GRAYSLAKE, ILL. — Principle Construction Corp. is nearing completion on two new industrial buildings totaling 70,000 square feet in Grayslake, approximately 50 miles north of Chicago. The facilities will serve as an administrative, maintenance and shipping campus for SAIA LTL Truck Lines and will be located at 2260 S. Midlothian Road. The buildings will be ground-up construction situated on 33 acres. The first building will be a 51,000-square-foot structure that will include 100 truck docks, 16-foot clear heights and 9,560 square feet of office space. The second building will also feature 16-foot clear heights, 19,000 square feet of shop and maintenance space, a fueling facility, six trailer service bays, six tractor service bays and two wash bays. The 33-acre site will also include an automatic snow scraper, truck scale, and parking for 94 cars, 294 trailers, 34 tractors and 30 dollies. Principle broke ground earlier this year and expects construction to be completed in November. Ken Lattanzi of Principle is the project manager. Christian Architects is the project designer. Jim Kueck of Cushman & Wakefield is representing SAIA.
WEST ALLIS, WIS. — The Dickman Company Inc./CORFAC International has brokered the sale of a 20,718-square-foot industrial building in West Allis, a western Milwaukee suburb, for an undisclosed price. The property is located at 6309 W. Greenfield Ave. WFF I LLC purchased the building from Horizon Enterprises LLC. Cale Berg of The Dickman Co. represented the buyer. Nicholas Flemma of CBRE represented the seller.
CHICAGO — Quantum Real Estate Advisors Inc. has arranged the sale of an 11,500-square-foot retail building in Chicago. The single-tenant property, located at 4441 W. Diversey Ave., sold for $1 million. The property is 100 percent leased to Unique Thrift Store, a subsidiary of Savers Inc., and is situated on slightly less than one-half acre. The seller was a family office based in the greater Chicago area. The buyer was a Chicago-based private real estate investor. Chad Firsel of Quantum was the sole broker in the transaction.
COMMERCE TOWNSHIP, MICH. – Friedman Integrated Real Estate Solutions has arranged the sale of 1.2 acres of commercial land in Commerce Township for an undisclosed price. Haggerty Development Co. sold the land located on Loop Road in Commerce Township, approximately 35 miles northwest of Detroit, to T & M Investment LLC. T & M Investment plans to build a restaurant on the site. Phil Konopitski of Friedman represented the buyer in the transaction. Thomas Duke Realtors represented the seller.
EAST LANSING, MICH. — Triad Real Estate Partners has arranged the sale of Block 36, a student housing property located three miles north of the Michigan State University campus in East Lansing, for $13.3 million. The sales price of Block 36 equates to $30,716 per bed and a 6.3 percent capitalization rate. The 433-bed property was originally built in 2001 and underwent a renovation in 2013 that included the addition of an extensive amenity package. The buyer was a San Diego-based family investment trust that already owned several apartment properties in Michigan. The seller was a private ownership group based in San Francisco whose plan was to sell the asset following the renovation and full stabilization of the property.
SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 142,295-square-foot office building in Southfield, a northwestern suburb of Detroit, for an undisclosed price. Wulin Realty purchased the building known as Nine Mile Crossing from an undisclosed seller. Located at 17515 W. Nine Mile Road, the property consists of a 12-story, Class B office building and a two-story parking structure. Nine Mile Crossing was built in 1969 and was renovated in 2012. Features of the building include an on-site sundry shop, vending machines and a hair salon. The property is situated on 5.7 acres. Rich Deptula of Friedman represented both parties in the transaction. Friedman will continue to lease and manage the building for the new owners.
BUFFALO GROVE, ILL. — Avison Young has arranged a 141,000-square-foot lease for a business building in Buffalo Grove, a Chicago suburb. Plexus Corp. has signed a long-term lease renewal for the property located at 2400 Millbrook Drive. Plexus occupies the entire building. The building is located in the Millbrook Business Center, a 70-acre development. Amenities of the Millbrook Business Center include on-site management, ponds, a walking and jogging path and volleyball courts. Brett Kroner, Keith Puritz, Eric Fischer and Michael Scadron of Avison Yong represented the tenant. Bruce Hecktman of Avison Young represented the landlord, Millbrook Properties.
GLENVIEW, ILL. — Seneca Real Estate Group has arranged the lease of a two-story banquet facility in Glenview, a northwestern Chicago suburb. United Investors Inc. leased the 17,000-square-foot facility for five years to In Paris Inc. The property is located at 3315 N. Milwaukee Ave. The building was originally designed to resemble a scaled-down version of the old Chicago Stadium (an indoor arena that at one time was the home of the Chicago Blackhawks and Chicago Bulls before closing in 1994). The property consists of a multi-level ballroom with majestic ceilings, lighting and a 4,000-square-foot commercial kitchen. The banquet hall accommodates 700 guests and includes a 160-car parking lot. After some internal design work, In Paris will continue to operate the property as a banquet facility hosting weddings, parties and corporate events. Joe Padorr of Seneca represented the landlord in the transaction.
ANN ARBOR, MICH. — The Residence Inn Ann Arbor Downtown, part of the Marriott brand of hotels, has opened its doors. The six-story, 110-room hotel is located at 120 W. Huron St. First Martin Corp. developed the property, and First Hospitality Group Inc. is the management firm. According to Crain’s Detroit Business, the hotel anchors a $20 million mixed-use project. The hotel consists of 75 studio units, 20 one-bedroom units and 15 panoramic suites. The project also includes 6,000 square feet of retail space, which Colliers International is in charge of leasing up. The Residence Inn Ann Arbor Downtown is situated on the former site of the Ann Arbor Area Convention and Visitors Bureau building and the neighboring Greyhound Bus Depot. Amenities include in-suite kitchens, an indoor heated pool, a fitness center, complimentary breakfast, grocery delivery, shuttle service and Wi-Fi.
DETROIT — McCormack Baron Salazar Development Inc. will break ground on Orleans Landing near Detroit’s central business district this Tuesday, Oct. 20. The new mixed-use community will be situated on approximately eight acres adjacent to the Detroit River Walk and the Dequindre Cut Greenway. The first phase will include 278 apartments — 20 percent of which will be held for “affordable income” residents — and 10,000 square feet of retail, according to the Detroit Free Press. The development will include a mix of one- and two- bedroom homes, flats, lofts and townhomes. The $65 million project was financed through a combination of conventional FHA 221 (d) 4 debt, a two-tier equity structure and public funds. Hamilton Anderson Associates Inc. is the architect. Urban Design Associates is serving as the master planner. O’Brien Edwards and Brinkman Constructors is the general contractor. McCormack Baron Management Inc. will serve as the property manager upon completion. The project is slated for completion in April 2017. According to Crain’s Detroit Business, plans for a second phase of the development call for about 230 more rental units and additional retail space.