GREEN BAY, WIS., GRANDVILLE, MICH. — Construction is under way on two new Cabela's stores in Wisconsin and Michigan. Kraus-Anderson Construction Co. is building an 88,000-square-foot Cabela's store in Rivertown Mall in Grandville, a suburb of Grand Rapids. The new store is slated to open in the spring of 2013. Kraus-Anderson has also broken ground on a Cabela's location on Highway 41 and Lombardi Avenue in Green Bay. The Green Bay Packers organization owns the land and is leasing it to Cabela's. The store is scheduled to open in the summer of 2013. Both stores will feature wildlife displays, a gun library, aquarium, boat shop and deli.
MANTENO, ILL. — Walker & Dunlop has arranged a $67.7 million Fannie Mae loan for a portfolio of manufactured housing communities, which includes Maple Valley, a 276-site community in Manteno, Ill. The portfolio consists of five properties and more than 1,800 home sites across 500 acres in Illinois, Florida, New Jersey and Massachusetts. All of the transactions involved refinancing with the exception of Little Manatee Springs in Wimauma, Fla., which received acquisition financing.
BELLEVUE, OHIO — Stag Industrial has acquired a 181,838-square-foot warehouse and distribution facility in Bellevue for $5.8 million. The building is fully leased to Amcor Rigid Plastics, which has six years remaining on its lease. Amcor makes and delivers packaging for products such as beverages, food, pharmaceuticals and spirits. The transaction brings Stag's total acquisition volume to $119 million in 2012.
DUBLIN, OHIO — Sonesta International Hotels Corp. will manage the 106-room Residence Inn Dublin/Columbus in Dublin, starting Aug. 10. Sonesta will rebrand the hotel as the Sonesta ES Suites Dublin. The hotel features an outdoor swimming pool, 24-hour fitness center, guest laundry and a 24-hour business center.
After posting slightly positive net absorption for three consecutive quarters, the industrial market in Cincinnati bucked that trend in the second quarter by recording negative absorption of 836,000 square feet, according to Xceligent. This setback can partially be attributed to a falloff in demand, but was largely the result of several large owner-occupants moving out of their buildings. As a result, the overall vacancy rate climbed 20 basis points in the second quarter to 10.2 percent. Still, that’s below the peak vacancy rate of 10.7 percent reached in the second quarter of 2011. Significant new vacancies in the second quarter included Avon (750,000 square feet), Hamilton Fixture (330,000 square feet), and Sonoco Corrflex (319,000 square feet). This wiped out the positive absorption recorded in the first quarter. Through the first half of 2012, the market has posted 395,000 square feet of negative net absorption. Underlying Trends Similar to what we experienced in 2011, tenants are taking advantage of discounted rental rates in Class A product. There has been marginal activity involving Class B or C product. The good news is that there are growth opportunities with some space requirements of more than 100,000 square feet. That demand is driven by …
BARBERTON, OHIO — Marcus & Millichap has arranged the $1.1 million sale of Heritage Place Senior Apartments in Barberton. The 66-unit property is located at 39 and 41 30th Street NW. Dan Burkons, Josh Wintermute, Michael Barron and Kurt Shoemaker of Marcus & Millichap represented the seller, a private partnership. Barron, Burknos and Wintermute also secured the buyer, a limited liability company.
MACEDONIA, OHIO — Goodman Real Estate Services Group has arranged the sale of The Crossings at Golden Link, a 254,848-square-foot shopping center along Aurora and Northfield roads in Macedonia. The property is anchored by Target and Lowe's Home Improvement. Kyle Hartung of Goodman Real Estate represented the seller in the transaction. The buyer was a private real estate investment company.
BEDFORD, IND. — Chase Properties has acquired Williams Crossing, a 50,000-square-foot shopping center in Bedford, located 25 miles south of Bloomington. Tenants at the center include Dollar Tree, Maurices and Shoe Show. Josh Caruana of Marcus & Millichap represented the seller, Horne Properties, in the transaction.
KANSAS CITY, KAN. — Two major healthcare tenants have signed lease agreements to anchor the second phase of the $59 million 39Rainbow, a mixed-use development in Kansas City. The development is located near The University of Kansas Hospital and the University Kansas Medical Center at the southwest corner of 39th Street and Rainbow Boulevard. The first phase of the project is slated to open later this month and will include an 83-room Holiday Inn Express and Suites, Five Guys Burgers & Fries and additional retail shops. For the second phase, The University of Kansas Hospital will operate an inpatient acute rehabilitation center in 27,800 square feet on the second floor. Kansas City Transitional Care Center, a subsidiary of Skilled Healthcare Group, has signed a lease for 55,600 square feet on the third and fourth floors. The company plans to operate a post-acute skilled nursing rehabilitation facility. Site demolition has already begun on the 100,000-square-foot second phase and the building is scheduled to open in the fall of 2013. LANE4 Property Group is the project developer.
WHEATON, ILL. — Morningside has broken ground on a six-story apartment property, known as Wheaton 121, at 121 N. Cross St. in downtown Wheaton. Designed by Fitzgerald Associates Architects, the property will feature 306 luxury units and a two-level, indoor parking garage. Amenities will include an in-ground swimming pool, an outdoor kitchen, lounge areas, a dog run and a bocce court. The building will also offer a business center, theater room and fitness center. The development is expected to be complete in 2013.