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.
CASEYVILLE, ILL. — Swansea, Ill.-based Holland Construction Services, serving as general contractor, is currently constructing a 13,557-square-foot building for Canada-based Ritchie Bros. Auctioneers. Located on Old Country Inn Drive in Caseyville, the facility will feature an auction theater with telescoping bleachers, an entrance canopy, a large concourse, seven administrative offices and restrooms for client convenience. Bellevue, Wash.-based MulvannyG2 Architecture is providing architectural services for the project.
OTSEGO, MINN. — RJM Construction has been selected as general contractor for the development of a new medical facility for Twin Cities Orthopedics in Otsego. The orthopedic group plans to move into the new one-story, 10,500-square-foot medical building in the fall of 2010. The facility will feature an X-ray machine, a MRI scanner, examination rooms, a physical therapy and rehabilitation area, and administrative office space. Project partners include building developer Frauenshuh, architectural firm Sperides Reiners and civil architectural firm Loucks Associates. Construction is scheduled to begin in March 2010.
ST. LOUIS — Global Granite & Marble has signed a lease for 74,000 square feet of space at 10800 Linpage Pl. in St. Louis. The company plans to consolidate all aspects of its St. Louis-based operations into one facility. The new headquarters will feature office, showroom, sample and warehouse space for the company’s residential division, as well as Global Architectural Products, the company’s commercial division. Global plans to take occupancy in spring 2010. Jane Hollo of Colliers Turley Martin Tucker represented the tenant; Casey Urkevich of Block Hawley Commercial Real Estate Services represented the undisclosed landlord.
SHAKER HEIGHTS AND BOWLING GREEN, OHIO — Salt Lake City-based SilverLeaf Financial has acquired two commercial real estate properties in Ohio. The first acquisition is a 20,000-square-foot office complex located in Shaker Heights. The face value of the property’s loan is $1.35 million. The second acquisition is Woodland Mall, a regional retail shopping center in Bowling Green. Tenants of the approximately 300,000-square-foot mall include Sears, Famous Footwear, Cinemark, Dunham’s Sports and Elder-Beerman. The shopping center has a face value of $8.9 million.
DAYTON, OHIO — Mark Dlott, Norm Khoury and Dave Tobeson of Colliers Turley Martin Tucker – Dayton negotiated the lease of 100,000 square feet of industrial space at 98 Quality Ln. in Dayton. Carter Logistics leased the space for $600,000 from Priority Insulation. Additionally, Dlott represented McQuay International in the lease of 156,000 square feet of industrial space at 2875 Needmore Rd. in Dayton. The lease was valued at $560,000, and the landlord is Rex Radio & Television.