Midwest

OPUS BREAKS GROUND ON 127,000 SF WORLD HEADQUARTERS IN OMAHA

by admin October 1, 2012

OMAHA — Opus Development Corp. has broken ground on a 127,000-square-foot world headquarters office for The Gavilon Group in Omaha. The Class A office building will be designed and constructed using sustainable elements and will feature 22-foot ceiling heights and an open staircase connecting two levels. Gavilon worked with the mayor's office, City of Omaha staff and the Omaha Economic Development Corp. in its decision to relocate offices. Construction is slated for completion in December 2013. Open Studio Architecture is the design architect for the project. Perkins + Will is designing the interior.

October 1, 2012

CHAT MICHIGAN SIGNS 89,765 SF LEASE IN MICHIGAN

by admin October 1, 2012

ROMULUS, MICH — CHAT Michigan Inc., a worldwide freight forwarder, has signed a lease for 89,765 square feet of industrial space at Northline Industrial Center in Romulus. The facility includes rail access and houses more than 1 million square feet of warehouse facilities on 164 acres. The center is located at 38481 Huron River Drive. Gary Glotzhober of Colliers International represented the owner, Northline, in the transaction. He also represented the tenant.

October 1, 2012

Midwest Office

FREEDOM WIRELESS ACQUIRES CORPORATE HEADQUARTERS

by admin October 1, 2012

BOLINGBROOK, ILL. — Freedom Wireless, the owner of multiple Cricket Wirelesss stores, has acquired a 4,000-square-foot, bank-owned office space at 479 Quadrangle Drive in Bolingbrook. The company plans to use the property, which also contains 2,662 square feet of warehouse space, as its corporate headquarters. Adam Johnson and Leslie Yurek of NAI Hiffman represented the seller, Dearborn Street Holdings, in the transaction. Vick Mehta of Churchill Realty represented the buyer.

October 1, 2012

Midwest Multifamily

DEVELOPER SECURES $115M LOAN TO FINISH 60-STORY TOWER

by admin September 28, 2012

CHICAGO — Related Cos. has secured a $115 million construction loan that will enable the developer to build an apartment tower at 111 W. Wacker Drive, which has been sitting unfinished for years. U.S. Bank provided the loan to finance construction of the 504-unit building. Originally planned to be the fifth tallest building in Chicago, the prior development reached a mere 25 stories before the economic recession halted construction in 2008. In July 2011, Related acquired the building and announced plans to transform the tower into a 60-story luxury rental tower. Demolition is currently under way and vertical construction is expected to start in early 2013 with completion by the spring of 2014.

September 28, 2012

Midwest Retail

IKEA TO OPEN KANSAS CITY-AREA STORE BY 2014

by admin September 28, 2012

MERRIAM, KAN. — IKEA, the Swedish home furnishings retailer, plans to open a new 349,000-square-foot store in Merriam, eight miles southwest of Kansas City, in the fall of 2014. The store will be built on 18 acres — to be purchased from DDR Corp. — along the eastern side of I-35 at the Johnson Drive exit. The site will also include a two-level parking structure. IKEA Merriam will feature 10,000 exclusively designed items, 50 inspirational room settings, three model home interiors, a children's play area and a 450-seat restaurant.

September 28, 2012

Midwest Office

POLSINELLI ADDS THIRD FLOOR TO CHICAGO OFFICE

by admin September 28, 2012

CHICAGO — Polsinelli Shugart's Chicago office is expanding to a third floor in the Chicago Title and Trust Building at 161 N. Clark St. The law firm will gain an additional 18,000 square feet of space, which is part of the company's growth plan. Polsinelli moved into the property in 2009, originally occupying 29,000 square feet on the 41st and 42nd floors. The company will now occupy a total of 60,000 square feet in the building. Cushman & Wakefield represented Polsinelli in the transaction.

September 28, 2012

Midwest Retail

TWO-STORE ASSET CHANGES HANDS FOR $4.2M

by admin September 28, 2012

CHAMPAIGN, ILL. — A fully occupied, 10,000-square-foot retail site, located at 1902 N. Prospect Ave. in Champaign has sold for $4.2 million. The property is occupied by AT&T and Aspen Dental, both of which recently signed 10-year leases for the space. AT&T occupies 6,543 square feet while Aspen Dental occupies 3,205 square feet. The building is located at the intersection of I-74 and North Prospect Avenue, next to Market Place Mall. Elli Klapper and Charles Berger of CBRE Group represented the buyer in the transaction.

September 28, 2012

Midwest Multifamily

NORWOOD PARK APARTMENT COMPLEX SELLS FOR $1.2M

by admin September 28, 2012

CHICAGO — Marcus & Millichap has arranged the $1.2 million sale of a 14-unit apartment property at 6760-6774 W. Raven St. in Chicago's Norwood Park neighborhood. The building contains a mix of four, one-bedroom units with eat-in kitchens and 10, one-bedroom units with separate dining rooms. James Clough and Joe Smazal of Marcus & Millichap represented the seller, an individual trust, in the transaction. They also secured the buyer, a private investor.

September 28, 2012

Market Reports Midwest Market Reports Ohio

Demand, optimism grow.

by admin September 28, 2012

With tenant demand increasing and retailers looking to expand in Cleveland, positive net absorption and limited development have created a balanced retail market that will lead to improvement and growth in 2012, according to Marcus & Millichap. The construction levels are relatively low with only 260,000 square feet of shopping center space scheduled to be completed this year, more than doubling last year’s 121,000 square feet. By comparison, 2008 saw 1 million square feet in retail completions. “When you look at it and put it in perspective versus construction levels seen during the last 10 years, it’s significantly below the levels we saw at the height of the market,” says Scott Wiles, a director and vice president within Marcus and Millichap’s National Retail Group. “It was an expected trend that last year was the low point for construction levels in the submarket, and that stems from 2009 and 2010 being very inactive leasing markets,” Wiles says. This year’s limited construction will aid Cleveland’s retail growth, however, in light of an uptick in leasing. “The positive thing about Cleveland is that we never see the construction levels that some of the sexier markets see, so it doesn’t throw our supply and …

September 28, 2012

Industrial Midwest

IDI TO DEVELOP PARK NORTH AT MONROE

by admin September 27, 2012

MONROE, OHIO — IDI, an Atlanta-based developer, has acquired the Corridor 75 Premier Logistics Park in Monroe during a sheriff's sale, for a reported $13.3 million. The property includes 300 acres of land and a vacant 651,592-square-foot industrial building. IDI plans to rename the property Park North at Monroe and develop an additional 4.1 million square feet of logistics buildings on the property. The buildings will range from 150,000 square feet to more than 1.2 million square feet. The business park is located near the intersection of State Route 63 and I-75.

September 27, 2012

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