NORTHBROOK, ILL. — The Athletic and Therapeutic Institute of Naperville LLC (ATI) has signed a lease for 3,300 square feet at the Willow Festival Annex, located at 1122 Willow Road in Northbrook. ATI was founded in 1996 as a rehabilitation facility focused on capacity evaluations and work conditioning for worker’s compensation patients. Both Joe Parrot and Michael Gold of CRBE represented the landlord, IOFII Willow JV LLC, in this transaction.
ST. CLAIRE SHORES, MICH. — Mid-America Real Estate-Michigan, Inc. has arranged a 5,800-square-foot lease in a shopping center at 31240 Harper Avenue in St. Claire Shores. C.C. Roberts and Brad Rosenberg of Mid-America Real Estate-Michigan Inc. represented the landlord, CVS/pharmacy, in this transaction. The new tenant is Second Glance, one of the largest privately owned resale shops in Metro Detroit.
OAK BROOK, ILL. — Inland Real Estate Corp. has entered into an agreement with the New York State Teachers’ Retirement System (NYSTRS) to acquire a 13-property Midwest retail portfolio for $121 million. Inland will acquire NYSTRS’ 50 percent ownership in the IN Retail Fund LLC, a portfolio that consists of 11 neighborhoods, community and power shopping centers located in the Chicago area, one neighborhood retail center in a suburb of Minneapolis and one community retail center located near Racine, Wis. The properties total about 2.3 million square feet of gross leasable area, with an estimated fair value of approximately $395.6 million, according to Inland. Major properties in the portfolio include the 592,495-square-foot Orland Park Place in Orland Park, Ill.; the 216,485-square-foot Randall Square in Geneva, Ill. and the 207,452-square-foot Woodfield Commons in Schaumburg, Ill. The top five retail tenants based on annual base rent include: Roundy’s (5.8 percent); Safeway (3.8 percent); AB Acquisitions (3.0 percent); CarMax (2.9 percent); and TJX Cos. (2.8 percent)
OVERLAND PARK, KAN. — Grandbridge Real Estate Capital has arranged a $17.8 million first mortgage loan secured by Villa Medici Apartments located in Overland Park. BB&T Real Estate Funding LLC provided the nonrecourse bridge loan, which carries a four percent interest rate with interest-only payments. The 166-unit multifamily community features a large clubhouse, theater room, fitness center and covered parking. The borrower plans to upgrade the property, which was constructed in 1970. Alan Tapie of Atlanta-based Grandbridge originated the loan for an Atlanta-based multifamily investment company.
NOBLESVILLE, IND. — Passco Cos., a California–based real estate investment company, has completed the acquisition of Autumn Breeze, a 280-unit Class A apartment community located in Noblesville. The property was 95 percent leased at the time of sale. Autumn Breeze is located at 14901 Beauty Berry Lane, about 25 miles north of Indianapolis. Amenities at the property include a pool, billiard room, tanning salon, online concierge services, attached and detached garages, pet spa, clubhouse, 24-hour athletic center and business center and a cyber café. Steve LaMotte of CBRE represented both the buyer and the seller in the transaction. The acquisition brings Passco’s multifamily portfolio to 33 properties, with more than 10,000 units nationwide.
EVANSTON, ILL. — Baum Realty Group LLC has arranged the relocation and grand reopening of a Starbucks at 1734 Sherman Ave. in downtown Evanston, a northern suburb of Chicago. Adam Secher and Jonathan Feld of Baum Realty arranged the retail lease on behalf of Starbucks. The specialty coffee retailer reopened the larger store after 21 years in its original Evanston location. With more than 3,000 square feet of space, the new store is nearly three times the size of the original location.
CHESTERFIELD, MO. — Reinsurance Group of America Inc. (RGA) has broken ground on its new 405,000-square-foot global headquarters at 16600 Swingley Ridge Road in Chesterfield, about 20 miles west of St. Louis. When Clayco Corp. completes the site in 2014, the complex will include two five-story office towers linked by a two-story atrium lobby. The headquarters will include a café seating 500 people and a 2,500-square-foot fitness facility.
STERLING HEIGHTS, MICH. — Flagstar Bank has sold 75,000 square feet of industrial space located at 41150-41155 Technology Park Drive in Sterling Heights, about 20 miles northeast of Detroit. The buyer was Richard Schaller. Bruce Morrison and Paul Saad of Signature Associates represented the seller in the transaction. Signature Associates is an independently owned and operated member of the Cushman & Wakefield Alliance.
MARYLAND HEIGHTS, MO. — World Wide Technology Inc. (WWT) has opened a new headquarters facility at its campus in Maryland Heights, about 20 miles northwest of St. Louis. The two-story, 57,200-square-foot building will accommodate WWT’s rapid growth an, according to the company. The facility includes an open space layout, a 150-seat auditorium, digital signage and a briefing center. Green technologies were included in the construction, such as plastic reflective roofing, motion sensors, efficient plumbing and recycled building materials. M+H Architects, O’Toole Design, Legacy Building Group and Keeley Construction are the design team for the project. The address for WWT’s new headquarters building is 701 Fee Fee Road.
In the immediate wake of the Great Recession (version 2.0), it was not uncommon to see halted development projects in greater Cincinnati. Now that the economy has rebounded, retail development has started to follow suit. However, the original developers that began many of the region’s key projects aren’t necessarily the ones finishing them. What follows is a summary of some key projects in various stages of completion that have had to adapt to changing market conditions and consumer preferences. Oakley Station Among the high-profile projects in the greater Cincinnati market that have undergone changes in development direction is Oakley Station. This former 74-acre Cincinnati Milacron complex, originally known as the Millworks project, was conceived as a Main Street-focused lifestyle center supplemented by structured parking that would incorporate some of the existing industrial structures. Once the recession hit, the project fell victim to the nationwide lending freeze and tenants’ slowing growth plans, making it difficult to move beyond the project’s design stage. However, given the location in the geographic center of Cincinnati and the easy access to interstates, Oakley Station was always prime real estate and stayed on developers’ radar screens. Now being developed by Vandercar Holdings, the developer responsible for …
