Midwest

M&M Brokers $4.5M Sale of 72-Unit Apartment Building in Chicago Ridge, Ill.

by Danielle Everson April 16, 2015

CHICAGO RIDGE, ILL. — Marcus & Millichap has brokered the $4.5 million sale of Ridge Terrace Apartments, a 72-unit apartment property in Chicago Ridge. Ridge Terrace Apartments is located at 7030-40 West 100th and 9940 Nottingham. The three buildings include one-bedroom and two-bedroom units ranging in sze from 715 to 860 square feet. Each building features storage spaces, off-street parking and on-site laundry facilities. Andrean Angelov and Ryan Engle of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a limited liability company and the buyer, a private investor.

April 16, 2015

Industrial Market Reports Michigan Midwest Midwest Market Reports

Industrial Developers in Grand Rapids are Putting More Shovels in the Ground

by Danielle Everson April 16, 2015

With the industrial real estate market in Grand Rapids nearing critical mass — where demand is strong enough to fill the entire supply of available space — a new challenge has emerged for developers. How do they create enough new, competitive product to keep up with continued market momentum? For the first time in a decade, total inventory in the industrial market must grow. The solution will likely come in the form of new construction and creative repositioning of functionally obsolete facilities. During the Great Recession and slow recovery, many companies consolidated operations. Buildings that had become vacant were repurposed, substantially modified or eliminated altogether. Now, we are beginning to see a trend of new construction. Both speculative and build-to-suit construction has become the logical solution to the lack of inventory. Noteworthy Projects An investment group led by a local building materials supplier, and marketed by the industrial team at Colliers, is developing a 45,000-square-foot light manufacturing speculative building, located at 3838 Soundtech Court in Kentwood, a southern suburb of Grand Rapids. Delivery is expected by June 1. On the city’s southeast side near Gerald R. Ford International Airport, a new industrial building is under construction at 5300 Broadmoor Ave. …

April 16, 2015

Hospitality Illinois Midwest

Peak Begins Construction on Holiday Inn Express & Suites in Galesburg, Ill.

by Danielle Everson April 15, 2015

GALESBURG, ILL. — Peak Construction Corp. has begun construction on a new Holiday Inn Express & Suites in Galesburg for Janko Group. IHG is rolling out a new prototype design for the Holiday Inn Express & Suites brand and the three-story, 81-room hotel will be one of the first new prototype hotels. Design builder Peak Construction broke ground on the project in January. The new hotel is being built to replace an existing Holiday Inn Express & Suites in Galesburg. The wood-frame structure will feature a variety of room types, a fitness facility, an indoor pool, multiple meeting rooms and a lifestyle lounge and business center. Completion of the project is schedule for October. Ligthtowler Johnson Associates provided architectural services for the project. Janko Hospitality will provide hotel management services.

April 15, 2015

Midwest Office Ohio

Shopoff Realty Investments Acquires Apple Valley Office Center Near Dayton, Ohio

by Danielle Everson April 15, 2015

BEAVERCREEK, OHIO — Shopoff Realty Investments has acquired Apple Valley Office Center, a three-building, 130,440-square-foot office campus in the Dayton suburb of Beavercreek. The acquisition was partially capitalized by Shopoff Strategic Income Fund, which closed to new investors on Dec. 31, 2014. Apple Valley Office Center includes a three-story, 55,024-square-foot building, a two-story, 29,916-square-foot building and a single-story, 45,500-square-foot building. The campus was built in 1985 on approximately six acres. Shopoff Realty Investments plans to make overall improvements to the property, including transforming vacant office suites into move-in ready speculative space for future tenants. Apple Valley Office Center’s anchor tenants include Northrop Grumman Systems Corp., a global defense and technology company, and MacAulay-Brown, a company that provides advanced engineering services and product solutions. The campus, which includes more than 500 parking spaces, is accessible via I-675, I-75 and I-70, as well as State Route 35.

April 15, 2015

Illinois Midwest Retail

M&M Arranges Sale of 9,500 SF Retail Property in West Chicago, Ill.

by Danielle Everson April 15, 2015

WEST CHICAGO, ILL. — Marcus & Millichap has brokered the $750,000 sale of Sandpiper Square, a 9,500-square-foot retail property located in West Chicago. Sandpiper Square is located at 142-162 S. Neltnor Blvd. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a limited liability company. Kyle Stengle, Jacob Korman and Joseph Bergman of Marcus & Millichap’s Chicago Downtown office represented the buyer, a partnership.

April 15, 2015

Healthcare Michigan Midwest

Medpost Urgent Care Signs Lease for Third Michigan Location

by Danielle Everson April 15, 2015

LIVONIA, MICH. – MedPost Urgent Care will open its third Michigan location in July. The company will occupy a 7,500-square-foot space within the Livonia Crossroads Shopping Center located at the southeast corner of Middlebelt and Plymouth Roads. Tjader Gerdom and Larry Siedell of Gerdom Realty represented the landlord. MedPost operates two other Michigan locations in Southfield and Bloomfield.

April 15, 2015

Midwest Missouri Retail

Block & Co. Arranges Lease for Roth Living at Country Club Plaza in Kansas City, Mo.

by Danielle Everson April 15, 2015

KANSAS CITY, MO. — Block & Co. Inc. Realtors has arranged a lease for Roth Living in Kansas City. The company will occupy space located at 601 W. 47th St. on the northeast corner of 47th Street and Pennsylvania Avenue. Roth Living is the regional showroom for Sub Zero and Wolf appliances. The 5,750 square-foot showroom will feature appliances installed in kitchen vignettes and a culinary studio. David Block of Block & Co. negotiated the lease transaction. Block & Co. Construction Management was responsible for overseeing the conversion of the space for Roth Living. Roth Living, Genesis Construction and Arch 11 conducted the build-out and tenant finish of the new retail showroom.

April 15, 2015

Illinois Midwest

J.C. Anderson Completes 40,000 SF of Renovations for DePaul University

by Danielle Everson April 14, 2015

CHICAGO — J.C. Anderson Inc. has completed 40,000 square feet of build-outs at DePaul University in Chicago’s Lincoln Park neighborhood. The property is located at 2219 N. Kenmore Ave. J.C. Anderson completed a 24,500-square-foot build-out to Byrne Hall, which included the addition of offices, conference rooms and lab space on multiple floors. In addition, the firm completed a 15,500-square-foot build-out to the McGowan South Science Building. McGowan South features more than 30 labs used for classroom instruction and research, lecture halls, multiple study lounges, two rooftop greenhouses and a student-maintained rooftop garden. J.C. Anderson also built a new 3,500-square-foot lab on the third floor and a 12,000-square-foot lab on the fourth floor of the building. Vasilko & Architects Associates provided architectural services for the project.

April 14, 2015

Midwest Minnesota Multifamily

M&M Brokers the $4.1M Sale of Phalen Shores Apartment Property

by Danielle Everson April 14, 2015

SAINT PAUL, MINN. — Marcus & Millichap has brokered the $4.1 million sale of Phalen Shores, a 53-unit apartment property located in Saint Paul. Phalen Shores is located at 985 East Ivy Ave. The 53-unit building includes 24 one-bedroom units, 29 two-bedroom units and was 97 percent occupied at the time of sale. Dan Linnell, Mox Gunderson and Annie Arneberg of Marcus & Millichap’s Minneapolis office listed the property on behalf of the seller, a partnership. Linnell and Gunderson also represented the buyer, a private investor.

April 14, 2015

Midwest Office Ohio

Lee & Associates Opens Second Office in Ohio

by Danielle Everson April 14, 2015

COLUMBUS — Lee & Associates has opened its second office in Ohio. Lee & Associates — Columbus is a merger between commercial real estate firm Ruscilli Real Estate Services and Lee & Associates. Tim Kelton, Mike Spencer, Dax Hudson and Todd Spencer, founders and principals of Lee & Associates — Columbus, will lead the office. Combined, the team has 85 years of commercial real estate experience in Central Ohio. In the last 10 years, the team has leased or sold more than 22 million square feet of space and developed or sold more than 750 acres of office, industrial and retail assets. In July, Lee & Associates opened its first office in Ohio, Lee & Associates Cleveland, which was followed by new offices in Denver and Houston.

April 14, 2015

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