KANSAS CITY, KAN. —Grindstone Industrial Properties brokered the lease of an industrial property in Kansas City. Brauer Supply Company leased of 12,000 square feet of industrial space at 62 S. James St. The value and terms of the lease were not disclosed. Pat Murfey of Grindstone Industrial Properties represented the landlord, Robert S. Ehinger Trust, in the transaction.
Midwest
STERLING HEIGHTS, MICH. — Global Logistics Services LLC has leased a manufacturing facility in Sterling Heights for an undisclosed price. Located at 6300 Center Dr., the facility offers 65,728 square feet of space. Peter E. Kepic and Peter J. Kepic of Colliers International represented both parties in the transaction.
PLEASANT PRAIRIE, WIS. — Towne Investments has leased Towne Industrial IV at LakeView Corporate Park in Pleasant Prairie to Ozburn-Hessey Logistics (OHL). OHL plans to occupy the 51,540-square-foot building later this year. John Sharpe, Rick Delisle, Mike Prost and Sergio Chapa of Lee & Associates represented the landlord; J.D. Salazar of Champion Realty Advisors and Doug McDowell of ProVenture Commercial Real Estate represented OHL in the transaction.
ROYAL OAK AND AUBURN HILLS, MICH. — LaKritz-Weber & Co. has completed two retail lease transactions totaling 4,529 square feet in Michigan. In the first transaction, Oberweis Dairy leased 3,141 square feet of space at 32808 Woodward Ave. in Royal Oak. Tony Schmitt and Brooke Wolf of LaKritz-Weber represented the tenant and the landlord, Woodward Samoset Associates LLC, in the transaction. The price was not disclosed. Additionally, Guido’s Pizza inked a deal for 1,388 square feet of space at Dutton Retail Shoppes, which is located at the intersection of Lapeer and Dutton roads in Auburn Hills, for an undisclosed price. LaKritz-Weber’s Schmitt and Gabe Schuchman represented the tenant and the landlord, Dutton South Shoppes, in the transaction.
Few parts of the country have been harder hit than Detroit in the current recession. While it appears at first glance that the industrial sector has had it worse, the office sector has felt the pinch as well. Vacancies and downsizing are seen at the office buildings occupied by third-party vendors, advertisers, lawyers and accountants related to the auto industry. “There is a large trickle-down effect in just about every segment of the office market,” says Fred Klugman, president of Detroit-based Klugman Commercial. Office vacancies continue to creep up in the Detroit office market, but new leases are hard to come by. “There just have not been that many tenants in the market to fill up all the vacant space that is available,” Klugman says. “What’s happening is there are not many new tenants in the market, and most of the existing tenants’ landlords are able to retain them by offering aggressive deals. So, you’re not seeing a bunch of movement.” Landlords have not given up, though. As a way to persuade tenants to sign at their properties, many landlords are offering bigger and bigger concessions in the form of lower rental rates and increasing amounts of free rent. This …
KENTLAND, IND. — Wolcott, Ind.-based Blue Pup LLC recently acquired a 104,455-square-foot manufacturing facility, which is located at 102 E. Bailie St. in Kentland. The building features 2,500 square feet of office space, 24-foot clear ceiling heights, four dock doors, one drive-in door, a security system, heavy power, a maintenance garage and parking for 165 vehicles. The 32.7-acre site also allows for an expansion of an additional 200,000 square feet. The buyer plans to use the property as a receiving, assembly, packaging and shipping facility. James Wells of Zionsville, Ind.-based Honeycomb Properties represented the buyer; Frederick Block of Lake Bluff, Ill.-based Block Realty Advisors, along with Criss Horton of Indianapolis-based NAI Olympia Partners, represented the undisclosed seller.
ST. LOUIS — Seattle-based Nordstrom Inc. has plans to open its first Nordstrom Rack store in St. Louis. The 34,000-square-foot retail store will be located within the 200,000-square-foot Brentwood Square shopping center. Expected to open in fall 2010, the store will carry merchandise from Nordstrom stores and Nordstrom.com at 50 to 60 percent off original Nordstrom prices. Additionally, the store offers a wide selection of apparel, accessories and shoes from a variety of brands carried in traditional Nordstrom stores.
FISHERS, IND. — Cohen Financial has secured an $11.54 million loan for the refinancing of an office property in Fishers. Located on Kincaid Drive, the property offers approximately 193,000 square feet of office space. The buliding is currently 100 percent leased. Christopher Carroll of Cohen’s Chicago office arranged the financing, which includes a fixed rate and moderate leveraging, for the borrower, an institutional client. The lender was a regional bank.
WAUKEGAN, ILL. — Lake County Press has signed a lease for 50,000 square feet of industrial space at 3210 Oak Grove Avenue, a 122,560-square-foot Class A industrial building in Waukegan. The printing company plans to expand into the facility and use the building for warehousing and distribution. Whit Heitman, Samuel Badger and Jason Weinhaus of Paine/Wetzel•ONCOR International represented the landlord, ING Clarion, in the transaction. The tenant had in-house representation.
COUNTRYSIDE AND HANOVER PARK, ILL. — Skender Construction’s Mixed-Use|Residential Group, serving as general contractor, recently broke ground on two projects in the Chicago region. The first project is Countryside Senior Apartments, a 58,000-square-foot senior independent living facility located on Joliet Road in Countryside. The four-story 70-unit property features parking for 100 vehicles and an exterior of brick veneer walls and composite metal. Completion is slated for fall 2010. Mercy Housing is developing the project, which was designed by Worn Jerabek Architects. The second project is Church Street Station, a three-story skilled nursing home located on Lake Street in Hanover Park. The 77,000-square-foot facility features 150 beds. Completion is also slated for fall 2010. SAS Architects and Planners is providing architectural services for the project, which is being developed by Church Street Station Properties.