Midwest

AUTO SUPPLIER SIGNS 117,319 SF LEASE IN TROY, MICH.

by admin June 11, 2013

TROY, MICH. — Magna International Inc. has signed a 117,319-square-foot office lease at 750 Tower Drive in Troy. The building, which will be Magna’s new headquarters, is located in the North Troy Corporate Park. The automotive supplier is moving from an 80,000-square-foot location on Wilshire Drive in Troy. Magna will move several hundred employees to the new location in September. David Friedman, president and CEO, and Robert Gagniuk, associate broker, of Friedman Integrated Real Estate Solutions represented the landlord in the transaction. When Friedman began managing the 240,000-square-foot property in May 2012, it was vacant. After renovations, rebranding and leasing initiatives, the building is 60 percent occupied.

June 11, 2013

SONY RENEWS 281,464 SF LEASE IN BOLINGBROOK, ILL.

by admin June 11, 2013

BOLINGBROOK, ILL. — Sony Music Holdings Inc. has renewed its 281,464-square-foot lease at 430 Gibraltar Drive in Bolingbrook, a southwest suburb of Chicago. NAI Hiffman manages the property, which is located off I-55 near Route 53. Mark Moran and Steve Connolly of NAI Hiffman represented the landlord, Sun Life Assurance Co. of Canada, in the transaction. Aileen Gozzola Sandstedt of CTK Chicago Partners represented Sony.

June 11, 2013

Industrial Midwest

L.A. FIRMS BUY TWO INDUSTRIAL BUILDINGS IN DETROIT AREA

by admin June 11, 2013

LIVONIA, MICH. — Los Angeles-based firms Hackman Capital Partners LLC and Oak Pass Capital Management have purchased two industrial properties in Livonia totaling 285,306 square feet. The properties were acquired through Auction.com from LNR. The purchase price was not disclosed. The buildings, located at 38220 and 38150 Plymouth Road, are fully occupied. Tenants at the properties include Helm Inc. and McKesson.

June 11, 2013

Healthcare Midwest

IRGENS SELLS SIX MEDICAL OFFICE BUILDINGS FOR $46.5M

by admin June 10, 2013

MILWAUKEE — Irgens, a Milwaukee-based developer, has sold its portfolio of six medical office properties, located throughout Wisconsin, Illinois and Arizona, for $46.5 million. Toby Scrivner, Jeff Matulis and Daniel Herrold of Stan Johnson Co. represented the seller in the transaction. The buyer was an institutional REIT out of New York. The properties within the portfolio were all triple-net leased to market dominant hospital systems with more than 10 years remaining on their leases.

June 10, 2013

Healthcare Midwest

CIENA HEALTHCARE OPENS SKILLED NURSING FACILITY

by admin June 10, 2013

GRAND BLANC, MICH. — Ciena Healthcare has opened Regency at Grand Blanc, a skilled nursing center located at 1330 Grand Pointe Court in Grand Blanc Township, about 10 miles south of Flint. The $10 million, 68,000-square-foot seniors housing property features 94 short-term and long-term care suites and includes 50 private suites. The new facility is expected to create more than 150 full- and part-time jobs.

June 10, 2013

Midwest Multifamily

37-UNIT APARTMENT BUILDING SELLS FOR $3.7M IN CHICAGO

by admin June 10, 2013

CHICAGO — Marcus & Millichap has arranged the sale of a 37-unit multifamily property in Chicago for $3.8 million. Stephen Rachman, an investment specialist at Marcus & Millichap’s Chicago O’Hare office secured the buyer, a limited liability company. The apartment building is located at 905 W. Carmen Ave. The building was 100 percent occupied at the time of sale and features all new windows.

June 10, 2013

Midwest Retail

KNIGHT’S STEAK HOUSE SIGNS 5,200 SF LEASE IN ANN ARBOR

by admin June 10, 2013

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.

June 10, 2013

Market Reports Midwest Market Reports Ohio

Slow Start, Big Finish Likely in Central Ohio's Industrial Sector in 2013

by admin June 10, 2013

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 …

June 10, 2013

Midwest Mixed-Use

DOWNTOWN CLEVELAND TO RECEIVE $350M OVERHAUL

by admin June 7, 2013

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.

June 7, 2013

Midwest Multifamily

BALFOUR BEATTY TO BUILD $31M UI GRADUATE HOUSING

by admin June 7, 2013

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.

June 7, 2013

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