ST. LOUIS — Three different Crushed Red Urban Bake & Chop restaurants have received approximately $1.4 million in renovations. The properties include a 3,300-square-foot facility located at 8007 Maryland Ave. in Clayton; a 3,100-square-foot building located at 140 S. Kirkwood Road in Kirkwood; and a 5,600-square-foot property located at 313. N. Euclid Ave. in St. Louis. The Clayton location, which received $500,000 for renovations, opened recently, while the other two locations are slated to open by the end of summer. St. Louis-based Hilliker Corp. assisted Crushed Reds restaurants with site location, negotiating lease terms and allowance from landlords toward renovations. Shamel Contracting completed the Clayton remodeling.
ROCHESTER, MINN. — Dougherty Funding LLC has placed $170 million in financing for four hotels in Rochester, located about 85 miles south of Minneapolis. The hotel properties include the 660-room Kahler Grand Hotel, the 271-room Kahler Inn & Suites, the 220-room Marriott Rochester and the 89-room Residence Inn by Marriott Rochester. The four hotels make up almost 25 percent of the city’s hotel rooms. The financing is a combination of $145 million in senior and mezzanine financing and $25 million in preferred equity.
CHICAGO — Leopardo has completed the Gateway to the West Loop, a $34 million, 190,000-square-foot retail project anchored by Mariano’s Fresh Market. The company has also started construction on Ravenswood Station, a $43 million, 240,000-square-foot retail center also anchored by Mariano’s. Gateway to West Loop, located at 14-40 S. Halstead, is home to eight tenants including Mariano’s, Ulta Salon, GNC, Massage Envy and Supercuts. Ravenswood Station will also be home to Mariano’s, LA Fitness and Sears Auto. The project is slated for completion in January 2014. Both project teams include Leopardo (general contractor), Antunovich Associates (architect), Paul Shadle of DLA Piper (attorney) and developers Seymour Taxman, Timothy Barrett and Gene Porto.
LINCOLN, NEB. — DLR Group has been selected to design a $32 million mixed-use development project in Lincoln. The Exchange at Antelope Valley, which will be developed by Hoppe Brothers, will include housing, retail and a 32,000-square-foot grocery store. The historic Windstream warehouse on the site will be renovated into apartments.
STERLING HEIGHTS, MICH. — Nitto Seiko America has signed a lease for 9,558 square feet of hi-tech space located at 44425 Phoenix Drive in Sterling Heights, about 25 miles north of Detroit. Clint Confer of Signature Associates represented Nitto Seiko in the deal. Nitto Seiko manufactures and sells industrial fasteners and tools and industrial and precision machinery.
After a seemingly relentless economic recession, the retail atmosphere is changing in southeastern Michigan as more local and national tenants look to grow here. The positive momentum that began in 2011 in the retail industry has continued. Retail sales rose modestly in 2012, and retailers expect sales to continue to rise in 2013. The source of the optimism stems from the resurgent auto industry, which drives metro Detroit’s economy. Job growth is accelerating, leading to a drop in the unemployment rate. Absorption is positive in the Class A industrial and office markets. All of these factors are having a positive effect on Detroit’s retail market. Retailers eye downtown Downtown Detroit is bursting with an energy not seen since the 1950s. Dan Gilbert, owner of Quicken Loans, is responsible for much of the change. His recent real estate acquisitions, 15 buildings to be exact, and relocation of 7,000 employees to the central business district, have created a buzz that retailers are noticing. Olga’s, Bagger Dave’s, Buffalo Wild Wings and Moosejaw have all planted roots downtown. Whole Foods Market is scheduled to open this year in midtown near the Detroit Medical Center and Wayne State University. National retailers are lining up to …
BROOKFIELD, WIS. — As part of an agreement with Marcus Corp., the Mandel Group will oversee the residential design, development and apartment leasing for The Corners of Brookfield, a $125 million mixed-use project. Approximately 150 luxury apartments will be built above the retail shops in the open-air, town-center-style development site in Brookfield. Upon completion, Mandel Property Services Inc., an affiliate of Mandel Group, will manage the leasing and operation of the upscale apartment community. The Corners of Brookfield is a 460,000-square-foot development in suburban Milwaukee that will be built on a 19-acre site at the intersection of I-94, Barker Road and Bluemound Road. Developers have targeted spring 2013 to start construction with a fall 2014 projected opening.
JOLIET, ILL. — WAP LLC has purchased a 12,551-square-foot office building for $1 million in Joliet, located about 40 miles southwest of Chicago. The two-story building, which offers medical office space, parking and easy access to I-80, was sold by Houbolt LLC. The building is located at 370 Houbolt Road. Adam Johnson of NAI Hiffman represented Houbolt LLC in the transaction.
OREGON, OHIO — Premier Design + Build Group LLC has completed construction on a 10,636-square-foot medical building in Oregon, a southeast suburb of Toledo. The facility includes two ambulatory surgery procedure rooms, recovery and therapy areas and private ultrasound and massage areas. DECA Health occupies the building, located at 846 S. Coy Road.
CHICAGO — Jones Lang LaSalle was named the new leasing agent for a 142,000-square-foot industrial facility located at 1400 Harris Road. New Jersey-based real estate investment firm The Silverman Group owns the building. The building is one of two buildings in the Liberty Point Corporate Center and has 110,427 square feet of available space. Tenants include Culligan International Co., Tire Centers LLC and Laser Precision. The building was constructed in 2007 and includes 11 dock doors, ESFR sprinklers, parking for 218 cars and 26-foot ceiling clears.