ALSIP, ILL. — Labriola Baking Co. has signed a long-term lease that will expand and relocate its headquarters to Alsip. The bread maker now occupies 177,500 square feet at 3701 W. 128th Place. Its previous location, also in Alsip, was at 5324 W. 123rd Place. Larry Johnson of CB Richard Ellis represented Labriola in lease negotiations. Brad Weiner, George Maragos and Steve Livaditis, all of CB Richard Ellis, represented the landlord, Madison Partners Realty. Terms of the lease were not disclosed.
Midwest
Despite a lack of sales or new construction projects, the Milwaukee office market has maintained a steady level of activity this year. “We’re busier this year than we were last year. Whether it’s productive for the economy is debatable, but it is productive for brokers,” says Bill Bonifas, executive vice president with CB Richard Ellis’ Milwaukee office. Many of the deals Bonifas and other brokers in the city are working on are blend and extend deals, in which the landlord renews a tenant early and for a longer term in exchange for concessions, usually consisting of free or discounted rent. “Right now, the psychology is that an ounce of prevention is worth a pound of cure, so the smart owners are doing what they have to do to complete deals and keep their existing tenants,” Bonifas says. Tenants in Milwaukee are happy to sign these deals, since it provides them with savings today. Landlords are also content because they have tenants secured in their properties, which helps keep the asset stable and puts the landlord in a better position to refinance the property. The landlord may be giving up some rent, but the tradeoff is worth it. “It looks like …
BYRON, NORMAL AND AURORA, ILL. — Turner Construction Co. has completed three school projects in Illinois. The first project was Byron Community School, a $21.5 million project that consisted of the construction of a 125,000-square-foot middle school in Byron. The school can accommodate 500 students and features a 550-seat auditorium. The second project was the renovation of Sugar Creek Elementary School in Normal. The project included the installation of a new geothermal mechanical system, and interior renovations to classrooms, administrative areas and the kitchen. The final project was the completion of Phase I construction for Metea Valley High School in Aurora. Upon completion in 2011, the $124 million project will consist of a 462,000-square-foot building serving 3,000 students.
STRONGSVILLE, AND CLEVELAND, OHIO — Dollar Tree has announced plans to open three new locations in the Cleveland area. The first location is a 10,540-square-foot store located within the Greens of Strongsville shopping center on Royalton Rd. in Strongsville. The second location is a 12,725-square-foot store located within Severance Town Center at Taylor and Mayfield roads in Cleveland. The final location is a 10,000-square-foot store located within the Cedar Center South shopping center at Warrensville Center and Cedar roads, also in Cleveland. Tori Nook of Kowit & Passov Real Estate Group represented Dollar Tree in lease negotiations.
WESTLAND, MICH. — Friedman Real Estate Group has arranged a lease for 23,755 square feet of industrial space at 39103 Warren Rd. in Westland. The tenant is Canton, Mich.-based Jade Scientific, which was represented by Phil Konopitski of Friedman. The landlord is FL & JMR LLC. Terms of the lease were not disclosed.
CHICAGO — Baum Realty Group has negotiated a 12,400-square-foot lease on behalf of nonprofit group Open Books for its Chicago flagship bookstore and literacy community center. The center will be located at 213 W. Institute Place and Open Books will take occupancy this fall. The new space will have a 5,192-square-foot bookstore on the ground floor and 7,208 square feet for offices and classrooms on the second floor. Andrew Watson, Marc Imrem and Jordan Shtulman of Baum represented Open Books in lease negotiations.
VAN BUREN TOWNSHIP, MICH. — CB Richard Ellis (CBRE) has arranged a long-term lease for General Electric Co. (GE) that will create a new office/R&D center in the Detroit suburb of Van Buren Township. GE's new operations will consist of approximately 200,000 square feet of office space and a newly constructed, 100,000-square-foot research and development facility. The new facilities will be located within the newly named GE Advanced Manufacturing & Software Technology Center and will commence operation in October. Brent Woodruff of CBRE's Atlanta office and Jeffrey Bell of the firm's Detroit office represented GE. The landlord, Visteon Corp., will maintain its corporate offices and innovation center at the site. Terms of the lease were not disclosed.
INDIANAPOLIS — Indianapolis-based NAI Olympia Partners has brokered two Indianapolis industrial leases totaling 112,144 square feet. In the first transaction, Millennium Group leased a 99,350-square-foot building located at 6515 Olivia Lane. Chip Barnes and Mike Lubbers of NAI represented the tenant, and Colliers Turley Martin Tucker represented the landlord, Dugan Realty. In the second transaction, Lake Court Medical Supplies leased 12,794 square feet at 2910 Fortune Circle West. NAI's Joe Howell and Brett Spitzer represented the tenant. The landlord, Duke Realty Corp., provided in-house representation.
SAGINAW, MICH. — Stan Johnson Co. (SJC) has brokered the sale of a Tractor Supply Co. retail location in Saginaw for $2.98 million. Gill Warner, Rod Pickney and Chad Byerly of SJC represented the seller, a retail developer, as well as the buyer, an individual investor. This most recent transaction marks the 42nd Tractor Supply location the SJC team has sold.
KANSAS CITY, MO. — Colliers Turley Martin Tucker (CTMT) has arranged the purchase of the Broadway Summit Building, a 130,000-square-foot office building located at 3101 Broadway in midtown Kansas City. The property was acquired by The Children's Mercy Hospital, which plans to use the building for expansion space. CTMT's Mike Posten and Suzanne Dimmel represented the hospital in the purchase. The seller was not disclosed.