Minimal construction and large lease signings are expected to bring the retail vacancy rate in Columbus to a 5-year low this year. At the same time, investment activity should increase through year’s end, particularly in the multi-tenant retail segment, as investors take advantage of historically low interest rates. Many of the leases in the Columbus metro area will be executed in areas with healthy population growth and established foot traffic, including Polaris, Easton, and Westerville. The lease inked by Menard Inc. for 240,000 square feet at the old Northland Mall last year will help revitalize the Morse Road corridor. Slightly north, elevated household incomes will bode well for Westerville, where Walmart will open by mid-year. Both moves will increase traffic within the area, while attracting smaller tenants to vacated inline space nearby. Elsewhere, Earth Fare Inc. will move into 30,000 square feet at the Gemini Place Towne Center in Polaris, further solidifying the neighborhood as a top retail corridor in Columbus. As leasing activity picks up and development activity remains slack, most submarkets will post an improvement in vacancy in 2012. Economic Vital Signs The Columbus retail market is one of the strongest outside of the Upper Midwest, according to …
ROGERS, MINN. — Liberty Property Trust plans to break ground on a 227,000-square-foot industrial building this June at Liberty Industrial Park at Diamond Lake in Rogers. The $14 million, multi-tenant building will be located on 13 acres at 13320 Wilfred Lane North. The building will include four distinct entrances and 27 dock doors. The project is expected to be complete by the end of the year. Edward Farr of Edward Farr Architects Inc. is the architect for the project, and Anderson K.M. Builders is the general contractor.
BERKELEY, MO. — Construction is complete on a new city hall and fire station in Berkeley. The buildings are located within a $16 million municipal complex, which will also contain a police station. Kwame Building Group, the construction manager, broke ground on the project in 2010 and construction began simultaneously on the 29,500-square-foot city hall and the 17,200-square-foot fire station. Features include separate offices for each of the city's five council members, expanded living quarters for firefighters and larger bays for fire engines.
CANTON, OHIO — Luttner Real Estate Investment Services has arranged the $5.6 million sale of a 32,160-square-foot medical office building in Canton. The property, which was built in 2000, is leased to NeuroCare Center. Neurocare recently entered into a new, 15-year lease. Mark Luttner of Luttner Real Estate Investment Services represented the seller, a private ownership group. He also procured the buyer, a private East Coast investor.
CHICAGO — Medullan has signed a lease renewal and expansion for 13,065 square feet of office space at 625 Mount Auburn St. in Chicago. The space will serve as the information technology consultancy firm's new corporate headquarters. The transaction marks the fourth office expansion by Medullan since its inception, growing from roughly 4,300 square feet to more than 13,000 square feet. Michael McCarthy of Suburban Leasing Group represented the tenant in the transaction. Robert Fitzgerald of CBRE Group represented the landlord, KBS Realty Advisors.
OMAHA — Agree Realty has sold a 30,000-square-foot property, which was once leased to Borders bookstore, in Omaha for $2.75 million. The buyer was undisclosed. Agree Realty Corp. has two other transactions pending on former Borders locations. Those sites are in Monroeville, Pa. and Columbus, Ohio.
WAUKESHA, WIS. — Milwaukee-based developer Mandel Group has purchased Rivers Edge Apartments, a 340-unit community in downtown Waukesha. Rivers Edge Equity, an affiliate of the Mandel Group, completed the transaction. The company did not release the sales price of the property, but industry sources cite the transaction at $29.5 million. The seller consists of three companies formed by Waukesha-developer Bryce Styza: Rivers Edge of Waukesha LP, Rivers Edge II LLC and Rivers Edge III LLC. Mandel Property Services will manage Rivers Edge and the new owner is planning to invest in property upgrades. Mandel was attracted to the property because it is in walking distance of shopping, services and entertainment.
WEST LAFAYETTE, IND. — Campus Suites, a national student housing development company, has sold its 756-bed student housing community, Campus Suites on the Lake, in West Lafayette. The community serving Purdue University was sold to The Scion Group. Campus Suites on the Lake is a 20-acre property developed in 2008. It contains 216 large apartments in 3-bedroom, 3-bath configurations for $460 per person monthly and 4-bedroom, 4-bath configurations for $440 per person monthly. There are also extensive amenities, such as an indoor basketball court. Campus Suites owned and operated the property prior to selling it to The Scion Group. In terms of occupancy rate, the luxury student housing community was in the 90-percentile with a 90 percent pre-leasing occupancy rate for the 2013 academic year. The 1,500-to-1,700-square-foot apartments feature private bathrooms, individual storage spaces and available hardwood-style floors.
WAUKEGAN, ILL. — Brown Paper Goods is expanding its operations and has leased 26,642 square feet of industrial space within a 180,000-square-foot building at the Amhurst Lakes Business Park in Waukegan. Brown Paper Goods manufactures and distributes specialty paper bags and sheets for the food industry. The building is located at 3630 Burwood, which is close to the company's headquarters in the business park. Whit Heitman, Sam Badger and Brad Weiner of Paine/Wetzel/TCN Worldwide represented the landlord, Prudential, in the transaction. Ryan Bain of CBRE represented the tenant.
ROSEMONT, ILL. — World Kitchen LLC has leased 55,000 square feet for its world headquarters in Rosemont. The housewares company will occupy space at Columbia Centre III, located at 9525 West Bryn Mawr Ave. David Kimball, Pamela Rose and Jay Beadle of MB Real Estate represented World Kitchen in the transaction. Tom Saletta of Saletta Commercial Realty represented the landlord.