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.
CRYSTAL LAKE, ILL. — The Salvation Army has leased 14,100 square feet of space at The Commons at Crystal Lake, which is located at the intersection of Northwest Highway and Main Street in Crystal Lake. Terms of the lease transaction were not released. Tracy Salerno provided in-house representation for the landlord, Centro Properties Group, in the transaction.
BENSENVILLE, ILL. — Regency Centers has leased 14,066 square feet of retail space to Fabrics, Etc. 2. The space is located within the 125,585-square-foot Brentwood Commons, which is located at 1145 S. York Rd. in Bensenville. The company, which specializes in fabrics, notions, sewing machines and classes, plans to open for business in March 2010. Additional terms of the lease were not disclosed. Regency Centers owns and manages Brentwood Commons.
YPSILANTI, MICH. — Nobel’s Custom Clothing has leased retail space at Roundtree Place, which is located near the intersection of Ellsworth and South Hewitt roads in Ypsilanti. The custom fit men’s clothing retailer recently opened for business at its new location. Justine O’Brien of Centro Properties Group provided in-house representation for the company, which owns the property. The lease’s value was not disclosed.
KANSAS CITY, MO. — Soave Enterprises has completed the development of a Mercedes-Benz Auto Dealership in Kansas City. The 30,000-square-foot facility features concrete tilt wall panels, aluminum composite panels, a glass curtain wall, exposed steel and granite. The $6.7 million building features a showroom, a boutique area, a customer drive-in, a full maintenance shop, an auto wash and a vehicle delivery area. HDA Architects provided architectural services for the project.
MT. PLEASANT, WIS. — Menomonee Falls, Wis.-based Maysteel has selected Principle Construction Corp. to complete the company’s 40,742-square-foot build-out project at Park 94 at Mt. Pleasant, which is located at 1400 International Dr. in Mt. Pleasant. The facility will feature a 1,600-amp service, T5 lighting and 2,000 square feet of office space. Cornerstone Architects is providing architectural services for the project, which is slated for completion by the end of the year. HSA Commercial Real Estate owns Park 94 at Mt. Pleasant, a 125,000-square-foot industrial building.