Midwest

UNITED HEALTH GROUP RENEWS 41,289 SF LEASE AT CORPORETUM VI

by admin October 1, 2013

LISLE, ILL. — United Health Group has signed a lease renewal for 41,289 square feet of office space at Corporetum VI in Lisle, located about 25 miles west of Chicago. The 172,695-square-foot Corporetum VI office building features granite lobbies, on-site food service, a conference center, fitness center and private corner balconies. The building is located at 550-650 Warrenville Road, directly off of I-88. Minnetonka, Minn.-based United Health Group is a diversified managed healthcare company that serves approximately 70 million individuals nationwide. Patrick Kiefer, Jim Adler and Dan O’Neill with NAI Hiffman’s office services group represented the building’s owner, Winthrop Realty Trust, in the transaction. Robert Sevim and Joe Learner of Studley represented United Health Group.

October 1, 2013

BRES BREAKS GROUND ON 1.6 MILLION SF INDUSTRIAL PARK

by admin September 30, 2013

LENEXA, KAN. — Block Real Estate Services (BRES) has broken ground on Lenexa Logistics Centre, a 1.6 million-square-foot, Class A industrial park in Lenexa, located about 15 miles south of Kansas City. Situated on 117.5 acres, the master-planned industrial complex will include 10 buildings. The first building to be constructed, Building 4, will be a 260,000-square-foot speculative property and include 32-foot clear ceiling heights and cross-dock loading. Building 4 is slated for completion by June 2014.

September 30, 2013

Midwest Office

SKAJAQUODA GROUP RELOCATES HQ TO CLARKFIELD, MINN.

by admin September 30, 2013

CLARKFIELD, MINN. — The Skajaquoda Group has signed a lease for a 144,000-square-foot research facility in Clarkfield, a city in southwest Minnesota. The investment company is relocating its headquarters from Claymont, Del. The new location will allow Skajaquoda, which up to this point has only been an investment company, to begin its new research program that focuses on renewable energy. Skajaquoda Group Inc., quoted on the OTC (ticker symbol: SKAJ), invests according to its socially responsible investment policy.

September 30, 2013

Midwest Office

SPERRY VAN NESS SELLS WEST LOOP LOFT OFFICE BUILDING FOR $1.7M

by admin September 30, 2013

CHICAGO — Sperry Van Ness Chicago Commercial has completed the $1.7 million sale of a loft office building in Chicago's West Loop neighborhood. The property, located at 808 W. Lake St., includes a 7,553-square-foot timber and beam loft office building with an adjacent 3,325-square-foot surface parking lot for 10 cars. One Off Hospitality Group Ltd. purchased the parcel. Scott Maesel of Sperry Van Ness LLC was the sole broker in the transaction.

September 30, 2013

Midwest Retail

M&M ARRANGES $1.2M SALE OF RETAIL CENTER IN INDIANAPOLIS

by admin September 30, 2013

INDIANAPOLIS — Marcus & Millichap has arranged the $1.2 million sale of a 4,775-square-foot retail center in Indianapolis. Preet Sabharwal, Britt Raymond and Jordan Klink of Marcus & Millichap marketed the property on behalf of the seller, a Connecticut-based developer, and represented the buyer, a New York-based private investor. GNC and T-Mobile occupy the property and have less than two years remaining on their leases. The property is located at 4557 N. Lafayette Road and is an outparcel to a Walmart Supercenter.

September 30, 2013

Market Reports Michigan Midwest Market Reports

Retail, Restaurants Dominate Leasing Activity in 2013

by admin September 30, 2013

Strong and steady is an apt description of the current course of the commercial real estate market in the greater Grand Traverse Area of Northwest Lower Michigan. Traverse City’s unemployment rate registered 7.5 percent in June, virtually unchanged from a year ago but down dramatically from 14.3 percent in March 2010. In 2012, the commercial real estate market rebounded with a total of 400,000 square feet sold, up from approximately 300,000 square feet in 2011. Last year’s rebound was fueled largely by increased investment in the industrial warehouse and light manufacturing market. More than half of the square footage absorbed last year was in this particular sector. Only 139,000 square feet of commercial real estate space has been absorbed year-to-date through July. This is considerably less than the 300,000 square feet absorbed during the first seven months of 2012. The reduction in absorption activity is due to a shortage in the available inventory of quality light manufacturing and industrial warehouse buildings. To put that statement into context, consider that a total of 22 industrial and manufacturing buildings ranging in all sizes traded hands in 2012. Currently, we have only six buildings 20,000 square feet or larger on the market for …

September 30, 2013

Hospitality Midwest

HREC ARRANGES SALE OF TWO HOTELS IN DUBLIN, METRO DES MOINES

by admin September 27, 2013

DUBLIN, OHIO AND CLIVE, IOWA — HREC Investment Advisors has arranged the sale of the 92-guestroom Chase Suites Hotel in Dublin and the 112-guestroom Chase Suites Des Moines Hotel in Clive. Columbus, Ohio-based Batra Hospitality Group LLC acquired the Chase Suites Hotel in Dublin, a northern suburb of Columbus. West Des Moines, Iowa-based DBM Investment LLC purchased the Chase Suites Des Moines. The purchase prices were undisclosed. Scott Stephens, COO and senior principal, Mark Rousseau, senior vice president, and Tom Sommer, vice president of HREC, represented the seller, The Hardage Group, a San Diego-based hotel and real estate company, in the transaction.

September 27, 2013

Midwest Retail

M&M ARRANGES $1.8M SALE OF 12,085 SF RETAIL PROPERTY

by admin September 27, 2013

ORLAND PARK, ILL. — Marcus & Millichap has arranged the $1.8 million sale of Fountain Square Village, a 12,085-square-foot retail property located in Orland Park, a southern suburb of Chicago. Sean Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, marketed the property on behalf of the seller, a private investor. Ryan Engle, a multifamily specialist at Marcus & Millichap, represented the buyer, an individual/personal trust. Fountain Square Village is located at 11013-11045 179th St.

September 27, 2013

Industrial Midwest

SPERRY VAN NESS ARRANGES SALE OF INDUSTRIAL BUILDING FOR $1.9M

by admin September 27, 2013

LAKE ZURICH, ILL. — ScrubAir Systems Inc. has purchased a 25,000-square-foot industrial building in Lake Zurich, located about 38 miles northwest of Chicago, for $1.9 million. The property, located at 1200 Ensell Road, includes three exterior docks, two drive-in doors and 22-foot clear ceiling heights on 1.8 acres. ScrubAir Systems is moving from a smaller space at a business park in Lake Zurich. The ventilation and air pollution control equipment company custom designs and installs systems for large firms and corporations throughout the world. Paul Cawthon and Angelo Labriola, senior advisors at Sperry Van Ness LLC, represented ScrubAir Systems in the transaction.

September 27, 2013

Midwest Retail

EXIT PLAN HOLDINGS BUYS 7,000 SF VACANT CHICAGO BUILDING

by admin September 27, 2013

CHICAGO — Exit Plan Holdings LLC has purchased a 7,000-square-foot retail building located at 5025 N. Clark St. in the Andersonville neighborhood of Chicago from a private seller. The new owners, who own Crew Bar & Grill and The SoFo Tap, plan to renovate the building to include a new façade and replace the rear of the structure. A Mexican restaurant will move into the remodeled space next year. Most recently, the property was occupied by T’s Bar and Restaurant, which closed in March. Rebecca Lundstrom, senior consultant for @properties Commercial, represented the buyer in the transaction.

September 27, 2013

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