CLEVELAND — Grubb & Ellis has arranged the $2.67 million purchase of a 92,500-square-foot industrial building located at 15825 Industrial Pkwy. in Cleveland. National Safety Apparel will occupy the facility. Terry Coyne of Grubb & Ellis' Cleveland office represented Sottile Investments, the buyer, in the transaction.
Midwest
CHICAGO — Cincinnati-based Fifth Third Bank has renewed and expanded its lease at a 1.1 million-square-foot office building, located at 222 S. Riverside Plaza in Chicago. The company now occupies 218,135 square feet, including retail space on the first floor of the building and office space on the 29-34th floors. Behringer Harvard owns the property. Cal Wessman, Kevin Rogers and Brad Serot of CB Richard Ellis' Chicago office represented the tenant in the lease transaction.
PERRYSBURG, OHIO — Chrysler Group has plans to invest $72 million in its more than 1.2 million-square-foot Toledo Machining Plant in Perrysburg to produce new generation front-wheel and rear-wheel drive torque converters and steering columns. The investment will fund the installation of new equipment and special tooling to modernize and enhance the plant's capability. Construction is expected to begin in the third quarter of 2011 with completion slated for the first quarter of 2013.
CLEVELAND AND CANTON, OHIO, AND INDIANAPOLIS — Steve Hryszko of CB Richard Ellis' Self-Storage Advisory Group's Cleveland office has negotiated the sale of a self-storage portfolio, containing five properties in Canton, five properties in Cleveland and eight properties in Indianapolis, in an off-market transaction. The facilities total 7,870 storage units. Hryszko represented the buyer, a joint venture between Flagship Investment Group and Kayne Anderson Real Estate Advisors. The seller was U Store It Self-Storage Facilities.
MILWAUKEE — Wangard Partners has broken ground on the 68-unit 1910 On Water, a luxury apartment community located at 1910 N. Water St. in Milwaukee. St. Paul, Minn.-based Oak Grove Capital arranged a loan through HUD for the development. Amenities will include a green roof courtyard, fitness center, bike storage, concierge services and more. Completion is slated for the summer of 2012.
MENDOTA HEIGHTS, MINN. — Brown College has signed a 55,263-square-foot lease to occupy the Mendota Tech Center, located at 1345 Mendota Heights Rd. in Mendota Heights. The school will finish relocating from its current campus, located at 1440 Northland Dr. in Mendota Heights, in August. Dan Gleason and Tony DelDitto of NorthMarq Capital's Minneapolis office and Anita Veith of the firm's Edina, Minn., office represented the landlord in the lease transaction. Charlie Snyder of CB Richard Ellis' Minneapolis office and Nathan Lamb of CBRE's Chicago office represented the tenant.
LENEXA, KAN. — Biomune Co. d/b/a CEVA has signed a 45,000-square-foot lease at the Meritex Lenexa Executive Park, located at 17501 W. 98th St. in Lenexa. Thomas Haverty and John Stafford of Colliers International's Kansas City, Mo., office represented the landlord in the lease transaction, and Jack Allen of Kansas City-based Karbank Real Estate Co. represented the tenant.
INDIANAPOLIS — CB Richard Ellis has negotiated the sale of the 424-unit Keeneland Crest Apartments, located at 5540 Ashview Dr. in Indianapolis, for an undisclosed price. CBRE's Indianapolis-Cincinnati Multi-Housing Group represented Norfolk, Va.-based Harbor Group International, the seller, in the transaction. The buyer was St. Louis, Mo.-based Thiemann Real Estate.
TAYLOR, MICH. — Ann Arbor-based McKinley has finished the $6.06 million renovation of the 511-unit The Ponds, an apartment community located in Taylor. The improvements were made under the Green Retrofit Project, offered through HUD's Office of Affordable Housing Preservation. The project included significant energy related improvement, including 95 percent efficient boilers and water heaters, programmable thermostats, insulation and caulking/weather stripping, and more.
KANSAS CITY, MO. — Hunt Midwest Real Estate Development and The R.H. Johnson Co. have started construction on a 13,500-square-foot build-to-suit building for PETCO in the North Oak Village Shopping Center, located at 600 NE Vivion Rd. in Kansas City. Chuck Zoog of The R.H. Johnson Co. represented both the tenant and the landlord in the lease transaction. The new PETCO store will replace the current store on 2600 Burlington in Kansas City and is scheduled to open in December.