LAWRENCE, KAN. — Pride Oil has completed the disposition of 2,970 square feet of retail space, located at 2447 W. Sixth St. in Lawrence. KDL Inc. acquired the property for an undisclosed price. Kelvin Heck of Grubb & Ellis|The Winbury Group represented the seller in the transaction.
Midwest
SOUTHFIELD, MICH. — Beaumont Kidney Specialty Services has signed a lease for 9,482 square feet of medical office space at 26400 W. 12 Mile Rd. in Southfield. Universal Properties FPMC leased the space to the tenant for an undisclosed price. Todd Hawley and Rick Kaplan of Friedman Real Estate Group represented the landlord in the transaction. Terms of the lease were not disclosed.
HUDSON, OHIO — The city of Hudson has acquired 427.9 acres of land on East Hines Road in Hudson for $6.9 million. The property, which is the former Youth Development Center, includes 25 acres of wetlands as well as several dormitory and school buildings. The city plans to preserve the property for public use in the community. Clifford West and Peter Farina of Colliers Ostendorf-Morris represented the seller, Cuyahoga County, Ohio, in the transaction.
MANITOWOC, WIS. — Berghammer Construction Corp. has completed the construction of the first phase of St. Mary’s Felician Village campus renovation and repositioning. Located in Manitowoc, the campus offers assisted and independent living options, skilled nursing and rehabilitation as well as activities and other amenities for senior citizens. The first phase of the project included the demolition of several existing structures on the 22-acre campus, and the construction of a new community-based residential facility, a 20-bed rehabilitation household and the Village Square building. Construction is currently under way for the second phase, which includes the development of a 64-bed skilled nursing facility and a 16-unit residential care apartment complex. Completion of the second phase is slated for August 2010. Eppstein Uhen Architects is providing architectural services for the three-phase project.
CHICAGO — Chicago-based Fitness Formula Clubs (FFC) has leased the former Crunch Gym, an approximately 54,000-square-foot space at the 939 North Avenue Collection in Chicago’s Lincoln Park neighborhood. The tenant plans to upgrade the existing fitness facility to reflect the FFC brand. Geoffrey Euston and Brian Lafer of U.S. Equities Realty represented the tenant in the transaction. Additional terms of the lease transaction were not released.
The old adage that every cloud has a silver lining holds true for the St. Louis industrial market. After posting positive absorption during every quarter of the current recession, the industrial market got cloudier when Chrysler shuttered its St. Louis plants during the early part of the third quarter. That placed more than 5.1 million square feet of space on the market and boosted the vacancy rate a couple points. The auto industry’s woes trickled down to a number of Chrysler’s suppliers as well. Another 2.1 million square feet of auto supplier buildings also became available. So where’s the silver lining? Actually, there are several. For starters, Chrysler’s plants and its suppliers are primarily located in the South County submarket. Historically, South County has been one of the area’s strongholds for industrial, with a vacancy rate of only 4.2 percent at the end of the second quarter. The availability of space now opens opportunities for large and small users. A number of companies have already taken advantage of these opportunities. Colt Industries, the area’s distributor for Corian countertops, purchased a nearly 100,000-square-foot building formerly occupied by Dakkota Integrated Systems, which supplied vehicle interiors. An aerosol can supplier has signed a …
WEST BEND, WIS. — Prescott Development Group is planning to develop a $10 million grocery store and retail building at the South Main Street Shopping Center in West Bend. The project includes construction of a 63,500-square-foot building on the north end of the 9-acre property and the development of a 17,000-square-foot, multi-tenant retail facility. Additionally, the site will offer two out parcel sites, which can accommodate restaurant or bank tenants. Pending city approval, the company plans to break ground in spring 2010.
NETT LAKE, MINN. — Travois New Markets assisted the Bois Forte Community Redevelopment Corp. to secure New Markets Tax Credit (NMTC) funding for its new energy-efficient community and government services facility. Currently under construction in Nett Lake, the 48,852-square-foot facility will house community-meeting space, Bois Forte Tribal Government offices and a financial center such as a credit union or a bank. Wells Fargo placed a $3.7 million NMTC investment in the project along with an additional $9.1 million in construction financing. The loans will be used to construct and manage the property. Completion is slated for August 2010.
DEARBORN, MICH. — Village Farms has signed a lease for 1,359 square feet of retail space at West Village Commons, which is located at 22223 Michigan Ave. in Dearborn. Tony Schmitt and Brooke Wolfe of LaKritz-Weber & Co. represented the landlord, West Village Commons LLC, in the transaction. Additional terms of the lease were not released.
FORT WAYNE, IND. — Ridgewood Professional Park has acquired a 12-acre land parcel at the corner of West Jefferson Boulevard and Aboite Center Road in Fort Wayne. The buyer plans to develop a high-end medical and professional office complex known as Ridgewood Professional Park on the site. Lots and build-to-suit options are currently available at the project. Karl Behrens of BND Commercial represented the buyer in the sale. The site, which is comprised of seven lots, was sold by Daniel and Judith Smith; David Mendenhall and Janice Furtner; RE Properties; Gary and Carol Ferree; Steven and Mary Carpenter; Zoila Veerula; and Thelma Newcomb Trustee and Gene Languell. The total acquisition price was not released.