Midwest

SLEEPY’S OPENS TWO CHICAGO AREA LOCATIONS

by admin July 26, 2013

CHICAGO — Mattress retailer Sleepy’s has signed leases at two shopping centers in the Chicago area as the New York-based retailer expands into the Midwest market. Sleepy’s signed a lease for 6,075 square feet at Cicero Annex in Chicago, and 6,507 square feet at Willow Creek Center in Glenview, located about 18 miles north of Chicago. The Chicago location plans to open later this summer, and the Glenview store recently opened. Sleepy’s Inc. is a privately-owned, fourth-generation company with more than 900 mattress showrooms in 15 states, spanning from Maine to North Carolina, selling nationally through its website. Jeff Kuchman, Dan Tausk, Greg Bayer and Willie Hoag of Oakbrook Terrace, Ill.-based Mid-America Asset Management Inc. represented Sleepy’s in the lease transactions.

July 26, 2013

$8M ROCKET TRANSFER LOFTS OPENS FULLY LEASED IN DES MOINES

by admin July 26, 2013

WEST DES MOINES, IOWA — Rocket Transfer Lofts, a 58-unit, $8 million multifamily property located south of MLK Jr. Parkway in downtown Des Moines, has opened at full occupancy. Hubbell Realty Co. developed the historic property, which opened for occupancy June 30. Rocket Transfer Lofts features one- and two-bedroom lofts that include exposed wooden beams and brickwork, with contemporary paint schemes and fixtures. The lofts also feature high ceilings, large windows with city views, in-home washers/dryers and open kitchen and living areas. The community provides amenities, such as a community room, business center, 24-hour fitness center, cinema with surround sound, rooftop patio and on-site parking. Hubbell Construction Services built Rocket Transfer Lofts, which is managed by Hubbell Apartment Living.

July 26, 2013

Midwest Office

GGP SECURES THREE LEASE RENEWALS IN OAK BROOK, ILL.

by admin July 26, 2013

OAK BROOK, ILL. — General Growth Properties (GGP) has secured three lease renewals totaling 9,128 square feet of office space at its Oak Brook East Building in Oak Brook. Estatax renewed 4,107 square feet, Edelstein & Chamberlin renewed 2,650 square feet and Lakeside Energy LLC renewed 2,371 square feet. The 104,725-square-foot building is located at 1200 Harger Road at Oak Brook Center. The building currently has 65,000 square feet available for lease ranging from 1,971 to 12,588 square feet. Mike Van Zandt, Brian Edgerton and Matt Novak, with NAI Hiffman’s office services group, represented GGP in all three transactions. Joel Berger and Bradford Allen, also of NAI Hiffman, represented Estatex. Benjamin Cooper and William Main of CBIZ Gibraltar represented Edelstein & Chamberlin.

July 26, 2013

Midwest Mixed-Use

DETROIT GIVES PRELIMINARY APPROVAL FOR $55M MIXED-USE PROJECT

by admin July 25, 2013

DETROIT — The Economic Development Corp. (EDC) of the City of Detroit has approved the preliminary terms of a deal with McCormack Baron Salazar (MBS) to build a 300-unit residential and retail development along Atwater Street in Detroit. MBS plans to spend $55 million building Phase I of Rivertown as a series of low-rise apartment structures along Atwater and Franklin streets between the Dequindre Trail Greenway and Riopelle Street. Phase II of the plan features additional 200 housing units on the vacant property extending along Atwater Street west of Riopelle Street. The EDC owns most of the property involved and would transfer it to the developer if it can meet the other terms of the agreement. The EDC is also offering a loan to help the developer with implementation costs.

July 25, 2013

Midwest Retail

BERNARD FINANCIAL ARRANGES $8M LOAN FOR HALSTED VILLAGE

by admin July 25, 2013

FARMINGTON HILLS, MICH. — Bernard Financial Group has arranged an $8 million loan for Halsted Village, a 137,801-square-foot retail property in Farmington Hills. Halsted Village LLC is the borrower, and Dennis Bernard and Kevin Kovachevich of Southfield, Mich.-based Bernard Financial Group originated the loan. Wells Fargo is the lender.

July 25, 2013

Midwest Retail

NORTHERN TOOL OPENS THIRD MISSOURI STORE IN INDEPENDENCE

by admin July 25, 2013

INDEPENDENCE, MO. — Northern Tool + Equipment has signed a 16,665-square-foot lease at 4023 S. Noland Road in Independence, an eastern suburb of Kansas City. The store will be Northern Tool’s third Missouri location. Earlier this year, the retailer opened two St.-Louis area stores in St. Peters and Arnold. Clay Mote of Dallas-based Venture Commercial worked with Kansas City-based X Team partner Tom O’Leary of LANE 4 Property Group in the negotiation of Northern Tool’s 10-year lease.

July 25, 2013

Midwest Office

BUREAUS INC., BERLIN & BRAUDE SIGN LEASES IN NORTHBROOK, ILL.

by admin July 25, 2013

NORTHBROOK, ILL. — NAI Hiffman represented The Davis Cos. in two leases totaling 7,770 square feet at its Edens Corporate Center in Northbrook, a suburb of Chicago. The Bureaus Inc., a financial services firm, signed a new lease for 4,369 square feet, and law firm Berlin & Braude renewed its 3,410-square-foot lease for an additional five years. Edens Corporate Center, located at 630-650 Dundee Road, features twin Class A, four-story buildings totaling 188,000 square feet. The Davis Cos. owns the property and NAI Hiffman manages it. The office property is 84 percent occupied with available spaces ranging from 1,600 to 10,600 square feet.

July 25, 2013

Industrial Midwest

GARRISON INVESTMENT GROUP BUYS 772,206 SF INDUSTRIAL PORTFOLIO

by admin July 24, 2013

COLUMBUS, OHIO — Garrison Investment Group has acquired 10 industrial properties located in Columbus. The portfolio includes 772,206 square feet with three of the buildings situated in the 2600 block of Fisher Road in Columbus’ West submarket. The other seven are located close to a trio of facilities that Garrison purchased last fall. Buildings in the portfolio range in size from 19,764 square feet to 391,000 square feet. Westmount Realty Capital LLC is managing the new portfolio.

July 24, 2013

Midwest Retail

NEWMARK ARRANGES $22M LOAN FOR RETAIL CENTER IN SUBURBAN CHICAGO

by admin July 24, 2013

Wheaton, ILL. — Newmark Grubb Knight Frank’s Real Estate Finance Group has arranged $22 million in acquisition financing for Danada Square East, a 202,036-square-foot retail center in Wheaton, a western suburb of Chicago. The largest tenant, Dominick’s, a grocery store, occupies 77,155 square feet at the center, which was 96 percent occupied at closing. The borrower, a Chicago-based institutional investor, acquired the center in June for $32 million from the Orange County California Employees Retirement System. The 5-year, nonrecourse loan includes two years of interest-only payments followed by a 25-year amortization schedule. Ben Greazel, senior managing director at Newmark Grubb Knight, arranged the financing between the borrower and the lender, a Chicago-based bank.

July 24, 2013

Midwest Retail

REICHLE | KLEIN GROUP ARRANGES $2.3M RETAIL-CENTER SALE

by admin July 24, 2013

SOUTH HAVEN, MICH. — Reichle | Klein Group has arranged the $2.3 million sale of Phoenix Square, a 40,040-square-foot retail center in South Haven, located about 35 miles west of Kalamazoo. Tenants at the retail center, which is located at 1220 Phoenix Road, include Dunham’s Sports and Dollar Tree. Joe Belinske of Reichle | Klein Group represented the buyer, DFG-South Haven LLC. CBRE-Detroit

July 24, 2013

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