INDIANAPOLIS —Transpacific Development Co. has acquired a 1.12 million-square-foot distribution building in Indianapolis’ Ameriplex Business Park. The purchase increases Transpacific’s footprint in the Indianapolis metro area to 4.6 million square feet. John Huguenard and Chris Clayton of Jones Lang LaSalle represented the buyer in the transaction, while seller Metro Holdings One LLC represented itself.
Midwest
SCHAUMBURG, ILL. — Cushman & Wakefield has arranged the lease of 250,000 square feet in the northwest Chicago suburb of Schaumburg, Ill., for 3D Exhibits Inc. The tenant specializes in exhibit design, building and management; special events planning; and trade show and event marketing, and will use the facility as its new headquarters. Christopher Lydon and Britt Casey of Cushman & Wakefield represented 3D Exhibits in the transaction, while Rick Daly and Adam Haefner of Darwin Realty represented the landlord, an institutional pension fund advisor.
OKEMOS, MICH. — Mid-America Real Estate Corp. has brokered the sale of Meridian Towne Centre, an 86,891-square-foot shopping center in Okemos, Mich., for $11 million. Located at the intersection of Marsh Road and West Grand River Avenue approximately seven miles east of Lansing, the development includes tenants Marshalls, Five Below, Ulta, David’s Bridal, FedEx, Sally Beauty Supply and Stride Rite and is shadow-anchored by Target and Kroger. Joe Girardi, Ben Wineman and Daniel Stern of Mid-America represented the seller, Viking Partners. The buyer was a private real estate investment firm.
In June 2008, Cedar Rapids experienced what at the time was the fifth worst disaster in U.S. history. A historic flood covered 10 square miles in the four core neighborhoods and the entire downtown, damaging more than 5,000 homes, over 1,000 businesses, and numerous public, cultural and religious facilities. Since that time, 1,088 residences have been demolished and 2,356 residential properties repaired or rehabilitated. Some 82 percent of the damaged businesses have reopened compared to a national average of 55 percent in previous major disasters. The scope of the recovery in just five years is remarkable. The numbers speak for themselves: • 1,311 new housing units completed since 2008; • 118 new multifamily units recently funded by state recovery grants; • 16 major city of Cedar Rapids facilities built or under construction with all to be finished by 2014; • building permits in 2012 totaled 11,000 with 1,300 commercial and 9,700 residential, which set a record of more than $400 million (63 percent from the private sector); • population growth of 4.6 percent in the last decade despite the June 2008 flood; • unemployment rate currently at 4.9 percent; • AAA bond rating by Moody’s for 41 consecutive years. The …
MOUNT VERNON, ILL. — Pine Tree Commercial Realty LLC has arranged a lease of 52,729 square feet at Times Square Mall in Mount Vernon, Ill. for retailer Hobby Lobby. The new store, which is expected to open in the first quarter of 2014, will be the only Hobby Lobby location for 44 miles, the next closest being in Carbondale. Pine Tree Commercial owns the Times Square Mall development with St. Louis-based The Sansone Group and Elgin, Ill.-based Wanxiang America Real Estate Group. Mount Vernon is in southern Illinois.
BEVERLY HILLS, MICH. — Bernard Financial Group has secured a $2.2 million loan for the Corners Office Building, a 17,250-square-foot medical office property located in Beverly Hills, a suburb approximately 20 miles northwest of Detroit. Kevin Kovachevich of Bernard Financial originated the loan for the borrower, The Corners Professional Office Building LLC. The lender was Symetra Life Insurance Co.
CHICAGO — Chicago Industrial Real Estate (CIRE) has brokered the sale of a 150,000-square-foot warehouse to Whipple Street LLC. The property, formerly occupied by Westex Inc., is located at 2845 W 48th Place. Whipple Street plans on converting the space from its current single-tenant layout to multi-tenant use. Matt Rogatz of CIRE represented the buyer in the transaction, while Dan Leahy and Chris Gary of NAI Hiffman represented the seller.
KANSAS CITY, MO. — Diversified Asset Management (DAMCO) has purchased Highland Tower, a 116,566-square-foot office building located at 6724 Troost Avenue in Kansas City. Formerly a hospital, the property will be repurposed for mixed use. DAMCO expects the new community to consist of approximately 300 units in studio, one- and two-bedroom layouts. Matt Ledom of Block Real Estate Services represented the buyer, while Aaron Mesmer and Bruce Johnson, also of Block, represented owner Cadles.
LANSING, ILL. — Marcus & Millichap has brokered the sale of Great American Storage Solutions, a 52,375-square-foot self-storage facility 25 miles south of Chicago and less than one mile from the Indiana border. The property, situated at 2556 Bernice Road, includes 532 storage units, 428 of which are climate-controlled. Sean Delaney of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a limited liability company, and also procured the buyer, Amsdell Storage Ventures XIV LLC. Compass Self Storage LLC will now operate the property.
TOLEDO, OHIO — Reichle Klein Group has arranged the sale of Pinetree Apartments, a 90-unit multifamily property in Toledo, for $2.7 million. Located at 1435 Bernath Parkway, the apartment community offers one-, two- and three-bedroom options. Harlan Reichle and Walter Plath of Reichle Klein represented the seller, Pine Tree Apartments LLC.