Midwest

PASSCO ACQUIRES APARTMENT COMMUNITY IN NOBLESVILLE, IND.

by admin May 29, 2013

NOBLESVILLE, IND. — Passco Cos., a California–based real estate investment company, has completed the acquisition of Autumn Breeze, a 280-unit Class A apartment community located in Noblesville. The property was 95 percent leased at the time of sale. Autumn Breeze is located at 14901 Beauty Berry Lane, about 25 miles north of Indianapolis. Amenities at the property include a pool, billiard room, tanning salon, online concierge services, attached and detached garages, pet spa, clubhouse, 24-hour athletic center and business center and a cyber café. Steve LaMotte of CBRE represented both the buyer and the seller in the transaction. The acquisition brings Passco’s multifamily portfolio to 33 properties, with more than 10,000 units nationwide.

May 29, 2013

BAUM ARRANGES RELOCATION, REOPENING OF STARBUCKS

by admin May 29, 2013

EVANSTON, ILL. — Baum Realty Group LLC has arranged the relocation and grand reopening of a Starbucks at 1734 Sherman Ave. in downtown Evanston, a northern suburb of Chicago. Adam Secher and Jonathan Feld of Baum Realty arranged the retail lease on behalf of Starbucks. The specialty coffee retailer reopened the larger store after 21 years in its original Evanston location. With more than 3,000 square feet of space, the new store is nearly three times the size of the original location.

May 29, 2013

Midwest Office

RGA BREAKS GROUND ON ITS 405,000 SF HEADQUARTERS

by admin May 28, 2013

CHESTERFIELD, MO. — Reinsurance Group of America Inc. (RGA) has broken ground on its new 405,000-square-foot global headquarters at 16600 Swingley Ridge Road in Chesterfield, about 20 miles west of St. Louis. When Clayco Corp. completes the site in 2014, the complex will include two five-story office towers linked by a two-story atrium lobby. The headquarters will include a café seating 500 people and a 2,500-square-foot fitness facility.

May 28, 2013

Industrial Midwest

FLAGSTAR BANK SELLS 75,000 SF INDUSTRIAL BUILDING

by admin May 28, 2013

STERLING HEIGHTS, MICH. — Flagstar Bank has sold 75,000 square feet of industrial space located at 41150-41155 Technology Park Drive in Sterling Heights, about 20 miles northeast of Detroit. The buyer was Richard Schaller. Bruce Morrison and Paul Saad of Signature Associates represented the seller in the transaction. Signature Associates is an independently owned and operated member of the Cushman & Wakefield Alliance.

May 28, 2013

Midwest Office

WORLDWIDE OPENS 57,200 SF OFFICE IN MARYLAND HEIGHTS, MO.

by admin May 28, 2013

MARYLAND HEIGHTS, MO. — World Wide Technology Inc. (WWT) has opened a new headquarters facility at its campus in Maryland Heights, about 20 miles northwest of St. Louis. The two-story, 57,200-square-foot building will accommodate WWT’s rapid growth an, according to the company. The facility includes an open space layout, a 150-seat auditorium, digital signage and a briefing center. Green technologies were included in the construction, such as plastic reflective roofing, motion sensors, efficient plumbing and recycled building materials. M+H Architects, O’Toole Design, Legacy Building Group and Keeley Construction are the design team for the project. The address for WWT’s new headquarters building is 701 Fee Fee Road.

May 28, 2013

Market Reports Midwest Market Reports Ohio

Developers Restart Stalled Retail, Mixed-Use Projects in Cincinnati

by admin May 28, 2013

In the immediate wake of the Great Recession (version 2.0), it was not uncommon to see halted development projects in greater Cincinnati. Now that the economy has rebounded, retail development has started to follow suit. However, the original developers that began many of the region’s key projects aren’t necessarily the ones finishing them. What follows is a summary of some key projects in various stages of completion that have had to adapt to changing market conditions and consumer preferences. Oakley Station Among the high-profile projects in the greater Cincinnati market that have undergone changes in development direction is Oakley Station. This former 74-acre Cincinnati Milacron complex, originally known as the Millworks project, was conceived as a Main Street-focused lifestyle center supplemented by structured parking that would incorporate some of the existing industrial structures. Once the recession hit, the project fell victim to the nationwide lending freeze and tenants’ slowing growth plans, making it difficult to move beyond the project’s design stage. However, given the location in the geographic center of Cincinnati and the easy access to interstates, Oakley Station was always prime real estate and stayed on developers’ radar screens. Now being developed by Vandercar Holdings, the developer responsible for …

May 28, 2013

Midwest Multifamily

WICHITA STATE BUILDING NEW $60M RESIDENCE HALL

by admin May 24, 2013

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.

May 24, 2013

Industrial Midwest

GM TO BUILD $44.5M PARTS ASSEMBLY SITE IN LANSING

by admin May 24, 2013

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.

May 24, 2013

Industrial Midwest

167,000 SF INDUSTRIAL FACILITY UNDERWAY IN COLUMBUS, WIS.

by admin May 24, 2013

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.

May 24, 2013

Midwest Office

GLADSTONE BUYS OFFICE BUILDING IN BLAINE FOR $14.4M

by admin May 24, 2013

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.

May 24, 2013

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