INDIANAPOLIS — Beech Street Capital has arranged a $5.1 million Fannie Mae loan to refinance Hunt Club Apartments, a 200-unit property in Indianapolis. Jacob Schmuckler of Meridian Capital Group originated the 7-year, fixed-rate loan, which carries a 30-year amortization schedule. The borrower has spent $1.8 million in renovations to the property's interior and plans to upgrade all of the units.
ALSIP, ILL. — Meridian Design Build has been selected as general contractor for a 38-acre redevelopment project for Polmax Transportation at 122nd and Centeral in Alsip. Demolition is currently underway at the site, previously home to an auto auction mall. The project includes a 150,585-square-foot cross dock facility that will include truck maintenance and repair bays, a truck wash and 20,000 square feet of corporate offices. areté-Knight is providing architectural services and Hoefferle-Butler is completing the engineering work.
PORTAGE, IND. — Fronius USA has selected Holladay Properties and Holladay Construction Group to design and construct the company's new headquarters in Portage. The company develops and manufactures battery charging systems. The 399,500-square-foot project will include 20,000 square feet of office space, as well as the construction of a welding shop and service center for Fronius' products. Holladay Construction will serve as the general contractor and Holladay Properties will complete the design work. Construction is expected to wrap up this September.
BIRMINGHAM, MICH. — Walgreens plans to open a new location at the former Borders Books & Music site in Birmingham. The drugstore retailer will occupy the ground floor and second floor of the building, located between East Maple and West Beaver roads. Michigan-based Lormax Stern managed the deal and the approval process. Brad Rosenberg and Susan Acciaiolli of Mid-America Real Estate represented the landlord, Related Birmingham LLC, in the deal.
SKOKIE, ILL. — Turner Acceptance Corp., an auto loan company, has leased 40,816-square-foot at 4900 Howard in Skokie. The company is relocating from a smaller facility in Evanston. Whit Heitman, Sam Badger and Brad Weiner of Paine/Wetzel/TCN Worldwide represented the landlord, Walker Partners LLC, in the transaction. Baum Realty represented the tenant.
ROMEOVILLE, ILL. — DCT Industrial Trust has acquired a 32.6-acre parcel in Romeoville. The company plans to start construction in May on DCT Boldt Park, a 604,000-square-foot, cross-dock facility. DCT Industrial is the project developer and Ryan Cos. will serve as general contractor. The project is slated for completion in the fourth quarter of 2012.
EDWARDSVILLE, KAN. —Zumiez.com, a skateboarding and apparel retailer, has inked a new lease for 153,000 square feet at 9911 Woodend in Edwardsville, Kan. Joseph Accurso of Kessinger/Hunter & Co. represented the tenant in the transaction. Phil Algrim of NAI Capital Realty represented the landlord, Fastenal Co.
SKOKIE, ILL. — Turner Acceptance Corp., an auto loan company, has leased 40,816-square-foot at 4900 Howard in Skokie. The company is relocating from a smaller facility in Evanston. Whit Heitman, Sam Badger and Brad Weiner of Paine/Wetzel/TCN Worldwide represented the landlord, Walker Partners LLC, in the transaction. Baum Realty represented the tenant.
The Minneapolis-Saint Paul MSA was on the road to recovery long before many others. And while that might come as a surprise to outsiders, this market actually packs quite a punch. With more than a dozen Fortune 500 employers — including Target, Wells Fargo, U.S. Bank, Ecolab and 3M, to name a few—the MSA’s 5.1 percent unemployment rate is a full three points lower than the national average and is consistently ranked as one of the friendliest job markets in the country. Little wonder national retailers have been so keen on taking space in prime Twin Cities markets such as Roseville, Edina (Southdale) and Minnetonka (Ridgedale). Whole Foods, for instance, opened a Minnetonka store in a former Circuit City box late last year and also razed a vacant Storables to make way for a Southdale store. More recently, the Texas-based chain announced plans to open a downtown Minneapolis store on the site of a former Jaguar dealership. Slowly but surely, remaining Ultimate Electronics, Circuit City and Linens ’n Things boxes are being refilled by expanding chains. Some are leasing vacant boxes in their entirety; others are taking portions of subdivided boxes. Case in point: Last year T-Mobile, Godfather’s Pizza and …
LANSING, MICH. — Stag Industrial Inc. has acquired a warehouse and distribution facility in Lansing for $6.6 million. The 129,325-square-foot building was constructed in 2002 and renovated in 2008. The facility is fully leased to Joseph T. Ryerson & Son, a subsidiary of Ryerson Inc. The company processes and distributes metals such as carbon steel and aluminum products. Joseph T. Ryerson & Son has 7 years remaining on its lease.
