FENTON, MICH. — Panattoni Development Co. has acquired a vacant 534,600-square-foot industrial building in Fenton, located about 17 miles from Flint, Mich., for a reported $9 million. The building at 211-2231 Hitzert Court was constructed by Chrysler in 2000 and designed as a material supply building. The warehouse stored parts used to assemble vehicles at the adjacent Chrysler plant. The property features rail service by Burlington Northern and is located at the I-44 and I-270 arteries. Terry Stieve and Katie Haywood of Jones Lang LaSalle represented the seller in the transaction. Panattoni was self-represented by Mark Branstetter.
DAYTON, OHIO — Thompson National Properties has acquired 3745 Pentagon Blvd., an 86,928-square-foot office building in Dayton, on behalf of 1031 tax-deferred exchange investors. Science Applications International Corp. (SAIC) will move into the space. American National Insurance Co. financed the acquisition and Wally Reid and Kelly Layne of HFF originated the loan. The three-story property is located across from Wright Patterson Air Force Base. SAIC is an engineering and tech firm that focuses on national security, energy and environment, health and cybersecurity issues.
WARREN, MINN. — Kraus-Anderson Construction Co. has started construction of the North Valley Health Center (NVHC), a new $14.7 million primary care hospital in Warren, located 25 miles northeast of Grand Forks, N.D. The 43,889-square-foot facility will be connected to the existing Good Samaritan Society building, which provides senior care services. NVHC received $13.5 million of its funding from USDA Rural Development. The facility is expected to open in late 2013.
COLUMBUS — Hackman Capital has acquired a portfolio of 11 industrial properties totaling 2.5 million square feet. The portfolio is 88 percent occupied and is comprised of a mix of multi- and single-tenant industrial, flex and distribution properties. Ten of the properties are located in the Columbus area and the remaining property is located in Ruther Glen, Va. Binswanger represented the seller, Schottenstein Property Group, in the transaction.
MARYSVILLE, OHIO — Mill Valley Plaza, an 18,353-square-foot retail plaza in Marysville, has sold to a private investor based in New Jersey for $2.7 million. The property opened in 2007 and is located 25 miles northwest of Columbus off State Route 31. Dan Cooper of Cooper Commercial Investment Group represented the seller, a private investment group from Central Ohio, in the transaction. He also secured the buyer.
CHICAGO — Marcus & Millichap has arranged the $538,000 sale of 2459 North Ashland, a four-unit mixed-use property in Chicago. The property is fully occupied and contains three apartments and one live/work unit. Kyle Stengle of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.
Unlike many other major U.S. hotel markets in 2008 and 2009, Kansas City did not experience devastating decreases in occupancy and average daily rate (ADR). The severe drop in revenue that stung markets such as Detroit, Cincinnati, Chicago, Phoenix, San Diego as well as Dallas did not occur in Kansas City. In some instances, these other markets experienced decreases in revenue per available room (RevPAR) of 30 to 35 percent, while Kansas City experienced a decline of 15 to18 percent. The Kansas City hotel market recorded increases in ADR, occupancy and RevPAR throughout 2011 and the trailing 12-month period ending in March 2012. During this period, occupancy increased 3.4 percent to 57.3 percent, average daily rate increased 2.3 percent to $82.61 and RevPAR increased 5.7 percent to $47.37. According to Smith Travel Research, the data was based on 285 reporting hotels with a total of 31,927 rooms. The biggest improvement in real estate fundamentals occurred in the Overland Park-Lenexa market and the Country Club Plaza area. Both areas posted overall RevPAR growth of an impressive 10 percent, while the Kansas City North Airport market experienced growth of only 3.8 percent. Occupancies in the downtown hotel market are projected to remain …
CINCINNATI AND DAYTON, OHIO —LTC Properties has purchased two skilled nursing facilities in Ohio for $54 million. The first property, located in Cincinnati, was built in 2009. The second property, located in Dayton, Ohio, was built in 2010. The two facilities have a total of 288 licensed beds. Simultaneous with the acquisition, the REIT entered into a master lease with affiliates of Carespring Health Care Management. The lease has an initial 15-year term with two 5-year renewal options. LTC funded the purchase from the company's unsecured revolving line of credit and cash on hand.
BOLINGBROOK, ILL. — The LaSalle Group has announced plans to build a $10.2 million memory care assisted living community at 351 Lily Cache Lane in Bolingbrook. The 26,000-square-foot Autumn Leaves of Bolingbrook will serve residents living with Alzheimer's and dementia. The LaSalle Group is partnering with RT Partners and local lender, BMO Harris Bank, on the project. The community is expected to open in the third quarter of 2013.
ELK GROVE VILLAGE, ILL.— Duke Realty has broken ground on a 229,841-square-foot distribution center for Yusen Logisitics (Americas) Inc. in Elk Grove Village, immediately west of O'Hare International Airport. The facility will be located on a 10-acre site on Busse Road and will feature 30 exterior dock doors and 28,000 square feet of office space. The building is scheduled to open in April 2013. John Suerth of CBRE Group represented Yusen Logistics in the transaction. David Bercu of Colliers International represented Duke Realty.