WICHITA, KAN. — A new Sam’s Club has opened in Wichita, Kan. The 136,000-square-foot store is located at 3084 N. Maize Road. A grand opening ceremony for the new membership warehouse club took place on Thursday, July 17. Associates of Sam’s Club presented several local organizations with more than $18,000 in grants during the ceremony. The new store features a variety of members-only amenities, including a fresh bakery, tire and battery center, a café and a fuel station. Sam’s Club, a division of Wal-Mart Stores Inc., hired more than 180 new associates for the new store.
Midwest
When we read or hear about economic recovery, whether it is regarding commercial real estate or a different sector of the economy, so often the perspectives and projections we hear are on a national, or even global, scale. Unfortunately, such analyses can result in a picture of the economy that seems like it was taken with a wide-angle lens. Typically, commercial real estate activity in larger cities will not be representative of tertiary markets like Springfield, Ill. The big picture can give a distorted view of the health of our local economy here in Springfield. Dr. Peter Linneman, chief economist for NAI Global, says that employment levels in America have recovered to nearly pre-recession levels and that many of the jobs created during the recovery have been semi-skilled jobs, rather than minimum-wage jobs. The jobs recovery is especially meaningful for the housing industry, and multifamily in particular. New home construction is expected to be on a gradual rise in Springfield during the next two to three years. Most everyone knows that small business is the main staple for job creation, yet government handouts and subsidies are funneled to the largest banks in America, and there the money sits instead of …
PONTOON BEACH, ILL. — PCCP LLC has formed a joint venture with TriStar Properties to acquire 45 acres of land for the development of a 673,000-square-foot industrial building in Pontoon Beach, Ill., approximately 14 miles northeast of St. Louis, Mo. Development of the Class A industrial warehouse building will begin this summer. The building will include 32-foot clear heights, cross-docks, 172 trailer spaces, up to 264 car parking spaces and an ESFR system. The project is slated for completion in February 2015. The site is within Gateway Commerce Center, a fully leased, 2,000-acre industrial park that includes major tenants such as Procter & Gamble, Hershey’s and Unilever. TriStar Properties is the master developer of Gateway Commerce Center.
DAYTON, OHIO — Marcus & Millichap has arranged the $4.1 million sale of three dialysis centers totaling 35,670 square feet. Dialysis Centers of Dayton occupies two of the three buildings; one as the sole tenant and the other as co-tenant along with Renal Physicians Inc. DaVita Dialysis anchors the third facility with Renal Physicians Inc. occupying the remaining space. The anchor tenants, DaVita Dialysis and Dialysis Centers of Dayton (Miami Valley Hospital), each have more than nine years remaining on their leases along with two, five-year renewal options. Gino Lollio, Christopher Mitchel and Scott Niedergang of Marcus & Millichap’s national healthcare real estate group represented the seller, Premier Health Partners, a medical network of five hospitals and two major health centers in the Dayton region, including Miami Valley Hospital. The Marcus & Millichap team also represented the buyer, a private healthcare-focused real estate fund. Michael Glass of Marcus & Millichap’s Ohio office also assisted in the transaction.
CAROL STREAM, ILL. — Cushman & Wakefield has arranged a long-term, 185,000-square-foot industrial lease in Carol Stream, approximately 35 miles west of Chicago. Diamond Marketing Solutions, which creates data-driven communications in print and digital response media, leased the space within the Carol Point Business Park located at 900-910 Kimberly Drive. The lease brought the 275,000-square-foot industrial property to 100 percent occupancy. Britt Casey and Chris Lydon of Cushman & Wakefield's Rosemont, Ill., office represented the property owner, TA Associates Realty. John Gearen of Nicolson, Porter & List served as tenant broker in the transaction. Diamond Marketing Solutions is relocating its headquarters to the property from Bloomingdale.
CHASKA, MINN. — The Opus Group plans to develop a mixed-use project on 60 acres in Chaska, a small town about 25 miles southwest of Minneapolis. The property is located at the southwest corner of U.S. Highway 212 and County Road. Plans for the site include approximately 500,000 square feet of industrial and office space and a 15-acre, grocery-anchored retail development. Opus Development Co. LLC has retained Colliers International to market the site. The population of Chaska was nearly 24,100 as of 2012, according to the U.S. Census Bureau.
BLOOMFIELD HILLS, MICH. — Arbor Commercial Funding LLC has funded 10 loans totaling $35.7 million in the Midwest under several of the company’s financing solutions. The loans included a $7.9 Fannie Mae DUS dedicated student housing loan for Americana on the River Apartments, a 90-unit multifamily property in East Lansing, Mich.; a $6.8 million Fannie Mae loan for a Michigan portfolio of 190-unit multifamily properties (Tree Top Meadows in Novi; Peppertree Park Townhomes in Lansing; and Maple Road Townes in Birmingham); a $5.6 million Fannie Mae loan for Bloomfield Hills Townhouses Cooperative, 283-unit multifamily property in Pontiac, Mich.; a $4 million FHA loan for Lexington Apartments, an 84-unit community in East Lansing; a $3 million Fannie Mae DUS Dedicated Student Housing loan for Haslett Arms Apartments, a 41-unit multifamily property in East Lansing; a $3.1 million Fannie Mae loan for Northcrest Apartments, a 151-unit multifamily property in Riverside, Mo.; a $3 million Fannie Mae loan for Greenway Villas Apartments, a 51-unit multifamily property in Raymore, Mo.; and a $2.1 million Fannie Mae loan for the 116-unit Rowanoake Apartments in Streetsboro, Ohio. Michael Jehle of Arbor’s Bloomfield Hills, Mich. office originated all the loans.
FARIBAULT, MINN. — The Opus Group has began construction on the renovation and expansion of an 18,500-square-foot project for Shattuck-St. Mary, an Episcopal boarding and day school in Faribault, approximately 50 miles south of Minneapolis. The project, which upon completion will be known as The Inn at Shattuck-St. Mary’s, will repurpose the historic Phelps Infirmary building into an on-campus inn. The new facility will include meeting and conference space for the school and community. The project will include a complete remodel of the 147-year-old building and will add 10,200 square feet of new space to the two-story complex. The first floor of the building will feature a large meeting room with adjustable partitions, a catering kitchen, bar and lounge area that can be used for meetings and events. The second floor will provide a total of 12 guest suites. Opus Design Build LLC is the general contractor on this project. Construction is scheduled for completion this fall.
NEWARK, OHIO — DoubleTree by Hilton and Hilton Worldwide have opened a new DoubleTree by Hilton hotel in Newark, approximately 39 miles east of Columbus. The full-service hotel, located at 50 N. 2nd St., is within walking distance of downtown Newark and is a 35-mile drive from Columbus International Airport. The newly renovated six-floor, 117-room hotel includes a redesigned lobby featuring an expanded business center and work stations; guest rooms and suites equipped with modern furnishings and signature amenities; 5,000 square feet of flexible meeting and event space; a 24-hour fully-equipped fitness center, heated indoor pool, and an outside patio with fireplace. The Jerry McClain Co. will own and operate the hotel. Columbus Hospitality will manage the property. This is the third DoubleTree by Hilton property in the metropolitan Columbus area.
BROOKLYN CENTER, MINN. — Stewart Capital Partners has arranged a 10-year lease extension at Brookdale Corporate Center II, a recently renovated two-building office campus approximately 10 miles from downtown Minneapolis. Kidney Specialists of Minnesota will occupy space in the center located at 6200 Shingle Creek Parkway. KSM has been a tenant at Brookdale Corporate Center since 2000 and currently occupies 9,223 square feet. Each building in the center is comprised of six stories totaling 228,000 square feet. In addition to KSM, major tenants include University of Minnesota Physicians, Merkle, Savvy Sherpa, National American University, Carson, Clelland & Schreder Law Offices, Endodontic Associates Limited and FirstStep Group. Ann Hansen and Steve Strom of Cresa Partners represented KSM in the lease transaction. Dick Schadegg of Schadegg Commercial Real Estate Inc. represented the building’s owner, Stewart Capital Partners.