ST. PAUL, MINN. — The Opus Group will complete a 41,500-square-foot expansion and renovation project for St. Catherine University in St. Paul. Opus will expand the university’s existing 59,000-square-foot Butler Center, which houses student wellness and athletic facilities. The addition will feature separate varsity locker rooms and lounge space for athletic teams at the school, a cardio room with fitness equipment, a dance studio, as well as a one-story, multi-purpose training center. Opus will also redesign the front entry to include a controlled access point for added security and access to events in the arena. In addition, 10,000 square feet of previous gymnasium space in the neighboring Fontbonne Hall will be renovated to include university classroom space, which will connect to the Butler Center. Opus will also install a new elevator to improve the building’s accessibility. Construction is scheduled to begin this month. Renovation of Fontbonne Hall is slated for completion before the fall semester. The full project is set for completion in February 2015. Opus Design Build LLC will serve as the design-builder and Opus AE Group LLC will serve as the design-architect.
Midwest
LAKEVILLE, MINN. — Dougherty Mortgage has arranged a $21.6 million loan for the refinancing of Southfork Village Townhomes. The 272-unit market rate townhome property is located in Lakeville approximately 26 miles south of Minneapolis. Dougherty arranged the 35-year term HUD loan for Southfork Apartments LLC with a 35-year amortization schedule. The property features one-, two- and three-bedroom units with fully equipped kitchens, walk-in closets and carpeting. The community also features a clubhouse, picnic grilling areas and a pool. The townhomes were built in two phases in 1988 and 1990.
ROCHESTER HILLS, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 26,310-square-foot industrial space in Rochester Hills, Mich. The property is located at 1949 Rochester Industrial Drive. Meridian Real Estate Investment LLC sold the space to Rochester Industrial Associates LLC. Phil Konopitski of Friedman represented the buyer in this transaction.
CHAMPLIN, MINN. —The city of Champlin, a suburb of Minneapolis, has selected Cassidy Turley to market 10 acres of a 60-acre riverfront site. The site is located at the Mississippi and Rum rivers and is across from the historic town of Anoka. Jim McCaffrey and Julie Lux of Cassidy Turley will market the land on behalf of the seller. The city of Champlin has invested more than $15 million to acquire several parcels of land for the development of Mississippi Crossing, a proposed mixed-use project. The development calls for 450 new rooftops and 185,000 square feet of new commercial space. The city of Champlin is the master developer for the project and plans to sell land parcels to multifamily developers.
EUCLID, OHIO — Dougherty Mortgage LLC has arranged a $9.2 million loan for the refinance of a 738-unit affordable housing property in Euclid, a suburb of Cleveland. Euclid Apartments is located at 27181 Euclid Ave. Dougherty originated the 13-year term, 12.5-year yield maintenance loan for Euclid Leased Housing Associates I LP.
FARMINGTON HILLS, MICH. — The Boulder Group has arranged the $1.4 million sale of a new McDonald’s ground lease in Farmington Hills. The 1.4-acre parcel is located along Grand River Avenue in metro Detroit. McDonald’s is the sole occupant of the 4,500-square-foot building. The property is fully leased to McDonald’s with 20 years remaining on the lease. The lease has escalating rents in the primary term and renewal option periods. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based investment firm. A California-based high-net-worth investor purchased the property in a 1031 tax-deferred exchange.
MELROSE PARK, ILL. — Peak Construction Corp. will complete an office build-out and warehouse modifications on a 156,235-square-foot building for DHL Global Mail. The property is located near North and 25th avenues in Melrose Park, a western suburb of Chicago. KTR Capital Partners awarded Peak the tenant improvement project. Construction is set for completion in July.
ANN ARBOR, MICH. — Colliers International has arranged the lease of a 5,812-square-foot property in Ann Arbor for FarmLogs Inc. The farm management software company will occupy space on the second floor of a building located at 410 N. Fourth Ave. in the Kerrytown Market and Shops retail center. FarmLogs is expanding and relocating its Ann Arbor office to the new space. Brendan Cavender and Jim Chaconas of Colliers International Ann Arbor represented FarmLogs in the transaction.
The outlook for the West Michigan industrial real estate market remains optimistic due to consistent levels of sales and leasing activity, according to Colliers International. The industrial market has recorded six successive quarters of positive absorption despite the market seeing a major shortage of high-quality inventory. Some 522,717 square feet was absorbed during the fourth quarter alone, lowering the vacancy rate to 6.57 percent. With options for space becoming more limited every day, new construction is an important consideration for many companies. That option, however, requires vacant land on which to build. Consequently, vacant land sales have emerged as the focus of many industrial real estate transactions. Construction of industrial space has reached its highest level in eight years — 419,000 square feet completed in 2013 and 792,000 square feet underway and projected for 2014. We’ve experienced more land sales in the last six months than we’ve seen in the last six years. Our industrial team has recently closed or put under contract more than 150 acres of vacant land, and much of that acreage is slated for new construction. Ambitious Plans Several projects have already begun, including the 110,000-square-foot expansion that Undercar Products Group began occupying in November 2013, …
ST. LOUIS — Marcus & Millichap has brokered the $11.8 million sale of a four-property portfolio of La Quinta Inns. Two of the hotels are located in St. Louis, Mo., one is in Tallahassee, Fla. and one is in Knoxville, Tenn. The St. Louis properties include a 136-room hotel in the Maryland Heights suburb; and a 104-room hotel in proximity to Lambert St. Louis International Airport. Two of the properties will be rebranded into Baymont Inn & Suites hotels and two will take the name Motel 6. Marcus & Millichap represented the seller, a Dallas-based hospitality firm and the undisclosed California-based buyer.