Midwest

COLLIERS TO MARKET NEW INDUSTRIAL, RESEARCH PARK IN OHIO

by admin January 29, 2013

GROVE CITY, OHIO — Team Gemini has selected Colliers International to market Gemini Synergy Center Industrial Park in Grove City. The $250 million project will be constructed on 343 acres, just north of State Route 665. The industrial and research park will serve as a sustainable business cluster powered by a waste stream within a Community Reinvestment Area. Bill Baumgardner of Colliers will market the property to tenants. Team Gemini plans to become the main anchor at the park, and will build process facilities for recycled products.

January 29, 2013

LANCASTER POLLARD ARRANGES REFINANCING OF SEVEN SKILLED FACILITIES

by admin January 29, 2013

INDIANAPOLIS — Lancaster Pollard has arranged $39 million in loans for the refinancing of seven nonprofit skilled nursing and skilled pediatric facilities in Indiana and Illinois, owned by Hoosiers Care. The facilities include: Exceptional Living Center of Brazil in Brazil, Ind.; Randolph Nursing Home in Winchester, Ind.; Richland Bean-Blossom Health Care Center in Ellettsville, Ind.; Vernon Manor Children’s Home in Wabash, Ind.; Exceptional Care and Training Center in Sterling, Ill., Swann Special Care Center in Champaign, Ill., and the Walter J. Lawson Children’s Home in Loves Park, Ill. Steve Kennedy and Chris Blanda led the Lancaster Pollard team that arranged the loans through the FHA 232/223(f) program.

January 29, 2013

Industrial Midwest

PRINCIPLE COMPLETES 267,000 SF FACILITY IN CHICAGO SUBURBS

by admin January 28, 2013

SAUK VILLAGE, ILL. — Principle Construction Corp. has completed a new 267,000-square-foot, build-to-suit manufacturing facility for Winpak Portion Packaging in Sauk Village, located about 30 miles south of Chicago. Demody Properties is the building owner. The facility includes a warehouse, production area, offices, maintenance area, chemical storage room and printing area. Winpak manufactures and distributes packaging materials and related packaging machines. Harris Architects provided architectural services and Jacob & Hefner Associates provided civil engineering service. George Cibula of Darwin Realty represented Dermody in the transaction. Justin Fierz of Lee & Associates represented the tenant.

January 28, 2013

Midwest Retail

VIKING ACQUIRES THREE SHOPPING CENTERS UNDER FUND II

by admin January 28, 2013

MINNEAPOLIS, INDIANAPOLIS AND MIDLOTHIAN, ILL. — Viking Partners has acquired three shopping centers in the Midwest as part of its Fund II portfolio. Viking acquired a fee simple ownership in the 28,289-square-foot Kensington Park in Minneapolis, and tenants include Starbucks, Chipotle and Sprint. The company also acquired a fee simple interest in Indian Creek Commons, a 59,782-square-foot center in Indianapolis. Tenants include FedEx Kinko's, Deals and GameStop. Additionally, Viking bought a non-performing loan secured by Mid Oak Shopping Plaza, a 77,249-square-foot property in Midlothian, 20 miles south of Chicago.

January 28, 2013

Midwest Office

ALBRECHT BUYS 130,000 SF OHIO OFFICE PROPERTY

by admin January 28, 2013

TWINSBURG, OHIO — Albrecht Inc. has acquired a 130,000-square-foot office and warehouse property in Twinsburg, situated about halfway between Akron and Cleveland. Located at 1333 Highland Road, the 13-acre site was previously owned by Arsena Investments Co. It is two miles from the intersection of I-271 and Route 8, and three miles from I-480. The office section features marble floors and large-sized offices, while the warehouse includes 20-foot clear ceiling heights, sprinklers and high-efficiency fluorescent lighting.

January 28, 2013

Industrial Midwest

PRIORITY WIRE RENEWS 113,785 SF LEASE IN ITASCA

by admin January 28, 2013

ITASCA, ILL. — Priority Wire, a wire and cable distributor, has renewed its lease for 113,785 square feet of industrial space at 1311 Meacham Road in Itasca. The landlord, CenterPoint Properties, plans to upgrade the facility by adding a drive-in door, new lighting and other improvements. Joe Bronson of NAI Hiffman represented the tenant in the transaction.

January 28, 2013

Midwest Multifamily

NORTHMARQ ARRANGES $12.6M REFINANCING LOAN

by admin January 28, 2013

WICHITA, KAN. — NorthMarq Capital has arranged a $12.6 million loan for the refinancing of LaCrosse Apartments, a 176-unit Class A multifamily property, located at 7201 E. 37th St. in Wichita. John Bendon of NorthMarq arranged the 10-year loan through AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. The loan features a 30-year amortization schedule.

January 28, 2013

Market Reports Midwest Market Reports Minnesota

Apartment Development Picks Up As Renter Demand Remains Healthy

by admin January 28, 2013

Although apartment construction has heated up in Minneapolis, renter demand remains healthy as many renters are wary of homeownership. As a result, vacancy is still below market equilibrium. Many renters in the market are young professionals who, before the housing market collapse, would have been looking to purchase a condominium. To appeal to renters, new apartment developments are adding higher-end finishes and features such as a concierge service, pub or cafe, outdoor gathering space, rooftop decks, dog runs and pet-care areas. In the process, builders have established a new rent ceiling and redefined the Class A segment. Supply-Demand Balance As a wave of new high-end projects are injected into the market, owners with existing top-tier properties could be at a disadvantage and will need to increase concessions to maintain occupancy levels. Approximately 131 apartment units came on line in the second quarter, for a total of 405 units finalized in the first half of 2012, expanding overall inventory by 0.3 percent. In the first six months of last year, 175 units were added. Development activity is expected to continue at a heightened pace. Some 2,450 units are under construction with completions scheduled through 2013. Also, there are more than 9,300 …

January 28, 2013

Midwest

NY REIT ACQUIRES 768-UNIT SELF STORAGE FACILITY IN CHICAGO

by admin January 25, 2013

CHICAGO — Sovran Acquisition, a REIT based in Buffalo, N.Y., operating as Uncle Bob's Self Storage, has purchased Icon Secure Storage, a 71,824-square-foot self-storage facility at 232 S. Lake St. in Chicago. The three-story property includes 768 units, drive-in access to the main and lower levels, plus a 24-hour access and security system. The facility will be rebranded Uncle Bob's Self Storage. Sean Delaney of Marcus & Millichap represented the seller, a limited liability company. Angelo Tomasello of the Locke Group represented the buyer.

January 25, 2013

Midwest Office

$75M RENOVATION OF HILLSHIRE BRANDS HEADQUARTERS COMPLETE

by admin January 25, 2013

CHICAGO — Work is complete on the $75 million renovation of 400 S. Jefferson St. in Chicago, which will serve as the new headquarters for Hillshire Brands Co., formerly known as Sara Lee Corp. The project included repurposing an existing, 300,000-square-foot industrial building, with crews demolishing the building to its cast-in-place concrete skeleton and rebuilding the new exterior. The project team included Leopardo, the general contractor; Sterling Bay Cos., the owner and developer; Proteus Group, the architect; Project Management Advisors, the project manager; and Colliers International, the tenant representative.

January 25, 2013

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