Midwest

MILESTONE AV TECHNOLOGIES LEASES 106,000 SF OF INDUSTRIAL SPACE

by admin February 25, 2013

SHAKOPEE, MINN. — Milestone AV Technologies has signed a lease for 106,000 square feet of industrial space at 804 Valley Park Drive in Shakopee, a southwest suburb of Minneapolis. Milestone AV Technologies, a provider of mounting and display solutions for audiovisual technologies, will take occupancy in September and use the space for distribution. Clothing distribution company SanMar is the current tenant. Cushman & Wakefield/NorthMarq represented the landlord, Virginia Retirement Systems, in the deal.

February 25, 2013

FUTURE SITE OF $400M CHICAGO HOTEL UNDER SCRUTINY

by admin February 22, 2013

CHICAGO — Illinois’s Metropolitan Pier and Exposition Authority (MPEA) recently unveil plans to build a $400 million, 1,200-room hotel near Chicago’s McCormick Place convention center. The hotel, which is located near the intersection of Michigan Avenue and Cermak Road, would serve as the headquarters for groups holding shows at McCormick Place However, JRM Technology, the site’s owner, said it already has invested thousands of man-hours and millions of dollars to develop a $400 million data center there, according to the Chicago Tribune. James McHugh, a principal at the company, said in a statement, that City Council has already approved plans to start construction on the data center and the company is just waiting on a building permit to be issued. Read the full story here.

February 22, 2013

Hospitality Midwest

BELLWETHER CAPITAL CLOSES $30M LOAN OF HYATT REGENCY IN COLUMBUS

by admin February 22, 2013

COLUMBUS, OHIO — Bellwether Enterprise Real Estate Capital has closed a $30 million loan to refinance the Hyatt Regency, a 633-room hotel in downtown Columbus. The 20-story hotel opened in 1980 and is located at 350 N. High St. The 10-year loan has a 20-year amortization schedule.

February 22, 2013

Midwest Retail

MARCUS & MILLICHAP ARRANGED THE SALE OF RETAIL BUILDING FOR $1.2M

by admin February 22, 2013

ELK RIVER, MINN. — Marcus & Millichap has arranged the sale of a 7,000-square-foot property occupied by Advance Auto Parts for $1.2 million. The net-leased property is located at 18260 Zane St. in Elk River, about 30 miles north of Minneapolis. Adam Prins and Matthew Hazelton of Marcus & Millichap represented the seller, a personal trust, and the buyer, a partnership, in the deal.

February 22, 2013

Midwest Mixed-Use

CBRE NAMED LEASING AGENT FOR PARKWAY NORTH CENTER IN METRO CHICAGO

by admin February 22, 2013

DEERFIELD, ILL. — The John Buck Co. has hired CBRE Inc. to handle leasing for Parkway North Center in Deerfield, a northern suburb of Deerfield. The 1 million-square includes a Marriot Suites hotel, three office buildings, a daycare center and athletic club. Two of the buildings have vacancy rates of more than 50 percent. Parkway North Center is located at 3 Parkway N.

February 22, 2013

Industrial Midwest

WELSH PROPERTY TRUST ACQUIRES MIDWEST DISTRIBUTION PORTFOLIO FOR $99.5M

by admin February 21, 2013

CHICAGO — Welsh Property Trust has purchased the Core Midwest Distribution Portfolio, which consists of five buildings totaling 2,711,183 square feet, for $99.5 million. The industrial buildings are 94-percent leased to six tenants. Properties in the portfolio include: 535 Shingle Oak Drive in Chicago, a 150,000-square-foot, fully leased property; 1105 E. Northfield Drive in Brownsburg, Ind., a 526,200-square-foot, fully leased property; 40 Logistics Blvd. in Walton, Ky., a 543,512-square-foot, fully leased property; 6766 Pontius Road in Groveport, Ohio, a 754,000-square-foot, 78.8 percent leased property; and 3051 Creekside Parkway. in Obetz, Ohio, a 737,471-square-foot fully leased property. Jones Lang LaSalle represented the seller, New York City-based KTR Capital Partners, in the deal.

February 21, 2013

Midwest Retail

RESTAURANT PROPERTY SELLS FOR $1.8M IN BLAINE, MINN.

by admin February 21, 2013

BLAINE, MINN. — A 5,005-square-foot, net-leased restaurant property has sold for $1.8 million in Blaine, located about 20 miles north of Minneapolis. The building, which is occupied by Culver’s restaurant, is located at 10550 Baltimore St. Marcus & Millichap represented the seller, a limited liability company, in the deal.

February 21, 2013

Healthcare Midwest

LUTTNER REIT ARRANGES SALE OF MEDICAL BUILDING FOR $1.7M IN METRO CLEVELAND

by admin February 21, 2013

MENTOR, OHIO — Luttner Real Estate Investment Services has arranged the sale of a freestanding medical building in Mentor, located about 25 miles east from Cleveland, for $1.7 million. The building, which is located at the intersection of Mentor Avenue and Center Street, is occupied by Cleveland Clinic Sports Health Center. The Cleveland Clinic has seven years and seven months remaining on its lease. Mark Luttner of Luttner Real Estate represented the seller in the deal. The buyer was a Northeast-based private REIT.

February 21, 2013

Healthcare Midwest

SEAVEST, KIRCO ACQUIRE 149,000 SF BEAUMONT MEDICAL CENTER

by admin February 21, 2013

WEST BLOOMFIELD, MICH. — Seavest Properties III LLC and KIRCO Health Partners have acquired the Beaumont Medical Center in West Bloomfield, about 25 miles northwest of Detroit. The three-story, 149,000-square-foot outpatient center and medical office building is located on 11 acres at 6900 Orchard Lake Road. The majority of the building is leased by the Beaumont Health System with the rest of the space set aside for independent physician practices. The purchase price was undisclosed.

February 21, 2013

Midwest Retail

EXPLOSION AT COUNTRY CLUB PLAZA IN KC DESTROYS RESTAURANT, DAMAGES BUSINESS

by admin February 20, 2013

KANSAS CITY, MO. — A fire triggered by a natural gas leak has destroyed a decades-old restaurant at Country Club Plaza, one of the nation’s first shopping centers, in Kansas City. The explosion, which injured at least 16 people, occurred shortly after 6 p.m. Tuesday at JJ’s restaurant, according to The Kansas City Star. The corner restaurant, located at 910 W. 48th St., was flattened, and the force from the explosion knocked out windows at least a half-block away and was felt nearly a mile away. People located in nearby apartments were forced to evacuate and took advantage of free lodging at the hotel in Westport. According the local paper, witnesses reported a strong odor of natural gas in the area hours before the explosion occurred. Missouri Gas Energy issued a statement late Tuesday saying “early indications are that a contractor doing underground work struck a natural gas line, but the investigation continues.” Established in 1922 by J.C. Nichols, Country Club Plaza was the first shopping center designed to accommodate shoppers arriving by vehicle. The upscale shopping center sits on 55 acres and is located about four miles south of downtown Kansas City, between 45th and 51st streets. The plaza, …

February 20, 2013

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