HAZELWOOD, MO. — Wiegmann Associates has begun construction of an $800,000 tenant build-out at Aviator Business Park in Hazelwood, 17 miles northwest of St. Louis. Project details include installing a mechanical system infrastructure for the 535,000-square-foot space at Lot #7 that will house Silgan Plastics’ St. Louis production facility, a Weekends Only storage warehouse, and a shell warehouse. Wiegmann is also installing the HVAC system for a 75,000 square-foot shell warehouse at Lot #3. Construction is scheduled for completion in December 2015. The general contractor is Kadean Construction Company. Aviator Business Park is a 155-acre development located one mile north of Lambert-St. Louis International Airport on the site of the former Ford Hazelwood Assembly Plant. The business park houses commercial, industrial and warehousing tenants.
WEST DUNDEE, ILL. — The Opus Group has completed the expansion of a 44,000- square-foot industrial and office facility for King Shan LLC in West Dundee, approximately 45 miles northwest of Chicago. The project was an expansion of King Shan’s existing 35,000-square-foot facility, which Opus constructed in 2010. The expansion more than doubles the company’s industrial space with an additional 42,500 square feet of warehouse space and 1,500 square feet of office space. Other features of the building include a 24-foot clear height, three dock doors and a large conference area. Construction on the building began fall 2014. King Shan manufactures steel wire and metal fabrication products. The company employs about 700 people worldwide.
HODGKINS, ILL. — Principle Construction Corp. has completed construction on a 5,149-square-foot craft brewery for Blue Nose Brewery at 6119 East Ave. in Hodgkins, approximately 18 miles southwest of downtown Chicago. A new 12,320- square-foot multi-tenant retail building houses the brewery. Visitors to the brewery will be able to see fermenting kettles, mash tuns and hot liquor tanks from a 3,000-square-foot viewing room. Principle Construction broke ground on the brewery in April of 2014. Bear Real Estate owns the building and Ben’s Rental & Sales occupies the remaining portion of the building. Costs of the project were not disclosed.
CHICAGO — Alter Asset Management (AAM) has been contracted to manage One11 West Illinois, a 99 percent leased Class A mixed-use office and retail building in Chicago’s River North neighborhood. The new owner, GLL Real Estate Partners GmbH, a Munich-based real estate fund management group, selected AAM as part of its acquisition of the property. One11 West Illinois is a 227,604-square-foot 10-story building anchored by the regional headquarters of salesforce.com, the global cloud-computing firm, which leases 77 percent of the leasable space. WeWork, a New York-based company that provides shared office space, is the second largest tenant. AAM is headquartered in Lombard, Ill., and maintains fully staffed offices in Chicago, Phoenix, and Atlanta.
MINNEAPOLIS — Grandbridge Real Estate Capital financed a $1.4 million first mortgage loan secured by a two-property multifamily portfolio. Both properties are located in the Twin Cities metro area and include two buildings totaling 32 units. Funding for the loan was provided by a life insurance company and featured a 15-year fixed rate and amortization schedule. The loan required no personal guaranty and loan proceeds were used to retire existing debt. The properties, all of which were 100 percent occupied at closing, feature a variety of unit types and amenities. Tony Carson of Grandbridge’s Minneapolis office originated the refinance transaction.
EAU CLAIRE, WIS. — Marcus & Millichap has brokered the sale of a net leased department store at 955 W. Clairemont Ave. in Eau Claire, 93 miles east of Minneapolis. The sales price was $12.45 million, which at 94,705 square feet, equates to $131 per square foot. The Shopko building was originally built in 1978 and was renovated in 1992. The store sits on approximately 9 acres of land, with a location that benefits from a rent per square foot that is well below market. Headquartered in Green Bay, Wis., Shopko Stores Operating Co. LLC is a $3 billion retailer that operates more than 330 stores in 21 states. Listing agent Glen Kunofsky of Marcus & Millichap’s Manhattan office procured the undisclosed buyer.
SOUTH HOLLAND, ILL. — Avison Young brokered the sale of a 149,000-square-foot industrial facility at 410-470 W. 169th St. in South Holland, a Chicago suburb. The multi-tenant building is partially leased to Armacell, a company that manufactures flexible insulation foams for the equipment insulation market. Keith Puritz and Brett Kroner of Avison Young’s Chicago office represented the seller, a private investor. Mike Mangan of Savills Studley represented the buyer, Rosemont, Ill.-based Venture One Real Estate LLC. Terms of the transaction were not disclosed.
NOVI, MICH. — The two-story Grand Offices office building located at 44725 Grand River Ave., between Novi and Taft roads, filled its last three vacancies in the second quarter of 2015. Novi is located 30 miles northwest of Detroit. The most recent tenants to join the office are a regional office for O.C. Tanner and Desco Properties, a relocation of a local property management company. Tjader Gerdom and Larry Siedell of Gerdom Realty and Investment represented the landlord in these transactions. It took Grand Offices less than three years to go from 0 percent occupancy to 100 percent occupancy.
CHICAGO — Co-developers Ryan Cos. US Inc. and Lincoln Property Co. have unveiled plans for a luxury apartment tower in Chicago’s downtown Gold Coast residential market. The 31-story, 373-unit tower, known as 833 North Clark Street Apartments, will be constructed at the southeast corner of Clark and Chestnut streets on a 41,000-square-foot site that was purchased from U.S. Bank. A groundbreaking ceremony took place Friday, July 24, days after the development team purchased the land parcel and closed on an $88 million construction loan from U.S. Bank. 833 North Clark Street is within walking distance of Chicago’s Magnificent Mile, the downtown CBD, the Northwestern and Loyola University graduate school campuses, and the Northwestern medical center. The luxury high-rise is set to open in early 2017.
DETROIT — REDICO and its development partners have closed on the $12.2 million acquisition of the Fisher and Albert Kahn buildings in downtown Detroit. The buildings were acquired at auction in June. REDICO, in partnership with local developers Peter Cummings, John Rhea, RHEAL Capital Management LLC, and New York-based HFZ Capital Group, plan significant improvements for both buildings. A residential component is expected to be a key part of renovations for the Kahn building. The 30-story Fisher Building was constructed in 1928 and has served office and retail tenants. Designated a National Historic Landmark in 1989, the building also includes the 2,089-seat Fisher Theatre, one of Detroit’s oldest live theater venues. The Albert Kahn Building, formerly known as the New Center Building, was completed in 1931 and added to the National Register of Historic Places in 1980. Standing 10 stories tall, it currently serves as an office building.