PORT HURON, MICH. — Ontario, Canada-based GMA Cover Corp. has signed a 66,000-square-foot lease at an industrial property located at 1720 Dove St. in Port Huron. Jason Capitani and Joe DePonio of Troy, Mich.-based L. Mason Capitani represented the landlord, Dove Street Industrial 2, in the lease transaction.
The Cleveland real estate market can be characterized by a variety of ‘good news/bad news’ stories. For example, American Greetings announced earlier this year that it would be building a new $100 million world headquarters in Cleveland’s suburb of Westlake, Ohio. And while retaining this Fortune 500 company in the region is good news to most, it certainly was bad news to Cleveland’s suburb of Brooklyn, the long-time home to the company and its 1,750 workers. But no where is the ‘good news/bad news’ story more compelling than in the central business district or CBD. First, the good news. Cleveland is undergoing a massive construction boom, the largest since the late 1980s/early 1990s. Over $1 billion of new development is currently under way in the CBD alone, spearheaded by three primary projects. The first is the long-anticipated Medical Mart and associated convention center. This $465 million complex will include a four-story permanent showplace for medical equipment and technology, connected to a 230,000-square-foot convention center, which is anticipated to be completed in 2013. The $465 million Medical Mart and adjacent convention center is expected to be complete in 2013. The second is the Horsehoe Casino, initially converting 300,000 square feet in …
COLUMBUS — AllRite Logistics has signed a 127,996-square-foot lease at the 330,179-square-foot Rickenbacker IV, located at 2400 Spiegel Drive in Columbus. Mike Hurd, Rick Trott and Kevin McGarth of Cassidy Turley's Columbus office represented the landlord, TRT-DCT Industrial in the lease transaction.
ST. LOUIS — Swansea, Ill.-based Holland Construction Services has started construction on the $7 million, 35,745-square-foot Mungenast Hyundai, located at 649 Dunn Rd. in St. Louis. HDA Architects' St. Louis office designed the new dealership, which features a waiting area with seating, television, beverage bar, power bar with Wi-Fi access and electronics chargers, and a children's area with toys, a television and a viewing window for parents. Completion is slated for March 2012.
CHESTERFIELD TOWNSHIP, MICH. — Elite Fence has purchased a 270,000-square-foot warehouse and distribution facility, located at 50925 Richard W. Blvd. in Chesterfield Township, from Lees Property for an undisclosed price. The company, which is currently headquartered in Harrison Township, Mich., will combine four of its locations to this site. Joe DePonio and Jason Capitani of Troy, Mich.-based L. Mason Capitani represented both parties in the transaction.
GROVEPORT, OHIO — Plymouth Meeting, Pa.-base Exeter Property Group has purchased a 1.1 million-square-foot industrial property, located in Groveport, for $22.5 million. Rick Trott and Kevin McGrath of Cassidy Turley's Columbus, Ohio, office represented the buyer in the transaction. CBRE Investors was the seller.
CINCINNATI — Hendricks & Partners has brokered the $19.43 million sale of the 198-unit Mallard Lakes Townhomes, located at 12100 Lake Circle Dr. in Cincinnati. Rick Vidrio and Rick Brace of Hendricks & Partners' Detroit office represented Westerville, Ohio-based WOP Mallard Lakes, the buyer, and the seller, Springdale Lakes, a limited partnership between Northwestern Mutual Life Insurance Co. and Mallard Lakes.
BALLWIN, MO. — Fairview Heights, Ill.-based IMPACT Strategies has completed the renovation and build-out of a $6 million, 50,000-square-foot West County Nissan dealership, located on Manchester Road in Ballwin. The owners moved the dealership from Ellisville to the new location.
NEW LENOX, ILL. — NexCore Group has selected Reed Construction to build 60,000 square feet of medical offices at the Silver Cross Medical Services Building, located at 1890 Silver Cross Blvd. in New Lenox. The construction includes the build-out of 22 individual medical office suites on three floors. RTKL will provide architectural services.
PORTAGE, IND. — Austria-based Fronius USA has acquired the 399,500-square-foot The Randolph, an industrial facility located at 1575 Louis Sullivan Dr. in Portage, for an undisclosed price. The building will serve as the company's North American headquarters starting in the third quarter of 2012. Chris Gary of NAI Hiffman's Oakbrook Terrace, Ill., office represented Lincoln National Life Insurance Co., the seller, in the transaction. Jason West of Cushman & Wakefield's Rosemont, Ill., office represented the buyer.