Midwest

THE LOCK UP SELECTS MERIDIAN FOR SELF STORAGE PROJECT

by admin May 14, 2013

WHEATON, ILL. — Meridian Design Build was selected as general contractor for a planned 81,543-square-foot self storage facility in Wheaton for The Lock Up. The new four-story facility will be located adjacent to the Main Street Marketplace shopping center at the northwest corner of Main Street and Geneva Road. The building will include climate-controlled and drive-up units and feature covered loading bays. Peter Stadler and David Lukas of Meridian are coordinating the project. Partners in Design Architects are providing the architectural services. Watermark Engineering Resources Ltd. is providing the engineering services.

May 14, 2013

AMERICAN FREIGHT LEASES 32,000 SF IN CHAMPAIGN

by admin May 14, 2013

CHAMPAIGN, ILL. — Ramshaw Real Estate has leased 32,000 square feet of retail space to American Freight Furniture and Mattress. The new Champaign store is located in the Shops at Glenn Park, formerly Champaign Village, at 1810 Glen Park Drive. Current tenants at Shops at Glenn Park include Cost Cutters, LaVida Massage, State Finance, Coram Specialty Infusion Services, Apria Health Care, LaChic Nail Salon, State Finance, Open Road Pavement and O'Neil Brothers. American Freight now operates more than 80 stores in the United States. The retailer is a warehouse-style discount furniture store that specializes in furniture obtained through dealer cancellations, factory closeouts, retail chain buyouts and wholesale liquidations.

May 14, 2013

Midwest Retail

REGENCY CENTERS BEGINS $50M RETAIL PROJECT

by admin May 13, 2013

SCHERERVILLE, IND. — Regency Centers Corp., a national owner, operator and developer of grocery-anchored and community shopping centers, has begun construction on the $50 million first phase of Shops on Main in Schererville. Gordmans, Ross Dress for Less, HomeGoods and DSW Designer Shoe Warehouse will anchor the 147,851-square-foot community shopping center. The center is located at the intersection of two main arterial roads, U.S. Route 41 and Main Street, about 25 miles southeast of Chicago. Some of the anchors are scheduled to open in spring 2014. The first phase will include two retail buildings and five outparcels on 28 acres of the 35-acre site.

May 13, 2013

Midwest

MINNESOTA VIKINGS LEASES UP TCF BANK STADIUM

by admin May 13, 2013

MINNEAPOLIS — The University of Minnesota and the Minnesota Vikings have agreed to terms on a facility use agreement that allows the Vikings to use TCF Bank Stadium for the 2014 and 2015 NFL seasons. The Vikings have agreed to pay University of Minnesota $300,000 per game ($250,000 for rent and $50,000 in concessions). The estimated costs are about $6 million, with the Vikings paying a maximum of $3 million to the University each NFL season. The agreement is in preparation for the football team’s new $975 million stadium, which is slated for completion by 2016. The team will play its last season at the Metrodome this year. The 30-year-old stadium will be demolished in 2014.

May 13, 2013

Industrial Midwest

PRINCIPAL REAL ESTATE SELLS 171,935 SF BUILDING

by admin May 13, 2013

NAPERVILLE, ILL. — Principal Real Estate Investors has sold a 171,935-square-foot building in Naperville, located about 30 miles west of Chicago, to Reebie Moving and Storage. The purchase price was undisclosed. Reebie Moving & Storage purchased the two-tenant property to supplement its existing location in Chicago. The building, which is located at 720 Frontenac Road, includes 61,000 square feet available for lease. The facility offers a clear ceiling height of 24 feet, easy access to I-88 and on-site trailer parking. Mark Moran, and John Whitehead with NAI Hiffman’s industrial services group, represented Principal Real Estate Investors in the transaction. Kelly Disser also with NAI Hiffman represented Reebie Moving and Storage.

May 13, 2013

Industrial Midwest

GENIUS SERVICES LEASES 29,004 SF IN FERNDALE

by admin May 13, 2013

FERNDALE, MICH. — Genius Services Inc. has signed a lease for 29,004 square feet of industrial space located at 1450 Academy in Ferndale, a northern suburb of Detroit. John Boyd of Signature Associates represented the tenant, Genius Services Inc., in the transaction.

May 13, 2013

Market Reports Michigan Midwest Market Reports

Diverse Manufacturing Base Helps Lift the Grand Rapids Industrial Market

by admin May 13, 2013

The industrial real estate market in West Michigan, and particularly in Kent County, continues to trend positive. CBRE’s most recent survey of this real estate class recorded the fifth consecutive period of positive absorption, resulting in a vacancy rate of 7.8 percent for gross industrial space. The industrial base in West Michigan includes nearly 95 million square feet of gross space, of which nearly 50 million square feet is categorized as “leased” space, with the balance “owner occupied.” The absorption of space is being led by the slow and steady improvement of economic conditions in our region. As of the December 2012, the Grand Rapids unemployment rate stood at 6.5 percent, much better than Michigan and the nation, with unemployment rates of 8.9 percent and 7.8 percent, respectively, for the same period. Economic Catalysts Much like the rest of the state, West Michigan has benefited from the steady improvement of the auto industry. The increase in vehicle sales — brought about by both pent-up demand following the recent recession and by need resulting from natural disasters such as Hurricane Sandy — has boosted manufacturing orders to local companies that supply parts and capital equipment to the auto industry. Additionally, our …

May 13, 2013

Industrial Midwest

AGCO TO INVEST $42M IN EXPANSION OF MINNESOTA FACILITY

by admin May 10, 2013

JACKSON, MINN. — AGCO, an agriculture company, has begun further expansion of its Jackson manufacturing center and plans to invest $42 million into the building during the next three years. AGCO will invest in infrastructure, increasing production capacity and efficiency in order to help meet growing demand for the tractors and application equipment built there. The three-year endeavor is made up of seven phases affecting all areas of the campus, including component manufacturing, the tractor assembly line and the application equipment assembly line. Once completed, the expansion will create 75 additional permanent jobs at the facility, bringing the total number of employees to more than 1,200. The project will increase production capacity by 25 percent for both the tractor and sprayer assembly lines, according to AGCO. The first phase, scheduled for completion in the fall, includes a 30,000-square-foot expansion of the component manufacturing area.

May 10, 2013

Industrial Midwest

GSA SELLS ARDEN HILLS' AMMUNITION PLANT FOR $28M

by admin May 10, 2013

ARDEN HILLS, MINN. — The U.S. General Services Administration (GSA) has sold a 427-acre portion of the Twin Cities Army Ammunition Plant (TCAAP) in Arden Hills to Ramsey County for $28 million. The sale is part of GSA's ongoing efforts to dispose of excess federal property to save taxpayer dollars and make more efficient use of the government's real estate assets. The deal transfers ownership of 397 acres to Ramsey County immediately, while the remaining 30 acres will be transferred to the county after it conducts environmental remediation, which is expected to take approximately three years. GSA's disposal team in Boston facilitated the sale. The property is a portion of the former Twin Cities Ordnance Plant, which occupied nearly four square miles during World War II. The Army constructed 323 buildings and employed 24,000 civilian and military personnel at the peak of production.

May 10, 2013

Midwest Multifamily

GILBANE, OPTIMUS PARTNER FOR UNIVERSITY OF MISSOURI PROJECT

by admin May 10, 2013

COLUMBIA, MO. —Gilbane Development Co. and local partner Optimus Development have started construction on The Den, a 158-unit development at the University of Missouri. The Den will include a resort-style pool with lounge decks, multiple outdoor courtyards with fire pits, bocce courts, hammock gardens, pet parks, walking trails and an outdoor kitchen along with multiple BBQ areas. The community will also feature a pro-style sand volleyball court, 24-hour cardio and fitness room, Seattle style coffee café/computer center, clubhouse, game room, study rooms, tanning beds and bike/scooter storage. The apartments will be fully furnished with flat screen TVs, in-unit washer/dryers and private bathrooms for each resident. The Den will open to students in summer 2014.

May 10, 2013

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