WICHITA, KAN. — Wichita State University is building a new $60 million residence hall for approximately 770 students. A new 400-seat dining hall will be attached to the residence hall. The project will be paid for by revenue bonds. Housing revenues will be used over a period of time to repay the bonds. The residence hall will be complete by fall 2014 for, primarily, first-year students. EdR was selected as the development partner. The lead design architect is Page Southerland Page, which is working with local architects Howard and Helmer and MKEC Engineers. Dondlinger & Sons Construction and Farha Construction are the construction team under EdR.
Midwest
LANSING, MICH. — General Motors has announced it will build a $44.5 million parts assembly facility at its Lansing Grand River Assembly plant. The 2.5-million-square-foot plant, which opened in 2001, is where the automaker builds Cadillac vehicles. General Motors plans to construct the 400,000-square-foot building adjacent to the plant to sequence and assemble parts to make manufacturing more flexible at the site. “This project is the latest example of how we’re doing business differently in General Motors today,” says Christine Sitek, manufacturing manager of General Motors North America. “We’ve developed an innovative material strategy that increases efficiency and improves quality to benefit our customers, employees and the bottom line.” General Motors hopes to have the building open and providing parts by the end of 2014, according to the Washington Post.
COLUMBUS, WIS. — Enerpac, a division of Menomonee Falls, Wis.-based Actuant Corp., announced it has begun construction on a new 167,000-square-foot manufacturing facility in Columbus, about 30 miles northeast of Madison. The building will be owned by Zilber Property Group and leased to Enerpac, a manufacturer of hydraulic products and industrial tools. Enerpac has outgrown its current headquarters located at W12500 Westbrook Crossing in Menomonee Falls, Wis., and will move into the new facility in December. Zimmerman Architectural Studios of Milwaukee designed the building, and C.G. Schmidt is constructing the facility.
BLAINE, MINN. — McLean, Va.-based Gladstone Commercial Corp. has purchased an office building in Blaine from the CSM Corp. for $14.4 million. The 92,275-square-foot, single-story building is fully leased to PTC Inc., a Needham, Mass.-based company that develops software solutions and help companies design products and manage product information. “We are excited about this acquisition, which highlights our focus on high-quality assets leased on a long-term basis to strong tenants like PTC Inc.,” says Matt Tucker, a director of investment for Gladstone, a REIT.
CHICAGO — Ascend Real Estate Group, Team4 Development LLC and Intercontinental Real Estate Corp. have broken ground on The Madison at Racine, a nine-story, 216-unit luxury apartment midrise in downtown Chicago. The multifamily property is located at the northwest corner of Madison Street and Racine Avenue in the West Loop. The real estate firms formed a joint venture with the Intercontinental US REIF fund to develop the project. The building will include one- and two-bedroom units, 227 parking spaces and 10,000 square feet of ground-floor retail space. The first residential occupancies are scheduled for fall 2014. FitzGerald Associates Architects designed the building.
OHIO — Aviv REIT Inc. (NYSE: AVIV) has acquired a post-acute and long-term care skilled nursing facility in Ohio for $14.4 million. The property is triple-net leased to existing tenant Saber Healthcare Group. Saber is an operator of 71 skilled nursing and assisted living facilities in five states. The 10-year lease includes an initial cash yield of 10 percent and annual rent escalators. The transaction was funded with the company's revolving credit facility. Aviv has closed $29 million in investments this year.
ADDISON, ILL. — Virginia-based furniture retailer Haynes Furniture has signed a long-term lease for 215,400 square feet of industrial space at 180 N. Meadow Road in Addison. Haynes Furniture is expanding into the Chicagoland market and chose the distribution facility to service their forthcoming Lombard, Ill., retail store. The 265,058-square-foot industrial building is located in the Central DuPage submarket of suburban Chicago. The building is 81 percent occupied and was formerly occupied by The Pampered Chef. Mark Moran, Steve Connolly, and Kelly Disser with NAI Hiffman’s industrial services group represented American Realty Advisors in the transaction. Al Rodenbostel of Arcore Real Estate Group represented Haynes Furniture.
CHICAGO — Marcus & Millichap has arranged the sale of a 5,325-square-foot mixed-use property in Chicago for $1.2 million. Kyle Stengle of Marcus & Millichap represented the seller and the buyer, both limited liability companies, in the transaction. The asset is located at 2058 W. Roscoe St. in Chicago’s Roscoe Village neighborhood. The mixed-use building includes five apartments and one retail space.
CHICAGO — Cole Real Estate Investments, on behalf of Cole Corporate Income Trust Inc., has acquired the Hillshire Brands Co. headquarters in Chicago’s West Loop for $97.5 million. Sterling Bay Cos. reportedly purchased the empty 233,869-square-foot building in 2012 for $10 million, and spent about $50 million to build-out the property for Hillshire. All of the infrastructure and building components were redone, and windows were added on all four exposures, expanding the amount of natural light. “One of the key factors was the long-term lease — nearly 15 years — with an investment-grade tenant,” says Boyd Messmann, senior vice president of office and industrial acquisitions.
SKOKIE, ILL. — Cohen Financial has arranged a $4.4 million acquisition loan for a mixed-use retail and multifamily property in Skokie, about 15 miles north of Chicago. The 31-unit multifamily property is fully leased. Dan Rosenberg of Cohen Financial secured the fixed-rate, 10-year loan through Greystone & Co., a Fannie Mae DUS lender. The borrower is a local commercial real estate investor.