WARREN, MICH. — Detroit Spectrum Painters has purchased a 16,974-square-foot office building in Warren for an undisclosed price. The company plans to relocate its commercial, industrial and residential painting business to the new facility, which is located at 27560 College Park Dr. Michael Grammatico of L. Mason Capitani CORFAC International represented the buyer in the transaction. The seller was not released.
Midwest
WARRENVILLE, ILL. — J.C. Anderson has completed a 72,000-square-foot office renovation for BP in Warrenville. The energy company is relocating its offices to 28100 Torch parkway within Cantera II from 150 Warrenville Road. The renovation project included the complete demolition of the existing furniture and the construction of new offices, work stations and training rooms, including new carpeting and paint, as well as mechanical, electrical and plumbing modifications. Design Organization provided architectural services for the project.
CINCINNATI — Union Township Clermont County CIC Inc. of Ohio has acquired bigg's Place Mall in Cincinnati for $7.5 million. Situated on 40.62 acres, the 402,786-square-foot retail center is occupied by Hobby Lobby, Regency Beauty, Original Mattress Factory, Danberry Cinemas and Rincon Mexican Restaurant. At the time of acquisition, the property was 43 percent occupied. Steve Timmel, Jeff Johnston and Chris Prosser of Colliers International represented the seller, JPMCC 2006-LDP6 EASTGATE BOULEVARD LLC, in the transaction.
LINCOLNSHIRE, ILL. — Interior Investments has purchased a 75,703-square-foot industrial warehouse building, which is located at 550 Bond St. in Lincolnshire. Bond Street LLC sold the property for an undisclosed price, although the asking price was $4.4 million. Situated on 4.3 acres, the property offers 10,183 square feet of office space, three interior loading docks and heavy parking. Keith Puritz, Brett Kroner, Ryan Bain and Zach Graham of CB Richard Ellis (CBRE) brokered the transaction.
SHREWSBURY, MO. — NorthMarq Capital has arranged an $8.5 million loan for Mackenzie Pointe Shopping Center, a grocery-anchored retail center in Shrewsbury. Situated on 23.23 acres at 7241 Watson Road, the property offers 167,916 square feet of rentable retail space. The major tenant is Dierbergs. Financing was based on a 10-year term and a 25-year amortization schedule. Jeff Chaney of NorthMarq Capital's St. Louis Regional office arranged the financing.
STERLING HEIGHTS, MICH. — Bernard Financial Group has arranged a $5.4 million loan for the Sterling Town Center in Sterling Heights. The property offers 125,723 square feet of office space. The borrower was Sterling Limited Partnership. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan, which was financed by Symetra Life Insurance Co.
BOLINGBROOK, ILL. — Kyle Mayberry of Zifkin Realty Group represented Binny's Beverage Depot in the lease of 21,356 square feet of space at The Promenade Bolingbrook in Bolingbrook. The new location at Boughton and Janes avenues is the 26h store location in the Chicago area. Nathan Tonnies of Metro Commercial represented the undisclosed landlord. Terms of the lease were not released.
DECORAH, IOWA — Luther College has selected Opus Design Build to renovate two residence halls, Miller Hall and Dieseth Hall, on its Decorah campus. Design preparations for the $7.5 million project are under way. Renovation on Miller Hall is scheduled to begin in May and conclude in late August, while renovations on Dieseth Hall will begin summer 2012 with completion in fall 2012. The two eight-story, 368-bed residence halls will receive mechanical upgrades, new furniture and finishing details in the student rooms, the addition of four-person suites on each floor, upgrades to kitchenettes and laundry rooms, renovations to study rooms and social lounges, the addition of sound-proof music practice rooms, and new shower rooms with water-saving fixtures. Opus Design-Build is serving as the design-builder on the project. Performa Higher Education completed the schematic design for the renovation, while Opus AE Group will complete the working drawings and is the architect of records.
ANDERSON, IND. — Marcus & Millichap has completed the sale of Giant Oaks Apartments, located at 1312 W. Eighth St. in Anderson. Built in 1968, the 72-unit property, which offers one- and two-bedroom units, was 90 percent occupied at the time of closing. A undisclosed out-of-state investor sold the property for $2.01 million. Colin Atkinson of Marcus & Millichap represented the seller and the buyer, a non-profit company, in the transaction.
STERLING HEIGHTS, MICH. — Magna Powertrain of America has signed a lease for a 51,000-square-foot industrial building in Sterling Heights. The property is located at 6451 Fifteen Mile Road. Jason Capitani of L. Mason Capitani represented the undisclosed landlord. Terms of the lease were not released.