Midwest

BUILD-OUT COMPLETE AT CONGRESS CENTER

by admin February 4, 2014

CHICAGO — J.C. Anderson has completed multi-floor renovations and build-outs for Daymark Realty Advisors at 525 W. Van Buren St. in Chicago. The 16-story, 524,800-square-foot property, which is known as Congress Center, was constructed in 2001. J.C. Anderson was hired to complete a build-out on the 10th and 14thfloors, as well as corridor renovations on the 7th, 10th and 14th floors. Steve Boulukos of J.C. Anderson was the project executive. Baumann Studios provided architectural services for the project.

February 4, 2014

WALDORF ASTORIA RETAIL SPACE SELLS FOR $44M

by admin February 3, 2014

CHICAGO — New York-based Acadia Realty Trust has acquired the retail space at the base of the 188-unit Waldorf Astoria Chicago, located at 11 E. Walton St. in Chicago, for $44 million. Tenants of the 6,738-square-foot space include Marc Jacobs and Saint-Laurent. Adam Secher and Janika Brenner of Baum Realty Group, along with Cushman & Wakefield, brokered the sale.

February 3, 2014

Industrial Midwest

66,617 SF INDUSTRIAL PROJECT COMPLETED IN ILLINOIS

by admin February 3, 2014

BARTLETT, ILL. — MB Real Estate, serving as project manager, has completed the construction of an industrial document storage facility located within the Brewster Creek Business Park in Barlett for RhinoDox. Located on the corner of Munger Road and Humbracht Circle, the 66,617-square-foot property features 28-foot clear heights, two interior docks, two drive-in doors and extensive landscaping. The site is designed to accommodate a 24,000-square-foot expansion and parking for 97 vehicles. Premier Design & Build Group provided general contracting services, and Cornerstone Architects served as project architect for the project. NAI Hiffman represented RhinoDox in site selection. Headquartered in Glendale Heights, Ill., RhinoDox, which was formerly Federal Record Storage MDMC, was established in 1913. The company offers off-site hardcopy document storage, document scanning and imaging, enterprise content management systems, eForms and document workflow.

February 3, 2014

Midwest Office

MT FOOD SERVICES PLANS 60,000 SF BUILD-OUT

by admin February 3, 2014

CHICAGO — MT Food Services has selected The Missner Group to complete an office/warehouse renovation and build-out for its 60,000-square-foot facility located at 400 N. Noble St. in Chicago. The industrial facility features 40,000 square feet of warehouse space with 21-foot clear heights, six exterior docks and two drive-in doors, as well as 20,000 square feet of office space. Glen Missner is the principal overseeing the project and Curt Burns of The Missner Group is serving as project manager. Cornerstone Architects is providing architectural services for the project, which is scheduled for completion in April.

February 3, 2014

Midwest Retail

20,000 SF BED, BATH & BEYOND OPENS IN MISSOURI

by admin February 3, 2014

OSAGE BEACH, MO. — A 20,000-square-foot Bed, Bath & Beyond has opened at Lakeview Pointe Shopping Center in Osage Beach. With this opening, approximately 137,000 square feet of the 150,000-square-foot, Dierbergs-anchored shopping center will be occupied. The center is occupied by The UPS Store, JJ Twigs Plaza, Great Clips, Eyes on Missouri, All-Pro Realtors, Dick’s Sporting Goods, The St. Louis office of Capitol Realty Group is the leasing agent for the center.

February 3, 2014

Midwest Restaurant

PIZZA HUT SIGNS FOUR LEASES IN MICHIGAN

by admin February 3, 2014

LIVONIA, MADISON HEIGHTS, FERNDALE AND BIRMINGHAM, MICH. — Pizza Hut has signed four leases for restaurant space in Southeast Michigan. Totaling 5,566 square feet, the leases are located at Wonderland Village in Livonia; a new development at 14 Mile and John roads in Madison Heights; Ferndale Avenue Shoppes in Ferndale; and a center on Woodward Avenue in Birmingham. Adam Goodman of Mid-America Real Estate-Michigan represented Pizza Hut in the transactions.

February 3, 2014

Market Reports Midwest Market Reports Missouri

Kansas City Apartment Market Riding High on the Real Estate Cycle

by admin February 3, 2014

The apartment market in metro Kansas City is in an expansion phase, driven in large part by strong renter demand and an improving economy. Developers are building and opportunistic sellers are bringing properties to market. Meanwhile, the core, growth and value-add investors are gobbling up assets. Lenders are competitively financing both acquisitions and new developments in all classes of properties. Renters can feel the momentum as well, with more product to choose from and higher rents. Employment Summary It all starts with jobs. The Mid-America Regional Council, which serves the nine-county Kansas City metro area, estimates that the local economy added 12,300 jobs in 2013, correlating to annual GDP growth of 2.7 percent. This figure compares favorably with U.S. GDP growth of approximately 2 percent during the same period. The 12-month period from August 2012 to August 2013 provides a window into the rebound in the local employment market. The leisure and hospitality sector created 5,800 net new jobs during that stretch, while the professional and business services sector added 5,700 new jobs. Meanwhile, the mining, logging and construction industries added a total of 2,600 jobs in the metro area (mostly construction), including 1,900 in Kansas and 700 in Missouri. …

February 3, 2014

Midwest Multifamily

TWO MULTIFAMILY PROPERTIES SELL FOR $18.95M IN CENTRAL ILLINOIS

by admin January 31, 2014

SPRINGFIELD, ILL. — Marcus & Millichap has arranged the $18.95 million sale of two multifamily apartment complexes in Springfield. Located at 1516 7 Pines Road and built in 1986, the 288-unit Orchard Park Apartments and the 120-unit Orchard Park South Apartments were 94 percent occupied at the time of sale. Orchard Park Apartments features one-, two- and three-bedroom suites offering full-size washer/dryer, spacious closets, separate dining rooms and storage space. Community amenities include a fitness center, outdoor swimming pool, on-site laundry facilities and on-site maintenance. Orchard Park South offers two-bedroom/one-bath suites, with an average unit size of 988 square feet. Each suite features a full-size washer/dryer, spacious closets, storage space and ample parking. James Walsh, senior vice president investments with Marcus & Millichap’s Chicago downtown office, represented the seller, the property developer; the buyer was a Chicago-area private investor representing a family investment trust. Rick Lynn, director at Marcus & Millichap Capital Corp. Chicago Oak Brook office, arranged a loan for 75 percent of the purchase price from two local banks

January 31, 2014

Midwest Retail

PINE TREE ACQUIRES MIDWEST RETAIL CENTER FOR $17.6M

by admin January 31, 2014

KANSAS CITY, MO. — Pine Tree Commercial Realty, in conjunction with Wanxiang America Corp. and Osprey Real Estate Capital, has acquired the Shoppes at Shoal Creek in Kansas City, Mo., for $17.6 million. The retail center is located along North Flintlock Road. Built in 2005, the 97,085-square-foot shopping center was 97 percent occupied at the time of sale. Best Buy and OfficeMax anchor the property, and a 15,600-square-foot La-Z-Boy is currently under construction and expected to open this summer. Associated Bank provided $12.75 million in acquisition and construction financing, which was arranged by Bill Barry of Draper & Kramer. Pine Tree Commercial Realty is based in Northbrook, Ill.

January 31, 2014

Midwest Retail

CONSTRUCTION UNDERWAY FOR TWO MIDWEST RETAIL CENTERS

by admin January 31, 2014

MT. VERNON AND EVERGREEN PARK, ILL. — Northbrook, Ill.-based Pine Tree Commercial Realty is in the process of redeveloping one retail center and constructing another in Illinois. In partnership with The Sansone Group and Wanxiang America Corp., the company is redeveloping the Times Square Mall at 42nd and Broadway streets in Mt. Vernon with a targeted completion date of late spring. The 281,000-square-foot mall is anchored by JC Penney, Hobby Lobby, Ross Dress for Less and Big Lots. Associated Bank provided $12.8 million in construction financing, which was arranged by Bill Barry of Draper & Kramer. In Evergreen Park, Pine Tree and Inland Real Estate Corp. have joined with lead developer Chicago-based IBT Group to develop Evergreen Promenade, a 92,512-square-foot shopping center. Located west of Western Avenue along 95th Street, the property will be anchored by Mariano’s Fresh Market and Petsmart. Construction is slated for completion late summer of this year. PNC Bank is providing construction financing for the project.

January 31, 2014

Newer Posts

Older Posts