WATERLOO, ILLINOIS — Construction is complete for Waterloo Community Unit School District No. 5 High School in Waterloo. The $38 million, 227,000-square-foot facility features 57 classrooms, three gymnasiums, a 462-seat auditorium, three vocational shops and a central courtyard with a pond and a fountain. St. Louis-based Guarantee Electrical served as general contractor on the project. St. Louis-based S.M. Wilson & Co. served as construction manager.
Midwest
CRYSTAL LAKE, ILL. — Swansea, Ill.-based Holland Construction has broken ground for the development of Villas at Crystal Lake. Located in Crystal Lake, the $20 million, 211,000-square-foot project will offer 216 upscale one- and two-bedroom rental units. Additionally, the property offers a clubhouse with a fitness center, a billiard room and changing rooms; walking trails and a pond. Tenants are scheduled for occupancy by July. Swansea-based EWR Associates provided architectural services for the project.
KENT, OHIO — Cleveland-based Cooper Commercial Investment Group has brokered the sale of the ownership interest of Gabriel Brothers Plaza, which is located at 1820 E. Main St. in Kent. The 83,740-square-foot retail center is anchored by Gabriel Brothers. Cooper’s Bob Havasi and Dan Cooper represented the seller, Cedar Shopping Centers, and the buyer, an independent California-based investor, in the transaction. The acquisition price was $4.5 million.
In comparison to many other U.S. markets, the Indianapolis bulk warehouse sector has weathered the financial crisis and the downturn fairly well, but in no way is the city immune to the recession. The market’s vacancy rate has crept up from 13.25 percent at the beginning of 2009 to 15.20 percent at the end of the third quarter. Some of this increase in the vacancy rate can be contributed to two new projects coming online — Browning Development’s Axcess70 Buildings 1 and 2, totaling 673,000 square feet, and Browning/Duke Realty’s 533,520-square-foot Allpoints Midwest. In 2008, the modern bulk warehouse market experienced more than 5 million square feet of positive absorption while managing reasonable growth of 3.35 million square feet. The net result was a 7.5 percent increase to the entire Indianapolis modern bulk market. Through the close of third quarter 2009, the market has remained mostly idle, while only recording two new transactions — AEL Span 144,075-square-foot deal and Niagara Water’s 226,900-square-foot deal — and only growing the overall market inventory by 2.5 percent. Only a couple of new projects have come online, but these projects were financed and under way prior to the financial crisis really hitting in the …
MADISON HEIGHTS, MICH. — Royal Oak Recycling has acquired a 21,120-square-foot property, which is located at 31330 Stephenson Highway in Madison Heights. The buyer plans to use the building as a document storage facility. Michael Grammatico and Garry Rogers of L. Mason Capitani represented the undisclosed seller. The acquisition price was not released.
COLUMBUS, OHIO — A local investor has purchased Thurber Gate, a 111-unit REO multifamily property in Columbus. Located within the Victorian Village submarket, the property, which was constructed in 1972, sold for $3.45 million. The 90-percent occupied property offers one- and two-bedroom units. J Rosenbusch and Matt Gockstetter of Marcus & Millichap represented the seller, Winthrop Realty, in the transaction.
CHICAGO — The law firm of Baker & McKenzie has leased 230,000 square feet of office space at 300 E. Randolph in Chicago. The 16-year lease begins on December 1, 2012. With vertical construction complete, 300 E. Randolph offers 51 floors of office space. Baker & McKenzie plans to occupy approximately seven-and-a-half floors. The building features two cafeterias, pedway-level retail space and lower-level conference and auditorium spaces. Bill Rogers and Steve Steinmeyer of Jones Lang LaSalle represented the tenant. The property is owned by Health Care Service Corp.
TROY, MICH. — Mitchell Lipton of Newmark Knight Frank represented Henry Ford Health Systems in the lease of 41,503 square feet of office space in Troy. The tenant is a Michigan-based non-profit health care system. The property is located at 5600 New King. Terms of the lease were not disclosed.
WEST BLOOMFIELD, MICH. — Ocean Blvd. Investments has completed the disposition of 4,800 square feet of office/industrial space at 5775 W. Maple Road in West Bloomfield. The buyer, Trensend Properties V, plans to use the space for its psychology practice, New Oakland Family Center. Todd Hawley of Friedman Real Estate Group represented both parties in the transaction. The acquisition price was not disclosed.
CHESTERFIELD, MO. — The Painters Union District Council has purchased a 78,000-square-foot manufacturing building in Chesterfield for an undisclosed price. Situated on 10.24 acres at 18036 Eads, the property features 20-foot clear ceiling heights, 12 docks and four drive-in doors. The buyer plans to use the property as a training facility. John Langa of Jones Lang LaSalle and Heather Evans of Reisch Haley co-listed the property. Block Hawley represented the buyer. The seller was Findlay Industries.