ROMEO, MICH. — L. Mason Capitani CORFAC International has arranged the lease of a 20,200-square-foot building in Romeo, approximately 40 miles north of Detroit. Takata Holdings Inc., an international research development corporation of safety technologies, has signed a three-year lease for the facility located at 111 Peyerk Court in the Romeo Business Park. Takata is expanding from its Armada engineering and testing facility. Joe DePonio and Jason Capitani of L. Mason Capitani represented the landlord, Kemp & Peyerk – Sterling LLC, in the transaction.
Midwest
EAGAN, MINN. — Dominium has awarded Cassidy Turley the listing assignment for Thomas Lake Pointe Apartments in Eagan. The multifamily property is located at 1500 Thomas Lake Pointe Road on Thomas Lake and is adjacent to Thomas Lake Park. The community includes 216 units and is 96 percent occupied. Jim McCaffrey and Julie Lux of Cassidy Turley's Minneapolis office, will list the property on behalf of Dominium.
WEST DUNDEE, ILL. — The Opus Group has entered into a contract with King Shan LLC to build 45,000 square feet of new industrial and office space next door to King Shan’s existing facility in West Dundee, approximately 40 miles northwest of Chicago. The property is located at the intersection of Weseman Drive and Higgins Road.Opus constructed King Shan’s existing 35,000-square-foot facility in 2010. The new space will allow King Shan, a manufacturer of steel wire and metal fabrication products, to expand its production and distribution operations. The facility, which will be built directly adjacent to King Shan’s current facility, will feature approximately 41,000 square feet of warehouse space with 24-foot clear height ceilings, as well as 4,000 square feet of office space. The two facilities will be linked via a graded driveway, ensuring optimal integration and functionality. Construction will begin this fall, with completion slated for January 2015. Opus Design Build LLC is the project’s design-builder. Opus AE Group LLC is the architect and engineer of record. Noel Liston of Darwin Realty and Development represented King Shan and Opus in the transaction.
COLUMBUS, OHIO — The Cooper Commercial Investment Group has arranged the $2.2 million sale of an 18,900-square-foot Goodyear building in Columbus, Ohio. The property, located at 124 E. Spring St., sold at a 7.1 percent capitalization rate and at 99 percent of list price. This hard-corner location was the first Goodyear store opened in the United States. The tire retailer recently extended its absolute triple net lease for 10 years with a mid-term rental increase, instead of exercising its five-year option. Dan Cooper of Cooper Commercial Investment Group’s Cleveland office represented the seller, an Ohio-based private investment group. Colby Moore of Cassidy Turley represented the buyer, a California-based private investor.
BLOOMINGTON, MINN. — Doran Cos. has purchased a 34,649-square-foot, three-story office building in Bloomington for $2.2 million. Paramount IV LLC sold the property to the Bloomington, Minn.-based general contracting, development and management company. Various Doran entities currently occupy 10,970 square feet in the office located at 7803 Glenroy Road. Other tenants include United Sugars Corp. and several small businesses, including S.S.C. Technologies Inc., Consultis of MN Inc., Selective Site Consultants Inc., and Pennant Co. The building is 80 percent leased. Doran Co. will add a building monument sign along West 78th Street that will identify building tenants. It will also complete extensive interior and exterior renovations to the property. Some of the renovations include new HVAC systems, parking garage improvements including heat and ventilation, upgrades to the elevators, improved restrooms, a new building conference room and more.
HANOVER PARK, ILL. — Mid-America Real Estate Corp. has arranged the $700,000 sale of Church Street Station, a 5,897-square-foot, multi-tenant retail building in Hanover Park, a northwestern suburb of Chicago. A private investor purchased the property located at the northwest corner of U.S. Route 20 and Barrington Road. Church Street Station features retailers Subway and Lily Nails. Carly Gallagher and Ben Wineman of Mid-America Real Estate Corp. were the exclusive brokers in the transaction on behalf of the seller, a court-appointed receiver.
ELMWOOD PARK, ILL. — Marcus & Millichap has brokered the $695,000 sale of a nine-unit apartment property located in Elmwood Park, a western suburb of Chicago. The property is located at 7719 W. Fullerton Ave. The property consists of one- and two-bedroom units ranging from 750 to 850 square feet. The property also features a number of recent capital improvements including new windows, a newly paved parking lot, six off-street parking spaces, one storage space per unit and washers and dryers. Ryan Engle, Andrean Angelov and Jordan Gilbert of Marcus & Millichap’s Chicago Oak Brook office represented the seller and the buyer, both private investors.
Stand in the center of Des Moines, take a look in all directions and one will discern that retail growth is not discriminating. It’s occurring in all areas of the marketplace.That’s not surprising for a metro area of 600,000 that was recently named “America’s Wealthiest City” by NBC’s Today show as part of a special series titled “Healthy, Wealthy, Wise.” In 2013, Forbes magazine ranked Des Moines tops on its 15th annual list of “Best Places for Business And Careers.” Market statistics provide plenty of evidence. Occupancy in neighborhood retail centers has increased for three straight years, rising to 81.9 percent at the close of 2013. Leasing activity has been robust with more than 300,000 square feet of positive absorption during the past 12 months. Only a few big-box retail spaces are now available with occupancy rising to 97.5 percent in December 2013. Although growth is occurring in all areas, the Jordan Creek Town Center corridor continues to grab headlines. Hurd Real Estate continues construction on the 328,597-square-foot Plaza at Jordan Creek. In addition to Lowe’s and the recently opened Dick’s Sporting Goods, both HomeGoods and Nordstrom Rack are nearing completion. The Nordstrom lease is a significant milestone for Iowa …
SPRINGFIELD, MO. — A new $13 million, 71,500-square-foot extended-stay hotel will open in Springfield this September. The five-story, TownePlace Suites by Marriott hotel will be immediately adjacent to Mercy Hospital Springfield. The development will include 110 units and feature a workout facility, indoor saltwater pool, on-site restaurant and bar and outdoor grilling area. The property will seek LEED certification. RTT Hospitality LLC is the owner/developer of the project. Larry Snyder & Co. served as the general contractor and Baron Design & Associates LLC provided architectural services.
CHICAGO — Mid-America Real Estate has arranged the lease of 3,139 square feet of space for SARAR. The Turkish fashion company signed a lease at 111 W. Washington Street in Chicago. This will be SARAR’s third location in Illinois. It’s first two locations opened in Aurora, Ill., in 2004 and Rosemont, Ill., in 2013. The new location is expected to open this fall. Michael Wexler of Mid-America represented SARAR in the transaction. Danielle Rudas and John Vance of Stone Real Estate represented the landlord. SARAR was founded in Turkey in 1944. Beginning as a tailor’s workshop, the company has grown internationally across five continents and 49 different countries.