ANN ARBOR, MICH. — Knight’s Steakhouse has signed a 5,200-square-foot retail lease at the former Borders flagship store in Ann Arbor. Knights will occupy the corner space in the multi-use redevelopment project located on the central campus of the University of Michigan. The property, which is located at 600 E. Liberty St., will be Knight’s third restaurant in Michigan. Jim Chaconas and Brendan Cavender of Colliers International Ann Arbor represented the landlord, Hughes Properties, and the tenant in the transaction.
Like many markets in the Midwest and across the U.S., the Columbus industrial sector started the year sluggishly. First-quarter net absorption fell into the red with few notable leases to report, although a couple of significant investment sales closed. Generally, industrial activity is back-loaded into the second half of most years, and that should be the case for Columbus in 2013. Also, few markets have brighter long-term prospects than Central Ohio. After closing the fourth quarter of 2012 with 500,000 square feet of net absorption, Central Ohio’s 260-million-square-foot industrial market gave back 239,439 square feet in the first quarter of 2013, resulting in an 8.9 percent vacancy rate. The bulk warehouse sector suffered through 833,816 square feet of negative net absorption in the first quarter, resulting in a jump in the vacancy rate of 233 basis points to 10.6 percent. Bare Escentuals, a cosmetics retailer, registered the first quarter’s biggest industrial lease, expanding by 102,155 square feet to claim the entire 512,113-square-foot building at 5255 Centerpoint Drive. While leasing trudged along, a few investment sales took place in the first quarter of 2013, with notable deals including the sale of two buildings by KTR Capital Partners to affiliates of Welsh …
CLEVELAND, OHIO — Cleveland Mayor Frank Jackson and Cuyahoga County executive Ed FitzGerald are partnering for a $350 million downtown development. The project includes a $260 million convention center hotel with 600 to 700 rooms; a $95 million endeavor that includes a pedestrian bridge to the lakefront; 740-space parking garage; overhaul of Public Square; and improvements to the grassy downtown malls, East 3rd Street and existing bridges over railroad tracks at West 3rd and East 9th streets. “This development will make downtown more attractive to residents and visitors and ensure better public pathways through the city,” Jackson said in a statement.
IOWA CITY, IOWA — Balfour Beatty Campus Solutions LLC has agreed to design, build, finance, own and operate a $31 million housing property for graduate students at the University of Iowa in Iowa City. The new student housing will replace the current Hawkeye Court complex, which was built in the 1960s. Located on west campus, the development will include 270 one- and two-bedroom units targeted at Iowa’s more than 9,500 graduate students, as well as faculty. The new facilities will consist of five, three-story buildings totaling 265,600 square feet. Additionally, a separate one-story community center totaling 5,400 square feet will be built to house the property management offices and common spaces for resident use, including a fitness center, laundry facility, multipurpose space and access to the campus shuttle service. The project is expected to break ground later this month and open in August 2014. Structured as a public-private partnership, Balfour will manage the financing and ongoing operations of the project through a 40-year ground lease.
DARIEN AND CHICAGO HEIGHTS, ILL. — Syndicated Equities Investment Sales Group has arranged the sale of two Walgreens-leased buildings in Darien and Chicago Heights for a combined total of $9.1 million. Each building spans 15,120 square feet and is leased to Walgreens on a long-term basis. The building in Darien sold for $4.9 million and the Chicago Heights property sold for $4.2 million. Isaac Metzger and Jason Schwartz of Syndicated Equities represented the sellers, separate ownership groups, in each transaction.
CHICAGO — Marcus & Millichap has arranged the sale of 2203 West Rice, a 12-unit apartment property located in Chicago, for $1.8 million. Bill Bailey and John Bailey of Marcus & Millichap’s Chicago downtown office marketed the property on behalf of the seller, a private investor. The buyer, a partnership, was also secured and represented by the Baileys. The property is located in the heart of Ukrainian Village and includes 10 two-bedroom and two one-bedroom units. The building has received upgrades during the last several years including a new boiler, a new gas central hot water heater, new windows, a new tear-off roof, upgraded kitchen and baths and new security gates.
ST. LOUIS — Kayne Anderson Real Estate Advisors (KAREA), the private equity real estate arm of Kayne Anderson Capital Advisors, has acquired three apartment buildings and a parking garage, all located across the street from the main gate of St. Louis University. The acquisition brings 655 beds and 406 units to KAREA's portfolio. The properties, which include turn-of-the-century architecture, feature The Coronado (originally a hotel), Moolah Place (originally a Masonic temple), Lindell Towers and the parking structure, which is known as Moolah Garage. KAREA says the assets are unique in their ability to bring a touch of “old-world” elegance to urban living. These assets bring KAREA's student housing portfolio to approximately 16,000 beds and 5,400 units. KAREA's portfolio also contains 444 conventional multifamily units and 15,065 self storage units.
WEST DES MOINES, IOWA — Hubbell Realty Co. is developing 7th Street Brownstones, a $6.8 million rental townhome community in West Des Moines. Construction on the development, which is located south of MLK Jr. Parkway, is underway and is slated for completion in November. The rental homes are modeled after Hubbell’s brownstone community, located on Grand Avenue between 2nd and 3rd streets. The project includes 34 two-story, three-bedroom, three-bathroom rental townhomes. The townhomes feature walk-in closets, stainless steel appliances, washers and dryers, granite countertops, two-car garages and rooftop patios with a pergola and wet bar. Hubbell Construction Services is building the townhomes, which will be managed by Hubbell Apartment Living.
MOUNT PROSPECT, ILL. — Essex Realty Group Inc. has arranged the $3.8 million sale of 1701 E. Kensington Road, a 15,120-square-foot building in Mount Prospect, a northwest suburb of Chicago. Walgreens occupies the property, which was constructed in 1999. David Schwartz and Matt Welke of Essex were the brokers in the transaction.
CEDAR FALLS, IOWA — The former Peregrine Financial Group headquarters, a 48,250-square-foot office building in Cedar Falls, has sold for $3.2 million. Spiegel Family Realty Co. Iowa LLC purchased the building at an auction conducted by GA Keen Realty Advisors. Closing on the transaction is slated for later this month.. Russell Wasendorf Sr., who filed for bankruptcy in July 2012, previously owned the building. Michael M. Eidelman is the court appointed receiver and co-chair of the bankruptcy group at Vedder Price PC.