PEWAUKEE, WIS. — BJ Electric Supply has renewed its lease for 20,575 square feet of retail space in the Pewaukee Commerce Center, located at N25W23040 Paul Road in Pewaukee. Mike Fardy, Tom Shepherd and Jim Larkin of Colliers International represented both parties in the transaction.
The Kansas City industrial market is healthier than most, largely because the market was not overbuilt during the last expansion phase. So, the overall vacancy never topped 10 percent. Currently, we are seeing major shortages in spaces ranging from 100,000 square feet and above, with only a 2.5 percent to 3 percent vacancy rate in that segment. That’s particularly true among buildings with 24-foot clear height ceilings. Because vacancies are on a steady decline in building sizes of about 75,000 square feet — specifically in quality, high-cube warehouse space — the need for speculative construction is overdue. Few developers have had the fortitude or the financing to undertake speculative development in recent years. A Sun Life Financial-owned facility, which spans 600,000 square feet in Olathe, Kansas, is now fully leased to Bushnell and FedEx. The facility was built in 2008. Kessinger/Hunter & Co. is developing a second building for Sun Life at I-35 Logistics Park. The state-of-the-art, 800,000-square-foot facility will be the largest building ever built on a speculative basis in the Kansas City area. On the northern side of the market, Horizons Business Park in Riverside, Missouri, has broken ground on a 155,000-square-foot distribution center and is contemplating additional …
BLOOMINGTON, ILL. — The Boulder Group has arranged the $16.3 million sale of single-tenant General Services Administration (GSA) property at 1201 N. Mitsubishi Motorway in Bloomington. The 133,512-square-foot facility is fully occupied by the Internal Revenue Service and was developed in 2008. The IRS National Distribution Center serves customers of the IRS. The GSA consolidated three other national IRS distribution centers to the facility in 2008. The GSA has 11 years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private partnership in Colorado. The buyer was self-represented and purchased the property to fullfill a 1031 tax-deferred exchange.
MILWAUKEE — The Wisconsin Department of Corrections has signed a lease for 24,000 square feet of office space in the Mill Run Business Center at 6649 W. Mill Road in Milwaukee. Jim Larkin of Colliers International represented both parties in the transaction.
EXCELSIOR, MINN. — STEELE Fitness will open a 5,000-square-foot fitness center and fitness equipment store in downtown Excelsior this winter. It will be the fifth retail location for the company. The Excelsior store will be part of a new retail complex on Water Street, between Oak and George streets. Oppidan Investment Co. is developing the property, which will also include a grocery store that will replace the Mason Motors building.
ONTARIO, OHIO — Brownfield Communities Development Co. (BCDC) has agreed to buy the former General Motors Stamping Plant at 2525 W. Fourth St. in Ontario from Racer Trust. The Miami developer plans to repurpose the 2.5 million-square-foot building into a modern, multi-tenant facility. BCDC has identified two tenants for the site that are expected to bring 1,100 new jobs to the area. Racer Trust, known as Revitalizing Auto Communities Environmental Response Trust, was created in March 2011 to sell the facilities GM had to leave behind because of its bankruptcy and the taxpayer bailout of $50 billion. The Mansfield-Ontario Stamping Plant is GM's 17th property to be sold. Total sales so far have exceeded $24 million.
PLAINFIELD, ILL. — Irgens has completed a $6.3 million medical office building at the northeast corner of Route 59 and Dayfield Drive in Plainfield. The build-to-suit project is fully leased by Edward Health Ventures and will provide primary care services from Edward Medical Group physicians. The 22,000-square-foot facility will offer walk-in/urgent care, physical and occupational therapy and other services. The project team also includes Eckenhoff Saunders Architects and Peak Construction, the general contractor.
JOLIET, ILL. — Johnstone Supply Inc. has signed a 10-year lease for 236,273 square feet at 3500 Corporate Drive in Joliet. It is the first industrial property in Illinois to be occupied by Johnstone Supply, a national wholesaler and distributor in the heating, ventilating, air conditioning and refrigeration industry. State Teachers Retirement System of Ohio owns the 442,484-square-foot distribution facility. Johnstone's lease includes 8,600 square feet of office space and a hazardous materials room. The company plans to move into the space in January 2013. Steven Tick of Podolsky Northstar CORFAC International represented the tenant in the transaction.
GOLDEN VALLEY, MINNETONKA AND BROOKLYN PARK, MINN. — Grandbridge Real Estate Capital has arranged a $7 million loan for the refinancing of a four-building office portfolio in Golden Valley, Minnetonka and Brooklyn Park. StanCorp Mortgage Investors provided the 10-year loan, which includes a 20-year amortization schedule and a fixed interest rate of approximately 4 percent. Tony Carlson of Grandbridge originated the loan.
NEW YORK CITY — American Realty Capital Trust (ARCT) has acquired 10 retail properties in five states, including Minnesota and Missouri, for $16.3 million. Family Dollar is leasing three of the properties, while seven are occupied by Ruby Tuesday. The buildings total 60,000 square feet. The acquisition is in line with New York City-based ARCT's strategy of developing a diversified portfolio with a 60 percent concentration in the retail sector. In addition to the Midwest, some of the properties are located in Georgia, Texas and Florida.