MADISON HEIGHTS, MICH. — Colliers International Detroit has arranged the lease of a 1,357-square-foot retail space in Universal Mall to T-Mobile. The wireless carrier will occupy space in the mall, which is located at 28532 Dequindre Road in Madison Heights, a northern suburb of Detroit. Barry Landau of Colliers represented the landlord, Universal Mall Properties LLC, and the tenant, T-Mobile, in the lease transaction.
Midwest
CHICAGO — NelsonHill, a Chicago-based full-service real estate firm, has brokered the sale of a 5,300-square-foot warehouse building in Chicago for $1.2 million. Jordan Mozer & Associates, a Chicago-based international design firm, purchased the space located at 318 N. Laflin St. The design firm plans to use the building as a high-end showroom with office space. Mark Nelson and Michael Nelson of NelsonHill represented the seller, Music Direct. Ann Anovitz Associates represented the buyer in the transaction.
PLAINFIELD, ILL. — The Boulder Group has completed the $2.4 million sale of a single-tenant property leased to La Petite Academy in Plainfield. The childcare facility is located at 2345 S. Route 59, approximately 37 miles southwest of Chicago. La Petite Academy has more than five years remaining on its triple-net lease, which features a 9 percent rental escalation in November 2014. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private investor, in the transaction. The buyer was a high-net-worth individual located in the Midwest. The children’s learning center is the sole occupant of the 9,960-square-foot retail building, which is located on a 44,867-square-foot parcel. Learning Care Group Inc., the second largest for profit childcare provider in North America, owns La Petite Academy.
ELKHART, IND. — Tikijian Associates has arranged the sale of 100-unit apartment community in Elkhart for an undisclosed price to Romney Ventures, a Utah-based private investment/management firm owned by Josh Romney, the son of 2012 Republican presidential candidate Mitt Romney. La Casa Estates Apartments is located at 908 S. Main St. Tikijian represented the seller, Guaranty Bank. A court appointed Colorado-based Z2 Partners as the property manager of La Casa Estates in 2010, after the property’s owner filed for bankruptcy.
OLATHE, KAN. — Block & Co. has arranged the sale of La Quinta Inn & Suites in Olathe, Kan., to Champion Hotels, an Oklahoma City-based hotel investment and development firm for an undisclosed price. The three-story hotel is located on the site of the Great Mall of the Great Plains at 20570 W. 151st St. The 106-room hotel features 58,000 square feet of space and sits on 3.5 acres. Max Kosoglad and David Block of Block & Co. represented the seller, TAO-OKSLQ LP.
ROCKFORD, Ill. — Principle Construction Corp. has completed a 19,375-square-foot build-out for Schneider Electric of North America, a global specialist in energy management. The renovated space is located at 839 N. Perryville Road in Rockford. Principle made interior improvements to the two-story office building to accommodate Schneider’s laboratory operations and office space needs. The building has performance/testing labs. The lower level was reconfigured with individual electrical, mechanical and valve testing labs; the HVAC cooling system was increased by 33.5 tons; and the electrical service was increased to 1600 amps to handle the increased cooling and electrical loads required for testing operations. The project also included a complete redesign of Schneider’s specialized custom valve and actuator testing equipment chambers. Spring Creek Development Group, which owns the property, hired Principle to complete renovations.
More than 9.5 million people live in the Chicago area, making it the third most populous metropolitan statistical area (MSA) in the country. Like many other markets in the Midwest and Northeast, the ongoing population shift from north to south in the United States continues to pose a challenge. Consequently, population growth during the next five years in Chicago is projected to lag behind the national average. The good news is that Chicago employers are expected to generate the largest job growth locally in 15 years in 2014. Indeed, Marcus & Millichap forecasts a net gain of 79,900 jobs this year, a 1.8 percent annual increase. If realized, this would top 2013’s 1.7 percent expansion. The increased job creation is expected to attract new residents to the region, boosting population. During the past decade, the western suburbs have recorded the largest population gains, especially in Aurora, Naperville and Joliet. Renewed urbanism is playing a major role in growth within the city of Chicago, as young professionals and empty nesters return to the urban core. An influx of young workers and an exodus of retirees have lowered the median age in the metro to 36.1 years, which is below the national …
CRYSTAL, MINN. —Marcus & Millichap has arranged the sale of a 46-unit apartment property in Crystal, Minn., for $2.7 million. Douglas Drive Terrace is located at 3300 Douglas Drive North. The property consists of one- and two-bedroom apartments. Mox Gunderson and Dan Linnell of Marcus & Millichap represented the seller, a private investor. Linnell, Gunderson and Josh Talberg of Marcus & Millichap represented the buyer, a limited liability company.
CHICAGO — Sperry Van Ness has brokered the $1.5 million sale of a multifamily portfolio in Chicago to a local private buyer. The bank-owned portfolio consists of 58 units in four buildings located at 7800 S. Michigan Ave., 9000 and 9040 S. Bishop St., and 9400 S. Laflin St. Jeffery Baasch, Brian Kochendofer and Jared Conen of Sperry Van Ness represented the seller.
INDIANAPOLIS — Browning will develop and construct a new graduate student housing facility at Marian University in Indianapolis. The project will consist of 88 apartment units, which will house 136 beds. The apartment units, scheduled for completion before the 2015 academic year, will feature high-quality amenities and finishes. Browning previously partnered with the university to develop the school’s athletic complex, its music building, and a student residence hall. In 2013, Browning developed the Michael A. Evans Center for Health Sciences building, Indiana’s first College of Osteopathic Medicine. Graduate students taking classes in the new Michael A. Evans Center and other Marian graduate programs will lease the apartments.