WASHINGTON TOWNSHIP, MICH. — Marcus & Millichap has brokered the $2.5 million sale of a 17,561-square-foot retail property in Washington Township. The asset is located at 8583 26 Mile Road and is fully leased to tenants including Great Clips, The UPS Store, AAA Insurance, Expert Eyes, Miracle Ear and others. The property is an out lot to Meijer and is adjacent to Buffalo Wild Wings. Austin Weisenbeck, Sean Sharko, Aaron Baum, Simon Jonna and Ryan Cockerill of Marcus & Millichap represented the seller, a developer, and the buyer, a limited liability company. Steve Chaben also of the firm assisted in closing the transaction.
CHICAGO — Reed Construction has completed a 20,000-square-foot renovation and expansion for Rise Interactive at 1 S. Wacker in Chicago. The build-out included the addition of an internal steel staircase with glass handrails, connecting the third and fourth floors, as well as the installation of a reclaimed wood barn door at the suite’s entry. In addition, two large meeting rooms were built-out and now feature a bar for internal company meetings and client entertainment. Reed Construction also built 10 additional private offices, eight conference rooms and two on-site cafés. Steve Sandquist was the project manager for Reed Construction. Hydzik Schade Associates provided architectural services. Rise Interactive is a digital marketing agency that specializes in traffic generation and web analytics.
DES PLAINES, ILL. — Bradford Allen Realty Services has arranged a lease renewal and restructure of 18,222 square feet for Ex Libris Group in Des Plaines. The library automation solutions company will occupy space in a 244,049-square-foot office space located at 1350 E. Touhy Ave., just north of the Allstate Arena, between I-90 and Mannheim Road. The property recently underwent renovations. Ben Azulay and Joel Berger represented the tenant. Fred Ishler of Transwestern represented ownership, Steinco Inc.
DETROIT — Midwest Steel, a Detroit-headquartered business, has been awarded a $50 million contract for most of the structural steel work for the new Detroit Events Center. To date, the Downtown Development Authority has approved seven contracts worth $85 million, of which Detroit-based and -headquartered businesses have won more than 90 percent, or $78 million. Olympia Development of Michigan has set a target of at least 30 percent Detroit-based and -headquartered business participation in constructing the future home of the Detroit Red Wings. Midwest Steel is a third-generation family business that has been headquartered in Detroit for more than 40 years.
GRAND RAPIDS, MICH. — Rockford Construction will break ground on the $35 million Fulton Place residential development in Grand Rapids on the western edge of Grand Valley State University’s Pew campus. The project will include three buildings and is set for completion by the 2016-2017 school year. Fulton Place will also include approximately 10,000 square feet of retail space on the ground level, as well as on-site residential parking in a two-story garage and street-level parking. The first building will be 13,000 square feet with seven three-story townhomes, each with four bedrooms, ranging from 1,400-2,000 square feet. The second building will be 5,500 square feet, three stories and house three apartments, each with three bedrooms. The third building will be 125,000 square feet, five stories and have 102 apartments that are a mix of loft and one-, two- and four-bedroom units.
COTTAGE GROVE, MINN. — Hillcrest Development LLLP and The Opus Group will develop a 40-acre industrial business park in Cottage Grove. The property is located south of U.S. Highway 61 at the northwest corner of Hemingway Avenue South and 91st St. South adjacent to Hamlet Park. Plans for the site include a variety of development scenarios ranging from 425,000 to 550,000 square feet of rail-served industrial space with the ability to support a 38-foot ceiling height and outside storage. Canadian Pacific will provide rail service to the site.
GROVE CITY, OHIO — Marcus & Millichap has arranged the $3.3 million sale of Williamsburg Place, an 82-unit apartment, townhome community in Grove City, a southwest suburb of Columbus.The community includes one-bedroom garden and two-bedroom townhome units, as well as 36 detached garages. Michael Barron, Daniel Burkons, Joshua Wintermute, Richard Lattro and Jordan Marshall, of Marcus & Millichap’s Columbus office, along with the Marcus & Millichap Tax Credit Group out of the firm’s Seattle office, had the exclusive listing to market the property on behalf of the seller, a Seattle limited partnership.
For years the Omaha industrial market — approximately 68 million square feet strong — seemed to be slow and steady. When the market tightened, developers were still able to meet demand. Over the past 15 years, companies looking to construct new facilities have historically had an ample number of options in which to relocate along I-80 in the southwest part of the metro area. The Great Recession of the late 2000s seemingly halted speculative construction. During the rebound of the early 2010s, the vacancy rate began to steadily decline. Tenants started to absorb excess space at a healthy clip. All of a sudden, the market has begun to face two overwhelming challenges: virtually full occupancy among rental space and few readily available land options to build new product. Space Users Stay Active Industrial vacancy in Omaha has continued to plummet, ending 2014 at a 3 percent vacancy rate. Both large national companies and local businesses have accounted for the healthy absorption of space. Sergeant’s Pet Care Products (which built 349,680 square feet), Airlite Plastics (71,272 square feet), and Election Systems & Software (40,000 square feet) all increased their footprint in 2014. Additionally, several smaller transactions have occurred this year. Companies …
CHICAGO — 33 Realty has arranged the $10.5 million sale of a five-building multifamily portfolio in Chicago. The portfolio includes a total of 35 units. The five properties include 1653 N. Halsted (seven units) for $2.5 million; 5731-33 N. Winthrop (eight units) for $2.15 million; 1657 N. Halsted (six units) for $2.2 million; 2246 W. Belden (five units) for $1.5 million; and 4653-57 N. Beacon (nine units) for $2.15 million. Eric Weber of 33 Realty represented the seller. A group of Japanese investors purchased the properties.
INDIANAPOLIS — Hilton Worldwide has signed a franchise license agreement with PK Partners to develop the 125-room Hampton Inn & Suites Indianapolis/Keystone. The five-story hotel will be located at 8980 River Crossing Blvd. in Indianapolis. PK Partners will own the property and Schahet Hotels Inc. will operate the hotel. Located in the heart of Keystone at the Crossing, adjacent to the River North at Keystone, Hampton Inn & Suites Indianapolis/Keystone will be part of a mixed-use development and within walking distance to the Fashion Mall at Keystone. The new hotel is set for completion in late 2016.