ZEELAND, MICH. — Jim Edewaard of CB Woodland Schmidt represented 210 E. Roosevelt LLC, dba Lakeshore Glass and Metal, in the acquisition of a 17,500-square-foot industrial property, located at 210 E. Roosevelt Ave. in Zeeland. Lakeshore Glass and Metal plans to use the property for offices, a fabrication shop and a showroom. Kurt Kunst of NAI West Michigan represented the seller, 210 East Roosevelt LLC, in the transaction. The acquisition price was not disclosed.
AKRON, OHIO — NAI Daus’ BPS Mngt Inc. division has acquired the property management division of ASW Properties, an Akron-based property management and investment firm. The acquisition expands BPS Mngt’s clientele base into the Akron market. NAI Daus plans to relocate the former ASW Properties office in late this year.
CHICAGO — Holliday Fenoglio Fowler (HFF) has completed the sale of two small-balance commercial real estate loan pools totaling $105.4 million on behalf of a special servicer and a money-center bank. The two portfolios were marketed separately and include 95 loans in 25 states. The assets were sold in 26 different transactions to 18 different local and regional undisclosed buyers. Bill Mitchell and Stuart Salins in HFF’s Chicago office represented the sellers in the transaction.
DETROIT — SAL Plymouth Inc. has leased 16,000 square feet of retail space at Value Center Mini Mall in Detroit. The property is located at 20427 Plymouth Road. Scott Barrie of Friedman Real Estate Group represented the landlord, H.U.K. Inc., in the lease transaction. Terms of the lease were not disclosed.
At the end of 2009, the Southeastern Wisconsin retail market showed a vacancy rate of 11.6 percent, according to the CB Richard Ellis Fourth Quarter MarketView. In 2009, the market witnessed a dramatic increase in vacancy rates, compared with a 9.3 percent rate in the fourth quarter of 2008. Most of this change occurred in the first and second quarters, and we are now seeing the market bottom out, as the vacancy rate continues to climb at a much less dramatic pace. Average asking rents fell from approximately $19.50 per square foot triple net at the end of 2008 to approximately $16.50 per square foot triple net at the end of 2009. Several mid-box retailer bankruptcies led to this rapid increase in the vacancy rate. Other store closures also played a significant role in rising vacancy rates. One bright spot in 2009 was the activity that occurred in the grocery category. Active retailers in this category include Aldi, Piggly Wiggly, Woodman's and Roundy's dba Pick ‘n Save. Aldi opened stores in Brookfield, Grafton and Wauwatosa, Wisconsin. Piggly Wiggly announced plans to open additional locations by taking over three former grocery store boxes. These sites include a former Supersaver in Kenosha …
CHICAGO — UBS has renewed its lease of 400,000 square feet of office space at One North Wacker Drive in downtown Chicago. The financial company will occupy 13 floors of the 51-story, 1.4 million-square-foot office tower, which is currently 98 percent leased. UBS will be consolidating its operations from 181 W. Madison St. to One North Wacker when the lease begins in 2012. Jack Keenan and Robert Schmidt of Jones Lang LaSalle represented UBS in lease negotiations. Tom D’Arcy, Tom Irvine and Agnes Olejniczak provided in-house representation for the owner/manager, Hines U.S. Core Office Fund LP. Terms of the lease were not released.
KANSAS CITY, KAN. — Prime Investments has leased 21,800 square feet of space to Sergeant’s Pet Care Products. The warehouse space is located at 10 Shawnee Ave. in Kansas City. Terms of the 3-year lease were not released. Paul Neal of Grindstone Industrial Properties brokered the transaction.
SPRINGFIELD, OHIO — NorthMarq Capital has arranged $4.13 million in first mortgage financing for Red Coach Village in Springfield. The multifamily complex offers 136 apartment units. The financing carries a 10-year term and a 30-year amortization schedule. Greg Duvall of NorthMarq Capital arranged the financing under Freddie Mac’s CME program. The borrower was not disclosed.
SOUTHFIELD, MICH. — Neumann Smith Architects has inked a deal for 13,567 square feet of office space in Southfield. The property, which is located at 400 Galleria, was leased for an undisclosed price. Steve Morris of Newmark Knight Frank brokered the lease on behalf of the tenant. The landlord was not disclosed.
MILWAUKEE — Marquette University and Opus North Corp. have broken ground for the development of the five-story, 115,000-square-foot Discovery Learning Complex. Located along Wisconsin Avenue between 16th and 17th streets in Milwaukee, the $35 million facility will feature a Discovery Learning Laboratory, a two-story engineering materials and structural testing laboratory, teaching and research laboratories, common areas and office space. The building is the first phase of a $100 million, 250,000-square-foot complex. Completion is slated for August 2011. Opus North is the design-builder, along with Opus Architects & Engineers as the designer and architect of record. Hammel Green & Abrahamson also provided design services.