A rise in office-using employment and corporate profits has benefited underutilized Milwaukee space and spurred some companies in the metro area to expand their space needs. Several leases above 30,000 square feet were finalized in the first half of 2012. The accounting firm Baker Tilly Virchow Krause LLP took 68,000 square feet. Healthcare information systems provider Connecture Inc. inked a deal for 32,200 square feet. Marshall & Swift/Boeckh, a provider of building cost data and estimating technology to the property insurance industry, leased 38,200 square feet. Leasing activity helped push absorption into positive territory during the first two quarters, although rent growth remains minimal. It will take a few quarters of strong absorption before any significant upward trend in rents is realized. The limited construction pipeline has helped stabilize vacancy. The few competitive projects to break ground must have major leases in place before building activity gets under way. A rise in owner-occupied and government construction, however, could affect short-term vacancy in targeted areas, if leased space is vacated. About 30,000 square feet of office space came on line in the second quarter upon the completion of the refurbished Clock Shadow Building on Bruce Street in Milwaukee. The mixed-use building …
CHICAGO — Cohen Financial’s Chicago and Phoenix offices have secured an $11.9 million loan for the purchase of two owner-occupied industrial properties, a 12,680-square-foot property in South Carolina and a 146,050-square-foot property in Georgia. The borrower, a manufacturer, is the only tenant in both properties. Zions National Real Estate provided the financing.
ANN ARBOR, MICH. — Agree Realty has purchased the Landmark building on the University of Michigan campus in downtown Ann Arbor for $5.8 million. Built in 1937, the 18,000-square-foot building was formerly occupied by Kresge’s department store and later Michigan Book & Supply.
CHICAGO — HFF has arranged the sale of SoNo East, a luxury 22-story apartment tower with ground floor retail in Chicago. The 3,990-square-foot retail portion of the building completed construction last summer and Prudential Real Estate Investors has agreed to purchase the building. HFF represented Furniture, LLC in the deal.
COLUMBUS, OHIO – The Boulder Group has arranged the $8.9 million sale of an 84,000-square-foot JPMorgan Chase office property in Northbrook. The building is fully leased to JPMorgan Chase on a net lease basis with two years remaining on the lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private Chicago-based partnership. The buyer was self-represented in the deal.
LE SUEUR, MINN – Marcus & Millichap Real Estate Investment Services has arranged the sale of Hillcrest Apartments, a 23-unit apartment property located in Le Sueur, for $792,000. Mox Gunderson and Dan Linnell of Marcus & Millichap's Minneapolis office represented the seller, a partnership. Gunderson and Linnell also represented the buyer, a private investor.
KANSAS CITY, MO– Laurus Corp. has agreed to buy the Hilton Kansas City Airport hotel in Kansas City. The hotel, which includes 347 guest rooms, suites and provides 21,000 square feet of meeting space. The seller is an affiliate of RockBridge Capital. The hotel is located at 8801 NW 112th St.
WARREN, MICH.– Signature Associates has negotiated the lease of 55,000 square feet of industrial space to WR America Logistics. The building is located at 26155 Groesbeck Highway in Warren. Peter Walocko, Joe Hamway and Ben Wilkiemeyer of Signature Associates represented the landlord, Fairlane Tool Co., in the transaction.
BEAVER DAM, WIS. — National Health Investors has purchased the Charleston House, a 120-unit assisted living and memory care facility in Beaver Dam for $20.2 million. Landmark Senior Living Communities will lease the property for 15 years, with renewal options. The property includes one-bedroom apartments, on-site physical therapy and two television lounges.
ST. LOUIS — Marcus & Millichap has arranged the $9.2 million sale of Surrey Court at D'Adrian Meadows, a 248-unit apartment community in St. Louis. The property is located at 1233 Surrey Court and consists of 62 four-plex buildings. The average unit size is 865 square feet with an average rent of $532 per month. David Gaines and Alex Blagojevich of Marcus & Millichap represented the seller, a partnership, in the transaction. They also represented the buyer, a private investor.