Midwest

LAURUS CORP. BUYS RENAISSANCE O’HARE HOTEL IN CHICAGO

by admin July 29, 2013

CHICAGO — The Laurus Corp. has acquired the Renaissance O’Hare Hotel, a 362-suite property located at 8500 W. Bryn Mawr Ave. in Chicago, about three miles from O’Hare International Airport. The purchase price was undisclosed. Opened in 2005, the 15-story hotel sits on more than three acres and features more than 15,000 square feet of meeting space and amenities, including a fitness center, business center, pool, concierge and an airport shuttle. The hotel is situated within about 7 million square feet of Class A office space in the O’Hare submarket, which includes the Donald E. Stephens Convention Center and Allstate Arena., as well as the corporate headquarters for U.S. Cellular, True Value Hardware and Wilson Sporting Goods. Los Angeles-based Laurus is planning a $6.5 million renovation program, which will update guestrooms and corridors, food and beverage outlets and the 5,000 square-foot ballroom.

July 29, 2013

NEWMARK ARRANGES $11.7M LOAN FOR RETAIL CENTER IN CHICAGO

by admin July 29, 2013

CHICAGO — Newmark Grubb Knight Frank’s Real Estate Finance Group has arranged $11.7 million in acquisition financing for Belden Centre, a 52,806-square-foot retail center in Chicago. Little GEMS International Preschool occupies 32,250 square feet of the center, which is fully leased. The borrower, a Chicago-based institutional investor, acquired the center in June for $18 million from a joint venture between Chicago-based investor James Purinton and Arlington Heights-based ACG Equities Inc. The five-year, nonrecourse loan includes one year of interest-only payments followed by a 30-year amortization schedule. Ben Greazel, senior managing director at Newmark Grubb Knight, arranged the financing between the borrower and the lender, a Chicago-based bank.

July 29, 2013

Industrial Midwest

OPUS PLANS 200,000 SF INDUSTRIAL WAREHOUSE

by admin July 29, 2013

SHAKOPEE, MINN. — Opus Development Co. LLC has acquired 50 acres of land in Shakopee to develop a 200,000-square-foot industrial warehouse and distribution facility. Construction on the speculative industrial facility will begin this fall, with completion slated for spring 2014. The property will be called Valley Park Business Center. Opus Development Co. will develop the project, Opus Design Build LLC will serve as the design-builder and Opus AE Group LLC as the architect and engineer.

July 29, 2013

Midwest Multifamily

M&M ARRANGES SALE OF 8-UNIT APARTMENT BUILDING IN HUDSON

by admin July 29, 2013

HUDSON, WIS. — Marcus & Millichap has arranged the sale of an eight-unit apartment property in Hudson, about 27 miles east of Minneapolis. The multifamily property, located at 722 3rd St., sold for $490,000. Josh Talberg, Dan Linnell amd Evan Miller, investment specialists in Marcus & Millichap’s Minneapolis office, along with, Michael Wirth and Matthew Whiteside, investment specialists in Marcus & Millichap’s Milwaukee office, marketed the property on behalf of the seller, a private investor. Talberg, Linnell and Miller also represented the buyer, a limited liability company.

July 29, 2013

Market Reports Midwest Market Reports Ohio

Landlords are Returning to the Driver's Seat in Cincinnati

by admin July 29, 2013

For the first half of 2013, the Cincinnati industrial market has reflected the growing strength of the broader economy, while gaining momentum alongside the manufacturing sector. The increased activity seen thus far has left fewer options for tenants in the market and increased leverage for landlords in negotiations for relocations, expansions and renewals. As supply tightens, new speculative construction will likely fall short of the demands of the marketplace. This trend will likely continue into 2014. Tenant Activity Accelerates While there has certainly been an uptick in the volume of prospects touring properties, these businesses are more committed to a course of action than we have seen in the last few years. Further, these companies are increasingly optimistic and giving consideration to larger spaces to accommodate future growth and longer lease terms in order to lock in today’s aggressive lease rates. Similarly, tenants in older properties are seizing this opportunity to move into more modern spaces, causing a shift in the quality of vacant inventory. A cautious mood remains, as lease negotiations continue to involve discussions of termination options and other risk-mitigation language. The northern Cincinnati suburbs have been active in the first half of the year, with more than …

July 29, 2013

Midwest Retail

EIGHT TENANTS TO OPEN AT EASTON TOWN CENTER BY FALL

by admin July 26, 2013

COLUMBUS, OHIO — The 1.7 million-square-foot Easton Town Center in Columbus will add eight new tenants to its lineup by August. The expansion will bring retailers Janie and Jack, Art of Shaving, Swim 'n Sport, Paper Source, Zales Jewelers, See's Candies, Free People and Styleout Bar to the center. Within the past month, Easton Town Center has opened 16 new stores, including the state's first American Girl location. The Georgetown Co. and Steiner + Associates co-developed the center, which opened in June 1999. The open-air project also featured pedestrian-friendly streetscapes, gathering space, fountains and parks for children.

July 26, 2013

Midwest Retail

SLEEPY’S OPENS TWO CHICAGO AREA LOCATIONS

by admin July 26, 2013

CHICAGO — Mattress retailer Sleepy’s has signed leases at two shopping centers in the Chicago area as the New York-based retailer expands into the Midwest market. Sleepy’s signed a lease for 6,075 square feet at Cicero Annex in Chicago, and 6,507 square feet at Willow Creek Center in Glenview, located about 18 miles north of Chicago. The Chicago location plans to open later this summer, and the Glenview store recently opened. Sleepy’s Inc. is a privately-owned, fourth-generation company with more than 900 mattress showrooms in 15 states, spanning from Maine to North Carolina, selling nationally through its website. Jeff Kuchman, Dan Tausk, Greg Bayer and Willie Hoag of Oakbrook Terrace, Ill.-based Mid-America Asset Management Inc. represented Sleepy’s in the lease transactions.

July 26, 2013

Midwest Multifamily

$8M ROCKET TRANSFER LOFTS OPENS FULLY LEASED IN DES MOINES

by admin July 26, 2013

WEST DES MOINES, IOWA — Rocket Transfer Lofts, a 58-unit, $8 million multifamily property located south of MLK Jr. Parkway in downtown Des Moines, has opened at full occupancy. Hubbell Realty Co. developed the historic property, which opened for occupancy June 30. Rocket Transfer Lofts features one- and two-bedroom lofts that include exposed wooden beams and brickwork, with contemporary paint schemes and fixtures. The lofts also feature high ceilings, large windows with city views, in-home washers/dryers and open kitchen and living areas. The community provides amenities, such as a community room, business center, 24-hour fitness center, cinema with surround sound, rooftop patio and on-site parking. Hubbell Construction Services built Rocket Transfer Lofts, which is managed by Hubbell Apartment Living.

July 26, 2013

Midwest Office

GGP SECURES THREE LEASE RENEWALS IN OAK BROOK, ILL.

by admin July 26, 2013

OAK BROOK, ILL. — General Growth Properties (GGP) has secured three lease renewals totaling 9,128 square feet of office space at its Oak Brook East Building in Oak Brook. Estatax renewed 4,107 square feet, Edelstein & Chamberlin renewed 2,650 square feet and Lakeside Energy LLC renewed 2,371 square feet. The 104,725-square-foot building is located at 1200 Harger Road at Oak Brook Center. The building currently has 65,000 square feet available for lease ranging from 1,971 to 12,588 square feet. Mike Van Zandt, Brian Edgerton and Matt Novak, with NAI Hiffman’s office services group, represented GGP in all three transactions. Joel Berger and Bradford Allen, also of NAI Hiffman, represented Estatex. Benjamin Cooper and William Main of CBIZ Gibraltar represented Edelstein & Chamberlin.

July 26, 2013

Midwest Mixed-Use

DETROIT GIVES PRELIMINARY APPROVAL FOR $55M MIXED-USE PROJECT

by admin July 25, 2013

DETROIT — The Economic Development Corp. (EDC) of the City of Detroit has approved the preliminary terms of a deal with McCormack Baron Salazar (MBS) to build a 300-unit residential and retail development along Atwater Street in Detroit. MBS plans to spend $55 million building Phase I of Rivertown as a series of low-rise apartment structures along Atwater and Franklin streets between the Dequindre Trail Greenway and Riopelle Street. Phase II of the plan features additional 200 housing units on the vacant property extending along Atwater Street west of Riopelle Street. The EDC owns most of the property involved and would transfer it to the developer if it can meet the other terms of the agreement. The EDC is also offering a loan to help the developer with implementation costs.

July 25, 2013

Newer Posts

Older Posts