BAY CITY, MICH. — Hoty Builders has completed the construction of a 7,980-square-foot office building in Bay City. The property, which is located at 1115 Washington St., is owned by Bay City GSA Properties. The facility is leased to the U.S. General Services Administration and houses the Social Security Administration. Additional details of the project were not disclosed.
Office development in the Minneapolis market is virtually at a standstill. Since the economy’s downturn, many projects have been shelved, and developers today are striving to locate aggressively priced, dispossessed buildings that can be repositioned and brought back to life for the next real estate cycle. The exceptions are highly visible build-to-suit projects. In September, Acosta, a sales and marketing company, plans to move into a new 65,000-square-foot building in the southwest suburb of Eden Prairie. Additionally, the law firm Hellmuth & Johnson is building 44,000 square feet of office space, topping three levels of covered parking at the intersection of Interstate 494 and Highway 169, also in Eden Prairie. Shadow space is an underlying issue affecting development in the Twin Cities. Until companies can absorb space they already lease but currently maintain as vacant, the development cycle will remain flat. Leasing activity is also quiet. Those businesses that are relocating are typically consolidating or otherwise downsizing. However, the U.S. General Services Administration is in the market for nearly 500,000 square feet of office space. Half of that is being spurred by a short-term need to relocate workers displaced by a $115 million federal stimulus funded renovation of the Bishop …
GENEVA, ILL. — Krusinski Construction Co. has broken ground for the development of France-based Roquette America’s new Innovation Center in Geneva. The two-story, 35,000-square-foot facility will house customer collaboration, product development, nutrition and bio-chemical research services, as well as an United States sales and client center. The facility will feature six test kitchens/laboratories, a demonstration kitchen and a 56-seat auditorium. Aurora-based Cordogan Clark & Associates is serving as project architect, while Oakbrook Terrace, Ill.-based Jacob & Hefner is providing civil engineer services for the project. The construction timetable was not released.
TOLEDO, OHIO — Toledo-based Bostwick Braun has acquired a 19,000-square-foot, build-to-suit office property in Toledo. Located at 7349 Crossleigh Court – Lot 6, the property sold for $2.5 million. CB Richard Ellis|Reichle Klein’s Dean Skillman represented the buyer; the seller, Toledo-based RL West Properties, represented itself in the transaction.
OXFORD, MICH. — TMJ Realty Management has purchased 3,408 square feet of retail/office space at 5 N. Washington in Oxford. The buyer plans to use the space for its business, Funky Monkey Toys, which will open in August. Paul Feldman and Larry Schultz of Friedman Real Estate Group represented the seller, PNC Bank, in the transaction. Terms of the transaction were not released.
OAK CREEK, WIS. — Bucyrus International has purchased a 120,000-square-foot industrial property in Oak Creek. Situated on 27 acres at 6744 S. Howell Ave., the property sold for an undisclosed price. The Dickman Company represented the buyer; RFP Commercial represented the seller, Westminster Badger, in the transaction. Terms of the deal were not released.
CHICAGO — George Ghattas and John Abuja of Marcus & Millichap have brokered the sale of the MCL Center, a 16,804-square-foot retail property located in Chicago’s Lincoln Park neighborhood. The multi-tenant property, which was 100 percent occupied, consists of two buildings situated on five land parcels. An undisclosed buyer acquired the property for $5.65 million at a 7.48 percent cap rate. Ghattas and Abuja represented the seller, a local private real estate developer, in the transaction.
CHICAGO — An undisclosed buyer has acquired an apartment building in Chicago’s Rogers Park neighborhood for $1.57 million. Located at 7514-22 N. Hoyne, the 43-unit property features three studio units, 34 one-bedroom units and six two-bedroom units. Doug Imber and Matt Welke of Essex Realty Group represented the undisclosed seller; Doug Fisher, also of Essex, represented the buyer in the transaction.
What a difference a year can make. At this time last year, the Detroit and Southeastern Michigan multifamily housing markets were experiencing some of their worst economic times since the early 1970s. But with recent announcements from Ford and General Motors concerning first quarter profits, there appears to be hope for the troubled region. Because the region has been so challenged during the past 18 months, there has been very little new development planned for 2010. But in 2011, nearly 2,800 apartment units are planned in the metro region, representing a potential 1.3 percent increase in the current inventory. One recent success story within the city is Garden View Estates, a mixed-use development with affordable housing, including rental units, senior co-ops and single-family homes. Bloomfield Hills, Michigan-based Windham Development is the principal in the residential portion of the project, which celebrated its grand opening in September 2009. These types of developments are going to play a key role in re-growth within the city because of joint efforts between private developers, the U.S. Department of Housing and Urban Development, the Detroit Housing Commission and the City of Detroit. We can anticipate new development in Ann Arbor and downtown Detroit. Ann Arbor …
FAIRLAWN, OHIO — Bryn Mawr, Pa.-based WP Realty has acquired Fairlawn Town Centre in Fairlawn for an undisclosed price. The five-building, 447,0037-square-foot retail center is occupied by Giant Eagle, Target, Home Goods, Pet Supplies Plus, Marc’s, U.S. Post Office, Chuck E. Cheese, Panera Bread, GNC, Subway and Radio Shack. The acquisition also included a vacant 39,840-square-foot junior anchor box, which was formerly occupied by Circuit City. Angelo, Gordon & Co. brokered the transaction. The seller was not released.