ELKHART, IND. — Begley Motors Group has acquired the former Linville Olds-Cadillac dealership, which is located at 1201 N. Nappanee St. in Elkhart. The company plans to relocate its Elkhart office to the new 23,750-square-foot facility, with a grand opening scheduled for early May. The property offers more than 17,000 square feet of bay and parts space and 6,750 square feet of office and showroom space. John Letherman of FM Stone Commercial negotiated the transaction. The seller and acquisition price were not disclosed.
LINCOLN, NEB. — New York City-based Salmanson Capital has purchased an off-campus student housing community located near the University of Nebraska in Lincoln for $7.65 million. Located four blocks from campus, the community consists of eight buildings containing 238 beds in 88 units. Amenities include a swimming pool, a basketball court, a fitness center and covered parking. The property was fully occupied at the time of closing. Salmanson plans to complete infrastructure upgrades to the community, including the installation of cable and Internet wiring in all units, in the near term. University Capital Management, a newly created affiliate of Salmanson, will manage the property. The company currently has a student housing portfolio totaling 942 beds, most of which are located in Syracuse, N.Y. The company has mounted an aggressive campaign to acquire additional student housing properties.
DETROIT AND NEW BALTIMORE, MICH. — NAI Farbman has brokered two industrial sales totaling 157,175 square feet in Michigan. In the first transaction, NAI Farbman's Brian Crawford represented buyer, Grand Papa's, and the seller, Focus Hope, in the sale of a 134,000-square-foot industrial facility at 6500 E. Davison in Detroit. In the second transaction, Jeffrey Cavazos and Paul DeBono of NAI Farbman represented Comerica Bank in the disposition of a 23,175-square-foot facility, located at 51513 Industrial Dr. in New Baltimore, to Tipro Properties LLC. The acquisition prices for the transactions were not released.
SHELBY TOWNSHIP, MICH. — Future Die Cast & Engineering Inc. has purchased a 20,016-square-foot industrial facility at 50450 Wing Dr. in Shelby Township. The property was acquired for expansion purposes. Wedco LLC sold the facility for an undisclosed price. Headquartered in Shelby Township, Future Die Cast produces tooling and machined castings for high pressure die cast prototypes for low to medium volume production. Joe DePonio and Jason Capitani of L. Mason Capitani represented both parties in the transaction. The acquisition price was not released.
INDIANAPOLIS — Pac-Van Inc. has acquired a 10,329-square-foot office building at 9155 Harrison Park Court in Indianapolis' historic Harrison Park district. Built in 1999, the property offers 19 private offices, a large executive suite, 24 works stations, a reception area, a conference room, a training lab, a break room and restrooms. Pac-Van is one of the largest national suppliers of innovative space and storage solutions with 26 branch locations in across the United States. Keith Dedrick of Corporate Commercial Group represented the buyer; Mark Writt and John Vandenbark of CB Richard Ellis represented the seller, Perpetual Group, in the transaction. The acquisition price was not released.
CHICAGO — Chicago-based Waterton Residential has closed its Waterton Residential Property Venture XI, a $500 million discretionary multifamily investment fund. The fund was created to capitalize on opportunities within the multifamily real estate market where potential exists to add value to properties through repositioning, capitalizing and buying secured debt. While the fund will target owners in need of funding to recapitalize properties, Venture XI will also focus efforts on buying debt secured by multifamily properties.
CHICAGO — LKQ Corp. has selected Reed Construction to complete a 20,000-square-foot office space built-out within Citigroup Center, which is located at 500 W. Madison in Chicago. The project includes high-end millwork, custom architectural metal paneling, glass and wood panels for private and open office areas, conference rooms, and a reception area. Additionally, the project includes high-end acoustic ceilings and dramatic lighting details. Eastlake Studio is providing architectural services for the project, which is scheduled for completion in May.
JACKSON, WIS. — Platinum Enterprises LLC has completed the disposition of an industrial property located at W208 N16975 Center St. in Jackson. Lange Realty LLC purchased the 7,200-square-foot building for an undisclosed price. Brian Parrish of The Dickman Company/CORFAC International represented the seller; Jim Young of Cassidy Turley represented the buyer in the transaction.
LINCOLN, NEB. — Q10 | Daisley Ruff Financial has arranged a $1.03 million loan for an owner-occupant automotive retail and service store in Lincoln. The undisclosed borrower was able to lock a permanent rate prior to construction start, proceed through construction and convert to the permanent loan once the property was complete. Roger Porter of Q10 | Daisley Ruff secured the financing.
The St. Louis market, long known for its diverse economy, has been slow to extricate itself from the downturn. The retail real estate brokerage business has been mostly dormant for the past 2 years, particularly the tenant representation side, as scant few national retailers dared to brave the murky expansion waters. Rental rates in the market decreased slightly from third quarter 2010, ending at $12.51 per square foot. However, rates have held up better in some submarkets, including West St. Louis County, where they are $20-plus per square foot. Prime properties at hard corners are holding their own, but second-tier properties have taken a pretty hard hit with rents down into the mid- to high-single digits. When the recession started, many landlords granted rent reductions almost uniformly to tenants and will have to live with their decisions for a while, but other owners held fort and demanded to see sales reports as proof. This resilient region of nearly 3 million people is starting to show new signs of life heading into spring 2011. The market has seen slight improvements in retail vacancy rates, which dropped from 8.4 percent in third quarter 2010 to 8.1 percent in fourth quarter 2010, according …