After years of little or no new construction, the Greater Cleveland area is experiencing the construction of a broad range of major new projects representing more than $5 billion of new investment. Some of the largest projects include a new convention center and medical mart, a new Caesars Horseshoe Casino, plus major new medical center facilities developed for the Cleveland Clinic, University Hospitals and the VA Medical Center. There also are four new office developments: a 450,000-square-foot multi-tenant office tower in the Flats East Bank area of the central business district; a 580,000-square-foot world headquarters complex on 53 acres in the eastern suburb of Beachwood for Fortune 500 company Eaton Corp; a 700,000-square-foot corporate headquarters for American Greetings in Westlake, a western suburb; and a 639,000 sq. ft. global headquarters for Goodyear Tire & Rubber Co. in Akron to the south. Not since the 1990s, when we saw the completion of a half dozen CBD office towers and new stadiums for the Browns, Indians, and Cavaliers has Cleveland seen this kind of activity. Build new or renovate? In mature, established cities like Cleveland, the time comes for companies and institutions to decide between building new or renovating existing structures. The …
As we approach the end of the 2011, there are clear indications of an improving economy. Although the rate of commercial property foreclosure is still high, the rate of absorption of foreclosed properties has risen appreciably. These properties are not sitting on the market like they did the previous 24 months. One may say that this is not only a clear indication that we have turned the corner, but also that the community has genuine faith in the investment in commercial real estate. Although it may be time-consuming for some local businesses to secure financing, it is evident that traditional lending institutions are far more accessible than they were in 2009 and early 2010, albeit some more than others. The Small Business Administration (SBA) programs are propagated frequently, and the qualification process is not as cumbersome as in years past. The types of businesses that have taken advantage of the improved lending environment vary, and include automotive parts suppliers, manufacturing businesses, and distribution companies. Many area businesses are unsure about the near future. Considering what Detroit has endured over the past three years, this is to be expected. Although cautious, these same businesses are moving forward in a confident manner. …
BOLINGBROOK, ILL. — Tyco Valves & Controls, a manufacturer and supplier of valves, actuators and controls, has leased 40,181 square feet of industrial space at 605 Territorial Dr. in Bolingbrook. Terry Grapenthin and Joshua Hearne of Cawley Chicago Commercial Real Estate represented the landlord, KTR Capital Partners, in the transaction. Keith Puritz of CBRE's Bannockburn, Ill. office represented Tyco in the deal.
MONTGOMERY, ILL. — Atlanta-based IDI has completed a 296,620-square-foot lease renewal with a third-party logistics provider at 2001 Baseline Rd. in Montgomery. The tenant, which entered the location in 2007, uses the industrial space for staging, light assembly and quality control of parts for the company's U.S. operations. Matthew Stauber of the Rosemont, Ill. office of Colliers International represented the tenant in the transaction. Jeff Lanaghan of IDI's Chicago office represented IDI in the deal.
HIGHLAND PARK, ILL. — Four tenants have signed new leases at Port Clinton Square, a retail center in Highland Park. Flywheel Sports, a cycle fitness center, will occupy 5,100 square feet; Edward Jones, a financial planning company, will occupy 1,244 square feet; Highland Park Chiropractic has leased 1,789 square feet; and Mathnasium, a math tutoring center, has signed a lease for 1,510 square feet. Steve Schwartz of Baum Realty Group's Chicago office represented the landlord, a private partnership, in the transaction.
ST. LOUIS — Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust (NYSE:RPT) has acquired Town & Country Crossing shopping center in St. Louis for $37.8 million. The 282,000-square-foot shopping center, of which 145,000 square feet is now owned by Ramco-Gershenson, is 81 percent leased and tenants include Target, Whole Foods, Sprint and PNC Bank. The Target store will remain the property of Target. Paul Hilton, Mike Hanrahan and Chase Young of Cassidy Turley represented the seller, TNC Investors, in the transaction. Ramco-Gershenson represented itself in the deal.
COLUMBUS, OHIO — Global real estate services firm Colliers International has signed a six-year lease to occupy 10,400 square feet of office space at the Two Miranova office building in Columbus. Colliers will consolidate its Columbus brokerage, marketing and research operations at Miranova, while their Polaris office will continue to house its real estate management services, valuation and accounting divisions. The landlord, Pizzuti Cos., was represented by Phil Rasey and Jim Miller of Pizzuti in the transaction.
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.