ROCKFORD, MICH. — Pinnacle Ventures recently purchased a 2.5-acre land parcel at 8390 Belmont Ave. NE in Rockford. The buyer has broken ground at the site for the development of a 14,500-square-foot Goodwill retail store and donation center. The building is being designed and constructed to achieve LEED certification. Doug Taatjes of NAI West Michigan represented the buyer, while Rod Alderink, also of NAI West Michigan, represented the seller, J&D Investors, in the transaction. The acquisition price was not released.
NORTH KANSAS CITY, MO. — Welch & Wilson, a third-party logistics provider, has leased a 155,000-square-foot industrial building in North Kansas City. John Belger & Associates owns the property, which is located at 1836 Levee Road. Mark Long and Tracey Mann of Zimmer Real Estate Services represented the Indianapolis-based tenant; David Zimmer, also of Zimmer Real Estate Services, represented Belger & Associates in the transaction.
CARBONDALE, ILL. — Holland Construction and J.E. Dunn Construction have completed the construction of a new basketball arena and athletic building on the campus of Southern Illinois University Carbondale (SIUC) in Carbondale. The existing facility received a 10,000-square-foot addition, resulting in a 50,000-square-foot building, and upgrades throughout, including a new lobby and entryway, new restrooms, a new VIP club room, new HVAC systems, a new state-of-the-art scoreboard with individual statistics and video replay, and new seating. Additionally the concession stands were expanded and renovated, and the floors were refinished. The athletic building houses basketball and football offices, locker rooms, meeting areas, a team store and ticketing offices. Kansas City, Mo.-based 360 Architecture designed the arena and the athletic building.
INDIANAPOLIS — CB Richard Ellis has brokered the sales of two multifamily properties in Indianapolis. In the first transaction, Chicago-based Oak Residential Partners has acquired Grande Reserve at Geist, which is located at 11345 Arborview Dr. in Indianapolis. The property was listed at $13.35 million but sold for an undisclosed price. In the second transaction, St. Louis-based Thiemann Real Estate purchased Scandia, which is located at 9250 Kungsholm Dr. along with the White River in Indianapolis. The 444-unit multifamily property sold at an undisclosed price. The Indianapolis-Cincinnati Multi-Housing Group of CB Richard Ellis negotiated both transactions.
CHICAGO — First Hospitality Group has re-opened Hampton Inn & Suites in Chicago's River North District, following a $4 million renovation. Located at 33 W. Illinois St., the 230-room hotel offers an updated lobby, update guestrooms and suites, an indoor swimming pool, an updated state-of-the-art fitness facility, a business center, a suite shop and a 5,000-square-foot meeting center.
AVON, OHIO — The Luttner Retail Group has completed the sale of a 20-year lease with KinderCare in Avon. A Pennsylvania-based investor acquired the property for $2.33 million, representing an 8.65 percent cap rate, to complete a 1031 exchange. Mark Luttner of The Luttner Retail Group represented the seller, a private developer, in the transaction.
Southeastern Wisconsin, which consists of a seven-county region, is experiencing slight growth in the industrial markets. We have seen positive absorption throughout the area with rumblings of future deals on the very near horizon. The region is experiencing flat to declining leasing rates due to hungry landlords and excess available space. Day-to-day activity is busy, but many of the current tenants that are touring are typically attempting to procure a better deal in their current location. Tenants in the market are still in a wait-and-see mode. The southeastern region of Wisconsin has seen very little new development. Wispark LLC purchased a 185,000-square-foot building in Racine County for CalStar Products, a green brick manufacturer that will manufacture bricks and pavers from fly ash obtained from the nearby We Energies Oak Creek power plant. Wispark is also planning a new 170-acre business park in the southern Milwaukee county community of Oak Creek. The business park is shovel-ready and part of a TIF district. “There is not a lot of new development going on in Southeastern Wisconsin, but I would say there is uptick in the market,” says Todd Rizzo, vice president of Milwaukee-based Wispark LLC. CenterPoint Properties has landed a build-to-suit project …
CHICAGO — The Alter Group has partnered with White Oak Realty Partners to develop 625 West Adams Street in downtown Chicago. The 20-story tower will offer 490,000 square feet of Class A office space, a 400-stall parking garage and an 800-seat community center serving Old St. Pat's Church. Martin Wolf with Chicago-based Solomon Cordwell Buenz & Associates designed the building.
FARMINGTON HILLS, MICH. — Southfield, Mich.-based Bernard Financial Group has arranged an $11.3 million HUD 223f loan for Hillside Forest Apartments. Located in Farmington Hills, the property offers 252 apartment units. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan, which was financed by Greystone Servicing Corp.
MOUNT PROSPECT, ILL. — Casto Lifestyle Properties has selected McShane Construction Co. to construct a three-story, 586-space parking structure at Randhurst Village in Mount Prospect. Randhurst Village is a 100-acre, mixed-use redevelopment project of the former Randhurst Mall. The parking structure will blend seamlessly with the new 14-screen AMC cinema. The parking structure is scheduled for completion in spring 2011.