Midwest

MERIDIAN TO COMPLETE 14,626-SQUARE-FOOT RENOVATION OF ORTHOPEDIC FACILITY

by admin December 20, 2011

ELK GROVE, ILL. — Deerfield, Ill.-based Meridian Design Build was selected to complete the renovation of a 14,626-square-foot facility for Barrington Orthopedic Specialists, located at 120 E. Higgins Rd. in Elk Grove Village. Construction is currently underway on the project, which includes the full renovation of an existing, single-story office building to accommodate new exam rooms, cast rooms, imaging areas, rehabilitation facilities and a physical therapy gym. A building addition also will be constructed to include waiting areas and a covered patient entrance/dropoff area. Project manager Bob Kolcz and Fred Jennings, general superintendent, are coordinating the project for Meridian. The space will be designed by Arete-Knight.

December 20, 2011

NORTHMARQ ARRANGES $14 MILLION LOAN FOR OMAHA SHOPPING CENTER

by admin December 20, 2011

OMAHA — NorthMarq Capital has arranged $14 million in first mortgage refinancing for Lakeside Plaza I, a 171,124-square-foot grocery-anchored shopping center, located at 17372 Lakeside Hills Plaza in Omaha. Jason Kinnison of NorthMarq's Omaha office arranged the financing through the firm's relationship with Citigroup Global Markets Realty Corp. The 10-year loan has a 30-year amortization schedule.

December 20, 2011

Midwest Retail

WALGREENS SELLS FOR $4.17 MILLION IN CEDAR RAPIDS

by admin December 19, 2011

CEDAR RAPIDS, IOWA — The Boulder Group has arranged the $4.17 million sale of a 13,905-square-foot, single-tenant Walgreens property, located at 3325 16th Ave. SW in Cedar Rapids. The property is leased to Walgreens for eight years. Randy Blankstein and Jimmy Goodman of the Boulder Group represented the seller, a Chicago trust, in the transaction. The buyer was a Miami-based investor.

December 19, 2011

Midwest Retail

GLADSTONE BUYS LEASEHOLD INTEREST IN 14,560-SQUARE-FOOT WALGREENS

by admin December 19, 2011

SPRINGFIELD, MO. — Gladstone Commercial Corp. has purchased the leasehold interests in a 14,560-square-foot retail building in Springfield, Mo. leased to the Walgreens Co., for $2.7 million. The tenant has 62 years remaining on its lease term with rights to terminate every five years in years 19 to 62.

December 19, 2011

Midwest Seniors Housing

CNL PROPERTIES PLANS TO ACQUIRE FIVE SENIOR LIVING COMMUNITIES

by admin December 19, 2011

ORLANDO — Orlando-based CNL Properties Trust Inc. has agreed to acquire five senior living communities from affiliates of Primrose Retirement Communities for $84 million. The properties include Grand Island Senior Living in Grand Island, Neb.; Marion Senior Living in Marion, Ohio; Mansfield Senior Living in Mansfield, Ohio; Casper Senior Living in Casper, Wyo.; and Sweetwater Senior Center in Billings, Mont. The transition is expected to close the first quarter of 2012. The communities will continue to be operated by Primrose under a long-term lease agreement with CNL. As of Dec. 1, the properties were 96 percent occupied.

December 19, 2011

Industrial Midwest

STAG INDUSTRIAL ACQUIRES $12.6 MILLION DISTRIBUTION FACILITY

by admin December 19, 2011

JACKSON, OHIO — Boston-based STAG Industrial Inc. has acquired a 307,000-square-foot warehouse and distribution facility in Jackson for $12.6 million. The building was constructed in 2001 as a build-to-suit and is fully leased to Gerdau Ameristeel Perth Amboy Inc., a long steel manufacturer.

December 19, 2011

Industrial Midwest

DOE AWARDS $80 MILLION TO MASCOMA FOR ETHANOL CONVERSION PLANT

by admin December 16, 2011

KINROSS, MICH. — Mascoma Corp., a renewable fuels company, has signed a cooperative agreement with the U.S. Department of Energy (DOE) to assist in the design and construction of a commercial-scale hardwood cellulosic ethanol facility in Kinross. The cooperative agreement provides $80 million in DOE funding. The facility will convert hardwood pulpwood to ethanol. Construction of the Kinross plant in Michigan's Upper Peninsula is expected to begin in the next three months, and is slated for completion in 2013. Kinross Cellulosic Ethanol LLC, a joint venture formed by Mascoma and Valero Energy Corp., will develop and operate the Kinross plant.

December 16, 2011

Industrial Midwest

ALL AMERICAN RENEWS 49,775-SQUARE-FOOT LEASE IN KANSAS

by admin December 16, 2011

LENEXA, KAN. — All American Supply Co. has renewed its lease for 49,775 square feet of industrial space at Lenexa Industrial, located at 9775 Lackman Rd. in Lenexa. Matthew Severns of Kessinger / Hunter & Co. represented the landlord, TAK Properties, in the deal. Tom Haverty of Colliers International represented the tenant.

December 16, 2011

Market Reports Midwest Market Reports Ohio

Retail Shows Its Resiliency

by admin December 16, 2011

One of the hardest-hit real estate segments, both in Cleveland and across the nation, has been the retail sector. A dramatic reduction in consumer spending over the past four years has caused significantly lower retail sales and resulted in a long list of bankrupt retailers and struggling retail centers. While the pullback by the consumer has ultimately led to numerous instances of shuttered stores and bank-owned retail centers across the region, there have also been some noticeable trends that illustrate the underlying resiliency and strength of this segment. Digging in the dirt Although the pace of retail development has been at a near standstill for the past few years, some projects have begun to take shape. The furthest along is a new 86,000-square-foot Giant Eagle in Broadview Heights, which is under construction with an early 2012 opening planned. The South Euclid/Cleveland Heights area has also emerged as a favored development location with two large-scale projects. The long-planned expansion and renovation to the northern half of Cedar Center began in the spring with the construction of a new GFS Marketplace. When fully completed in late 2012, this project is expected to contain approximately 60,000 square feet of total retail as well …

December 16, 2011

Market Reports Midwest Market Reports Wisconsin

All signs are positive

by admin December 16, 2011

Southeastern Wisconsin’s industrial market absorbed nearly 1.28 million square feet in the third quarter — the fifth consecutive quarter of positive absorption — and 2.87 million square feet of absorption year-to-date. The vacancy rate registered 7.6 percent in the third quarter, down from 9.2 percent a year ago, according to Xceligent/CARW. Leasing activity in Milwaukee and Waukesha counties has accounted for 80 percent of the 2.87 million square feet absorbed year-to-date. Kenosha and Racine counties both experienced positive absorption of 81,527 square feet and 486,832 square feet in the third quarter, respectively. While impressive, this data is less substantial than previous quarters that we have analyzed. Traditionally, Racine and Kenosha counties compete for tenants crossing over the border from Illinois. These two counties will likely attract the next speculative or build-to-suit developments in Southeastern Wisconsin. With leasing and sales activity continuing to be on the rise late into the third quarter, we expect these positive trends to carry over into the final quarter of 2011. Quality industrial space is being depleted in many of the more popular submarkets south of I-94 and west of I-45. Natural tensions between quality supply and increasing demand are causing a stabilization of lease rates …

December 16, 2011

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