The conservative nature of the Des Moines marketplace has been tested in the past 24 months yet cautious optimism prevails. Historically the high concentration of financial service and insurance companies translated into quick absorption of large blocks of space. However, the downturn in the economy and the move of companies such as Allied-Nationwide, Wellmark Blue Cross/Blue Shield and Aviva to new, owner-occupied buildings left behind significant blocks of space that have increased the office vacancy rate to almost 19 percent and will send it even higher. New construction and development has been divided between the central business district (CBD) and the west suburban markets. The 152,000-square-foot Davis-Brown Tower and the Wellmark’s 550,000-square-foot headquarters are significant additions to the CBD Gateway West corridor, while Aviva’s 360,000-square-foot, United States headquarters is situated in the ever-emerging Jordan Creek corridor. Although development of smaller office buildings has been slowed, there are some signs of positive growth. Delta Dental Iowa is nearing completion of its new 25,000-square-foot headquarters at Northpark Office Park in Urbandale. In addition, two significant lease transactions were signed in the west suburban market, including 25,000 square feet for Strategic America at 6600 Westown Parkway and 93,000 square feet for Sammons Financial …
PLAINFIELD, IND. — Opus North Corp. has leased 201,000 square feet of space to s2f worldwide LLC, a startup provider of supply chain and logistics services. The facility is located within Plainfield Business Center at Airwest 9 in Plainfield. The company plans to use the facility for its headquarters and warehousing activity. The firm plans to invest $10.8 million to lease and equip the new facility. Additional terms of the lease were not provided.
EDINA, MINN. — NorthMarq Capital has arranged $13.74 million in first mortgage financing for Cornelia Place, a 100-unit multifamily property in Edina. Michael Padilla and Daniel Trebil of NorthMarq’s Minneapolis office secured the financing, which was provided by Freddie Mac. The borrower was not disclosed.
CHICAGO — Chicago Coating Co. recently acquired a 72,876-square-foot industrial property in Chicago. Located at 3455 W. 31st Place, the property sold for an undisclosed price. The property offers a large land site, heavy power distribution and access to rail. Chicago Coating Co. is a manufacturer of coating and sealing related products. Matt Rogatz and Colin Green of Chicago Industrial Real Estate represented the buyer; Mike Senner and Vern Schultz of Colliers B&K represented the undisclosed seller in the transaction. Additional terms of the transaction were not released.
INDIANAPOLIS — Indianapolis-based Milhaus Development has added three members to its leadership team. Andrew Lahr, formerly of Kosene & Kosene Residential, has joined the firm as partner and vice president of finance. Additionally, David Leazenby, recently owner of Leazenby Realty & Development, joined the team as partner and vice president of pre-development. Finally, Gregory Martin, also formerly of Kosene & Kosene Residential, joined Milhaus as partner and vice president of development. Lahr, Leazenby and Martin are joining Tadd Miller, who founded Milhaus. The company, which specializes in multifamily, mixed-use and urban in-fill development, is currently acquiring distressed projects across the Midwest.
HOFFMAN ESTATES, ILL. — Angelo Gordon Net Lease Fund has acquired a 527,661-square-foot distribution center through a long-term sale-leaseback transaction with Claire’s Stores. Located at 2400 W. Central Road, the property sold for $18 million. The property, which contains 21.7 percent office space, serves as Claire’s Stores’ headquarters and distribution center for the company’s North American stores. Robert Brennan, Andrew Sandquist, Jonathan Wolfe, John Suerth and Jason Lev of CB Richard Ellis represented the seller, Claire’s Stores, in the transaction.
ST. LOUIS — Circusdome LLC has purchased Brighton, a multifamily property in St. Louis, for an undisclosed price. The property, which is located at 2730 Glyndebourne Drive, offers 201 apartment units. The seller was Blue Valley Apartments Inc. Ken Aston, Paul Cunningham and Andrea Kendrick of Hendricks & Partners’ St. Louis office represented both parties in the transaction.
KANSAS CITY, MO. — The General Services Administration (GSA) has signed a long-term lease renewal for 204,607 square feet of office space in downtown Kansas City. The Federal Aviation Administration occupies the majority of the building, which is located at 901 Locust St. The property, which is undergoing major upgrades, has been occupied by Department of Transportation agencies for 10 years. Brian Bacon of Cassidy Turley Ð Kansas City represented the ownership, Tierra FAA LLC, in the transaction. Terms of the lease were not released.
ZEELAND, MICH. — Jim Edewaard of CB Woodland Schmidt represented 210 E. Roosevelt LLC, dba Lakeshore Glass and Metal, in the acquisition of a 17,500-square-foot industrial property, located at 210 E. Roosevelt Ave. in Zeeland. Lakeshore Glass and Metal plans to use the property for offices, a fabrication shop and a showroom. Kurt Kunst of NAI West Michigan represented the seller, 210 East Roosevelt LLC, in the transaction. The acquisition price was not disclosed.
AKRON, OHIO — NAI Daus’ BPS Mngt Inc. division has acquired the property management division of ASW Properties, an Akron-based property management and investment firm. The acquisition expands BPS Mngt’s clientele base into the Akron market. NAI Daus plans to relocate the former ASW Properties office in late this year.