CHESTERFIELD TOWNSHIP, MICH. — EZ Industrial Solutions LLC has signed a lease for 24,105 square feet of industrial space in Chesterfield Township, about 30 miles northeast of Detroit. The building is located at 48750 Structural Drive. Ben Wilkiemeyer and Peter Walocko of Signature Associates represented the landlord, Vincent Palazzolo, in the transaction.
The Omaha industrial market, which contains a total inventory of roughly 67.5 million square feet, posted a tight vacancy rate of 5.1 percent at the end of 2012, according to commercial real estate research firm Xceligent Inc. For the year, about 652,000 square feet of space was absorbed, or about 1 percent of the market. Overall, 2012 was a strong year with an estimated 142 new leasing transactions completed. Unlike 2011, however, in which eight major deals in excess of 100,000 square feet dominated the industrial market reports, none of the deals in 2012 were blockbuster. In fact, only three transactions were in excess of 50,000 square feet. What does this mean? A lot of mid-sized deals occurred. For the first time in a while, those vacant spaces ranging from 2,000 to 10,000 square feet have accounted for a glut of excess space in recent years are getting leased. More significantly, the mid-sized deals indicate growth of both new and local businesses expanding their presence in the Omaha industrial market. Meanwhile, speculative or new construction is at a standstill. Almost all of the new construction in the market has either taken the form of build-to-suit or owner-occupied space, or is …
CLEVELAND, OHIO — KeyBank Real Estate Capital has arranged $46 million in financing for Steelyard Commons, a retail shopping center located at 3447 Steelyard Drive in Cleveland. John Hofmann, Michael Keach and Katie Allinder of KeyBank’s Income Property Group worked with Steelyard Commons LLC to negotiate a $40 million first mortgage through Barclays. The group also secured a $6 million mezzanine loan through Investcorp, which paid off an existing KeyBank loan. Steelyard Commons sits at the intersection of I-71 and Jennings Freeway, along the western edge of Cleveland’s industrial valley. The shopping center, which opened in January 2007, includes a combination of retail stores, restaurants and recreation facilities.
CHICAGO — Hotel Indigo, InterContinental Hotels Group’s upscale boutique brand, has plans for a third hotel in the Chicago market. The hotel, which will be located in the historic downtown area’s Atlantic Bank Building, is expected to open in spring 2014. The Hotel Indigo Chicago-Millenium Park hotel, located at 168 N. Michigan Ave. in Chicago, will undergo an estimated $20 million renovation by the ownership. The hotel will occupy a 101-year-old building that first opened in 1912 as the Federal Life Building. The 156-room hotel will feature design elements that reflect its local neighborhood just north of Millennium Park within Chicago’s central business district.
LADUE, MO. — The Women’s Exchange, a nonprofit organization, has signed a 10-year, 6,000-square-foot lease at Colonial Marketplace in Ladue, a western suburb of St. Louis. The organization is moving from a 4,000-square-foot location, located at 9214 Clayton Road, into the new space June 2013, when Colonial Marketplace opens. Jeff Altvater of Hilliker Corp. represented The Women’s Exchange, which will spend $500,000 to build out its space, in the transaction. The Women’s Exchange is a marketplace for women to earn a livelihood through the sale of their handmade goods. The DESCO Group and Idea Architects will renovate the store.
ST. LOUIS — McGrath & Associates has completed the renovation of an existing radiology room at Saint Louis University Hospital in St. Louis into an advanced radiology suite featuring a Siemens Artis Zeego angiography system. As part of the renovation, McGrath added structural steel support beams under the existing first-floor slab to provide support for the Zeego robotic arm equipment. The project also required sheet lead radiation shielding. The room finishes included seamless vinyl flooring with a FlashCove base and sheet wall protection. BSA Lifestructures Inc. was the architect. The project price was undisclosed.
CHICAGO — The Marquette Cos. has broken ground on Catalyst, a 22-story apartment building located at 630 W. Washington in Chicago’s West Loop. The development is a joint venture with El Paso, Texas-based Hunt Cos. and New York-based Kayne Anderson Real Estate Advisors. Designed by architect Brininstool + Lynch, Catalyst will include 223 apartment homes with studio, one-, two- and three-bedroom plans. The street level of Catalyst will include a 13,000-square-foot Walgreens. The property will also include approximately 175 parking spaces. Lend Lease is serving as general contractor. Leasing is expected to begin in early 2014 with units delivering in summer 2014.
ANN ARBOR, MICH. — Philanthropist Charles T. Munger has pledged a $110 million gift of securities to the University of Michigan to be used to build graduate housing. The 370,000-square-foot, eight-story building will be located on Central Campus on the north side of East Madison Street between South Division and Thompson streets. The anticipated opening date is 2015. Out of the total gift, $100 million will go toward the new facility, which will cost approximately $185 million. The remainder will be funded by lease revenue.
EAU CLAIRE, WIS. — Marcus & Millichap Real Estate has arranged the sale of Southpoint Shopping Center, a 15,183-square-foot retail property located in Eau Claire, for $2.8 million. Jason Ladner and Jeff Rowlett of Marcus & Millichap’s Milwaukee office marketed the property on behalf of the seller, a private Milwaukee-based investor and secured the buyer, a private Idaho-based investor. Southpoint Shopping Center is located at 2901-2917 Mall Drive and is shadow-anchored by Festival Foods, which recently signed an 18-year lease. Other tenants include Famous Dave’s, Northwestern Bank, Little Caesar’s, Clearwater Chiropractic, Scottrade Inc. and Weight Watchers. Southpoint Shopping Center was fully occupied at the time of sale.
CLEVELAND, OHIO — KeyCorp has signed a 15-year lease extension for 487,000 square feet at Key Tower in Cleveland. The new lease begins July 1, 2015, and extends through June 2030. Columbia Property Trust has owned the 57-story Class-A office tower since December 2005. The 1.3 million-square-foot property has served as the headquarters of KeyCorp., the holding company for KeyBank, since the tower’s construction in 1991.