CINCINNATI — Los Angeles-based M&A Real Estate Partners has purchased a 122-unit student housing community in Cincinnati from Sterling University Housing. The property, named Sterling McMillan, was 95 percent occupied at closing. Amenities include a pool, cyber cafe, fitness center, tanning salon and study lounge. CBRE represented both parties in the transaction. The purchase price was undisclosed.
ADDISON, ILL. — The Cary Co. has signed a 50,000-square-foot industrial lease at 1005 Republic Dr. in Addison. The facility is located near Cary Co.'s corporate headquarters. The company plans to use the space as a satellite warehouse. Tim Gallagher of Cawley Chicago represented the tenant in the transaction. Dominic Carbonari of Jones Lang LaSalle represented the landlord, Cabot Properties.
DELANO, MINN. — Opus Design Build will begin construction on a 7,000-square-foot addition to the Church of St. Peter in Delano at the end of May. The primary component of the two-story addition will be a multi-purpose banquet facility that can seat 120 people. The project will also include a new main entrance to the church and new restroom facilities for the parish. The architecture will complement the existing brick and masonry of the church, which was built in 1913. The project is scheduled for completion in early September.
CHICAGO — Lowe Enterprises Investors, on behalf of an investment client, has acquired the 28-story Affinia Chicago Hotel from Denihan Hospitality Group. Concurrent with the sale, Destination Hotels & Resorts will take over the hotel management and implement the property's rebranding as “MileNorth, a Chicago Hotel.” The name was inspired by the property's location one block from North Michigan Avenue, also known as the Magnificent Mile. The 213-room hotel includes 3,000 square feet of meeting space and a ground-floor restaurant. Eastdil Secured represented the seller in the transaction. Lowe was represented in-house.
MIDDLETON, WIS. — U.S. Bank and The Livesy Co. closed on the $27.5 million loan that will finance construction of Spectrum Brands Holdings' new world headquarters building in Middleton, a Madison suburb. Spectrum, the maker of Rayovac batteries, Remington shavers and small appliances, was founded in Madison as Rayovac Batteries in 1906. The company has been headquartered in the greater Madison area ever since for all but six years. Spectrum's new 222,000-square-foot headquarters will house 600 employees and include a technology center. Construction of the building is already under way and is scheduled to be completed in late 2013.
COLUMBUS — Nifco America has signed a 135,000-square-foot lease expansion at 2435 Spiegel Rd. in Columbus. Nifco, which manufactures automotive parts, plans to expand its manufacturing and distribution services in the city. The company cites a significant growth in business, including parts needed for new Honda models. Curt Berlin and Matt Osowski of NAI Ohio Equities represented the landlord, Meritex, in the transaction. Joel Yakovac of Colliers International represented Nifco.
FOREST PARK, ILL. — GENCON Building Corp. has been selected to renovate the Duranco Inc. office, located at 7400 Industrial Dr. in Forest Park. The company will also undertake a 4,500-square-foot office addition. Work is already under way and is expected to be complete this summer. Philip Prince and Associates is handling the architectural services. Duranco manufactures weather stripping and specialty tape for a wide range of industries.
GROVE CITY, OHIO — Marcus & Millichap has arranged the $2.2 million sale of a 4,500-square-foot Chase Bank in Grove City. Joe Reehil, Dan Yozwiak and Antoine Matthews of Marcus & Millichap's Columbus office represented the seller, a private investor. Russell Wachtler, Glen Kunofsky and John Stewart of Marcus & Millichap's Manhattan office secured the buyer, an individual, personal trust.
Gloom and doom. Doom and gloom. Those words were interchangeable and prevalent during the last few years in both economic and office real estate market analysis. But in the words of 1960s legendary rock group The Buffalo Springfield, ”Something’s happening here.” That something is very good. While there will be setbacks, and it may take a year, it will be something very good. And that something is without the freewheeling lending market of the 1980s, without the sometimes illogical boom of the 1990s, and without the volatility of the past decade. The Milwaukee office market is absorbing space, creating excitement with a vibrant downtown (especially in housing and dining) and ready for a positive rebirth. Now let me tell you what didn’t happen in 2011, and what won’t happen in 2012. And then allow me to tell you why 2013 will be spectacular. The total inventory of the Milwaukee office market is nearly 28.2 million square feet. With approximately 6.4 million square feet available and nearly 5.8 million square feet vacant, the direct vacancy rate for the market as a whole is 19.7 percent. But in the financial area east of the River downtown market, the vacancy rate is only …
MINNEAPOLIS — A partnership between Invesco and Zeller Realty Group has acquired the Fifth Street Towers in Minneapolis at auction for $110 million. The purchase of the towers, which span 1.1 million square feet, was completed at a foreclosure auction held last month at the Hennepin County Sheriff's office. The sale price was $1 more than the credit bid offered by the lender foreclosing the property. Located at 100 and 150 S. Fifth St., the property is about 65 percent occupied. Zeller will manage the buildings.