BURNSVILLE, MINN. — ShopJimmy.com, an e-commerce company that sells TV parts to businesses and consumers, has leased 289,130 square feet of warehouse space at 2300 West Highway 13 in Burnsville, a submarket of Minneapolis. The transaction represents one of the largest industrial leases year-to-date in the Twin Cities market. Mike Koehler of Premise Commercial represented the tenant in the transaction. Bryan Van Hoof, Jeff Przytarski and Tom Bennett of CBRE Group represented the landlord, First Industrial Realty Trust.
WAUKESHA, WIS. — Ramco Gershenson Properties Trust has acquired Phase II of The Shoppes at Fox River retail center in Waukesha from Opus Development Corp. The company also purchased 12.2 acres of adjoining land. The second phase of the center broke ground in May 2012 and totals more than 47,000 square feet. Tenants include T.J. Maxx, Ulta Salon and Cosmetics and rue21. Ramco also acquired the first phase of the property in 2010, which totals 273,000 square feet.
FARMINGTON HILLS, MICH. — Alidade Capital has acquired 224,000 square feet of office space at Technology Park, located at 27200-27300 Haggerty Road in Farmington Hills. Bruce Morrison and John Gordy of Signature Associates represented the seller, Principal Financial, in the transaction.
CLEVELAND — Paran Management Co. has acquired Broadway Shoppes, a 129,538-square-foot neighborhood shopping center in Cleveland. The center is located at 6835 Broadway Ave. and tenants include MetroHealth, Dollar General, Subway, Aldi and Revol Wireless.
PEORIA, ILL. — Johnson Capital has arranged a $6.8 million loan for the refinancing of a 76-room Hampton Inn & Suites hotel property in Peoria. The borrower is a private regional owner with significant hospitality and nursing home assets. Richard Caterina of Johnson Capital arranged the 10-year, non-recourse loan, which was funded by a CMBS lender. The property is located nine miles from Peoria's downtown riverfront area and was built in 2009.
Cash is flowing in the greater Twin Cities real estate market in spite of slow, but positive, year-over-year absorption rates. Investment action was significant in the third quarter of this year. New multifamily housing projects are booming, private student housing developments serving the University of Minnesota continue to grow, and corporate build-to-suit projects add to the inventory in a down economy. The Twin Cities office market has remained stable with modest absorption through the past three years based upon existing inventory. And although there is significant construction in other product types, there is little significant multi-tenant office construction at present. ECONOMIC BACKDROP The 5.7 percent unemployment rate in the Twin Cities stood well below the national jobless rate of 7.8 percent in September. In fact, the unemployment rate for the state of Minnesota was 5.8 percent, again much better than the national average. The Twin Cities does not depend on any single industry and is home to a variety of Fortune 500 headquarters such as Ameriprise Financial, Best Buy, Ecolab, General Mills, Target, 3M, St. Jude Medical, Medtronic and UnitedHealth Group. The variety of services and industries helped buffer the local economy during the Great Recession, although the downturn adversely …
ELGIN, ILL. — A joint venture between Conor Commercial Real Estate and Globe Corp. has acquired 20 acres in the Northwest Corporate Park in Elgin for the development of a 342,620-square-foot speculative industrial facility. The seller was The Busse Family. The facility will be designed to offer single- or multi-tenant suites ranging from 70,000 to 342,000 square feet. The building will feature 32-foot clear ceiling heights and office space. The project is slated to break ground in winter 2013. Kenneth Franzese and John Cassidy of Lee & Associates represented the joint venture in the deal. McShane Construction Co. and Ware Macolmb will provide construction and design services.
CHICAGO — Parisian fashion retailer Yves Saint Laurent has leased 2,375 square feet in the Waldorf Astoria Hotel at 11 East Walton St. in Chicago. The boutique will offer men and women's clothing and accessories. Additional high-end retailers in the area include Barneys New York, Hermes, Lululemon, Oliver People and Scoop NYC. Janika Brenner and Adam Secher of Baum Realty Group represented the tenant in the transaction. First Elysian Hotel Co. is the landlord.
LAVISTA, NEB. — NorthMarq Capital has arranged $24 million for the refinancing of The Pointe and East Pointe Apartments, a 480-unit, market-rate apartment community in LaVista. John Reed of NorthMarq arranged the 10-year loan, which will amortize over 30 years, through AmeriSphere Multifamily Finance. Green Pointe LLC is the borrower.
ROGERS, MINN. — ADO Products has signed a lease for 57,067 square feet in a new bulk warehouse building at the Liberty Industrial Park at Diamond Lake – Building 2 in Rogers. The 227,000-square-foot property is located at 13220 Wilfred Lane North and ADO expects to move into the facility in March 2013. Liberty Property Trust acquired land for the building in 2011 and invested $14 million for the development. Jeff Minea of CGC Commercial represented the tenant in the transaction.