Midwest

CONSTRUCTION BEGINS ON 57,000 SF TOYOTA DEALERSHIP IN OMAHA

by admin January 31, 2013

OMAHA — Darland Construction Co. has begun construction on the 57,000-square-foot Village Pointe Toyota dealership in Omaha. The building will feature a distinctive mix of materials including glass, precast and aluminum composite architectural panels. The 7.8-acre site will display more than 550 new cars and provide more than 100 parking stalls for staff and customers, nearly tripling the capacity of the exiting Old Mill Toyota site. When construction is completed this summer, the current Old Mill Toyota will relocate the new facility. The Van Tuyl Group owns the property, and Purdy & Slack Architects is the architect.

January 31, 2013

KAPSTONE PAPER SIGNS LONG-TERM LEASE ON INDUSTRIAL SPACE IN AURORA, ILL.

by admin January 31, 2013

AURORA, ILL. — Liberty Property Trust and KapStone Paper & Packaging Corp. have signed a leased for 192,00 square feet of industrial space at Butterfield III, located at 2759 N. Eola Road in Aurora. The lease brings the 506,000-square-foot building to 100 percent occupancy. KapStone moved into the building in January after renovations to accommodate the tenant’s manufacturing needs were completed. The fit-out included the installation of additional dock and rail car doors, a design center and employee amenities. Colliers International represented both the tenant and the building owner, Liberty Property Trust, in the deal. Krusinski Construction Co. of Oak Brook, Ill. served as the general contractor. The project architect is Kwasek Architects.

January 31, 2013

Midwest Retail

TARGET TO ADD FRESH GROCERY TO STORES IN DETROIT AREA

by admin January 30, 2013

DETROIT — Target is remodeling nine of its Michigan stores to include larger grocery sections. The 10,000-square-foot fresh food department will include produce, meat and pre-packaged bakery items. The locations will also carry dry and frozen food items. Along with adding an area for fresh foods, the stores' beauty, home, shoes and baby departments will also be revamped. The remodeling of the stores will be completed by March 24. The stores include 2887 S. Rochester Road in Rochester Hills; 43670 Ford Road in Canton; 33860 S. Gratiot Ave. in Clinton Township; 20100 Haggerty Road in Livonia; 495 Haggerty Highway in Walled Lake; 650 Brown Road in Auburn Hills; 1301 Coolidge Highway in Troy; 3100 Fairlane Drive in Allen Park; and 30333 Southfield Road in Southfield.

January 30, 2013

Midwest Mixed-Use

THE MOD SELLS FOR $20.1M IN CHICAGO'S WEST LOOP

by admin January 30, 2013

CHICAGO — Essex Realty Group has arranged the $20.1 million sale of The Mod, a newly constructed, mixed-use property in Chicago's West Loop neighborhood. The building, located at 1222 W. Madison St., includes 58 residential units, 4,707 square feet of retail space and 58 parking spaces. The location offers easy access to Chicago's CBD, The Kennedy Expressway and Eisenhower Expressway. Doug Imber, Doug Fisher and Jason Fishleder of Essex represented both parties in the transaction.

January 30, 2013

Midwest Multifamily

MCSHANE COMPLETES 316-UNIT IOWA APARTMENT COMPLEX

by admin January 30, 2013

BETTENDORF, IOWA — McShane Construction has completed the new 316-unit Springs at Bettendorf apartment complex on the corner of 53rd Avenue and Devils Glen Road in Bettendorf. Continental Properties Inc. was the project developer. The 15-building, 357,000-square-foot complex includes units ranging in size from studios to three bedrooms. Amenities include a swimming pool, sun deck, clubhouse, Internet cafe and car wash. Charlan, Brock & Associates provided architectural services for the project.

January 30, 2013

Industrial Midwest

MAXZONE COMPLETES PURCHASE OF 223,488 SF INDUSTRIAL BUILDING IN ILLINOIS

by admin January 30, 2013

WEST DUNDEE, ILL. — The Opus Group has completed the sale of a new industrial warehouse building for Maxzone Vehicle Lighting Corp. in West Dundee. The 223,488-square-foot facility is located in the Oakview Corporate Park and includes 3,000 square feet of office space, 20 truck docks and two drive-in doors. Noel Liston of Darwin Realty and Development Corp. represented Opus in the transaction. Eric Chang of US Asia Group represented the buyer, Maxzone. Maxzone is scheduled to take occupancy in the building this April.

January 30, 2013

Midwest Retail

HISTORIC CHICAGO THEATER REOPENS FOLLOWING EXTENSIVE RENOVATION

by admin January 30, 2013

CHICAGO — The Harper Theater, a 100-year-old theater building at 5238 S. Harper Ave. in Chicago, has opened its doors following an extensive interior and exterior renovation. The property, previously called the Hyde Park Theater in the 1980s and The Meridian through the 1990s, is on The National Register of Historic Places. The University of Chicago bought the closed theater in 2002 and in 2011, selected PREMIER Design + Building to renovate the structure, while keeping the building's original character. Upgrades to the four-screen, 400-seat theater include a new indoor cafe, second floor meeting space, lighting and a new elevator.

January 30, 2013

Midwest Multifamily

KBS LEGACY ACQUIRES WATERTOWN APARTMENTS IN SUBURBAN MINNEAPOLIS

by admin January 29, 2013

MINNEAPOLIS — KBS Legacy Partners Apartment REIT has acquired Watertower Apartments, a 228-unit, Class A property in suburban Minneapolis. Watertown Apartments, located at 12300 Singletree Lane, is 95 percent occupied and units average 959 square feet. Amenities include a fitness center, business center, conference rooms, a sauna and courtyards with grills. The property also includes 100,000 square feet of retail space. HFF arranged a $25 million, five-year acquisition loan for the buyer through Allianz of America. Matthew Lawton, Sean Fogarty and Marty O'Connell led the HFF team that represented the seller in the transaction.

January 29, 2013

Midwest Retail

TOWNSHIP SQUARE SELLS FOR $12.6M

by admin January 29, 2013

WASHINGTON TOWNSHIP, OHIO — Township Square Associated has sold Township Square, a 49,840-square-foot shopping center in Washington Township, located about 15 miles south of Dayton, for $12.6 million. The property, located at 1045-1165 Miamisburg-Centerville Road, is fully occupied by tenants such as Arhaus Furniture, Chipotle, Fedex Office, Piada and First Financial Bank. The building was constructed in 1989 and renovated in 2012. Jeff Johnston, Chris Prosser and Steve Trimmel of Colliers International represented the seller.

January 29, 2013

Midwest

EDR TO BUILD AND MANAGE INFILL PROJECT AT THE UNIVERSITY OF MINNESOTA

by admin January 29, 2013

MINNEAPOLIS — EdR has completed agreements with GEM Realty Capital and Schenk Realty Group to jointly develop and own new off-campus collegiate housing at the University of Minnesota in Minneapolis. EdR will be a 50 percent owner and will manage the community on behalf of the joint venture. Construction has begun on an $88 million collegiate housing development in the Dinkytown neighborhood two blocks from the University of Minnesota's main campus in Minneapolis. Scheduled for completion in summer 2014, this community will offer 901 beds in a variety of 308 furnished studios, one-, two-, three- and four-bedroom units each with private bedrooms and baths. Amenities will include an indoor swimming pool and basketball court, fitness center, bicycle storage and wash area, outdoor deck and grilling area, Zen gardens and an outdoor plaza. The building will also contain 25,000 square feet of retail space.

January 29, 2013

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