JACKSON TOWNSHIP, OHIO — Signet Development Ltd. has broken ground on the future headquarters for Spectrum Orthopaedics Inc. in Jackson Township, a southern suburb of Akron. The two-story facility, located at the corner of Frank Avenue and Applegrove Street, will span 44,000 square feet and include medical offices, an MRI suite, a physical therapy suite and a ambulatory surgery center. Spectrum will consolidate four of its existing offices in one location. The project is slated for completion in the fourth quarter of 2014. Signet Equity Partners and Signet Capital provided funding for the project. Ed Matuszak, president, led the Signet Equity Partners team that provided the equity. David Fumi, managing director, led the Signet Capital team that provided the debt.
ST. JOHN, MEADE AND COLDWATER, KAN. — The Boulder Group has completed the $2 million sale of a three-property portfolio leased to Dollar General in Kansas. The single-tenant properties, which average 9,036 square feet, are located in St. John, Meade and Coldwater. Dollar General has 5.5 to 6.5 years of lease term remaining at the properties. Each of the leases features three five-year renewal option periods with 10 percent escalations. Two of the properties were constructed in 2009, while the other was built in 2010. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private real estate investor. The buyer was a private individual.
DETROIT — The state of Michigan announced Friday that it would pay to demolish Joe Louis Arena after the Detroit Red Wings move into their planned new $450 million home in 2017 or 2018. Tearing down the stadium is part of an agreement approved last week between the city and the owner of the Red Wings — a complex $650 million deal still going through government approval, according to The Detroit News. The deal is contingent upon other approvals needed by April 1, 2014 from the Detroit City Council, the Red Wings owners and the Detroit Downtown Development Authority (DDA). The plan calls for a $450 million sports and entertainment center and $200 million in new residential, retail and office development in a 45-block area that reaches from Grand Circus Park to Charlotte Street between Woodward Avenue and Grand River Avenue. The DDA would own the arena and Olympia Development would operate and maintain it.
BEDFORD PARK, ILL. — The Missner Group has completed a 65,000-square-foot renovation for Famsa USA in Bedford Park, a southwest suburb of Chicago. Principal Real Estate Investors owns the property, located at 6733-6755 W. 65th St. Famsa sells furniture, electronics and appliances on credit to clientele throughout Mexico and the United States. Famsa recently leased space at the Bedford Park property for its warehouse operations. Construction at the multi-tenant property included 62,000 square feet of warehouse improvements and 3,000 square feet of office renovations. Drue Stoehr, vice president of construction at The Missner Group, was the project executive. Curt Burns, senior project manager, and Angelo Christopher, superintendent, led the construction efforts. The Interior Design Group Ltd. provided architectural services. Larry Much of NAI Hiffman represented both the tenant and the landlord in lease negotiations. CBRE is the asset manager of the property.
MINNETONKA, MINN. — Paster Enterprises has purchased the Highland Bank Building, a 20,149-square-foot office property in Minnetonka, a southwest suburb of Minneapolis. Located at 1730 Plymouth Road, the building is anchored by a 5,517-square-foot Highland Bank and a 3,608-square-foot Avada Audiology & Hearing Care. Additional tenants include A&H Intermediaries, American Family Insurance, Carlstrom Jewelry, Chef’s Classic Fine Foods, Choice Insurance Agency, Elite Medical Scribes, Hannon & Sandler DDS, Lisa Verna, Lynn KlickerUthe and Slack & Young.
FERGUSON, MO. — CSL Plasma has leased 15,000 square feet at Crossings at Halls Ferry in Ferguson, located about 12 miles from downtown St. Louis. Crossings at Halls Ferry is a retail center located at the northwest corner of Interstate 270 and Old Halls Ferry Road. Tenants at the property include The Home Depot, Shop N Save, Anna's Linens, Party City, DTLR and Ashley Stewart, according to LoopNet.com. St. Louis-based L3 Corp. represented the landlord, Crossings Shopping Center LP, in the transaction. CSL Plasma is one of the largest collectors of human plasma in the world.
Strong occupancy throughout the Minneapolis metro area is driving construction activity, and developers are hurrying to get projects off the ground ahead of competitors. Leasing activity is underway for a number of luxury high-rise projects coming on line in the city, heightening competition for renters who desire and can afford top-end amenities. Projects in vibrant locations, such as the Mill & Main Apartments across the river from downtown Minneapolis, have been well received. The Mill & Main building, which is nearly 70 percent leased, has views of the Mississippi River and downtown. New luxury apartments are attracting many nontraditional first-time renters, such as empty nesters. This trend is likely to expand the renter pool across the area as recovering housing prices give the large baby boom cohort more options when selling and downsizing. The higher rents that luxury properties command have reset the bar for Class A rents. Existing Class A properties near top-tier apartments will likely benefit because they can raise rents and remain more affordable than the newer units. Development Pipeline Nearly 3,000 apartments have been delivered in the metro area during the past 12 months, including 2,100 market-rate units. So far in 2013, approximately 1,000 rentals have …
GRANGER, IND. — Hampton Hotels has broken ground on the 99-room Hampton Inn & Suites Mishawaka in Granger, located about 10 miles northeast of South Bend. Each guest room at the four-story hotel will feature high-speed Internet, refrigerator, microwave, hair dryer, iron and ironing board, 42-inch LCD television and Serta Suite Dreams beds. The hotel will also include a two-story lobby, business center, indoor swimming pool, a 675-square-foot fitness center and 500 square feet of meeting room space. The development is a joint venture between Holladay Properties, the owners of the Hilton Garden Inn South Bend/Gillespie Conference Center, and Gateway Hospitality Group, which will oversee construction. The hotel will be located at 7347 Heritage Square Drive and is slated for a fall 2014 completion.
WHITEWATER, WIS. — Marcus & Millichap has arranged the $6.2 million sale of Fox Meadows, a 73-unit apartment property in Whitewater. Scott Harris, an investment specialist in Marcus & Millichap’s Oak Brook, Ill. office marketed the 61,836-square-foot property on behalf of the seller, a private investor. Matthew Whiteside, an investment specialist in Marcus & Millichap’s Milwaukee office, represented the buyer, a limited liability company, in the transaction. Fox Meadows is located at 291 N. Fraternity Lane, about 44 miles southeast of Madison. Built in 1985, the 9.3-acre property is within two blocks of the University of Wisconsin-Whitewater campus. The property includes four one-bedroom apartments, 60 two-bedroom units and nine three-bedroom residences.
NAPERVILLE, ILL. — The Boulder Group has completed the $3.8 million sale of a net-leased Brunswick Zone XL property located at 1515 West Aurora Ave. in Naperville. Brunswick Zone XL has operated at this location since 1997 and recently extended its lease through June 2018. The 80,425-square-foot building is situated on a 6.9-acre parcel, about 34 miles west of Chicago. Brunswick Zone XL offers 40 lanes of bowling, 16 billiard tables, event rooms, game zone arcade, laser tag, bumper cars and a bar. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Maryland-based private partnership, in the transaction. The purchaser was a 1031 exchange buyer.