LOVELAND, OHIO — Cassidy Turley has arranged the $2.3 million sale of a 70,350-square-foot manufacturing and distribution center in Loveland. Pioneer Real Estate Investments sold the industrial facility located at 107 Northeast Drive to Red Carpet Studios. Tom McCormick and Ben McNab of Cassidy Turley’s Cincinnati office represented Pioneer Real Estate Investments in the sale. Red Carpet Studios is planning to expand its office and warehouse operations at the new location.
Midwest
BUCKTOWN, ILL. — A new Mariano’s grocery store has opened at the intersection of Ashland and Webster Avenue in the Bucktown neighborhood. Mariano’s leased the freestanding, 80,000-square-foot building for 20 years from owner Chicago Ashland Webster LLC. Transwestern’s project management team, led by Robert Klinger, completed the project in eight months. The new development marks the 23rd Mariano’s store for Milwaukee-based Roundy’s Inc., a grocer in the Midwest.
Before the Great Recession of 2008 and 2009, many developers believed they could continue to build commercial product and demand would follow. But as the economy came to a screeching halt, reality kicked in and many owners and developers were stuck with product that couldn’t be sold or leased. Fast forward to 2014, and that stagnant product has slowly been absorbed as the economy has gradually recovered. From 2008 to 2014, construction of commercial real estate fizzled, resulting in lower vacancy rates and increased net absorption. Now, construction activity is beginning to increase and speculative construction is back in action. This uptick in construction and speculative development is especially apparent in the industrial real estate market. In Ohio, the industrial vacancy rate sits at an average of 6.8 percent for 962 million square feet of industrial space that Colliers|Ohio tracks in Cincinnati, Cleveland, Columbus and Dayton. Colliers|Ohio recorded more than 10 million square feet of positive absorption in 2013, and 6.9 million square feet during the first half of this year. Colliers has tracked an uptick in absorption in the industrial market for several years, and the supply of quality Class A bulk product has diminished significantly. Developers have taken …
McCOOK ILL. — Bridge Development Partners has sold its 365,359-square-foot build-to-suit corporate facility in McCook, a southwest suburb of Chicago, for an undisclosed price. Bridge purchased 40.9 acres at 8201-8401 W. 47th St. one year ago for the construction of build-to-suit and speculative projects. The facility built for Dallas-based Freeman Decorating Services Inc. was sold to American Realty Advisors for one of its client portfolios. In July 2013, Freeman, represented by Jerry Sullivan and Ed Wabick of Chicago’s Paine/Wetzel TCN Worldwide, and Tom Sutherland of CASE Commercial Real Estate Partners in Dallas, signed a 15-year lease for the build-to-suit transaction. Bridge acquired the McCook site with Akard Street Partners, an investment partnership operated by Hunt Realty Investments Inc. Phase II of the development on the remaining 15 acres of the site is a 226,196-square-foot speculative industrial facility, divisible to 50,000 square feet. Vern Schultz and Tom Condon of Colliers International are the exclusive leasing agents for the project. Itasca, Ill.-based Cornerstone Architects Ltd. designed both McCook facilities and Des Plaines, Ill.-based Premier Design + Build Group LLC constructed the properties.
CLEVELAND — Love Funding has secured a $5.3 million FHA loan for Governor’s Village, a Cleveland-area assisted living facility. The funding from the loan will be used to expand the facility. Robert Smallwood of Love Funding’s Cleveland office secured the loan through the U.S. Department of Housing and Urban Development’s (HUD) 232/241(a) loan insurance program. The program backs supplemental loans to fund repairs, additions and improvements at existing FHA-insured healthcare facilities. Randall Residence, the majority owner and operator of the property, built the facility in Mayfield Village in 2001. The property currently has 24 traditional, assisted living units and 24 memory care units. Upon completion, 38 assisted living units will be added, while subtracting one memory care unit, bringing the total capacity at the facility to 85 units. The Douglas Co. will build the project based on plans created by architecture firm C.C. Hodgson.
CHICAGO — NelsonHill has arranged the sale of 2601 S. LaSalle St. in Chicago’s South Loop area to U-Haul International for $3.2 million. The 165,674-square-foot site features a 25,920-square-foot mezzanine level, 6,794-square-foot office space with eight- and 16-foot clear heights, four exterior docks, four drive-in doors and three freight elevators. The property is located near I-55 and Interstates 90/94. Mark Nelson and Michael Nelson of NelsonHill represented the seller Economy Folding Box, which had owned the property for 60 years, in the transaction. U-Haul was self-represented.
MINNEAPOLIS — Minneapolis-based Mid-America Real Estate – Minnesota LLC has arranged three retail leases signed for shopping centers in Minnesota. Nordstrom Rack signed a lease for 33,000 square feet at Shops of Knollwood located in St. Louis Park; Rue 21 signed a lease for 6,085 square feet at Woodbury Village in Woodbury; and Starbucks Coffee signed a lease for 2,160 square feet at Dakota Retail Center in Chanhassen. Mid-America represented the tenant in the Nordstrom Rack lease, both the tenant and undisclosed landlord in the Rue 21 lease, and the tenant in the Starbucks lease.
WEST CHICAGO, ILL. — Leopardo Cos. Inc. has completed the new 70,000-square-foot West Chicago Park District Athletics, Recreation and Community Center. The complex is located at 201 W. National St. in Reed-Kepler Park. The one-story park district facility includes three gyms, a fitness area and a play area for children. The project was completed on time and within its $15.5 million budget. The indoor recreation complex features an elevated walking and jogging track, dance and aerobic studios for group fitness classes, event rental space and a catering kitchen. Hoffman Estates-based Leopardo served as construction manager, with the Chicago office of Sink Combs Dethlefs as the architect of record.
BATTLE CREEK, MICH. — The Chicago office of Tremont Realty Capital has arranged a $7.5 million loan for the acquisition of Bedford Hills MHC, a 340-site community located in Battle Creek. Tom Lorenzini of Tremont arranged the 10-year, non-recourse loan with a low 4 percent interest rate and a 30-year amortizing schedule for the borrower, Nodel and Associates. A CMBS lender provided funding for the loan. The property was 72 percent occupied at the time of closing, including more than 60 rental units. Amenities include a resident clubhouse and fully equipped playgrounds.
WHEATON, ILL. — Meridian Design Build has completed the construction of an 81,543-square-foot self-storage facility in Wheaton. The Lock Up is located adjacent to the Main Street Marketplace shopping center at the northwest corner of Main Street and Geneva Road. The four-story facility offers climate controlled and drive-up units and features covered loading bays with secure access. Partners in Design Architects provided architectural services for the project and Watermark Engineering Resources Ltd. provided civil engineering work.