WEST CHESTER, OHIO — Octal, a provider of polyethylene terephthalate (PET) resin and integrated PET sheet manufacturing, will occupy its first North American plant at 5399 East Provident Drive in West Chester. Cushman & Wakefield and Cincinnati Commercial Realtors represented Octal in the 130,720-square-foot office and warehouse lease negotiations. The site is located in an industrial park 20 miles north of Cincinnati, off interstate 75. Tenants in the park include Totes Isotoner and TradeGlobal. Dugan Financing LLC (Duke Realty) is the landlord. Mark Collins and Dean Collins of Cushman & Wakefield's Dallas-based tenant advisory group joined Josh Young and Si Pitstick of Cincinnati Commercial Realtors to broker the transaction for Octal. OCTAL’s products are used to package fresh food, beverages, pharmaceuticals, electrical goods and other consumer goods.
Midwest
NORTH KANSAS CITY, MO. — Pizza Blends Inc. has leased 81,500 square feet of industrial space located at 1541 Vernon St. in North Kansas City. Ed Elder and Cameron Duff of Colliers International represented the tenant in the transaction. Joe and David LaMothe of Industrial Park Realty Co. Inc. represented the landlord, Mid-West Terminal Warehouse Co. Inc.
INDIANAPOLIS — The Indianapolis office of CBRE has arranged the sale of an 11,340-square-foot warehouse and office facility located at 1801 S. Lawndale in Indianapolis. The facility is situated on a 1.7 acres. Mark Writt of CBRE represented the seller in this transaction. The facility was formerly owned by OFP Family Partners Ltd. Chip Barnes of Jones Lang LaSalle represented the buyer, The John M. Sikich Jr. Trust, which plans to expand its operations into Indiana.
After years of trailing cities such as Dallas, Memphis and Indianapolis as major bulk distribution centers, Kansas City has emerged as a significant and large hub for the development of Class A industrial logistics centers whose development is backed by institutional money. The trend is transformational for our market and here to stay for three primary reasons: (1) Institutional money — namely life insurance companies — has always allocated a portion of its funds for real estate. That money has found Kansas City. (2) Local Kansas City developers, brokers and property managers are well-suited and eager to accommodate non-operating entities like life insurance companies to buy land, build projects on a speculative basis, lease up and manage the new developments, and sell them when the financial backers decide to cash in on their investments. Kansas City has traditionally been a family-owned real estate development community comprised of five or six major players. None of these families has sold its portfolios to industrial REITs. Thus, there is a niche for institutional-backed, Class A development that is financed with deep pockets and brought to market by local developers. (3) The biggest reason for large-scale Class A industrial development in Kansas City is …
ELKHORN, NEB. — NorthMarq Capital’s Omaha based regional office has arranged a $16.2 million loan for the refinancing of Elk Ridge Independent Living, a 118-unit seniors housing facility in Elkhorn, a western suburb of Omaha. Jason Kinnison of NorthMarq arranged the 18-year loan, which is self-amortizing, through a life company. The property is located at 19303 Seward St.
CHICAGO — MB Real Estate has completed a 182,000-square-foot office lease to the Board Of Education of The City of Chicago (BECC) within the former Sears department store space at 1 N. Dearborn in Chicago. BECC will relocate its headquarter offices to the property from 125 S. Clark with an occupancy date set for November. MB Real Estate provides management and leasing services at the 17-floor, 940,000-square-foot property and represented ownership in the transaction. BECC will take a portion of the ground floor and the entirety of the lower level, second and third floors for its new offices. Gary Denenberg and Jesse Slack of MB Real Estate represented ownership, while Jeff Samaras and Chad Galayda of Cushman & Wakefield represented BECC in the lease negotiations.
CHICAGO — Marcus & Millichap has arranged the $1.3 million sale of 6217-6223 S. Kenwood Ave., a 24-unit apartment property located in Chicago. Greg Gonzalez in Marcus & Millichap’s Chicago office, marketed the property on behalf of the seller, a private investor, and represented the buyer, a limited liability company. The property includes two conjoined 12-unit properties and a gated parking lot that accommodates 10 cars. The unit mix features 16 one-bedroom and eight two-bedroom units.
WOODRIDGE, ILL. — Hobby Lobby has signed a 42,997-square-foot lease at Centerpointe of Woodridge in suburban Chicago. Centerpointe of Woodridge is a 467,247-square-foot power center located near the intersection of I-355 and 75th Street. Hobby Lobby will join other tenant such as Sam’s Club, JC Penney, Home Depot and OfficeMax in the center. Joe Parrott of CBRE assisted Equity Fund Advisors in the lease to Hobby Lobby. Centerpointe of Woodridge is located at 7200-7440 Woodward Ave. Hobby Lobby is an arts and crafts retailer with 590 stores across the nation.
COLUMBUS, OHIO — The Connor Group has acquired the 194-unit Lennox Flats multifamily community in Columbus for $17 million, or almost $88,000 per unit. Constructed in two phases in 2012 and 2013, Lennox Flats is located near downtown Columbus and Ohio State University. The multifamily community was fully occupied at the time of sale. Debbie Corson and George Skaff of ARA represented the seller, San Francisco, Calif.-based Klingbeil Capital Management in the transaction.
OMAHA, NEB. — Q10 | Daisley Ruff Financial has arranged an $11.2 million permanent loan through a correspondent lender for a 204-unit, 19-building portfolio in the midtown area of Omaha. The 15-year, non-recourse loan features a fixed interest rate. The portfolio spans a 12-block area. Justin Brown of Q10 arranged the loan.