Midwest

ALBRECHT BUYS 130,000 SF OHIO OFFICE PROPERTY

by admin January 28, 2013

TWINSBURG, OHIO — Albrecht Inc. has acquired a 130,000-square-foot office and warehouse property in Twinsburg, situated about halfway between Akron and Cleveland. Located at 1333 Highland Road, the 13-acre site was previously owned by Arsena Investments Co. It is two miles from the intersection of I-271 and Route 8, and three miles from I-480. The office section features marble floors and large-sized offices, while the warehouse includes 20-foot clear ceiling heights, sprinklers and high-efficiency fluorescent lighting.

January 28, 2013

PRIORITY WIRE RENEWS 113,785 SF LEASE IN ITASCA

by admin January 28, 2013

ITASCA, ILL. — Priority Wire, a wire and cable distributor, has renewed its lease for 113,785 square feet of industrial space at 1311 Meacham Road in Itasca. The landlord, CenterPoint Properties, plans to upgrade the facility by adding a drive-in door, new lighting and other improvements. Joe Bronson of NAI Hiffman represented the tenant in the transaction.

January 28, 2013

Midwest Multifamily

NORTHMARQ ARRANGES $12.6M REFINANCING LOAN

by admin January 28, 2013

WICHITA, KAN. — NorthMarq Capital has arranged a $12.6 million loan for the refinancing of LaCrosse Apartments, a 176-unit Class A multifamily property, located at 7201 E. 37th St. in Wichita. John Bendon of NorthMarq arranged the 10-year loan through AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. The loan features a 30-year amortization schedule.

January 28, 2013

Market Reports Midwest Market Reports Minnesota

Apartment Development Picks Up As Renter Demand Remains Healthy

by admin January 28, 2013

Although apartment construction has heated up in Minneapolis, renter demand remains healthy as many renters are wary of homeownership. As a result, vacancy is still below market equilibrium. Many renters in the market are young professionals who, before the housing market collapse, would have been looking to purchase a condominium. To appeal to renters, new apartment developments are adding higher-end finishes and features such as a concierge service, pub or cafe, outdoor gathering space, rooftop decks, dog runs and pet-care areas. In the process, builders have established a new rent ceiling and redefined the Class A segment. Supply-Demand Balance As a wave of new high-end projects are injected into the market, owners with existing top-tier properties could be at a disadvantage and will need to increase concessions to maintain occupancy levels. Approximately 131 apartment units came on line in the second quarter, for a total of 405 units finalized in the first half of 2012, expanding overall inventory by 0.3 percent. In the first six months of last year, 175 units were added. Development activity is expected to continue at a heightened pace. Some 2,450 units are under construction with completions scheduled through 2013. Also, there are more than 9,300 …

January 28, 2013

Midwest

NY REIT ACQUIRES 768-UNIT SELF STORAGE FACILITY IN CHICAGO

by admin January 25, 2013

CHICAGO — Sovran Acquisition, a REIT based in Buffalo, N.Y., operating as Uncle Bob's Self Storage, has purchased Icon Secure Storage, a 71,824-square-foot self-storage facility at 232 S. Lake St. in Chicago. The three-story property includes 768 units, drive-in access to the main and lower levels, plus a 24-hour access and security system. The facility will be rebranded Uncle Bob's Self Storage. Sean Delaney of Marcus & Millichap represented the seller, a limited liability company. Angelo Tomasello of the Locke Group represented the buyer.

January 25, 2013

Midwest Office

$75M RENOVATION OF HILLSHIRE BRANDS HEADQUARTERS COMPLETE

by admin January 25, 2013

CHICAGO — Work is complete on the $75 million renovation of 400 S. Jefferson St. in Chicago, which will serve as the new headquarters for Hillshire Brands Co., formerly known as Sara Lee Corp. The project included repurposing an existing, 300,000-square-foot industrial building, with crews demolishing the building to its cast-in-place concrete skeleton and rebuilding the new exterior. The project team included Leopardo, the general contractor; Sterling Bay Cos., the owner and developer; Proteus Group, the architect; Project Management Advisors, the project manager; and Colliers International, the tenant representative.

January 25, 2013

Industrial Midwest

INSULATION FABRICATORS TAKES SPACE WITHIN 600,000 SF INDIANA FACILITY

by admin January 25, 2013

HAMMOND, IND. — Insulation Fabricators Inc. has signed a lease for 40,000 square feet of industrial space at 3200 Sheffield Ave. in Hammond. The space is part of Long-Middendorf Corp.'s 600,000-square-foot facility, located 20 miles south of Chicago. The property features 24-hour building maintenance staff and security and immediate access to I-90. Chris Gary of NAI Hiffman represented both parties in the transaction.

January 25, 2013

Midwest

GEM CAPITAL BUYS $12.9M CAMPUS REDEVELOPMENT SITE

by admin January 24, 2013

MINNEAPOLIS — Chicago's GEM Capital has acquired University Technology Enterprise Center, a 180,000-square-foot business incubation center for the University of Minnesota campus, for $12.9 million. The asset will be converted into a 336-unit student housing facility, which will include 40,000 square feet of first-floor retail. Planned amenities include an open plaza area, a 20,000-square-foot courtyard and a green roof. Peter Katz of Institutional Property Advisors and Michael Ahles of Marcus & Millichap represented the seller, Dave Jasper, in the transaction. They also represented the buyer.

January 24, 2013

Midwest Multifamily

SUPPORTIVE LIVING DEVELOPMENT RISES IN OAK PARK

by admin January 24, 2013

OAK PARK, ILL. — Interfaith Housing Development has selected McShane Construction Co. to build Grove Apartments, a 51-unit supportive living development at 442 S. Grove Ave. in Oak Park. McShane will transform the former two-story Comcast office building into a four-story facility, which will include 5,233 square feet of retail on the ground floor. The project is slated for completion this fall. Weese Langley Weese is providing architectural services.

January 24, 2013

Hospitality Midwest

SUMMIT CLOSES PURCHASE OF HYATT PORTFOLIO

by admin January 24, 2013

CHICAGO — Summit Hotel Properties has closed its acquisition of three Hyatt hotels for $36.1 million, including a property in Illinois. The company purchased the 126-room Hyatt Place in Chicago, as well as the Hyatt Place-Universal and Hyatt Place-Convention Center in Orlando. Select Hotels Group, an affiliate of Hyatt, will operate each hotel.

January 24, 2013

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