With tenant demand increasing and retailers looking to expand in Cleveland, positive net absorption and limited development have created a balanced retail market that will lead to improvement and growth in 2012, according to Marcus & Millichap. The construction levels are relatively low with only 260,000 square feet of shopping center space scheduled to be completed this year, more than doubling last year’s 121,000 square feet. By comparison, 2008 saw 1 million square feet in retail completions. “When you look at it and put it in perspective versus construction levels seen during the last 10 years, it’s significantly below the levels we saw at the height of the market,” says Scott Wiles, a director and vice president within Marcus and Millichap’s National Retail Group. “It was an expected trend that last year was the low point for construction levels in the submarket, and that stems from 2009 and 2010 being very inactive leasing markets,” Wiles says. This year’s limited construction will aid Cleveland’s retail growth, however, in light of an uptick in leasing. “The positive thing about Cleveland is that we never see the construction levels that some of the sexier markets see, so it doesn’t throw our supply and …
MONROE, OHIO — IDI, an Atlanta-based developer, has acquired the Corridor 75 Premier Logistics Park in Monroe during a sheriff's sale, for a reported $13.3 million. The property includes 300 acres of land and a vacant 651,592-square-foot industrial building. IDI plans to rename the property Park North at Monroe and develop an additional 4.1 million square feet of logistics buildings on the property. The buildings will range from 150,000 square feet to more than 1.2 million square feet. The business park is located near the intersection of State Route 63 and I-75.
LANSING, MICH. — Guitar Center has signed a lease for 17,700 square feet at The Frandor Shopping Center in Lansing. The instrument retailer will open its doors in the spring of 2013. Guitar Center will join anchor tenants such as Sears, World Market and Kroger. Lormax Stern Development managed the deal.
ST. ANTHONY, MINN. — Dougherty Mortgage has arranged a $34 million loan for the refinancing of The Landings at Silver Lake Village, a 263-unit apartment property in St. Anthony. St. Anthony Leased Housing Associates was the borrower. Dougherty arranged the 35-year loan through the HUD 223(f) program. Dominium Development and Acquisition, an active real estate developer, owns and developed the project in 2006.
SOUTH BEND, IND. — Holladay Properties will break ground on the The Belfry, a high-end student housing project near Notre Dame University in South Bend, in October. The 16,800-square-foot project will feature 18 units with a total of 36 bedrooms in a variety of configurations. The project will also feature unique architectural details, including parapets holding two, historic 120-year-old bells, which will be shipped to South Bend from New Orleans. Each fully furnished unit will average 500 square feet, with bedroom and living room sets and 50-inch flat screen TVs. The project is just up the street from Holladay's recent Darby Row student housing development, which features 35 bedrooms. The Belfry is slated for completion in 2013.
CHICAGO — Crews have broken ground on a new office for Sarah's Circle, a social services agency, at 4836 N. Sheridan Road in Chicago. The agency supports women who are homeless or at risk of homelessness. The 14,000-square-foot building will house a daytime program, office space for housing services, case management and clinical services, and 10 apartments for women with a history of chronic homelessness. Features will include new offices, bathrooms, an elevator and full kitchen area. Summit Design + Build will construct the facility and Mayber Brown and Perkins + Will will design the project.
SALINA, KAN. — Mark One Capital, a subsidiary of Marcus & Millichap Capital Corp., has arranged a $1.5 million loan for the purchase of a single-tenant property occupied by a Chili's franchisee in Salina. Farhan Kabani of Mark One arranged the 10-year loan, which contains a 25-year amortization schedule. The interest rate is fixed at 4.9 percent.
FRANKENMUTH, MICH. — Sabre Health Care REIT, based in Irvine, Calif., has acquired a 249-unit independent living facility in Frankenmuth for $26.5 million. Concurrent with the purchase, Sabre entered into a triple-net lease with affiliates of Unified Acquisitions and Development. The lease has an initial term of 10 years with two, five-year renewal options.
ESCANABA, MICH. — The new, $11 million Doctors Park medical office building has opened in Escanaba. The 43,145-square-foot property is located on a 5.5-acre site at 710 S. Lincoln Road. The facility replaces Marquette General's smaller Doctors Park building near Seventh Avenue, and allows the health system to expand services to Delta County residents. The medical office features a laboratory, home infusion, oncology, primary care, imaging, a blood donor center, administrative offices and other services. Duke Realty, which developed and financed the project, will own and manage the building. BSA Life Structures was the architect.
EDEN PRAIRIE, MINN. — Dougherty Mortgage has arranged a $21.3 million loan for the refinancing of The Colony at Eden Prairie, a 164-unit assisted living facility in Eden Prairie. SE Rolling Hills owns the property, which is managed by The Waters Senior Living. Dougherty arranged the 40-year loan through the HUD Lean 232/223(a)(7) refinance program. The financing contains a 40-year amortization schedule.