ROCHESTER HILLS, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 26,310-square-foot industrial space in Rochester Hills, Mich. The property is located at 1949 Rochester Industrial Drive. Meridian Real Estate Investment LLC sold the space to Rochester Industrial Associates LLC. Phil Konopitski of Friedman represented the buyer in this transaction.
Midwest
CHAMPLIN, MINN. —The city of Champlin, a suburb of Minneapolis, has selected Cassidy Turley to market 10 acres of a 60-acre riverfront site. The site is located at the Mississippi and Rum rivers and is across from the historic town of Anoka. Jim McCaffrey and Julie Lux of Cassidy Turley will market the land on behalf of the seller. The city of Champlin has invested more than $15 million to acquire several parcels of land for the development of Mississippi Crossing, a proposed mixed-use project. The development calls for 450 new rooftops and 185,000 square feet of new commercial space. The city of Champlin is the master developer for the project and plans to sell land parcels to multifamily developers.
EUCLID, OHIO — Dougherty Mortgage LLC has arranged a $9.2 million loan for the refinance of a 738-unit affordable housing property in Euclid, a suburb of Cleveland. Euclid Apartments is located at 27181 Euclid Ave. Dougherty originated the 13-year term, 12.5-year yield maintenance loan for Euclid Leased Housing Associates I LP.
FARMINGTON HILLS, MICH. — The Boulder Group has arranged the $1.4 million sale of a new McDonald’s ground lease in Farmington Hills. The 1.4-acre parcel is located along Grand River Avenue in metro Detroit. McDonald’s is the sole occupant of the 4,500-square-foot building. The property is fully leased to McDonald’s with 20 years remaining on the lease. The lease has escalating rents in the primary term and renewal option periods. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based investment firm. A California-based high-net-worth investor purchased the property in a 1031 tax-deferred exchange.
MELROSE PARK, ILL. — Peak Construction Corp. will complete an office build-out and warehouse modifications on a 156,235-square-foot building for DHL Global Mail. The property is located near North and 25th avenues in Melrose Park, a western suburb of Chicago. KTR Capital Partners awarded Peak the tenant improvement project. Construction is set for completion in July.
ANN ARBOR, MICH. — Colliers International has arranged the lease of a 5,812-square-foot property in Ann Arbor for FarmLogs Inc. The farm management software company will occupy space on the second floor of a building located at 410 N. Fourth Ave. in the Kerrytown Market and Shops retail center. FarmLogs is expanding and relocating its Ann Arbor office to the new space. Brendan Cavender and Jim Chaconas of Colliers International Ann Arbor represented FarmLogs in the transaction.
The outlook for the West Michigan industrial real estate market remains optimistic due to consistent levels of sales and leasing activity, according to Colliers International. The industrial market has recorded six successive quarters of positive absorption despite the market seeing a major shortage of high-quality inventory. Some 522,717 square feet was absorbed during the fourth quarter alone, lowering the vacancy rate to 6.57 percent. With options for space becoming more limited every day, new construction is an important consideration for many companies. That option, however, requires vacant land on which to build. Consequently, vacant land sales have emerged as the focus of many industrial real estate transactions. Construction of industrial space has reached its highest level in eight years — 419,000 square feet completed in 2013 and 792,000 square feet underway and projected for 2014. We’ve experienced more land sales in the last six months than we’ve seen in the last six years. Our industrial team has recently closed or put under contract more than 150 acres of vacant land, and much of that acreage is slated for new construction. Ambitious Plans Several projects have already begun, including the 110,000-square-foot expansion that Undercar Products Group began occupying in November 2013, …
ST. LOUIS — Marcus & Millichap has brokered the $11.8 million sale of a four-property portfolio of La Quinta Inns. Two of the hotels are located in St. Louis, Mo., one is in Tallahassee, Fla. and one is in Knoxville, Tenn. The St. Louis properties include a 136-room hotel in the Maryland Heights suburb; and a 104-room hotel in proximity to Lambert St. Louis International Airport. Two of the properties will be rebranded into Baymont Inn & Suites hotels and two will take the name Motel 6. Marcus & Millichap represented the seller, a Dallas-based hospitality firm and the undisclosed California-based buyer.
LINCOLNWOOD, ILL. — The Missner Group has been selected to renovate a 15,500-square-foot existing building into a new medical office facility for the Illinois Bone & Joint Institute. The property is located at 6540 N. Lincoln Ave. in Lincolnwood, a northern suburb of Chicago. The building was formerly a small auto dealership and showroom. The Missner Group will demolish components of the property, leaving the exterior shell intact. Renovations will include the addition of a new roof, the incorporation of windows along both sides of the building and the construction of an entrance canopy. New mechanical, electrical and plumbing systems will also be added throughout the space. Upon completion, the new building will feature private offices, meeting and conference rooms, medical exam rooms, physical and occupational therapy facilities, X-ray suites and medical storage space. Construction is scheduled for completion in fall 2014. Debb Kosich LLC is the developer and Stephen Rankin & Associates is providing the architectural services for the project. Chicago-based Illinois Bone & Joint Institute specializes in the diagnosis, treatment and management of injuries and diseases of the musculoskeletal system. The orthopedic care center has more than 20 locations. This is The Missner Group’s fourth project for the …
CHICAGO — The Boulder Group has arranged the $1.6 million sale of a retail condo in Chicago. The property is located at 3718 N. Southport Ave. in the Lakeview neighborhood’s Southport Corridor, a popular shopping destination. Tenants at the retail condo include Bank of America and Massage Envy. Bank of America recently exercised its first renewal option and has two years remaining on their lease. Massage Envy has more than eight years remaining on its recently signed lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based developer, in the transaction. A West Coast-based investor purchased the property in an all-cash transaction.