Midwest

KANSAS CITY, MO. — Overland Park, Kan.-based Haith & Co. has brokered the sale of an 84,273-square-foot office building located at 7501 NW Tiffany Springs Pkwy. in Kansas City, less than three miles from Kansas City International Airport. The buyer was KC Residence LLC and the seller was Charford Inc. Zac Haith of Haith & Co. represented the seller and was tapped to lease the property by the buyer. The acquisition price was not released but the property traded for 25 percent of new construction costs.

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MONONA, WIS. — New York City-based American Realty Capital Healthcare Trust (ARC) has signed an agreement to acquire a healthcare project currently under development in Monona, a suburb of Madison. The project is a clinical outpatient facility that will be leased at completion to the University of Wisconsin Medical Foundation for a 10-year term. The project will be seeking LEED certification. Completion is expected in September.

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ST. PAUL, MINN. — Jim's Market plans to open its fourth St. Paul location at Doddway Center, situated at the corner of Smith Avenue and Dodd Road in St. Paul. The new tenant is currently renovating the 24,800-square-foot space, formerly occupied by R.C. Dick's Foods. Improvements will include new flooring and a new façade. The grocery store will stay open during construction. Paster Enterprises is the owner of Doddway Center.

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For a city that has at times been portrayed as emblematic of the kind of economic fallout left in the wake of the recent recessionary cycle, Detroit is actually responding quite well. The current state of the Detroit office market is just one data point — but it’s a promising one. In greater Detroit — and across Southeast Michigan — there are tentative signs that things are moving in the right direction for the first time in several years. Not everything is positive by any stretch of the imagination, but the progress, while tentative, looks genuine. Since the city’s office market bottomed out in the summer of 2010, it has been slowly and steadily recovering. There were a few low points in August and September of last year, but the market began absorbing some space toward the end of the year, and that trend has continued in the first part of 2011. As you might expect, however, the progress has been uneven. Consolidation areas like Southfield, where there is a lot more activity in the marketplace, have generally done slightly better than destination-focused markets like Dearborn and Livonia, which had taken a more significant initial blow and subsequently have not …

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SCHAUMBURG, ILL. — Deerfield, Ill.-based Janko Group has purchased Parkway Corporate Place in an off-market deal. The property consists of three single-story office buildings totaling 161,000 square feet. Tenants at the 58 percent leased property include ITW, Samsung, Career Education Corp. and Group Administrators. Janko has tapped the CB Richard Ellis team of Rob Graham and Dan Bessey to lease the property. The seller and purchase price were not released. This latest deal is one of three recent transactions completed by Janko in the Chicagoland market. The company purchased the note for an office building in Vernon Hills and acquired the former Holiday Inn Select in Naperville. It already owns Remington Business Center in Schaumburg as well as 850 and 900 Arlington Heights Road in Itasca.

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MILWAUKEE — Bentley World Packaging has signed a lease for a 360,000-square-foot distribution building at 5211 S. 3rd St. in Milawukee. The landlord was Benderson Properties. Kevin Barry, Kenneth Braden and Kurt Van Dyke from local brokerage firm Cassidy Turley Barry arranged the deal. Cassidy Turley also recently assisted Bentley in leasing 125,000 square feet at 10001 S. Howel Ave. in Oak Creek, Wis.

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BUFFALO GROVE, ILL. — NorthMarq Capital has secured $15 million in first-mortgage financing for a five-story, 132,581-square-foot office building located at 485 Half Day Road in Buffalo Grove. Constructed in 2001 by the borrower, Millbrook IV LLC, the Class A property is occupied by Walgreens, Production Services and Ambius. The loan carries a 10-year term and a 25-year amortization schedule. Jeff Cherner of NorthMarq's Chicago office arranged the loan between Millbrook and the lender, Advantus Capital Management.

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MCCOOK, ILL. — Principle Construction Corp. has completed a tenant fit-out for American Tire Distributors' new industrial facility at 9450 Sergo Drive in McCook. Construction for the 233,000-square-foot facility includes new roof-mounted exhaust fans, lighting replacements, fire protection upgrades, the addition of emergency exits and the renovation of the building's office component. ML Realty Partners owns the building. Cornerstone Architects was the project architect.

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ELK GROVE VILLAGE, ILL. — DB Schenker has bought out its lease for a 132,000-square-foot industrial building located at 1800 Nicholas Blvd. in Elk Grove Village. Phil Reiff, Sr., and Phil Reiff, Jr., of Paine/Wetzel • ONCOR International represented DB Schencker in the deal. The previous landlord was not disclosed. In a subsequent deal, the same Paine/Wetzel team represented DB Schenker in the leasing of 63,618 square feet of space in nearby Bensenville.

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