Midwest

BRIDGE PARTNERS ACQUIRES 432-BED PROPERTY AT MSU

by admin March 11, 2013

EAST LANSING, MICH. — Private equity investment firm Bridge Partners has completed the purchase of The Pointe at 3636, a 432-bed community near Michigan State University (MSU). The property, built in 2001, offers amenities including a basketball court, sand volleyball pit, 24-hour fitness center and a heated swimming pool and Jacuzzi. The property is north of MSU. Grant Ancevic of Student Housing Investments represented Bridge Partners in the purchase. At closing, Bridge Partners will partner with Asset Campus Housing to execute a value-add business plan by incorporating a renovation budget of approximately $7,600 per unit. Some of the items covered in the capital plan will include a complete redevelopment of the existing clubhouse, the addition of an outdoor fireplace, as well as new flooring and furniture packages in each unit.

March 11, 2013

TRUMAN MEDICAL CENTERS TO BUILD $11.5M GROCERY STORE IN KANSAS CITY

by admin March 11, 2013

KANSAS CITY, MO. — The Hospital Hill Economic Development Corp. and Truman Medical Centers have plans to build an $11.5 million, 35,000-square-foot grocery store. The grocery store, which will be located at 27th Street and Troost Avenue, will offer produce, meats and dairy items as well as specific ethnic foods. The store will partner with the community to employ a local-first approach that will include products from local businesses, urban farmers and community gardens.

March 11, 2013

Industrial Midwest

CUSTOM COLOR & FILLING PURCHASES BANK-OWNED SAUKVILLE PROPERTY

by admin March 11, 2013

SAUKVILLE, WIS. — Custom Color & Filling has purchased a 9,600-square-foot industrial building, located at 250 Progress Drive in Saukville, from Community Bank for $450,000. James Young of Cassidy Turley Barry represented Custom Color & Filling and Community Bank in the transaction. Custom Color & Filling manufactures exact match touch-up paint and plans to move in this spring.

March 11, 2013

Midwest Office

MERIDIAN COMPLETES NOW FOODS OFFICE RENOVATION IN BLOOMINGDALE, ILL.

by admin March 11, 2013

BLOOMINGDALE, ILL. — Meridian Design Build has completed the renovation of the 38,710 square feet of office space for NOW Foods in Bloomingdale, located about 25 west of Chicago. The company recently moved 140 employees to the newly acquired office building at 244 Knollwood Drive to accommodate laboratory and manufacturing expansions within their existing production facility. The fast-track renovation included demolition and office reconfiguration work on the two upper floors of the four-story building. Bob Kolcz, senior project manager, and Greg Suthers, superintendent, of Meridian coordinated construction efforts. Heitman Architects Inc. provided architectural services.

March 11, 2013

Market Reports Midwest Market Reports Ohio

Auto Sector Gives Toledo Industrial Market a Lift

by admin March 11, 2013

Building on the trends that began to emerge in the second half of 2010, the Toledo region’s industrial real estate market continues to improve. Demand for space in northwest Ohio and southeast Michigan is occurring at its typical slow, steady pace. The result has been positive net absorption of more than 400,000 square feet during the past year. The vacancy rate fell from 8.65 percent at the end of 2011 to 8.52 percent at the close of 2012. If the improvement in the vacancy rate slows during the next 12 months, it will more likely be due to the poorer quality and functionality of much of the residual stock of empty buildings than weakening demand. One can see this evidence with the spike in new construction driven by build-to-suit projects for several noteworthy users who could not find suitable space within the existing supply. Auto sector is big driver It would come as no surprise to anyone remotely familiar with Toledo’s history and economy that a considerable portion of the user activity has come from the automotive sector. Suppliers to primarily Chrysler Group and General Motors (GM) have been quite active and have accounted for several of the larger lease …

March 11, 2013

Healthcare Midwest

USDA TO PROVIDE $32.4M LOAN FOR PRAIRIE DU CHIEN MEMORIAL HOSPITAL

by admin March 8, 2013

PRAIRIE DU CHIEN, WIS. — USDA Rural Development is in final process of providing a $32.4 million Community Facility Direct loan for Prairie du Chien Memorial Hospital. The loan will be used for the construction of a new 25-bed acute care hospital. Dougherty Mortgage LLC acted as a consultant to assist with the process of obtaining and structuring the USDA loan. The USDA funding for this project is contingent upon the completion of an environmental review process and the recipient meeting the terms of the loan agreement.

March 8, 2013

Midwest Multifamily

CONSTRUCTION COMPLETE ON $6M MOZZO APARTMENTS IN INDIANAPOLIS

by admin March 8, 2013

INDIANAPOLIS — Milhaus Construction LLC has completed construction on the $6 million Mozzo, a four-story, mixed-use building in Indianapolis. Of the 65 apartments in the building, which include studios and one- and two-bedroom units, 60 percent are leased. The apartments have open-concept floor plans and are between 515 and 1,069 square feet with 9- to 11-foot ceilings, designer fixtures, granite countertops and hard-surface flooring. The property also includes 1,700 square feet of commercial space. The Mozzo is located at 531 Virginia Ave., in the heart of downtown Indianapolis. Gene B. Glick Co. manages the property.

March 8, 2013

Midwest Office

SOCIAL SECURITY ADMINISTRATION BUILDING SELLS FOR $2.2M IN MIDDLETOWN, OHIO

by admin March 8, 2013

MIDDLETOWN, OHIO — Luttner Real Estate Investment Services has arranged the sale of a Social Security Administration building for $2.2 million in Middletown, about 90 miles southwest from Columbus. The 7,760-square-foot building is located at 3860 Towne Blvd. The lease has eight-and-a-half years remaining on the initial 10-year lease term. Dan Lariccia of Luttner represented the seller in the transaction, a private developer.

March 8, 2013

Midwest Retail

WALGREENS TO BUILD NATION’S FIRST NET-ZERO ENERGY RETAIL STORE IN EVANSTON

by admin March 8, 2013

EVANSTON, ILL. — Walgreens has plans to build what the company believes will be the nation’s first net-zero energy retail store, which engineers predict will produce energy equal to or greater than it consumes. Walgreens plans to achieve a net-zero energy building by utilizing solar panels, wind turbines, geothermal technology, energy-efficient building materials, LED lighting and ultra-high-efficiency refrigeration. The store will be located in Evanston, at the intersection of Chicago Avenue and Keeney Street, where demolition of an existing Walgreens store now is under way. The Chicago-area location allows easy access for Walgreens engineers based at the company’s headquarters in Deerfield, to measure the store’s performance for an entire year to determine if the store reaches its goal of net-zero energy use.

March 8, 2013

Midwest

MARCUS & MILLICHAP CLOSES SALE OF $1.4 M SELF-STORAGE FACILITY IN SIDNEY, O

by admin March 8, 2013

SIDNEY, OHIO — Marcus & Millichap has closed the sale of a Lock It Up, a 489-unit self-storage facility in Sidney, for $1.4 million. Built in 1988, the facility consists of three satellite locations throughout Sidney. Brett Hatcher of Marcus & Millichap represented both the regional buyer and Ohio-based seller in the deal.

March 8, 2013

Newer Posts

Older Posts