TOLEDO, OHIO — Luttner Real Estate Investment Services has brokered the sale of a new building occupied by Family Dollar for $1.4 million. Family Dollar has signed a 10-year lease for the space located at 1121 W. Bancroft St. in Toledo. Mark Luttner marketed the 8,000-square-foot property on behalf of the seller, a private developer.
ROCHESTER HILLS, MICH. — IA Engineering has signed a lease for 9,903 square feet of high-tech space at 2709 Bond St. in Rochester Hills. Kris Pawlowski, Clint Confer and Gary Stephens of Signature Associates represented the landlord, Wall Street Industrial Center LLC. This is the third suite in this complex that Signature has negotiated. Kris Pawlowski also represented the tenant, IA Engineering of North America Inc. IA Engineering provides solutions for manufacturing and suppliers in automotive, aerospace, defense, alternative energy and other industries across North America.
KANSAS CITY, KAN. — Kohlberg Kravis Roberts & Co. LP (KKR) and RED Legacy have acquired the Legends Outlets Kansas City located in Kansas City for $131.5 million, according to Bloomberg. Legends Outlets Kansas City is home to nearly 100 designer and brand name stores, restaurants and entertainment venues including Saks Fifth Avenue OFF 5TH, Ann Taylor Factory Store, Brooks Brothers Factory Store, Cole Haan, Levi's Outlet, Nike Factory Store, Polo Ralph Lauren Factory Store and Under Armour. Located in Village West, the property opened to shoppers in 2006. KKR and RED Legacy plan to focus on attracting additional retailers.
ANN ABOR, MICH. – HFF has arranged a $5.3 million loan for Signature Club Apartments, a 324-unit multifamily community in Ann Arbor, Mich. HFF worked on behalf of Marquette Cos. to secure the five-year, 3.9 percent financing through Freddie Mac. Signature Club Apartments is located at 3000 Signature Blvd. near Interstate 94, south of downtown Ann Arbor. The property features one- and two-bedroom units and is 97.5 percent leased. Community amenities include a 24-hour fitness center, dry sauna, indoor hot tub, outdoor swimming pool, tennis court, sand volleyball court, barbecue and picnic area, business center, library and clubhouse. Managing director Matthew Schoenfeldt and senior real estate analyst Jason Bond of HFF represented the borrower in the transaction.
TOLEDO, OHIO — Eidi Properties has acquired two shopping centers in the Toledo area for $4.4 million. The Shoppes at Glendale is anchored by Walmart and located at 3022-2936 Glendale Ave. next to the Medical College of Ohio. The Executive MarketPlace is located at 3550 Executive Parkway and is anchored by Costco, Elder Beerman, Home Depot and Sears. The two shopping centers total 49,000 square feet.
CHICAGO —Century Aluminum has signed a lease for 16,146 square feet of office space at One South Wacker in downtown Chicago. The publicly traded aluminum maker will move its headquarters from Monterrey, Calif. to the Windy City later this year. Paul Petricca and Melissa Rubenstein of Jones Lang LaSalle completed the transaction on behalf of the building’s owner, Norfolk, Va.-based Harbor Group International, which acquired the 40-story, 1.2-million-square-foot building from TIAA-CREF in December. Michael Cello and Tim Lisy of DTZ represented Century Aluminum in the transaction.
FARMINGTON, HILLS, MICH. — Magellan Behavioral Health Inc. has extended its 8,798-square-foot office lease at 34705 W. Twelve Mile Road in Farmington Hills, a northwest suburb of Detroit. Chris Secontine and John Gordy of Signature Associates represented the landlord, Investors Warranty of America Inc., in the transaction. Magellan Behavorial Health, a long-term tenant at the building, is a division of Magellan Health services and focuses on patients with behavioral issues.
In the Detroit area and across Southeast Michigan, medical office continues to be a strong performer. With healthcare being one of the state’s largest and fastest-growing economic drivers, an aging population and a robust system of public, private and university hospitals across the region, a generally positive growth trend seems unlikely to change anytime soon. Farbman Group’s own portfolio of 4 million square feet is currently more than 95 percent occupied, and quality medical office space remains in high demand. There are, however, some noteworthy developments taking place both inside and outside the healthcare industry that are shaping its future. Medical office real estate trends locally and regionally are beginning to reflect those changes. Consolidation Wave Perhaps the healthcare trend with the most significant potential to alter the medical office and medical real estate marketplace in Southeast Michigan is that of consolidation — healthcare systems coming together via mergers, acquisitions and strategic partnerships. This trend is, in some respects, similar to what has occurred in the banking industry during the last decade. We are likely to see the same kind of phenomenon continue to pick up momentum in healthcare during the next five years or so. There are three primary …
CHICAGO — Acting on behalf of LaSalle Investment Management, Jones Lang LaSalle has secured $125 million in acquisition financing for Onterie Center, a two-building residential and commercial property located at 441 E. Erie St. in Chicago. New York Life provided the financing. Designed by Skidmore, Ownings & Merrill and completed in 1986, Onterie Center features a 60-story, 583-unit residential tower with 102,616-square feet of fully leased commercial space and an 11-story tower with 32 luxury loft units. Commercial tenants include Northwestern University, the Rehabilitation Institute of Chicago, Northwestern Memorial Hospital, Streeterville MRI and KinderCare daycare center. David Hendrickson, Keith Largay and Ian Russell of Jones Lang LaSalle brokered the transaction.
INDIANAPOLIS — Becovic Cos. has plans to develop a $12 million apartment complex in Indianapolis. The development, The Preserve at Willow Springs, will be located at 8845 Township Line Road and has received final zoning approval from the Indianapolis City Council. The master-planned community will consist of 90 luxury one- and two-bedroom apartment homes with direct access garages and high-end finishes. The community will be based on a green building design and promote environmental consciousness with residents by providing green initiatives including a solar-paneled clubhouse, electric vehicle charging stations, tankless water heaters and more. Texas-based architectural firm Humphreys & Partners designed the community. The first apartment homes will be available for occupancy in June.