MILWAUKEE — A Florida-based private investor has purchased an 8,566-square-foot Family Dollar store in Milwaukee for $1.54 million. The seller was a local developer. Built in 1950, the freestanding building was renovated and expanded in 2011. It is located at 4331 W. Oklahoma Ave. Tom Fritz, Mark Goldberg and Dan Cohen of the Milwaukee office of Mid-America Real Estate Corp. represented the seller in the transaction.
Midwest
FORT WAYNE, IND. — American Mattress has signed a 3,250-square-foot lease in the 14 Square Shopping Center in Fort Wayne. The center is located at 4916 Illinois Rd in Suite 100. Stanley Phillips and Russell Jehl of NAI Harding Dahm represented the landlord, Bauerlie 14 Square LLC, in the transaction.
BRANSON, MO. — Inland Real Estate Acquisitions has acquired two shopping centers in Missouri and Tennessee for a combined $74 million. Inland purchased Shoppes at Branson Hills, a 348,700-square-foot shopping center in Branson for $38.5 million. Tenants include Home Depot, Petco and Bed Bath & Beyond. Inland was represented in-house by Matt Tice in the deal. The company also acquired Hamilton Crossing, a 175,485-square-foot shopping center in Alcoa, Tenn. Both properties were acquired on behalf of Inland Diversified Real Estate Trust Inc.
OXFORD, MICH. — Center Management has acquired The Promenade at Waterside, a retail development in Oxford, for an undisclosed amount. The 67,000-square-foot retail center is located on Lapeer Road. Tenants include Tim Horton's and Chili's. Stokas Bieri Real Estate, an X Team International Partner, represented the buyer in the transaction. Beltway Capital Management, the seller, was self-represented.
BIRMINGHAM, MICH. — Walgreens Co. has signed a 32,487-square-foot lease to occupy a former Borders Books & Music in Birmingham. The property is located at 34300 Woodward Ave. Susan Acciaioli and Brad Rosenberg of Mid-America Real Estate-Michigan Inc. represented the landlord, Related Birmingham LLC, in the transaction. They also represented the tenant.
MINNEAPOLIS — RockBridge Partners has purchased the University Hotel Minneapolis, a 304-room, full-service hotel. The new owner is planning a $14.8 million renovation and rebranding of the property. The project will begin this spring and include lobby enhancements, a new restaurant and lounge and an expanded fitness center. Guest rooms and corridors will also be refurbished. The hotel is the only full-service hotel on the University of Minnesota campus. Noble House Hotels and Resorts will manage the property.
CINCINNATI — Beauty care manufacturer Kao USA Inc. has signed a lease to relocate from its current corporate headquarters on Spring Grove Avenue to the 312 Plum St. building in Cincinnati. The company will occupy 55,000 square feet of the building. Kao also plans to renovate the Spring Grove Avenue facility, where the research and development and manufacturing facilities will remain. The company expects to move this summer.
ARLINGTON HEIGHTS, ILL. — Hamilton Partners has purchased 1615 W. Central, a 30,000-square-foot medical building from a private investor in Arlington Heights. Terms of the deal were undisclosed. Dan O' Neill of Cawley Chicago represented both parties in the transaction.
It was a little less than two decades ago that local business leaders could see what was unfolding in West Michigan. The industrial sector was steadily declining, and companies were either going out of business or moving away. It was evident that something had to be done. That’s when two hometown heroes, Amway founders Richard DeVos and Jay Van Andel, proposed their vision to turn Grand Rapids into one of the top medical services cities in the world. Their leadership and philanthropic efforts spurred a series of events, forever changing the landscape, mentality and image of Grand Rapids. One of the city’s first streets, Michigan Street, running parallel to I-196, was the initial site of their vision. In 1996, Jay and Betty Van Andel founded the Van Andel Institute. They broke ground in 1998, and the Van Andel Institute opened its doors in 2000. The institute is now home to scientific research that is focused primarily on cancer and Parkinson’s disease and has received more than $1 billion in research funding. The original development was a $60 million facility. In 2010, the institute opened a second phase with an additional 242,000 square feet at a cost of $175 million. Butterworth …
JEFFERSONVILLE, IND. — Amazon.com Inc. plans to open a $150 million warehouse and distribution center in southern Indiana, where as many as 1,050 full-time workers will be hired. The center is expected to open this fall. The Seattle-based online retailer already operates warehouse facilities in Indianapolis, Whitestown and Plainfield and has a total footprint of more than 4 million square feet in the state. The facility will be located in Jeffersonville's River Ridge Commerce Center, which is adjacent to a state-operated port on the Ohio River.