CAROL STREAM, ILL. —Hand & Stone Massage and Facial Spa has leased 3,200 square feet at Heritage Plaza located at Army Trail and County Farm roads in Carol Stream. This is the company’s fourth location in the Chicago metro area. Heritage Plaza is a 128,871-square-foot shopping center anchored by Jewel Osco and features four access points. Sean McCourt of CBRE represented the property management company, Inland American Retail Management LLC, and Baum Realty Group represented Hand & Stone in the transaction.
WARRENSBURG, MO. — The University of Central Missouri (UCM) is developing a new 325-bed student living center on its main campus in Warrensburg, about 60 miles southeast of Kansas City. The $60 million investment is the largest in the history of the university. UCM has partnered with master planner and architect Gould Evans to create the new center, which will open in the fall of 2015. UCM is working on securing financing for the project and will own the facilities upon completion. The center will feature 22,000 square feet of retail and two- and four-bedroom apartments, along with study and social spaces.
EVANSTON, ILL. — NorthMarq has arranged $2.5 million in financing for the redevelopment of Southpoint Plaza, a retail center in metro Chicago that will include Walgreens’ first net-zero energy retail store in the country. Engineers of Walgreens new store predict it will produce energy equal to or greater than it consumes. Walgreens plans to achieve a net-zero energy building by utilizing solar panels, wind turbines, geothermal technology, energy-efficient building materials, LED lighting and ultra-high-efficiency refrigeration. Construction of the new store began in March and is slated for completion in late November. Erik Kunz and Chris Leggee, vice president and assistant vice president of NorthMarq’s Chicago office, arranged the financing.
CANTON, OHIO — The Cooper Commercial Investment Group has arranged the $3.9 million sale of the Navarre Industrial Center, a 186,285-square-foot industrial and manufacturing facility in Canton. Dan Cooper, president and broker at Cooper Commercial Investment Group, represented the owners, a locally based private group. The buyers were a private group from the East Coast. The sale represents a 9.3 percent capitalization rate. Crown Cork & Seal, which recently signed a lease extension through 2020, anchors the fully occupied property. Other tenants at the property include Timken and Helios Coatings. The industrial facility features 12 docks, 40-foot clear ceiling heights, sprinklers and is within close proximity to I-77 and Route 30.
DELAFIELD, WIS. — Naturescape Inc., a lawn and landscape care provider, has purchased the 10,000-square-foot industrial facility it occupies in suburban Milwaukee. Deedeb LLC was the seller. Naturscape leased approximately half of the Delafield building in 2012. Due to its recent growth, the company decided to purchase the building and expand into the additional space. The industrial facility is located at 363 Austin Circle in Delafield. Maximilian Yokosh of Milwaukee-based Cassidy Turley Barry represented Naturescape in the lease transaction. The purchase price was undisclosed.
ROCK ISLAND, ILL. — Meridian Design Build’s national projects group has broken ground on a 189,926-square-foot package sorting and distribution center in Rock Island. Meridian is building the facility for Indianapolis-based Scannell Properties. The property will feature 8,259 square feet of office, 59 loading docks, 193 exterior trailer stalls and 160 van storage spaces. A separate security building and fenced enclosure will provide controlled access to the facility. Michael Winger, director of the Meridian’s national projects group, leads the company’s project team. Precept Design LLC is providing architectural services, and civil engineering work is being completed by Shive-Hattery. Rock Island is part of the Quad Cities region bordering Illinois and Iowa and is located 1.5 miles south of Davenport, Iowa.
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 …