CHICAGO —Joseph Freed and Associates LLC has hired brokerage firm Avison Young to complete office leasing for the Sullivan Center complex in Chicago. The 15-story, mixed-use, historic landmark redevelopment is located in the heart of Chicago’s Loop at 33 S. State St. The 944,000-square-foot building contains 744,000 square feet of office space and 200,000 square feet of retail space. Of the 744,000 square feet of office space, 20 percent remains available for lease, including one unfinished floor at 70,000 square feet, one furnished/built-out floor at 68,000 square feet and two smaller spaces at 17,000 square feet and 10,000 square feet. Anchor office tenants for the Sullivan Center include Walgreens, the School of the Art Institute of Chicago, Gensler Architecture and the State of Illinois. Joseph Freed and Associates LLC corporate headquarters are also housed at the complex.
Midwest
CHESTERTON, IND. — HSA Commercial Real Estate has arranged a 13,800-square-foot office lease for Lakeside Wealth Management, a financial services company based in Chesterton, Ind. The company will occupy space on the second level of the Village Point Professional Office Building, located at 3100 Village Point Road in Chesterton, approximately 17 miles east of Gary. Lakeside Wealth Management currently leases space at 407 W. Indiana Ave. The company plans to relocate to the Village Point Professional Office Building in September. Robert Titzer of HSA Commercial and Jay Pouzer of CBRE represented the owner in the transaction.The new lease with Lakeside Wealth Management will bring the 31,210-square-foot Village Point Professional Office Building, which was developed by HSA Commercial in 2007, to full occupancy.
ANN ARBOR, MICH. — Colliers International has arranged the sale of a 34,848-square-foot vacant parcel in Ann Arbor for $5.2 million. The property, located at 350 South Fifth Ave., is in the center of downtown Ann Arbor and fronts three downtown streets: South Fifth Avenue, South Fourth Avenue and East William Street. Jim Chaconas and Brendan Cavender of Colliers International represented the seller, the city of Ann Arbor. Chaconas and Cavender also represented the buyer, Dahlmann Properties, in the transaction.
INDIANAPOLIS — Cassidy Turley has arranged the sale of a nine-building, multi-tenant industrial portfolio in Indianapolis to Chicago-based CrossLake Partners.The buildings are located in the Park 100 Business Park in the Northwest industrial submarket of Indianapolis. The portfolio totals 439,194 square feet and was 97 percent occupied at the time of the sale. Jeff Castell of Cassidy Turley represented the seller, Duke Realty Corp., in the transaction.Cassidy Turley will lease and manage the portfolio.
TRENTON, MICH. — NAI Farbman has arranged a 6,831-square-foot lease for Lakeshore Surgical Consultants PLC in the Oakwood Southshore Medical Office Building in Southeast Michigan. The facility is located at 5400 Fort St. in Trenton, approximately 25 miles southeast of Detroit. Jeff Cavazos, Laney Cavazos and Mark Yagerlener of NAI Farbman represented the landlord, Oakwood Enterprises Inc., in the transaction. John Harwood of NAI Farbman represented Lakeshore Surgical Consultants. Oakwood Southshore is a 25,000-square-foot, Class B medical building attached to Southshore Hospital. The property, built in 1992, underwent renovations in 2008.
CINCINNATI — Cassidy Turley has arranged the sale of the 811,670-square-foot Central Parke Business Park Portfolio for $34 million. The portfolio is comprised of five office buildings, five flex buildings and one retail building, Grand Central Station. The buildings are located in Norwood and Cincinnati. Locally based PBY Partners acquired the portfolio from 4600 Smith Road Holdings LLC. Jim O’Connell, Mike Sullivan and Tom Powers of Cassidy Turley represented the seller in the transaction.
APPLETON, WIS. — Marcus & Millichap has arranged the sale of the 80-room GrandStay Hotel & Suites in Appleton for $4.4 million. The hotel is located at 300 Mall Drive near the City Center Plaza. Hotel amenities include a fitness center, lobby bar, wellness pool, shuttle service, business center, cable and wireless Internet. Some of the guest rooms include fireplaces, spa tubs and luxury beds. Scott Brash of Marcus & Millichap listed the property on behalf of the seller, a private investor. Matthew Fitzgerald of Marcus & Millichap assisted in closing the transaction.
ANN ARBOR, MICH. — Colliers International has completed the sale of six parcels totaling 6.46 acres at 2830 S. Main St. in Ann Arbor. The parcels are located near Briarwood Mall on Main Street near I-94. Jim Chaconas, Brendan Cavender and Richard Timmons of Colliers represented the seller, Angela L. Jackson, Esq., a receiver. Colliers also represented the buyer, Balfour Ann Arbor LLC.
DETROIT — HopCat, a Michigan-based beer pub, has purchased the former Agave restaurant building in Midtown Detroit for an undisclosed price. Adam Goodman and Tony Schmitt of Mid-America Real Estate-Michigan Inc. and Chris Muller of M Retail Solutions represented HopCat in the transaction. Midtown Detroit Inc. was the seller of the property. This will be HopCat’s third location in Michigan. The bar has locations in Grand Rapids and East Lansing. The new Midtown location at 4265 Woodward Ave. will feature 130 taps, which is set to be the largest craft beer bar in the state. The new bar is scheduled to open in August.
Manufacturing, beer and the Green Bay Packers are typically the three things that come to mind when one thinks of Wisconsin. Although we will always love beer and our Green Bay Packers, the real estate landscape is changing. During the past decade — and even more so over the past few years — Milwaukee has begun its transformation into a hip and vibrant city and is making its mark in progressive green technologies, water research and startups. As Steve Palec, managing principal of Cresa Milwaukee, pointed out in his May 2012 article for Heartland Real Estate Business, for the first time since 2001 we are finally going to see a new office development and a change in our skyline. With the exception of the world-renowned Calatrava Art Museum and Pier Wisconsin in 2001 and 2006, respectively, Milwaukee’s lakefront has remained relatively unchanged for decades. The recession is only partly to blame. A 1915 deal made by the city of Milwaukee divided the lakeshore into land reserved for public use and land eligible for private development. Although the city entered into this agreement for several reasons, it was partially to ensure that all, not just the elite, could utilize the shores …