ROCHESTER HILLS, MICH. — Otto Bock Polyurethane Technologies Inc. has leased a 53,243-square-foot industrial space at 2923 Technology Dr. in Rochester Hills. The Duderstadt, Germany-based manufacturer of orthotic and prosthetic components has 43 sales and service locations worldwide and approximately 4,000 employees. Steve Morris and Diane Meranski of Newmark Knight Frank represented the tenant in the transaction. The landlord and terms of the lease were not released.
Midwest
ONALAKSA, WIS. — The Hampshire Companies has completed the disposition of a 134,900-square-foot retail building in Onalaska. Located at 1211 Crossing Meadows Dr., the property is fully leased to Sam's Club. Walmart, the tenant's parent company, acquired the property for an undisclosed price. Greg Dalton and Chris Bosworth of CB Richard Ellis (CBRE) represented the seller; Yoni Zvi, also of CBRE, represented the buyer in the transaction.
CHICAGO — Prime Group Realty Trust (PGRT) has entered into a joint venture agreement with an affiliate of Stamford, Conn.-based Five Mile Capital Partners for 330 North Wabash Avenue in Chicago Designed by Mies van der Rohe, the 52-story, mixed-use tower will undergo building redevelopments, tenant improvements and renovations. Five Mile has agreed to provide up to $75 million of additional capital to the joint venture for building improvements. PGRT completed a $24 million base building redevelopment of the property in 2010. Additionally, The Langham Chicago, a five-star luxury hotel, will occupy floors two through 13. Once complete in late 2012, the hotel will offer a chef-driven restaurant, a spa and fitness center, and meeting and conference facilities.
ANN ARBOR, MICH. — CBRE Capital Markets – Debt & Equity Finance has arranged $45 million in financing for the construction of 601 Forest, a student housing project in Ann Arbor. The financing was arranged on behalf of a partnership between Chicago-bsed Campus Acquisitions and Detroit-based Hughes Development. The project will consist of a 14-story tower offering 601 fully furnished units with gourmet kitchens, flat screen televisions and in-suite washer/dryers. Additionally the building will have a 1,800-square-foot lobby, ground-floor retail space, a fitness center, a cyber cafe, a business center and several study lounges. Jason Brown, James Tramuto and Ryan Reid of CBRE Capital Markets arranged the financing. Harrison Street Real Estate provided the joint venture equity for the partnership.
CANARYVILLE, ILL. — MJ Wallace LLC has acquired 4617 South Wallace in Canaryville. The four-unit apartment building was sold by BBG South Wallace/Chicago LLC, an affiliate of Bridgeview Bank Group, for an undisclosed price. Greg Block of Millennium Properties R/E Inc. represented both parties in the transaction. Robert J. Di Silvestro of Di Silvestro & Associates served as counsel for the bank and Chad Poznansky of Borek & Associates served as counsel for the buyer.
OVERLAND PARK, KAN. — Cohen Financial has secured a $14.5 million loan for the refinancing of the Waddell & Reed office building in Overland Park. Located at 6301 Glenwood Ave., the 107,320-square-foot building is fully leased to Waddell & Reed. Brandon Harrington of Cohen Financial originated the 10-year, low interest fixed-rate loan, which carries a 25-year amortization schedule. Goldman Sachs Commercial Mortgage Capital provided the loan.
COLUMBUS, OHIO — Menards has acquired a 20-acre site at Columbus Corporate Center, which is located on East Broad Street at Rosehill Road in Columbus. The company plans to construct a 160,000-square-foot store on the site. This location will be Menards second store in Columbus. Additionally as part of the project, Brice Road will be completed to the north of the Menards site. CASTO brokered the transaction. Terms of the sale were not released.
BEDFORD HEIGHTS, OHIO — NAI Daus has brokered two lease transactions for a total of 137,400 square feet of office and warehouse space at 5111 Richmond Road in Bedford Heights. Decker Equipment Co., a supplier of used forklifts and lift trucks, has leased 61,500 square feet at the building, while Brand Castle LLC, a producer of cooking and baking kits, leased 75,900 square feet at the property. Todd Gardiner & Associates represented Decker Equipment Co., and Coven-Goldman Associates represented Brand Castle LLC. Robert Wetzel and Scott Garson of NAI Daus represented the landlord, Samson Realty Co., in the transaction. Terms of the leases were not released.
TROY, MICH. — Colliers International has negotiated the sale of an industrial facility in Troy. Located at 2568-2474 Elliot Drive, the property offers 9,600 square feet of industrial space. Peter E. Kepic and Peter J. Kepic of Colliers International represented the seller, 2568 Elliott LLC, in the transaction. The buyer and acquisition price were not released.
DUNDEE, MICH. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.28 million credit-tenant lease loan for the acquisition of a retail property in Dundee. The asset is a 13,650-square-foot Walgreens location. Steven Wiltshire of MMCC's Portland, Ore., office arranged the financing. The loan is for 23 years with a 23-year amortization schedule and a fixed interest rate of 6.05 percent.