SUFFERN, N.Y. — Ascena Retail Group, which operates the Maurices, Lane Bryant and dressbarn banners, plans to launch a 760,000-square-foot distribution center expansion in central Ohio. Upon completion, the new facility will distribute apparel and accessories for its lineup of brands, which also include Justice & Brothers and Catherines. Gray Construction Co. will manage the construction. The facility is slated for completion in early 2014. According to David Jaffe, president and CEO of Ascena, “The centrality of this location will allow us to deliver 70 percent of our 3,800 stores within two days.”
HASTINGS MINN. AND BRIGHTON, MICH. — Vail Resorts has acquired two urban ski resorts in the Midwest, Afton Alps in Hastings and Mount Brighton in Brighton, for $20 million. Vail Resorts plans to upgrade each of the properties, which serve more than 468,000 active skiers in the Midwest.
CHICAGO — Quantum Real Estate Advisors has arranged the $8 million sale of a single-tenant, 14,716-square-foot Walgreens pharmacy at the intersection of West Lawrence Avenue and North Pulaski Road in Chicago. A private 1031 exchange buyer from California acquired the property and a Chicago-based retail developer was the seller. Chad Firsel and Jordan Kaufman of Quantum represented both parties in the transaction.
MINNEAPOLIS — Opus Development Group has announced plans to begin development of VÉLO, a new apartment complex in downtown Minneapolis. Sentinel Management Co. will own the project. Located in the North Loop neighborhood at 103 N. 2nd St., Velo will include 101 units and 12,000 square feet of retail space on the first level. VÉLO, French for bicycle, is located near the city's bike path system and is centrally located downtown for bike commuters. Amenities will include an outdoor plaza, yoga studio, club lounge and fitness centers. The project will break ground in April 2013 and is slated for occupancy in spring 2014. Opus Development Corp. is the developer, Opus Design-Build LLC will construct the building and Opus AE Group and Elness Swenson Graham Architects will collaborate on the design.
DUBLIN, OHIO — Acting on behalf of a private investment group, Chicago-based Tricap has finalized the acquisition of the Residences At Sawmill Park for $8.3 million. The 120-unit apartment community in Dublin, a northwest suburb of Columbus, was purchased from Preferred Living. Tricap will serve as the property manager for the community and is planning to renovate much of the 10-year-old property. The community is 98 percent occupied.
WHEATON, ILL. — Chicago-based developer Centrum Properties has sold a 12,996-square-foot shopping center at the intersection of Main Street and Geneva Road in Wheaton for $4.8 million. The building is fully occupied and tenants include Starbucks Coffee, GameStop, Verizon Wireless and Qdoba Mexican Grill. The property sold to a Chicago-based buyer. Chad Firsel of Quantum Real Estate Advisors represented both parties in the transaction.
BRIGHTON, MICH. — Green Oak Business has acquired a 29,320-square-foot industrial property at 12482 Emerson Drive in Brighton. Jim Montgomery of Signature Associates represented the seller, CTI, in the transaction. The former CTI Environmental building will be converted into a truck depot and corporate offices.
BURNSVILLE, MINN. — ShopJimmy.com, an e-commerce company that sells TV parts to businesses and consumers, has leased 289,130 square feet of warehouse space at 2300 West Highway 13 in Burnsville, a submarket of Minneapolis. The transaction represents one of the largest industrial leases year-to-date in the Twin Cities market. Mike Koehler of Premise Commercial represented the tenant in the transaction. Bryan Van Hoof, Jeff Przytarski and Tom Bennett of CBRE Group represented the landlord, First Industrial Realty Trust.
WAUKESHA, WIS. — Ramco Gershenson Properties Trust has acquired Phase II of The Shoppes at Fox River retail center in Waukesha from Opus Development Corp. The company also purchased 12.2 acres of adjoining land. The second phase of the center broke ground in May 2012 and totals more than 47,000 square feet. Tenants include T.J. Maxx, Ulta Salon and Cosmetics and rue21. Ramco also acquired the first phase of the property in 2010, which totals 273,000 square feet.
FARMINGTON HILLS, MICH. — Alidade Capital has acquired 224,000 square feet of office space at Technology Park, located at 27200-27300 Haggerty Road in Farmington Hills. Bruce Morrison and John Gordy of Signature Associates represented the seller, Principal Financial, in the transaction.