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.
Midwest
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 …
ROMEOVILLE, ILL. — Molto Properties plans to develop a 189,731-square-foot distribution facility in Romeoville, approximately 30 miles southwest of Chicago. The 10.8-acre development will be located at 1485 Normantown Road. The building will feature a 32-foot clear height ceiling, car and trailer parking and ESFR sprinklers. The building will be visible from I-55. Jim Estus of Colliers International will market the speculative building on behalf of Molto Properties. Meridian Design Build has been selected as the general contractor for the project.
LUDINGTON, MICH. — Spartan Real Estate Services has arranged the $8.1 million sale of a multifamily development in Ludington, approximately 58 miles north of Muskegon. Sherman Oaks Apartments, located at 700 Sherman Oaks Drive, consists of 172 two-bedroom units. Matt Callendar of Callendar Commercial represented the seller, Morren Wiltjer LLC. Wayne Loebig of Spartan Real Estate Services represented the buyer, Ludington-Sherman Oak LLC.