MILWAUKEE, WIS. —Waukesha, Wis.-based The Redmond Co. has completed construction of a new facade for a Save-A-Lot store, located at 4821 N. 76th St. in Milwaukee. According to the Redmond Co., the 80 linear foot project was designed to maximize the store's signage and create a more prominent entry way. The project included a new storefront, masonry and lighting.
CUDAHY, WIS. — The Milwaukee office of Opus Development Corp. has completed a 55,000-square-foot dry storage facility and connecting corridor on the site of the fire-damaged Partick Cudahy Inc. plant in Cudahy. Patrick Cudahy, the nation’s largest meat-packing plant, was severely damaged in a fire that took place in July 2009. Although many of the buildings within the Patrick Cudahy campus were salvaged, a major section of the plant required complete demolition and rebuilding. Patrick Cudahy began working with Opus beginning in July 2009 to assess the structural damage and to assist with the implementation of interim building solutions.
GLENDALE, WIS. — OnCourse Information Services, a Milwaukee-based document management company, has renewed its 10,800-square-foot flex lease at the Glendale Business Center, located at 6575 N. Sidney Place in Glendale. Steve Sewart of the Milwaukee office of Inland Cos. represented OnCourse in the transaction. Brian Parrish of the Dickman Co. represented the landlord, Hakaduli Properties LLC.
ROSEMOUNT, MINN. — Binswanger has brokered the sale of a one-story, 129,118-square-foot industrial building at 15197 Boulder Ave. in Rosemount for an undisclosed amount. The buyer, Photo Labs, specializes in custom machined parts and injection molded parts and plans to use the facility for Protomold and Firstcut services. Gerry Norton of Binswanger's Minneapolis office represented the seller, Webb Properties, in the transaction.
BURR RIDGE, ILL. — NorthPoint Capital – Chicago Inc. has arranged a $21 million loan to refinance Estancia Corporate Center in Burr Ridge, Ill. The 157,000-square-foot office complex consists of a one- and three-story building. An undisclosed life insurance company provided the non-recourse loan, which has a 30-year amortization schedule. Paul Walschlager of NorthPoint Capital arranged the financing.
SUSSEX, WIS. — Rotating Equipment Repair, a company that performs pump repair for power generation, has purchased an 18,000-square-foot industrial facility at W254N547 Corporate Circle in Sussex, Wis. for $1 million. David Barry and Jim Young of Cassidy Turley Barry's Milwaukee office represented Rotating Equipment in the transaction. They also represented the seller, Venture Capital Investments.
CHICAGO — Los Angeles-based Lowe Enterprises Investment Management has acquired a 165,957-square-foot office building in the O'Hare area of Chicago from Fulcrum Asset Advisors on behalf of a pension fund client. The building, set on 6.7 acres, is 95 percent leased and is zoned for an additional 235,000 square feet of commercial development. The purchase amount was undisclosed.
When people manufacture products in the U.S., they manufacture them in the Rust Belt, and Cleveland is in the heart of the Rust Belt. Our manufacturing sector has experienced increased occupancy and decreased vacancy levels quarter over quarter for the past three quarters. Cleveland historically has been a manufacturing market, and when manufacturing is strong the Northeast Ohio market is strong. In addition to the strength of manufacturing, the development of the Utica and Marcellus Shale is the biggest factor affecting Cleveland right now. The Utica and Marcellus Shales have been big in the Pennsylvania market for the past five years, but development is now moving westward into Ohio. As drilling increases, so too does the need for services for the drillers. The drillers and their service providers need real estate, and there have been dramatic increases in prices over the past four months in rural markets such as Steubenville, Ohio. That growth is beginning to move toward Youngstown, Warren, and up to the Streetsboro area. Employment is expected to grow dramatically over the next five years. While the overall manufacturing market is surging, there are still challenges in old properties that were modern in the 1930s and 40s, which …
DENVER — Marcus & Millichap Real Estate Investment Services has arranged the sale of 42 self-storage facilities in Illinois, California and Hawaii. In all, the A-American Self-Storage portfolio includes nearly 2.8 million square feet of rentable space. The assets, which include 24,917 units, commanded a sales price of $163.4 million. Charles LeClaire of Marcus & Millichap's Denver office represented the seller, A-American Self-Storage of Los Angeles. LeClaire also secured the buyer, CPA:17 – Global, a non-traded REIT affiliate of W. P. Carey & Co. LLC.
KENDALLVILLE, IND. —Kautex Inc., a private company that specializes in gas tank manufacturing, has signed a lease renewal of 45,000 square feet of industrial space at 1201 W. Stonebreaker Dr. in Kendallville. Bill Cupp and Casey Cupp of CBRE, Sturges represented the landlord, Harbor Investments LLC, in the transaction. They also represented Kautex.
