FENTON, MO. — KP Development, a St. Louis-based build-to-suit developer, has agreed to purchase the former Chrysler assembly plant in Fenton, located about 20 miles southwest of Fenton. KP plans to redevelop the 294-acre site into new industrial and office spaces. Specific details about the proposed development were undisclosed. Local, state and federal officials have been trying to attract a buyer for the plant site since Chrysler closed its operations there in 2009, according to KP Development.
MACOMB TOWNSHIP, MICH. — Bernard Financial Group has arranged a $2 million loan on behalf of Retail Works Funding LLC for Mill River Marketplace, an 11,440-square-foot retail property in Macomb Township. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan. Starwood Mortgage Capital LLC was the lender. The shopping center is located at the intersection of Hall and Garfield roads, about 30 miles north of Detroit.
CHICAGO — Reed Construction has been selected for a 22,000-square-foot tenant build-out at 100 N. Riverside Plaza in Chicago on behalf of new tenant, Carroll McNulty & Kull. The law firm is opening a new office in Chicago and has selected the 770,000-square-foot, 36-story, Class A office property in Chicago’s West Loop for its new location. The build-out will include new stone flooring at the reception area, carpet and paint throughout, updated millwork at three pantries and upgraded washroom facilities. Bryan Krueger, project executive, and Steve Sandquist, project manager are leading the construction team for Reed. Interior Architects is providing design services. Cushman & Wakefield is acting as the owner’s representative. Construction is slated for completion in January 2014.
Revitalization efforts in Detroit are underway and drawing residents and businesses back to the city. These measures aim to improve downtown Detroit’s streets and parks, enhance outdoor activities to increase foot traffic and attract new retailers, jobs and residents. In addition, construction will begin later this year on 3.3 miles of the M-1 light rail line, which will run mainly down Detroit’s Woodward Avenue between downtown and the New Center neighborhood, attracting redevelopment along the route. These efforts, coupled with a growing desire of many young professionals and downsizing baby boomers to live in an urban setting, have led to tightening vacancy rates in the downtown core. Although there is no hard data collected on apartment vacancies in the downtown market, developers claim vacancy in some pockets is below 4 percent. The vacancy rate across the metro area currently stands at 4.4 percent. As a result, some vacant buildings such as the former Broderick Tower, Detroit Savings Bank and the David Whitney office building are being put to new use as apartments. Older apartments are also being renovated, some of which are being converted to luxury units, such as the Griswold Apartments. As renters in these properties are relocated, occupancy …
ANN ARBOR, MICH. — Bernard Financial Group has arranged a $9.5 million loan for South Industrial Portfolio, which includes three flex buildings in Ann Arbor. The portfolio totals 99,859 square feet and is within close proximity to the University of Michigan main campus. 2725/2805 Associates LLC was the borrower and Starwood Mortgage Capital was the lender. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan.
INVER GROVE HEIGHTS, MINN. — Phillips Edison – ARC Shopping Center REIT Inc., through a wholly-owned subsidiary, purchased Cahill Plaza, a 69,000-square-foot shopping center in Inver Grove Heights, for $8.4 million. SCP PE Cahill LLC, a Minnesota-based limited liability company, sold the grocery-anchored shopping center. Cahill Plaza is 96 percent leased to seven tenants, including a Cub Foods grocery store, which occupies approximately 75.4 percent of the property.
WAUKESHA, WIS. — The Vault, LLC has purchased a 29,950-square-foot industrial building at 1450 W. Ave. in Waukesha. The purchase price was undisclosed. The building, formerly occupied by package and label manufacturer Lauterbach Group, is located on five acres. Rand Wolf of The Boerke Co. represented the seller, Moe, Larry, & Curly LLC, in the transaction.
BANNOCKBURN and DEERFIELD, ILL. — NAI Hiffman has represented two owners and one tenant in three separate transactions totaling nearly 24,000 square feet of office space in Chicago’s north suburban market. In Bannockburn, Marathon Capital expanded its lease for 9,367 square feet at FGMK LLC’s property located at 2801 Lakeside Drive. At 1751 Lake Cook Road in Deerfield, L’Oreal USA signed a new lease with James Campbell Co. for 7,052 square feet of office space. Just down the street at 111 Deer Lake Road, ECD Co. signed a lease renewal with Green & Associates for 7,500 square feet. Michael Flynn and Jason Wurtz with NAI Hiffman’s office services group represented FGMK, LLC, L’Oreal USA and ECD Co. in the three separate transactions. Tim Hart of Colliers International represented Marathon Capital; Adam Showalter of CBRE represented James Campbell Co.; and Vic Sanmiguel and Peter Billmeyer of Chicagoland Commercial represented Green & Associates.
EDEN PRAIRIE, MINN. — Cypress Equities has acquired Eden Prairie Center, a 1.1-million-square-foot retail property in Eden Prairie, a suburb of Minneapolis. General Growth Properties listed the property for $99 million, according to the Minneapolis Star Tribune. Eden Prairie Center is a two-level, enclosed shopping center that has served the southwest suburbs of the Twin Cities since its opening in 1976. The mall features more than 100 shops and restaurants and boasts annual shopper visits exceeding 12 million. Completely renovated and expanded in 2001, the mall is anchored by Von Maur, Target, Kohl’s, Sears and JC Penney. The property also features an 18-screen AMC Theatres, Barnes & Noble Booksellers, Wildfire Steaks, Chops & Seafood, Biaggi’s Ristorante Italiano, Panera Bread and the new Prairie Tap House. Matthew Friday, senior vice president and market leader for SRS Real Estate Partners in Minneapolis, assisted Cypress Equities with the acquisition.
WEST DES MOINES, IOWA — Watermark Residential has begun construction of Watermark at Jordan Creek, a 176-unit, Class A multifamily community in West Des Moines. Terre Haute, Ind.-based Thompson Thrift Construction is the project’s general contractor. The community will include four four-story, wood-frame buildings and feature some parking in detached garages. Other amenities include a resort-style pool and a large clubroom. Watermark at Jordan Creek is located on a 9.2-acre site at the northeast corner of Stagecoach Drive and South 68th Street. The project is slated for completion in 2015. Dallas-based Humphreys & Partners Architects is the architect for the project.