Midwest

FIRST SPEC INDUSTRIAL BUILDING IN ST. LOUIS SINCE 2007 IS UNDERWAY

by admin December 10, 2013

ST. LOUIS — TriStar Properties has begun development on the first speculative industrial building to be constructed in St. Louis since 2007, according to Cassidy Turley. The 540,000-square-foot, Class A facility at Gateway Commerce Center is slated for completion in summer 2014. The building, which is located at the intersection of Interstates 270 and 255, will provide expansion capabilities to more than 1 million square feet. Gateway Commerce Center features approximately 10 million square feet of industrial development and is home to tenants such as Unilever, Procter & Gamble Co., Ozburn-Hessey Logistics and Hershey. Ed Lampitt, senior vice president at Cassidy Turley, will lead leasing efforts for the spec facility.

December 10, 2013

M&M ARRANGES $2.9M SALE OF 8,544 SF RETAIL PROPERTY

by admin December 10, 2013

WEST DUNDEE, ILL. — Marcus & Millichap has arranged the $2.9 million sale of West Dundee Shops, an 8,544-square-foot retail property in West Dundee, located about 40 miles west of Chicago. Austin Weisenbeck, Adrian Mendoza and Sean Sharko, investment specialists in Marcus & Millichap’s Oak Brook office, represented the seller, a limited liability company, and the buyer, a private investor. Located at 210 – 230 N. 8th St., the property is fully leased to three national tenants, including FedEx, Sprint and Jimmy John's. FedEx has occupied its space for 15 years, while Sprint and Jimmy John’s have occupied their spaces for 10 years.

December 10, 2013

Midwest Retail

COOPER ARRANGES $1.8M SALE OF 91,522 SF SHOPPING CENTER

by admin December 10, 2013

COLUMBUS, OHIO — The Cooper Commercial Investment Group has arranged the $1.8 million sale of the South Pointe on High Retail Center & MarketPlace in Columbus. Dan Cooper, president and broker of Cooper Commercial, represented the owner, a national bank, while the buyer was a private investor from Oklahoma. The 91,522-square-foot center features a variety of tenants, including Chase Bank, Little Caesar’s Pizza, Saturday’s Hair Salon, the U.S. Armed Forces Career Center and Aaron’s Rents.

December 10, 2013

Midwest Mixed-Use

MILHAUS OPENS $30M MIXED-USE PROPERTY IN INDIANAPOLIS

by admin December 9, 2013

INDIANAPOLIS — Residents have begun to move into the Artistry, a $30 million mixed-use development undertaken by Milhaus Ventures in downtown Indianapolis. Located at 451 E. Market St., the first phase of the five-story property includes 258 residential units and 68,000 square feet of office space. Artistry features studio, one-, two- and three-bedroom apartments and amenities such as an art gallery and a rooftop pool with views of downtown. The property also includes two courtyards featuring an outdoor kitchen, vegetable garden, bocce ball court, putting green and sitting areas. Milhaus also plans to build a movie theater, café, wellness studio and aqua lounge. Construction on Phase I is slated for a spring 2014 completion, followed by construction of Phase II, which includes 242 units.

December 9, 2013

Hospitality Midwest

M&M ARRANGES $2.2M SALE OF 113-ROOM HOSPITALITY PROPERTY

by admin December 9, 2013

PLYMOUTH, MINN. — Marcus & Millichap has arranged the $2.2 million sale of the Days Inn Plymouth West/Minneapolis, a 113-room hospitality property located in Plymouth, a western suburb of Minneapolis. Jon Ruzicka, a hospitality investment specialist, and Gordon Allred, vice president of investments at Marcus & Millichap, represented the seller, a private fund, and the buyer, a limited liability company. The four-story property is located near the intersection of Interstate 494 and Highway 55 at 2955 Empire Lane. The buyer plans to renovate the property.

December 9, 2013

Industrial Midwest

ML REALTY PARTNERS ANNOUNCES NEW CHICAGOLAND LEASE

by admin December 9, 2013

LOCKPORT, ILL. — PressSense Pressure Sensitive Papers Inc. has leased 52,005 square feet of warehouse space at Heritage Crossing Corporate Center in Lockport, located about 38 miles southwest of Chicago. The industrial warehouse property at 14503 Gougar Road spans 121,800 square feet. Polly Ozack, president of Winner’s Edge Inc., represented PressSense in the transaction. Dan Leahy, Mark Moran, and John Whitehead of NAI Hiffman represented the landlord, ML Realty Partners LLC. PressSense Pressure Sensitive Papers is a distributor of specialty label paper and print media.

December 9, 2013

Midwest Office

J.C. ANDERSON COMPLETES 20,000 SF BUILD-OUT FOR RIGHTPOINT

by admin December 9, 2013

CHICAGO — J.C. Anderson Inc. has completed a 20,000-square-foot office build-out for Rightpoint, a technology consulting firm, at 29 N. Wacker Drive in Chicago. The firm relocated its headquarters from 626 W. Jackson in Chicago to the Windy City’s Central Business District. The move doubled the space for the growing firm, which was founded in 2007. The new office space includes conference rooms, private offices, a pantry area and an open floor plan. Construction also featured millwork finishes, high-end barn doors and exposed ceilings. Joe Maguire was the project executive for J.C. Anderson Inc. Matt Kantro, project manager, and Darrel Panfil, superintendent, also of the firm, led the construction team. Holabird & Root provided the architectural services.

December 9, 2013

Market Reports Midwest Market Reports Missouri

Corporate Expansions, Millennials Lead Surge in Downtown St. Louis

by admin December 9, 2013

Downtown St. Louis has always marched to the beat of a different drummer. Despite a sluggish economy and a history of major corporations leaving for a variety of reasons, the downtown office market has experienced steady, incremental growth that has been reflected by the positive absorption since 2009. Much of this growth is due to tenants looking to expand or relocate in order to take advantage of the many options downtown, which generally are less expensive than suburban locations. Since 2012, downtown St. Louis has gained 425,000 square feet of positive absorption in the office sector. New Life for Older Buildings Recent building renovations also play a part in the growth. Creative companies are looking for open, contemporary facilities, which can be found in old buildings that have been redeveloped. These revitalized buildings now offer new infrastructure and modern space that exude a cool look and vibe. Indeed, that trend can be found in historic structures like the 450,000-square-foot Park Pacific, once the headquarters of the Missouri Pacific Railroad and now 80 percent luxury apartments and 20 percent office (tenants are CBS Radio and Creative Producers Group) and retail space. Cupples 9, a 144,000-square-foot building that was once part of …

December 9, 2013

Midwest Mixed-Use

NEW CITY PROJECT IN CHICAGO SECURES $182M CONSTRUCTION LOAN

by admin December 6, 2013

CHICAGO — Bucksbaum Retail Properties LLC, Structured Development LLC and institutional investors advised by J.P. Morgan Asset Management have begun construction on New City, a 500,000-square-foot mixed-use project in Chicago. The development team received a $182 million construction loan to build New City. The development will be located on 8.5 acres at the intersection of Clybourn and Halsted streets in the city’s Clybourn Corridor. The project will feature 360,000 square feet of retail space and a 200-unit, 16-story residential tower when it is complete in fall 2015. Mariano’s and Dick’s Sporting Goods will anchor the retail component of the project. The Mariano's store at New City will be the grocer's largest one in Chicago. The project will also feature new-to-market retailers ArcLight Cinemas, Earls Kitchen + Bar and Kings Bowl.

December 6, 2013

Midwest Office

PINNACLE ARRANGES $26M FOR FOUR-PROPERTY OFFICE PORTFOLIO

by admin December 6, 2013

CLEVELAND, OHIO — Pinnacle Financial Group Inc. has arranged $26 million in refinancing for a four-property historic office portfolio in downtown Cleveland and Pittsburgh. The 382,814-square-foot portfolio includes the Park Building, Diamond Building and the Superior Building in Cleveland, as well as the Investment Building in Pittsburgh. Pinnacle worked on behalf of E.V. Bishoff Co. to secure the 15-year, non-recourse loan through a life insurance company lender. The loan also includes a fixed interest rate.

December 6, 2013

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