INDIANAPOLIS — Fast casual chain Corner Bakery Cafe has signed a multi-unit development agreement with a new franchisee to open several restaurants in Indianapolis later this year, and more in the next six years. Last month, the company announced plans to open nine new restaurants in California's Central Valley. Corner Bakery is actively seeking to expand into new markets including Alabama, Minnesota, Missouri, North Carolina, Ohio and Tennessee.
Midwest
STERLING HEIGHTS, MICH. — Colliers International has arranged a 13,795-square-foot industrial lease at 6699 Metropolitan Parkway in Sterling Heights. Peter E. Kepic, Peter J. Kepic and Ryan Brittain of Colliers International represented both the tenant, CleanTech Environmental Inc., and the landlord, American & Import Auto Parts Inc. in the transaction.
CHICAGO — Retrofit Chicago’s Commercial Buildings Initiative has accepted Michigan Plaza, located at 205 | 225 N. Michigan in Chicago into its program. The City of Chicago initiated the program in 2012 to promote and assist properties that were identified as candidates to lower energy consumption during a five-year period by 20 percent. As part of the Retrofit Chicago program, the City of Chicago is offering incentives to participating properties, including additional access to resources, permit prioritization and the recognition of achievements through promotional marketing. The city expects to reduce energy use by 20 percent in 24 million square feet within the next five years. This is the second property managed by MB Real Estate to be accepted into the Retrofit Chicago program. In 2012, the firm announced the participation of 333 N. Michigan as well. The Retrofit Chicago program is outlined by the federal government’s strategy to reduce energy costs in buildings.
GRINNELL, IOWA — Hubbell Realty Co.’s rehabilitation of two Spaulding Center buildings in suburban Des Moines was selected to receive an affordable housing tax credit award of $604,500 from the Iowa Finance Authority (IFA). Hubbell had been pursuing the funding sources to bring Spaulding Lofts, a 77-unit apartment community in Grinnell, to fruition. With the funding in place, construction on the development is slated to begin in the fall. The Spaulding Center was originally built in the 1870s and is the former home of Spaulding Manufacturing Co., an automobile manufacturer. The $12.5 million conversion of these facilities into Spaulding Lofts will result in the creation of 41 one-bedroom and 36 two-bedroom lofts.
LAWRENCE, KAN. — The BA Green / Weitz joint venture team has broken ground on two new Daisy Hill Residence Halls for the University of Kansas at 1600 Stewart Drive in Lawrence. The new $41 million residence halls will replace the 50-year-old McCollum Hall, which will be demolished following the completion of the new halls. The new buildings will feature a two-story common area and be flanked by two five-story residence towers with two- and four-person suites. The new residence halls are slated for a August 2015 opening. The University of Kansas Design Construction Management department in collaboration with KU Student Housing will manage the design and construction process along with project architect Treanor Architects.
CIRCLEVILLE, OHIO — Marcus & Millichap has arranged the $2 million sale of Twin Oaks Apartments, 60 apartment units and four retail spaces in Circleville, a southern suburb of Columbus, Ohio. The 61,208-square-foot property, built in 1978, is located at 935 S. Court St., about 30 minutes south of Columbus. A local group purchased the property. Michael Barron, Dan Burkons, Josh Wintermute, Jordan Marshall and Richard Lattro of the Barron, Burkons, Wintermute Group of Marcus & Millichap, as well as Mark Lovering and Brett Hatcher, also with the firm, marketed the property on behalf of the seller.
BROADVIEW, ILL. — Reliable Industries has sold its 16,600-square-foot manufacturing facility at 1920 Beach St. in Broadview. Indian Joe Properties purchased the building, which is now fully leased by custom closet designer Crooked Oak. Duke Botthof and Steve Sullivan with NAI Hiffman’s industrial services group represented Reliable Industries in the transaction. Dave Prioletti of CBRE represented the buyer.
Optimism abounds in the Twin Cities apartment market, and for good reason. It’s a top performer in the Midwest, and ranks high in the nation overall. The key indicators are compelling: low vacancies with rental rates rising; steady apartment sales; robust new development, especially in core urban and first-tier markets; and flowing pipelines. Among 52 metropolitan areas showing the most economic momentum heading into 2014, Minneapolis/St. Paul ranked No. 14, according to the Praxis Strategy Group. Criteria included GDP growth, job growth, real median household income growth and current unemployment. Property owners, buyers, developers and funding sources are all benefiting from a strengthening apartment market, a trend that began in 2009. Although statistics vary by source, there is consensus on future apartment trends in the seven-county metro area. For apartment owners, a tight rental market means growing revenues, a far cry from the glut of vacant units that existed a few years ago. Last year, vacancy rates averaged 2.8 percent, compared to 7.9 percent in 2009, according to real estate research firm Reis. A boon for landlords, rising rents are forcing many lower-income renters out of the cities into the suburbs. Statistics show the average rent in the Twin Cities …
CHICAGO — CA Student Living and MCJ Development, headed by Chicago developers Keith Giles and Mike Moyer, have acquired the Old Colony building in the Chicago Loop area. The firms are planning to transform the landmark building into student apartments. The new apartments will be fully furnished and feature open floor plans with wood grain flooring, European style kitchens, stainless steel appliances and flat screen TVs. The building will also include a 24/7 Wi–Fi study lounge with coffered ceilings and health club-like fitness center on the second floor, as well as a private residents-only rooftop event space with outdoor grilling terrace and panoramic city and lake views. The 17-story Old Colony building, designed by Holabird and Roche Architects, was constructed in 1894 and most recently operated as partially occupied office building.
GREENFIELD, IND. — Tikijian Associates has arranged the sale of Greenfield Knoll Apartments, an 80-unit property in Greenfield, an eastern suburb of Indianapolis. The property was built in the late 1980s and is located in two adjacent locations east of State Road 9. Tikijian Associates represented the seller, Broad Ripple Equity Investors, in the transaction. Muesing Management, an Indianapolis-based owner and management company, purchased the property. Terms of the transaction were not disclosed.