DUBLIN, OHIO – CASTO has completed the redevelopment of Sawmill Square Shopping Center in Dublin, a suburb of Columbus. The Sawmill Square redevelopment included the addition of a 171,684-square-foot Walmart Supercenter, which shadow anchors the 39,000-square-foot retail center as well as McAlister’s Deli, Sally Beauty Supply and GameStop. In addition, Sawmill Square has a renovated façade, new signage and total replacement of common areas including parking areas, landscaping and site lighting. Exisiting retailers at the center include Z Salon, The UPS Store, Thai Orchid, Huntington Bank, Skyline Chili, Burger King, Goodyear and PNC Bank. The center was originally developed in 1982. John Miller of State Street Capital Realty is the leasing agent for the property.
Midwest
LAGRANGE PARK, ILL. — Peak Construction Corp. has completed the renovation of a manufacturing warehouse for Deslauriers Inc. in LaGrange Park, a suburb of Chicago. Deslauriers, which manufactures and distributes concrete forming and testing accessories, purchased the facility in 2007. Due to an increase in production and storage, the company is expanding its warehouse to meet new production goals. Peak served as the design builder of the 26,388-square-foot addition.
WIXOM, MICH. — Gerdom Realty & Investment has arranged the sale of a 4,000-square-foot office building in Wixom, approximately 35 miles west of Detroit. Trademark Properties of Michigan purchased the building, located in the Crossroads Business Center on Beck Road, for an undisclosed price. Trademark Properties specializes in investing, rehabilitating and developing a variety of distressed real estate properties. Tjader Gerdom of Novi, Mich.-based Gerdom Realty & Investment represented the buyer.
SCHAUMBURG, ILL. — Zurich North America has broken ground on its new facility headquarters in Schaumburg. The multi-line insurance provider purchased nearly 40 acres from Motorola Solutions at the northwest corner of I-90 and Meacham Road to construct its new facility. The new campus will feature 735,000 square feet with the potential to add on in the future. The developer and design builder, Clayco and financier/landlord Stonemont Financial Group, have made a $300 million investment and plan to lease the building to Zurich for the next 26 years.The new facility is scheduled to open in 2016. The Village of Schaumburg assisted in Zurich’s decision to remain in the area, offering incentives through the newly created North Schaumburg Tax Increment Financing district. Zurich is in the final stages of executing a package with the state of Illinois to receive Economic Development for a Growing Economy, or EDGE, incentives, according to the company.Representatives from Zurich, the state of Illinois and the business community recently joined together for a groundbreaking ceremony for the new facility. Zurich currently employs approximately 2,500 people in Schaumburg and also has an office in downtown Chicago. Zurich employs about 60,000 people worldwide serving customers in more than 170 …
DALLAS — Capital Senior Living Corp. has purchased three senior living communities, known as the Ohio JV Communities, located in Ohio from joint ventures in which it held a 10 percent interest for $83.6 million. The Dallas-based company previously managed the Ohio JV Communities under long-term management agreements. The Ohio JV Communities are comprised of 433 units, consisting of 227 independent living units and 206 assisted living units. Two communities are financed with $40.1 million of 10-year fixed rate debt that is non-recourse to the company with a blended interest rate of 4.41 percent. The third community is financed with a $21.6 million two-year bridge loan with a variable interest rate beginning at approximately 2.9 percent.
MINNETONKA, MINN. — PCCP LLC has provided a $30.3 million loan to Sage Hospitality for the acquisition and renovation of Marriott Minneapolis Southwest, a 321-room hotel in Minnetonka, approximately 12 miles southwest of Minneapolis. The hotel, located at 5801 Opus Parkway, is situated on more than 10 acres. Built in 1988, Marriott Minneapolis Southwest is a 16-story hotel with more than 14,500 square feet of meeting facilities, more than 4,700 square feet of function space, a restaurant, lobby bar/lounge, fitness center and indoor pool. The new owner plans to invest nearly $10 million to enhance management and staffing of the hotel and implement a full renovation of the hotel rooms, function spaces, public restrooms, lobbies and elevator cabs.
FRANKLIN, WIS. — The Dickman Co./CORFAC International has arranged the sale of a 56,000-square-foot industrial building in Franklin, a suburb of Milwaukee. The property is located at 10179 S. 57th St. GHN Franklin LLC purchased the building from Joseph Kraft Sr. for an undisclosed price. Samuel D. Dickman and Samuel M. Dickman Jr. of the Dickman Co. negotiated the transaction.
Dayton, Ohio, has had its struggles over the years transitioning from a predominantly automotive manufacturing economy to one with a more diverse base of industries such as transportation and logistics, aerospace technology, medical device manufacturing and unmanned aerial vehicle (UAV) development. Throughout this tumultuous period, Dayton’s industrial commercial real estate market has had to adapt to the evolving needs of the new tenant mix. Part of that adaptation has led to the construction of several build-to-suits over the last 18 months. This construction trend is being driven by companies opting for build-to-suit projects instead of purchasing existing properties due to their age, inadequate size or functional obsolescence such as inadequate ceiling heights. The trend is evident in the large amount of industrial space that has been delivered in recent years or is currently under construction in the Dayton market. The impact of this trend is an elevated vacancy rate when compared to other Midwest markets. Dayton’s overall industrial vacancy rate at the end of the first quarter of 2014 stood at 14.8 percent compared with 5.8 percent for Cincinnati. Drivers of New Construction Like much of the industrial market throughout the country, the transportation and logistics industry is driving development …
MAYFIELD HEIGHTS, OHIO — Goodman Real Estate Services Group has brokered the $47 million sale of a 371,748-square-foot shopping center in Mayfield Heights, a suburb of Cleveland. Golden Gate Shopping Center is located at 1625 Golden Gate Plaza. Tenants include Marshalls, Golf Galaxy, h.h. Gregg, PetSmart, Jo-Ann Fabric and Craft, OfficeMax, Cost Plus World Market and K&G Menswear.Hornig Capital Partners LLC, a New York -based privately held real estate investment company, purchased the property as part of a joint venture with B&D Holdings and Hutensky Capital Partners. Kyle Hartung and Jim Becker of Goodman Real Estate Services Group, and Jacob Fedder of CBRE, represented the seller, Forest City Enterprises and an undisclosed partner.
MUNDELEIN, ILL. — HREC Investment Advisors has arranged the sale of a 92-room Comfort Inn & Suites in Mundelein, a suburb of Chicago. Oak Brook, Ill.-based Mundelein Realty LLC, which owns several properties in the Chicago area, purchased the property located at 517 Illinois 83 for an undisclosed price. Scott Kaniewski and Tom Sommer of HREC Investment Advisors' Chicago office and Scott Stephens, of the firm’s Tampa office represented the seller, Buffalo Grove, Ill.-based American Enterprise Bank, in the transaction. There are several demand generators near the hotel, such as Medline Industries, Motorola Mobility, and Six Flags Great America.