ROSEVILLE, MICH. — L. Mason Capitani has arranged the sale of two industrial buildings totaling 35,000 square feet in Roseville, five miles east of Warren. Special Tool & Engineering purchased two industrial facilities located at 15585 Sturgeon St. and 29800 Calahan Road from an undisclosed seller. The buildings are located approximately three miles from Special Tool & Engineering’s current operations headquartered in Fraser. The company offers engineering, design and complete tool manufacturing for the automotive industry and for household appliances, office equipment, electronics, and the packaging industry. Jason Capitani and Joe DePonio represented Special Tool & Engineering in the transactions.
Midwest
CHICAGO — KBS Real Estate Investment Trust III has arranged a total of 71,043 square feet of leases at the 500 West Madison tower in Chicago, which was acquired by the REIT in December 2013. The leases included a lease extension for Lincoln International for a 47,423-square-foot space; a lease expansion for Here North America to occupy 12,214 square feet; a new lease for a 9,925-square-foot space for Inventus; and a 1,481-square-foot lease extension for Alliance Tech Group. Lisa Davidson and Tiffany Winne of Studley represented Lincoln International in its lease; Todd Lippman and James Whalen of CBRE represented Here North America; Jonathan Gordon and Jordan Mellovitz of Cushman & Wakefield represented Inventus; and Jesse Slack of MB Real Estate represented Alliance Tech Group. Michael Lirtzman and Courtney Baratz of Transwestern represented KBS REIT III in the transactions. 500 W. Madison is a 1.46 million-square-foot office tower. The 40-story building consists of office and retail space. The property sits above the Ogilvie Transportation Center, one of two main suburban train stations connecting the Chicago suburbs with downtown, and provides direct access to city trains, buses and expressways. The tower’s first two levels contain nearly 64,000 square-feet of retail space with …
ROMULUS, MICH. — New England Development will develop a 325,000-square-foot outlet center in Romulus, approximately 25 miles southwest of Detroit. Outlets of Michigan will be located near I-94 and the Detroit Metro Airport. The new open-air outlet center, which is scheduled to open in 2016, will feature 75 retailers. New England Development’s portfolio of retail projects now includes a mix of outlet centers in markets nationally. New outlet centers include the recently opened Palm Beach Outlets in West Palm Beach, Fla.; Asheville Outlets in Asheville, N.C.; Outlets at Little Rock in Little Rock, Ark., opening in 2015; and Des Moines Outlets in Altoona, Iowa, opening in 2016.
CINCINNATI — NorthMarq Capital has arranged a $14.4 million CMBS loan to refinance Deerfield Apartments and Townhomes in Cincinnati. The property consists of 223 units and is located at 860 Deerfield Blvd. The loan was structured on a 10-year term with a three-year interest-only period and a 30-year amortization schedule. Melissa Marcolini Quinn of NorthMarq Capital’s Orlando office arranged the financing for the undisclosed borrower.
MILWAUKEE —The Dickman Co. Inc./CORFAC International has brokered the sale of a 202,358-square-foot industrial building, located at 2800 W. Custer Ave. in Milwaukee. 2800 Custer LLC purchased the building from RockTenn CP LLC for an undisclosed sales price. Samuel M. Dickman Jr. and Samuel D. Dickman of The Dickman Co. represented the buyer in the transaction. Jim Larkin of Colliers International represented the seller.
BLOOMINGTON, MINN. — Dougherty Mortgage LLC has originated a $10 million HUD loan to refinance an apartment property in Bloomington, a southern suburb of Minneapolis. Heritage Hills Apartments consists of two apartment buildings with a total of 135 units. Dougherty's Minneapolis office arranged the 35-year loan, which includes a 35-year amortization schedule, for Heritage/France Avenue Apartments LLLP.
FLETCHER, OHIO — Industrial Property Brokers has arranged the sale of a 297,940-square-foot industrial facility in Fletcher, approximately 35 miles south of Dayton. Robinson Investments Ltd. purchased the facility located at 6990 U.S. Route 36 East for an undisclosed price. Robinson Investments is the owner of Robinson Warehouse, Wright Distribution Centers Inc., Logan Express LLC and Robinson Building Solutions. Robinson Warehouse will be housed at the Fletcher facility, which is approximately 32 miles from the company’s corporate headquarters in Bellefontaine, Ohio. Robinson Warehouse provides the facilities and labor to supply a variety of logistic functions such as purchasing and procurement, packaging, transportation, warehousing, and reverse logistics. Tim Echemann of Industrial Property Brokers represented the buyer in the transaction. The seller was undisclosed.
CHICAGO — Sperry Van Ness has brokered the $1.2 million sale of a 13,700-square-foot parcel in Chicago. The site is located at 5026 N. Sheridan Road. The property borders the Uptown and Edgewater neighborhoods. Wayne Caplan of Sperry Van Ness represented the seller in the transaction. A national storage company purchased the site.
INDIANAPOLIS — Lee & Associates has arranged the lease of a 9,260-square-foot retail space for Michigan-based brewery HopCat in Indianapolis. Hopcat Broad Ripple will occupy space in the Broad Ripple Garage located at 6280 College Ave. The Indianapolis brewery will be Hopcat’s first location outside of Michigan. The new brewery is set to open in August with 130 taps. Ben Andrews of Sperry Van Ness represented the tenant in the transaction. Bart Jackson and Scot Courtney of Lee & Associates represented the landlord, 6280 LLC, an entity of Keystone Realty Group.
The coming several quarters may be a great time to be a landlord in Omaha because the market continues to see a steady decline in the overall vacancy rate. As of the fourth quarter of 2013, the industrial vacancy rate registered 4.8 percent. Although the decline has not been rapid, tenant representation specialists and space users alike are starting to observe a scarcity in the market for available industrial space. What is most telling is that new construction is largely at a standstill. Since 2010, the Omaha industrial market has added 16 new buildings to the overall inventory. These new buildings account for slightly more than 387,000 square feet of the entire 67.8 million-square-foot market. In all, 11 of these 16 new buildings were either single-tenant, build-to-suit projects or owner-occupied properties. Speculative construction has totaled only 71,300 square feet since 2010. To put that figure into perspective, the 71,300 square feet accounts for a miniscule 0.1 percent of total inventory. The lack of new product is by far the largest driving force behind today’s tight vacancy rate in greater Omaha. Stringent design requirements, rising construction costs and a shortage of developable industrial land all play a role in the dearth …