two smaller buildings are each 6,000 square feet. One building is divided for multi-tenant use and the other is configured for a single tenant. Tenants of the property include Rent-A-Center, CVS Pharmacy, America Cash Express and Cricket. Bidding for the Brooklyn Centre will start at $600,000, according to auction.com. Barry Swatsenberg and Rich Deptula of Friedman Integrated Real Estate Solutions are representing the seller. The auction will take place online at auction.com

August 19, 2015

Midwest Ohio Retail

Property Net Leased to National Tire & Battery Sells for $2.1M in Dayton, Ohio

by Jonathan Mehall August 19, 2015

DAYTON, OHIO — Marcus & Millichap has brokered the $2.1 million sale of a 5,780-square-foot building net leased to National Tire & Battery (NTB) in Dayton. The auto service center is located off I-75 at 2892 Miamisburg-Centerville Road and is less than a mile from the Dayton Mall. Barry Wolfe and Alan Lipsky of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private individual. Michael Glass of Marcus & Millichap’s Ohio office represented the buyer, a limited liability company based in Lexington, Ken.

August 19, 2015

Industrial Michigan Midwest

L. Mason Capitani Arranges 86,772 SF Lease for Eclipse Mold Inc. in Southeast Michigan

by Jonathan Mehall August 19, 2015

CHESTERFIELD TOWNSHIP, MICH. — L. Mason Capitani CORFAC International has signed Eclipse Mold Inc. to a seven-year, 86,772-square-foot industrial lease in Chesterfield Township, about 30 miles northeast of Detroit. A family-owned business for nearly 40 years, Eclipse Mold is headquartered in Clinton Township, Mich. The company specializes in the manufacturing of plastic injection molding. Located at 50300-50320 Patricia St., the industrial building will enable Eclipse Mold to expand its operations while satisfying the needs of its Tier 1 automotive customers. Joe DePonio and Jason Capitani of L. Mason Capitani CORFAC International represented the undisclosed landlord in the transaction.

August 19, 2015

Illinois Midwest Office

Colliers Brokers Sale of 58,800 SF Office Property in Chicago for $11.2M

by Jonathan Mehall August 18, 2015

CHICAGO — Colliers International’s Chicago office has arranged the $11.2 million sale of a 58,000-square-foot office property located at 1900 W. Walnut in Chicago’s Fulton Market neighborhood. Mark IV Realty was the buyer. The one-story structure was originally designed as a multi-tenant building. The building features a fully air-conditioned office, ESFR sprinklers, one interior loading dock and two drive-in doors. 1900 West Walnut is the only 24-foot clear height, modern precast building in the fast growing West Loop and Fulton Market submarkets of Chicago, according to Colliers. The 1900 West Walnut building is located one mile west of Chicago’s central business district and a half-mile from Google’s new headquarters. Since its completion, the property has been 100 percent leased to Matthews International, a digital imaging studio. Michael Senner and Vern Schulz of Colliers International’s Chicago office represented the seller, Martin Capital Group.

August 18, 2015

Illinois Midwest Office

J.C. Anderson Undertakes 170,000 SF Office Renovation for Verizon in Rolling Meadows, Ill.

by Jonathan Mehall August 18, 2015

ROLLING MEADOWS, ILL. — General contractor J.C. Anderson Inc. will complete a 170,000-square-foot office renovation for Verizon Communications at 1701 E. Golf Road (Continental Towers) in Rolling Meadows. Headquartered in New York City, Verizon employs approximately 178,500 workers and maintains offices nationwide. The firm is relocating its office in Elgin, Ill., to Continental Towers. J.C. Anderson will complete the 170,000-square-foot build-out of new space, which will include the addition of offices on seven floors of the building; a call center with up to 305 positions per floor; as well as training rooms and conference rooms. The target date for completion is April 2016. William Burfeind and John Angelovich are leading the construction team for J.C. Anderson.

August 18, 2015

Midwest Missouri Office

DTZ Arranges 117,618 SF Office Lease for Centene in Chesterfield, Mo.

by Jonathan Mehall August 18, 2015

CHESTERFIELD, MO. — DTZ has arranged a 117,618-square-foot office lease for St. Louis-based Centene Corp. at Timberlake Corporate Center II, located at 1370 Timberlake Manor Parkway in Chesterfield. Centene provides a portfolio of services to government-sponsored healthcare programs. Built in 1999 and owned by Franklin Street Properties, Timberlake Corporate Center II is one of three buildings on the campus. Timberlake II features custom-designed suites and covered parking. Before the end of the year, the landlord expects the property to feature a full amenity package, including food service, conference/training room and a fully equipped fitness center. DTZ serves as the property manager. Scott Bazoian of DTZ represented Centene in the lease transaction. Jim Mosby, D.J. Fuchs, and Danielle Grubbs represented Wakefield, Mass.-based Franklin Street Properties.

August 18, 2015

Midwest Minnesota Multifamily

Marcus & Millichap Brokers Sale of Apartment Building in Minneapolis for $9.1M

by Jonathan Mehall August 18, 2015

MINNEAPOLIS — Marcus & Millichap has brokered the sale of Second Street Lofts, located at 129 N. 2nd St. in the historic North Loop neighborhood of Minneapolis, for $9.1 million. The property consists of 39 apartments and three ground-level office suites. Mox Gunderson, Dan Linnell, Josh Talberg and Chris Collins of Marcus & Millichap’s Minneapolis office represented the buyer, a private investor, and the seller, a limited liability company.

August 18, 2015

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