Despite the slow economic recovery nationwide, there is life in the commercial real estate investment market in Indianapolis, especially in the office sector. Nearly 900,000 square feet of office properties traded hands in Indianapolis in 2011, for a total of $119 million, which is a 70 percent increase over office sales in 2010, and four times the sales volume in 2009. Major property sales such as Intech I/II/III, 9225 Priority Way Dr. in the Precedent Office Park and Heather Glen II marked a return of stabilized office building sales in Indy last year. The increase in sales velocity is expected to continue with several major office properties currently on the market, including the Capital Center downtown, Pennwood Office Park in Carmel and the Ascension Health Ministry Service Center in the northwest submarket. Cassidy Turley is tracking an additional 3 million square feet of office properties expected to come to market this year, or in 2013. Continued improvement in office fundamentals is an encouraging sign for investors. With 237,000 square feet of positive net absorption in the fourth quarter of 2011, the overall vacancy rate for Indianapolis now stands at 20.3 percent. No new speculative construction, three consecutive quarters of positive …
Midwest
DETROIT — Twitter, the San Francisco-based social media company, is opening an office in Detroit at the M@dison Building. The M@dison Building, located at 1555 Broadway, is owned by Rock Ventures LLC, the umbrella entity for Dan Gilbert's portfolio of companies, investments and real estate. Gilbert is the chairman and founder of Quicken Loans. The building is already home to several tech companies such as Detroit Labs and Doodle Home. Twitter's new office will include a team of employees who help advertising agencies and marketers use Twitter's advertising products, according to a statement. Rock Ventures' management firm, Bedrock Real Estate Services LLC, represented both parties in the deal.
RAMSEY, MINN. — Indianapolis-based Flaherty & Collins Properties will break ground on The Residence at The COR this month, a $33.5 million mixed-use project in Ramsey, a northern suburb of the Twin Cities. The project will be located within a 400-acre development known as The COR. Plans call for the construction of 230 luxury apartments and 3,000 square feet of retail space. The targeted use for the retail space is a pub that serves lunch and dinner. Of the 230 new residences, nine will be two-level townhome units with individual garages. Onsite amenities will include a fitness center, outdoor fire pits and a heated, saltwater pool.
PLOVER, WIS. — Staples has signed a retail lease for 15,500 square feet at Common Crossroads, located at 1230 Commons Circle Parcel 8 in Plover. Joe Kleiman and Daniel Cohen of Mid-America Real Estate's Milwaukee office represented the tenant in the deal. Kim Pischeke of CORE Commercial's Appleton, Wis. office represented the landlord, JJ Plover Max Venture II and Plover Shoppes LLC.
MILWUAKEE — Bentley World Packaging has purchased a 40,000-square-foot industrial building, located at 9411 West Fond du Lac Ave. in Milwaukee, for an undisclosed amount. The packaging and assembly company plans to expand its business in the new space. Kevin Barry and Kurt Van Dyke of Cassidy Turley Barry's Milwaukee office represented the tenant in the transaction. Port Washington State Bank was the seller.
DETROIT — Construction Partners LLC will host a preview event at Broderick Tower on Thursday, April 5, for visitors to view the ongoing $53 million restoration project at the historic, 34-story building. When complete in September, the Detroit tower will house a restaurant and lounge, three floors of office space and 125 apartments on floors 5 through 34. The Broderick, originally known as Eaton Tower, was built in 1928. The developer plans to unveil a fully finished 17th floor model unit at Thursday's event. Located in the heart of Detroit's sports and entertainment district, the Broderick event will coincide with the opening of the Tigers' 2012 MLB season at Comerica Park.
HOMER GLEN, ILL. — Northbrook, Ill.-based SAS Architects & Planners has been selected to design three residences for Victorian Village, a senior living community in Homer Glen. Two single-story residences will house 10 seniors each, while the third, a two-story residence, will house 30 seniors. The units will include private bedrooms and bathrooms as well as shared living, kitchen and dining areas. Residents will also have access to skilled nursing services. The project is slated for completed by the end of 2013.
MASON, OHIO — Top Gun Sales Performance has purchased a new headquarters building in Mason for $3.6 million to expand its operations. The global sales support organization will relocate to 5155 Financial Way, a 67,000-square-foot building. Andrew Kahn of NAI Bergman represented Top Gun in the deal. Bill Poffenberger of Jones Lang LaSalle represented the seller, Fortis Properties.
WORTHINGTON, OHIO — Hudson Bearings LLC has purchased a 24,898-square-foot industrial property in Worthington for an undisclosed amount. The building is located at 7060-7064 Huntley Rd. Matt Murtha of Cassidy Turley's Columbus office represented the seller, Eglehoff-L&K Properties, in the deal.
OAK BROOK, ILL. — In a joint venture, Inland Real Estate Corp. and Inland Private Capital Corp. have acquired two portfolios of single-tenant retail properties for $40.8 million. The seven properties total 95,630 square feet. The four stores net-leased to Walgreens are located in Dunkirk, N.Y.; McPherson, Kan.; St. George, Utah; and Nampa, Idaho. The three properties net-leased to CVS are located in Lee's Summit, Mo.; McAllen, Texas; and Newport News, Va. The stores range in size from 12,900 to 14,490 square feet.