COLUMBUS, OHIO — The Connor Group has purchased River Oaks, a 288-acre apartment community in Columbus. The buyer acquired the 24-acre foreclosed property from Wells Fargo Bank. Terms of the deal were not disclosed. River Oaks was built in 1998 and is located between the Columbus suburbs of Hilliard and Upper Arlington. Following the acquisition, The Connor Group now owns and operates nine apartment communities in the market.
The Chicago downtown office market is on a roll. Vacancies have fallen for more than 12 months straight as corporations pull the trigger on new or rehabbed office space in marquee locations to accommodate consolidation and growth. One of the big stories is that the market is far more geographically diverse today. We are seeing the suburban sprawl in reverse as corporations leave far-flung business parks to seek out trendier 24-hour neighborhoods such as River North (Chicago’s tightest submarket), the West Loop and the Millennium Park/East Loop-area. Where you work is also increasingly where you live. Chicago’s 136.7 million-square-foot office CBD market reported a 14.9 percent vacancy rate at the end of the first quarter, a welcome decline from the 15.4 percent reported during the fourth quarter of 2011. According to CBRE Group, downtown vacancy has fallen in every quarter since the end of 2010, when the rate was 17 percent. It peaked at 17.3 percent midway through 2010. Overall vacancy numbers include sublease space. Direct vacancy was 13.6 percent in the first quarter of 2012, down from 14 percent in the prior period. Compare that to the suburbs, where the first-quarter vacancy rates rose to 24.6 percent after consecutive …
BELLEVILLE, ILL. — Contegra Construction Co. is building a new $37.8 million laboratory facility for the Illinois State Police and other law enforcement agencies in southwest Illinois that will quadruple the space dedicated in the region to crime-solving forensic science technology. The two-story, 64,100-square-foot building is taking shape on a 2.3-acre site at the intersection of 23rd and West Main streets in Belleville. When operational, it will serve 154 police agencies in a contiguous eight-county area in Illinois.The building will include more than 40,000 square feet of lab space housing research infrastructure and equipment for crime scene services such as trace chemistry, polygraph, latent prints, firearms and forensic biology/DNA testing. The building will replace 15,000 square feet of antiquated forensic science space the law enforcement agency currently leases in Fairview Heights, Ill. and is being funded by the state's Illinois Jobs Now! Capital Development Board. Joining prime contractor Contegra on the project team are Pyramid Electrical Contractors Inc., Amsco Mechanical Inc. and Bi-State Fire Protection Corp.
PLYMOUTH, MICH. — Grand Sawa has purchased a 526,540-square-foot office and industrial building, located at 909 Sheldon Road in Plymouth. John Lominack and Gary Glotzhober of Colliers International represented the buyer in the transaction. He also represented the seller, CW Capital Asset Management. Colliers has also been retained to lease the facility, which sits on 34 acres.
MINNEAPOLIS — mono, a creative branding agency, has signed a 20,400-square-foot lease at Mozaic, a new development in Minneapolis by The Ackerberg Group. Mozaic includes 65,000 square feet of office space. With the new lease signing, the building is currently 57 percent leased to four tenants. Tony Weinstein of Marquee Real Estate Advisors represented mono in the transaction.
BEACHWOOD, OHIO — Marcus & Millchap has arranged the sale of a Medical Mutual of Ohio property, a 51,000-square-foot, net-leased property at 23700 Commerce Park Road in Beachwood. The property is fully occupied by Medical Mutual of Ohio, the oldest and largest healthcare insurer in the state. Jason Vitorino of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was a local investor.
MACHESNEY PARK, ILL. — A private investor from California has purchased a 6,124-square-foot Advance Auto Parts property, located at 1535 West Lane Road in Machesney Park, for $1.5 million. Advance Auto Parts is the sole occupant of the building, which was developed by Orput Cos. Inc. in 2011. Advance Auto has 14 years remaining on its lease. The Boulder Group represented Orput Cos. in the transaction, while SAR Enterprises represented the tenant.
CICERO, ILL. — Cabot Properties has purchased Building II of the Cicero Business Center, a 291,814-square-foot industrial building in Cicero. The property is fully leased to Cloverhill Pastry-Vend LLC. Steve Disse and Jeff Devine of Colliers International represented the seller, Opus Development Corp., in the transaction.
MINN. — Nash Finch Co. plans to open two new Family Fresh Market stores in River Falls, Wis., and Farmington, Minn. The River Falls store is located at 303 S. Main St. and includes 41,300 square feet. The Farmington store is at 115 Elm St. and contains 22,700 square feet. The stores mark the third and fourth locations for the fresh-focused banner. The others are in Hudson and New Richmond, Wis.
BELVIDERE, ILL. — National Foundation for Affordable Housing Solutions Inc. (NFAHS) has acquired Shadley Apartments, a 119-unit property in Belvidere, for $7.6 million. Orput Companies Inc. and Shadley Apartment Associated were the sellers. Orput developed the apartment property in 1978 and has been retained by NFAHSI as the property's managing agent.