WARRENVILLE, ILL. — J.C. Anderson Inc. has completed a 26,610-square-foot office renovation for Symbria, a national developer and provider of therapy services, in Warrenville. The property is located at 28100 Torch Parkway, approximately 30 miles west of Chicago. Symbria, formerly Health Resources Alliance, leased office space in the Cantera Meadows office center and has moved approximately 100 employees into the new space. The eight-story, Class A office building was constructed in 1997 and features an open-plan perimeter with a two-story granite and wood lobby. J.C. Anderson completed the renovation and build-out of the firm’s new space on the sixth floor, which included the addition of an executive suite and private bath. Interior Architects provided the architectural services and Urban Innovations was the project manager on behalf of ownership.
Midwest
AUBURN HILLS, MICH. — Colliers International has arranged the lease of 67,504 square feet of office/warehouse space in Auburn Hills. Scott Industries Inc., an automation company, will occupy space at 1026 Doris Road. Peter E. Kepic, Peter J. Kepic and Ryan Brittain of Colliers International represented the tenant in the transaction. Doris Road Holdings LLC is the landlord.
CHICAGO — Marcus & Millichap has brokered the $455,000 sale of a six-unit apartment building located in Chicago. The property is located at 4952 West Roscoe St.The apartment building consists of one- and two-bedroom units and features an on-site laundry facility and window air-conditioners. Andrean Angelov, Ryan Engle and James Ziegler of Marcus & Millichap represented the seller, a private investor, and the buyer, a limited liability company.
LINCOLN, NEB. — NAI FMA Realty has arranged a 48,651-square-foot office lease for Nelnet Inc. in the Commerce Court and Wells Fargo Center in downtown Lincoln. The properties are located at 1230 and 1248 ‘O’ Street. Wells Fargo Center is an 11-story, 287,000-square-foot Class A office building. Commerce Court is a 58,500-square-foot, Class B office building attached to the Wells Fargo Center. Richard Meginnis and Tom Graf of NAI FMA Realty represented the owner, Ameritas Life Insurance Corp. Lincoln-based Nelnet is an education services company focused primarily on providing fee-based processing services and education-related products and services. The lease expands Nelnet’s local operations and provides the company with space for continued growth.
MINNEAPOLIS — NorthMarq Capital has arranged a $22 million loan for financing of Solhavn Apartments, a 137-unit multifamily property in Minneapolis. The property is located at 815 N. Second St. Dan Trebil of NorthMarq Capital structured the loan on a 14-year term. The loan includes a two-year interest only period and a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a life insurance company lender.
BELOIT, WIS. — Marcus & Millichap has brokered the $623,000 sale of an Advance Auto Parts ground lease in Beloit, located approximately 55 miles southeast of Madison. The address of the 8,500-square-foot, net-leased property is 2224 Prairie Ave. Matthew Hazelton, Adam Prins and Terry Jacobs of Marcus & Millichap’s Minneapolis office represented the seller and the buyer, both limited liability companies. Matthew Fitzgerald of Marcus & Millichap’s Milwaukee office assisted in closing this transaction.
GROVEPORT, OHIO — The Opus Group is developing a 484,216-square-foot speculative industrial warehouse building in the Opus Business Center at Rickenbacker in Groveport near Columbus. The property is located at 6201 Greene Pointe Drive South. Construction has begun on Building 8 and is slated for completion in November. The industrial warehouse building will feature a 32-foot clear height and 2,500 square feet of office space, which will be constructed with the shell allowing for quick tenant occupancy. The building will also accommodate parking for 200 cars and 50 trucks with room for additional parking. Building 8 at the Opus Business Center at Rickenbacker will be owned by a joint venture partnership between Opus Development Co. LLC and Founders Properties LLC. Opus Development will be the developer, Opus Design Build will be the design-builder and Opus AE Group will be the architect and engineer for the project. Opus has developed seven industrial buildings at Opus Business Center at Rickenbacker totaling 3.6 million square feet.
ROMEOVILLE, ILL. — Lee & Associates has arranged the lease of 15,308 square feet of warehouse space for IB Roofing Systems in Romeoville, which is approximately 30 miles southwest of Chicago. The property is located at 1225 Lakeside Drive. Jeff Galante and Terry Grapenthin of Lee & Associates represented the landlord, Venture One Real Estate. Mike Plumb and Tim McCahill of Lee & Associates represented the tenant in the transaction.
The vital signs of Cincinnati’s industrial market are collectively the healthiest they’ve been since 2007, including vacancy, absorption, lease rates, property values and investment sales activity. This uptick is particularly encouraging considering that the recovery in the Cincinnati industrial market lagged the top five markets in this property sector nationally coming out of the Great Recession. The historical 20-year average vacancy rate for Cincinnati’s industrial market has ranged between 3 and 5 percent, but rose as high as 10 percent in 2008. With overall industrial vacancy on the decline for the past seven quarters, vacancy now stands at 6.35 percent, a five-year low. Bulk Distribution Space Becomes Scarce Vacancy in the bulk distribution subsector — large warehouse buildings primarily used to accommodate e-commerce, apparel or consumer goods — has been declining for the past eight quarters and now stands at 7 percent. That’s a departure from the usual 10 to 13 percent range. In the 29 million-square-foot bulk warehouse submarket of Northern Kentucky, vacancy is less than 2 percent. Space is so limited that no Class A bulk spaces larger than 200,000 square feet are currently available in Northern Kentucky. VanTrust Real Estate LLC has begun construction on a 273,000-square-foot …
CHICAGO — NAI Hiffman has arranged the lease of 194,880 square feet of industrial space in Chicago. PECO Pallet, a provider of pallet rental services, will occupy space in the Chicago Manufacturing Campus located at 2924 E. 126th St. The space includes 20 exterior docks, abundant parking and access to the Calumet River. PECO Pallet plans to use this facility for the re-manufacturing and distribution of pallets to its grocery and consumer goods clients. Chris Gary and Howard Bergdoll of NAI represented the landlord, an institutional owner. Jeff Heymann of Colliers International represented PECO Pallet.