Midwest

Meijer Opens 200,000-Square-Foot Superstore in Detroit

by Katie Sloan June 16, 2015

DETROIT — Meijer has opened a new 200,000-square-foot supercenter located at the intersection of Grand River and McNichols avenues on Detroit’s northwest side. This is the second Meijer store to open in the city. The supercenter was built on the site of the former Redford High School campus. This new location is the latest of 11 new stores the retailer plans to open throughout the Midwest this year. This location offers more than 600 types of fresh produce and a full-service, drive-thru pharmacy. Detroit’s first Meijer store, which opened in July 2013, is located at Woodward Avenue and Eight Mile Road in the Gateway Marketplace.

June 16, 2015

Industrial Midwest Missouri

Hilliker Corp. Arranges Sale of 114,000-Square-Foot Industrial Property in Missouri

by Katie Sloan June 16, 2015

HAZELWOOD, MO. — Hilliker Corp., a St. Louis-based commercial real estate company, has arranged the sale of a 114,000-square-foot property located on more than 11 acres in the St. Louis suburb of Hazelwood. The building is located at 5800 Fee Fee Road and contains 18-foot clear ceiling heights, 16 docks with five drive-in doors and a partially fenced parking area for large trucks and trailers. Meade Summers of Hilliker Corp. represented the buyer, Fenton Heavy Manufacturing LLC, and Mark McNulty of CBRE represented the seller, Jefferson Bank and Trust, in the transaction. A logistics company currently leases 75,000 square feet of the property.

June 16, 2015

Illinois Industrial Midwest Retail

NGKF Arranges Sale of Chicago Loop Property for $7.1M

by Katie Sloan June 16, 2015

CHICAGO — Newmark Grubb Knight Frank (NGKF) has arranged the sale of a triple-net, ground-leased property located at 137 S. State Street in Chicago for $7.1 million. NGKF’s Geoffrey Kasselman, Andy Gallas, Gino Tabbi and Boris Shraybman led the brokerage team on behalf of the seller, a local family trust. The property was sold to a California-based private investor at a capitalization rate of 3.1 percent. A 50,530-square-foot cooling plant operated by Enwave Energy Corp., a division of Brookfield Infrastructure Partners LP, occupies the property. The ground floor of the property is leased to CVS/pharmacy; with floors two through four reserved for the plant’s chillers, pumps and ice machines. The plant provides chilled-water cooling services to more than 100 commercial buildings throughout the Loop via an underground network of pipes. The ground lease extends through December 2043 and Enwave has a one-time, 49-year lease option.

June 16, 2015

Industrial Michigan Midwest

Signature Associates Arranges 18,300-Square-Foot Industrial Lease in Michigan

by Katie Sloan June 16, 2015

ROMULUS, MICH. — Signature Associates has brokered the lease of 18,300 square feet of industrial space located at 28420-28448 Highland Road in Romulus. Brad Viergever and Larry Kelly of Signature Associates represented the tenant, Morse Moving & Storage Inc., in the transaction. Signature Associates is an independently owned and operated company that is a member of the Cushman & Wakefield Alliance.

June 16, 2015

Illinois Midwest Multifamily

ASB Real Estate Investments Sells Chicago Apartments for $50.5M

by Jeff Shaw June 15, 2015

CHICAGO — ASB Real Estate Investments has sold its nine-building, 174-unit Elaine Place apartment portfolio in the Lakeview neighborhood of Chicago, located blocks from Wrigley Field, for $50.5 million. The sale was made on behalf of ASB’s Allegiance Fund, a $5 billion core investment vehicle, which owned the property in a joint venture with Marc Realty/Chicago Apartment Finders. The portfolio was purchased by New York-based CLK Properties.

June 15, 2015

Hospitality Illinois Midwest

Paramount Lodging Arranges $8M Refinancing Loan for Hyatt House

by Jeff Shaw June 15, 2015

SCHAUMBURG, ILL. — Paramount Lodging Advisors has arranged $8 million in refinancing for the 134-room, six-story Hyatt House hotel in Schaumburg. An undisclosed large regional bank was the lender in the transaction. Atira Hospitality, which operates the hotel, is currently implementing a substantial capital improvement plan that will include upgrading all rooms, corridors and first-floor public space.

June 15, 2015

Michigan Midwest Restaurant Retail

Olga’s Kitchen Files for Chapter 11 Bankruptcy Protection in Detroit

by Jeff Shaw June 15, 2015

DETROIT — Olga’s Kitchen, a Mediterranean restaurant chain headquartered in Troy, Mich., has filed for Chapter 11 bankruptcy court protection in the U.S. Bankruptcy Court in Detroit. Olga’s owes millions in debt to several different creditors, including $2.4 million to Citizen’s Bank and $1.2 million to Sysco Corp., according to Crain’s Detroit Business. The bankruptcy filing came after Olga’s began implementing a strategy to open up to 105 new fast-casual Olga’s locations. Olga’s has closed eight different underperforming locations in the last year alone, reports the Detroit Free Press. Olga’s COO Michael Kosloski states that the company’s 28 remaining locations will stay open throughout the bankruptcy process. “We have had some problems with profitability in the restaurants that we have now fixed,” Kosloski told the newspaper. “The reason we filed for bankruptcy protection is to restructure the debt or to potentially sell the business.”

June 15, 2015

Industrial Michigan Midwest

Signature Associates Inks 14,350-Square-Foot Industrial Lease in Wixom

by Jeff Shaw June 15, 2015

WIXOM, MICH. — Signature Associates has negotiated the lease of 14,350 square feet of industrial space located at 48152 West Road in Wixom. Steve Kozak, Steve Gordon and Angela Thomas of Signature Associates represented the tenant, Profiroll, in the transaction. Steve Kozak and Steve Gordon also represented the landlord, International Development, in the transaction. Signature Associates is an independently owned and operated company that is a member of the Cushman & Wakefield Alliance.

June 15, 2015

Michigan Midwest Retail

Planet Fitness Opens Two New Detroit Area Locations

by Jeff Shaw June 15, 2015

NORTHVILLE, MICH. — PF Michigan Group, a Michigan-based Planet Fitness area developer owned and operated by Bryan and Laura Rief, has opened two new 30,000-square-foot Planet Fitness clubs located at 8260 23 Mile Road in Shelby Township and 6650 Telegraph Road in Bloomfield Township near Detroit. The franchisee of both locations is based in Northville. “These full-size clubs showcase our massive selection of top-of-the-line cardio and strength equipment, 30-minute workout area and PF Spa,” says Laura Rief. Both new clubs will feature over 120 pieces of high-quality cardio equipment including treadmills, ellipticals, stairclimbers, arc trainers and stationary bikes. Planet Fitness also offers a full complement of upper- and lower-body strength machines, a 30-minute PF Express circuit, 12-minute abdominal circuit, and new PF360 multi-function training unit. Planet Fitness is open and fully staffed 24 hours, seven days a week, and has a certified fitness trainer on site during the work week to help members with workout programs free of additional charge. Planet Fitness plans to open 10 to 15 additional properties in the Detroit area over the next 36 to 48 months. Most recently, PF inked a lease for a 35,000-square-foot club located in Chesterfield that will open this fall. Founded …

June 15, 2015

Industrial Midwest Minnesota

CPA:18 – Global Buys $17M Warehouse/Distribution Facility in Minnesota

by Amy Works June 12, 2015

PLYMOUTH, MINN. — CPA:18 – Global, a non-traded REIT managed by W. P. Carey Inc., has acquired a 208,900-square-foot warehouse and distribution facility in Plymouth. A private investment group sold the property for $17 million. The facility is net leased to Core-Mark International, a subsidiary of Core-Mark Holding Company Inc., for a period of 13 years. Originally constructed in 1975, the facility has been expanded twice and features more than 23,000 square feet of cooler/freezer storage space. The seller is contributing $1 million for tenant improvements to the office space and to enhance the HVAC and lighting of the warehouse.

June 12, 2015

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