JENNINGS, MO. — Genx Clothing has signed a lease for 7,950 square feet of retail space at Buzz Westfall Plaza on the Boulevard, located at 8035 West Florissant in Jennings. Grant Mechlin of Sansone represented the landlord, Sansone Plaza on the Boulevard LLC, in the transaction.
CHICAGO — Tricap Chicago has acquired a 31-unit apartment building at 4740 South Greenwood Ave. in the historic Kenwood neighborhood of Chicago, for $1.2 million. The firm plans to completely gut and remodel the three-story building. The building dates back to the 1920s and is located less than four blocks from the home of Kenwood's best-known residents, President Barack Obama and his wife Michelle. Tricap Chicago expects the apartment building to be ready for lease in the spring of 2013. The seller was a private family estate.
MOORESVILLE, IND. — McShane Construction Co. has been selected to provide the design/build construction services for a warehouse and office addition for PacMoore Corp., located at 100 PacMoore Parkway in Mooresville. The 99,100-square-foot expansion broke ground at the PacMoore Process Technologies facility. The project will include an 87,500-square-foot expansion to the existing warehouse and a two-story, 11,600-square-foot office addition. PacMoore specializes in dry food processing and packaging. The warehouse phase of the project is scheduled for completion in October, followed by the completion of the office addition in January 2013.
CHICAGO — Marcus & Millichap has arranged the $667,500 sale of a six-unit apartment property in Chicago's Andersonville neighborhood. The property, constructed in 1912, is located at 1516-1518 West Victoria St. Kyle Stengle and Kevin Schnell of Marcus & Millichap represented the buyer, a personal trust, in the transaction.
There is almost a perfect storm gathering in the multifamily markets in Kansas City. Rents are rising, vacancy is decreasing, cap rates have compressed and valuations are up for sellers. Debt capital is cheap for buyers, and there’s plenty of pent-up demand for multifamily investment. Meanwhile, developers are coming out of hiding, and some great new projects are either under construction or on the drawing board. The fundamentals of the Kansas City multifamily market continued to show strength through the first quarter of 2012. At the end of 2011, the average rent was $727 and is forecast by credible sources to grow in excess of 4 percent in 2012. Kansas City’s vacancy has decreased by 50 basis points. Overall vacancy in the marketplace stood at 5.6 percent at the end of the first quarter, according to New York-based real estate research firm Reis. Net absorption totaled about 2,800 units in 2011, the highest annual absorption since 2000, according to Reis. Net absorption in the Kansas City apartment market was 592 units in the first quarter of 2012. At the end of the 2011, Class A apartments were selling at or above $100,000 per unit at cap rates consistently below 6 …
MINNEAPOLIS — The Opus Group will develop The Station on Washington, a student residential and retail complex on the University of Minnesota's East Bank campus. The six-story building will contain 11,200 square feet of ground-level retail space and 97 residential units. Amenities will include underground parking, a fitness center and study lounge space. Opus plans to begin construction on the building later this month, and the project is slated for completion in August 2013. Elness Swenson Graham Architects is the project architect.
RANTOUL, ILL. — Easton-Bell Sports Inc. has started construction of a new 800,000-square-foot distribution and assembly center in Rantoul. The sports equipment and accessory maker plans to consolidate its current operations into one facility. The center is scheduled for completion in late 2013. The building will handle products under the company's Bell, Blackburn, Easton Cycling, Giro and Riddell brands.
FAIRFIELD, OHIO — P&R Honeymoon has purchased a 226,000-square-foot manufacturing and distribution building at 7100 Dixie Highway in Fairfield for $2.7 million. The food service packaging company plans to use the facility to manufacture packaging materials. The facility features 15,500 square feet of office space, 24 truck docks and a five-ton bridge crane. Rob Gemerchak and Jim Medbery of Binswanger represented the seller, Pella Corp., in the transaction.
SABINA, OHIO — Fenner Dulop Conveyor Systems and Services has signed a 32,200-square-foot lease at a warehouse facility at 277 Kenyon Drive in Sabina. Fenner Dunlop supplies conveyor belts to mines and rock quarries across the globe. More than 25 employees will move to the new facility. Tim Echemann of Industrial Property Brokers represented both parties in the transaction.
MILWAUKEE — Manesis Transportation, a company that specializes in equipment and large product transportation, has purchased a 20,604-square-foot industrial building at 4600 West Mitchell St. in Milwaukee. The company plans to use the facility to store equipment and products for its customers. Maximilian Yokosh of Cassidy Turley represented the buyer in the transaction. Rand Wolf of CBRE Group represented the seller, Hennes Services.