LINCOLNSHIRE, ILL. — Retail Properties of America Inc. (RPAI) has sold an 818,686-square-foot office building in Lincolnshire that is fully leased to Aon Hewitt, for $148 million. Proceeds from the sale were used to repay $177.7 million in mortgage debt and accrued interest encumbering the entire Aon Hewitt campus. Following the sale, RPAI continues to own the remaining 343,000-square-foot Aon East Campus, which is fully leased to Aon Hewitt.
ROSEMONT, ILL. — Three new tenants have joined 600 Shafer Court, a 162,115-square-foot office building in Rosemont. The American Society of Plumbing Engineers, represented by Greg Witt and James Otto of CBRE Group, leased 7,076 square feet. Quattro FPO Solutions took 3,185 square feet and was represented by Peter Kelly of Lincoln Property Commercial. Haemonetics Corp., represented by Jon Azulay of Studley, leased 14,665 square feet. Jack Reardon of NAI Hiffman represented the owner in all three transactions.
KANSAS CITY, MO. — Smith Electric Vehicles US Corp. has renewed its lease for 80,000 square feet of industrial space at 9200 NW 112th St., Building 2 in Kansas City. The company produces zero emission commercial electric vehicles. David Hinchman, Mike Mitchelson, Joe Orscheln, Brian Staton and Nicki Garret of CBRE Group represented the tenant in the transaction. The landlord is the Kansas City Aviation Department.
APPLETON, WIS. — Heartland Dental has signed a lease for 3,358 square feet of space at 3818 E. Calumet St. in the Qdoba Plaza in Appleton. Tom Treder of Commercial Property Associates represented the landlord, PH East Appleton, in the transaction. He also represented the tenant.
ANTIOCH, ILL. — Marcus & Millichap has arranged the $720,000 sale of Joanna Court Apartments, located at 287 and 299 Joanna Court in Antioch. The property includes two, 12-unit apartment buildings built in 1971. Jim Walsh of Marcus & Millichap represented the seller, a private equity firm. David Gaines and Alex Blagojevich of Marcus & Millichap represented the buyer, a private investor.
ST. PAUL., MINN. — Dominium has closed on a $48.2 million construction loan and a $24.3 million letter of credit to finance the Schmidt Brewery Artist Lofts, an adaptive reuse of the historic Schmidt Brewery in St. Paul. U.S. Bank provided the financing. The Schmidt Brewery Artist Lofts will contain 260 units designed to suit the needs of artists. Common amenities will include a yoga studio, pottery studio, paint studio, kiln room, tool shop and multiple gallery spaces. Construction is set to begin by the end of this month and the project is slated for completion in 2014. Weis Builders is the general contractor and BKV Group is the architect.
TAYLOR, MICH. — The Salvation Army has signed a lease for 30,162 square feet of space at the former Farmer Jack store, located at 9850 Telegraph Road in Taylor. Adam Goodman and Susan Acciaioli of Mid-America Real Estate-Michigan Inc. represented the landlord, NW-Taylor Farmer Jack, in the transaction.
CHICAGO — The Bedding Experts, a mattress retailer, has signed a lease for 1,500 square feet of retail space at 1103-1155 S. State St. in Chicago. The property is located at the intersection of Roosevelt and State streets. Michael Meksto and Jim Tsevis of NAI Hiffman represented the landlord, Supervalu Inc., in the transaction.
MINNEAPOLIS — Marcus & Millichap has arranged the $368,280 sale of 2424 4th Ave. South, an 8-unit apartment property in Minneapolis. Lance Linander of Marcus & Millichap represented the seller, a private investor. He also represented the buyer, a limited liability company.
The Twin Cities retail market continues to steadily improve from the economic depths of 2008 and 2009. There has been 549,194 square feet of positive absorption since the first quarter of 2011. Another encouraging sign is the increased activity among landlords, tenants and developers. One example of the positive outlook is the investment that landlords are making at regional malls to upgrade and reposition them. The Mall of America in Bloomington seeks to add 550,000 square feet of retail, medical office and hotel space. Southdale Mall, Ridgedale Mall, and Maplewood Mall are also investing in their centers to better compete in this rising market. Another sign of increased activity can be seen among food tenants. Quick service restaurants are betting that Minneapolis-St. Paul residents have a large appetite for yogurt, sandwiches, and burgers and are actively seeking space. Burger and sandwich concepts include Smashburger, Which Wich, Firehouse Subs, and Freddy’s, which are growing in popularity along with Freeziac, Tutti Frutti, Menchies, and CherryBerry yogurt shops. Also active are Noodles, Chipotle, and Starbucks. These types of tenants have gobbled up smaller spaces and end-cap spaces vacated by tenants such as defunct Hollywood Video and Blockbuster. They are pursuing the same spaces …