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.
MADISON HEIGHTS, MICH. — Design Fabrications has signed a lease for 78,013 square feet of industrial space at 1100 E. Mandoline in Madison Heights. The retail design solutions company plans to use the space for production and distribution. Matt Osiecki and Keith Johnson of CB Richard Ellis Detroit represented the tenant. The landlord is First Industrial Acquisition.
LIVONIA, MICH. — Big Lots has leased a 40,000-square-foot retail space at Musicland Shopping Center, which is located at the intersection of Tech Center Drive and Plymouth Road in Livonia. Terms of the lease were not released. Robert Saggese provided in-house representation for the landlord, Centro Properties Group.
CLEVELAND — Cleveland-based Forest City Enterprises has reached an agreement on a new, 2-year, $500 million revolving credit facility with its 15-member bank group. According to Charles Ratner, the company’s president and CEO, the funds will be used to improve the company’s liquidity and strengthen its financial position. Bob O’Brien provided in-house representation during the agreement proceedings. The transaction is expected to close by the end of the year.
Several factors have contributed to the softness in the St. Louis apartment market and are expected to continue to present operational challenges in the near term. A spike in construction has been met with the weak demand caused by the slumping labor market. In fact, demand for rental housing contracted 2.2 percent year over year in the third quarter — the largest decline in more than 20 years — and will likely fall until payrolls begin to expand. As a result, owners have increased concessions to roughly 26 days of free rent. With vacancy on track to rise further this year, concessions will remain elevated, particularly in the Maryland Heights/Northwest County submarket. Area operators are currently offering renters nearly 40 days of free rent, the most of any submarket in the metro area. Nonetheless, many residents are opting to relocate out of the area and into St. Charles to capture lower rents or into Clayton to be near the metro’s healthiest employment corridors. As such, owners in the Clayton/Mid-County submarket have kept concessions relatively flat during the past 12 months. Turning to investment sales, transaction velocity has slowed in the St. Louis market due primarily to reduced pricing and increased …
PORTAGE, IND. — Best Western International has added Best Western Portage Hotel and Suites to its international hotel chain. Located at 6200 Melton Rd. in Portage, the 100-room hotel features a family aquatic center, a 24-hour fitness center, a game room, complimentary breakfast, a 24-hour business center, wireless high-speed Internet access and meeting space to accommodate up to 120 people. Guest rooms are equipped with refrigerators, microwave and complimentary high-speed Internet access.