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.
ST. LOUIS — Construction is complete for the new Early Childhood Development & Parenting Education Center at Harris-Stowe State University in St. Louis. The $17 million project is located at 10 N. Compton Ave. It totals 47,885 square feet and houses children from newborn through pre-kindergarten, as well as the university's Early Childhood Education Department — both of which are housed in separate wings of the building. Amenities include an outdoor playground and courtyard, a parents library and education room, a multipurpose room with a full kitchen, a student computer lounge, a large lecture hall and smart board technology in each classroom. The project is seeking LEED-Silver certification, with sustainable features including energy-efficient mechanical systems, pervious pavement and play surfaces, a rain garden and recycled rubber for playground surfaces. The project architect was KAI Design + Build. Locally based Kwame Building Group served as construction manager and owner's representative, with Arnold, Mo.-based Kozeny-Wagner serving as general contractor.
WOODSTOCK, ILL. — Chicago-based Paine/Wetzel • ONCOR International has completed the sale of a 15,000-square-foot industrial building in Woodstock. The property is situated on a 1.2-acre site at 1991 Duncan Place. The buyer, Ortho Molecular Products, plans to convert the facility into a corporate office building. As part of the transaction, Ortho has the option to purchase an adjoining 1.2-acre site. G. Pat Ryan of Paine/Wetzel represented the seller, RK LLC. Mike Adams of Colliers Bennett & Kahnweiler represented Ortho.
RIVERWOODS, ILL. — Podolsky Northstar / CORFAC International has brokered the acquisition of a truck terminal in Riverwoods on behalf of Quincy, Ill.-based Gully Truck Leasing. The terminal includes a 7,823-square-foot truck terminal situated on approximately 3 acres as well as a 4.5-acre undeveloped land parcel for future expansion. Gully plans to use the facility to expand its operations into the Chicago metro area. It currently has terminals in Quincy, St. Louis and Kansas City. Corey Chase of Podolsky Northstar represented Gully. Rick Daly of Darwin Realty & Development Corp. represented the seller, BMW Venture LLC.
KANSAS CITY, MO. — Love Funding has arranged $1.88 million for the refinancing of Palestine Gardens, an 85-unit apartment community located in Kansas City. Terms of the loan include a 35-year amortization schedule and a 6 percent interest rate. Robyn Cunningham of Love's St. Louis office arranged the loan for the undisclosed borrower through the HUD 202/223(f) program.
JOLIET, ILL. — Atlanta-based IDI has leased 202,356 square feet of industrial space within Rock Run Business Park in Joliet to Menlo Worldwide Logistics. Menlo will use the space, located within Building 8, on behalf of Caterpillar. John Suerth of CB Richard Ellis and Steve Shields of Transportation Property Co. represented Menlo in lease negotiations. Rock Run Business Park is situated approximately 1 mile from the intersection of interstates 55 and 80. It totals 387 acres and contains 12 buildings with 3.5 million square feet of industrial space. Other tenants at the park include Mack Trucks, PETCO Animal Supplies, Tyco Healthcare, Unisource and Madison Warehouse Corp.