Midwest

CONSTRUCTION TO BEGIN ON $61.5M HIGH SCHOOL IN ALEXANDRIA

by admin June 20, 2012

ALEXANDRIA, MINN. — Construction will begin this month on a new $65.15 million high school in Alexandria that will house 1,500 students. The school will be constructed on a 167-acre site located at 50th Avenue and Pioneer Road. The 280,000-square-foot high school will include two, 3-story academic wings with 36 classrooms, science labs, art rooms, a media center and special education classrooms. The facility will also feature new athletic fields, a stadium, a performing arts wing and a 1,000-seat auditorium. The new school will replace the current facility, which is landlocked and had few options for expansion. The Alexandria School District hired Kraus-Anderson Construction Co. as the project construction manager.

June 20, 2012

OPUS TO CONSTRUCT NEW HEADQUARTERS FOR XCEL ENERGY

by admin June 20, 2012

MINNEAPOLIS — Opus Development Corp. plans to construct a 212,000-square-foot office building in Minneapolis for the new Xcel Energy Inc. headquarters. The site, on the corner of Fourth Street and Nicollet Mall, is just across the street from Xcel's current headquarters. Xcel will move into the building in 2016. Opus plans to begin construction in 2014. The planned Xcel Energy office building is adjacent to Nicollet Residences, a new high-rise apartment building that Opus is also developing adjacent to the site.

June 20, 2012

Midwest Office

TECHNOLOGY MANUFACTURER EXPANDS WITH MOVE TO LIBERTYVILLE

by admin June 20, 2012

LIBERTYVILLE, ILL. — MBX Systems, a technology manufacturer based in Wauconda, Ill., is relocating its headquarters to an 84,000-square-foot facility in Libertyville. The company signed a 7-year lease with the property owner, K&R Enterprises 1, and MBX plans to invest $2 million in remodeling and equipping the facility. The building is located at 1900 Winchester, just south of the Libertyville Township Soccer Complex along Route 45. MBX moved to its existing facility in Wauconda in 2005 and expanded the building to 19,000 square feet in 2009. The company plans to expand its workforce by 25 percent this year.

June 20, 2012

Midwest Retail

ROA DEVELOPMENT BUYS $2.4M RIVERSIDE PAVILION

by admin June 20, 2012

ROCKFORD, ILL. — ROA Development has purchased Riverside Pavilion, an 87,125-square-foot shopping center in Rockford, for $2.4 million. Tenants include Cardinal Fitness, Domino's Pizza and Weight Watchers. Steve Timmel, Chris Prosser and Jeff Johnston of Colliers International represented the seller, Riverside Pavilion LLC, in the transaction.

June 20, 2012

Midwest Retail

WXZ SELLS MCDONALD'S GROUND LEASE FOR $1.7M

by admin June 20, 2012

RIDGEVILLE, OHIO — WXZ Development has sold a 20-year ground lease for a McDonald's property in Ridgeville for $1.7 million. Mark Luttner of Luttner Real Estate Investment Services represented the WXZ in the transaction.

June 20, 2012

Industrial Midwest

JLL TEAM COMPLETES THREE LEASE DEALS TOTALING 225,000 SF IN DUPAGE COUNTY

by admin June 19, 2012

CHICAGO — Jones Lang LaSalle has completed three industrial lease transactions totaling more than 225,000 square feet in Chicago's western suburbs. CoreCentric Solutions inked a lease for 106,731 square feet at 1575 Hunter Rd. in Hanover Park, Ill. Dominic Carbonari and Frank Griffin of Jones Lang LaSalle represented the building's owner, Cabot Properties, in the transaction. Carbonari and Griffin also represented Cabot in the lease of 51,500 square feet to Cary Co. The 101,640-square-foot building is located at 1005 W. Republic Dr. in Addison, Ill. Additionally, Carbonari, Griffin and Jones Lang LaSalle's Keith Stauber arranged the lease of a 67,932-square-foot industrial building at 888 N. Central Ave. in Wood Dale, Ill., to St. George Warehouse Co. The team represented the building's owner, ML Realty Partners, in the deal.

June 19, 2012

Midwest

ARA ARRANGES SALE OF THREE MANUFACTURED HOUSING COMMUNITIES

by admin June 19, 2012

ATLANTA — ARA has arranged three REO sales of manufactured housing communities in Western Michigan. Included in the sale were Maplewood, a 124-site community in Grand Rapids; Green Acres, a 54-site community in Kent City; and Pontaluna Shores, a 138-site community in Norton Shores. Todd Fletcher and Andrew Shih of Atlanta-based ARA represented the unnamed special servicer in the transaction. A private operator based in California acquired all three assets. The portfolio is 65 percent occupied. Two of the communities have public utilities, while the smallest, Green Acres, maintains a private well and septic system.

June 19, 2012

Midwest Office

SUMMIT TO CONSTRUCT 16,000 SF OFFICE AND WAREHOUSE BUILD-OUT

by admin June 19, 2012

NORTHFIELD, ILL. — Summit Design + Build will construct a 16,000-square-foot office and warehouse build-out for OfficeNation Inc. at 500 N. Central Rd. in Northfield. OfficeNation is a mail order/direct deal for computer products and will be relocating from its current operations in Northbrook, Ill., to the new Northfield location. Construction plans include the build-out of a large open office area, conference rooms, employee lounge and loading dock. Stuart Cohen & Julie Hacker Architects will provide architectural services for the project. Completion is scheduled for the third quarter of this year.

June 19, 2012

Midwest Office

CENTURY 21 INKS LEASE IN MACOMB PARK

by admin June 19, 2012

MACOMB TOWNSHIP, MICH. —Century 21 has signed a lease for 5,000 square feet of office space at 15432 25 Mile Road in Macomb Township. Gabe Schuchman and Samantha Tullio of Mid-America Real Estate-Michigan represented the landlord, Macomb Park II, in the transaction.

June 19, 2012

Midwest Retail

AGREE SELLS CHARLEVOIX COMMONS

by admin June 18, 2012

CHARLEVOIX, MICH. — Agree Realty Corp. has sold the Charlevoix Commons shopping center in Charlevoix for $3.5 million. The 137,000-square-foot shopping center is anchored by an 86,479-square-foot Kmart and a 35,896-square-foot Family Farm & Home. The sale is part of Agree Realty's strategy to dispose of non-core assets and redeploy capital into the acquisition and development of single-tenant, net-leased assets.

June 18, 2012

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