LANSING, MICH. — The State of Michigan has selected CB Richard Ellis (CBRE) to oversee its real estate portfolio. CBRE will provide leasing services, lease administration, strategic planning, lease tracking/auditing, marketing services, and acquisition and disposition services for the state’s more than 14 million-square-foot portfolio of properties, both leased and owned. The Lansing, Grand Rapids and Detroit offices of CBRE will lead the account management team. Assistance will be provided by the more than 25 offices of Coldwell Banker Schmidt for the northern Michigan and Upper Peninsula markets, as well as CBRE’s Washington, D.C.-based Public Institutions and Education Solutions Group, which deals solely with government bodies and educational institutions.
MILWAUKEE — The grand opening has been held for The Park at 1824, a 175-unit multifamily property located on East Park Place in Milwaukee. The student housing community offers lease-by-the-bedroom contracts and is situated 4 blocks from the campus of the University of Wisconsin – Milwaukee. Amenities include a fitness center, study rooms on each floor, a community room featuring plasma-screen televisions and billiard tables, laundry facilities and underground parking. The project was developed by Wangard Partners; it will be leased and managed by locally based Ogden & Co.
ST. LOUIS — The grand opening has been held for Hotel Indigo – St. Louis Central West End, a 127-room boutique hotel located in St. Louis. The project consisted of the $10 million renovation of the former Bel Air West Motel, which first opened in 1958. The new Hotel Indigo features high-speed Internet access in rooms and public spaces, a restaurant and bar, a 24-hour business center and more than 1,100 square feet of meeting space. The hotel is owned and managed by Roberts Hotel Group under a license agreement with InterContinental Hotels Group. It is the first of three Hotel Indigo properties that will open in St. Louis in the next 3 years. The second hotel will open in University City in 2011 and one in the downtown convention district will open in 2012.
CHAMPAIGN, ILL. — Marcus & Millichap has brokered the sale of a 128,852-square-foot retail property, located at 913 W. Marketview Dr. in Champaign. The big box property was originally built as a Wal-Mart and later converted into a Steve & Barry’s. The buyer is an owner/user that plans to use the location for a farm and home merchandising concept. Mark Hellwig and Drew McElligott represented the seller, a national REIT. The acquisition price was not disclosed.
PLYMOUTH, MINN. — NorthMarq Capital has arranged $3.8 million in first-mortgage financing for Plymouth Town Center, a 26,330-square-foot retail center located in Plymouth. The property was approximately 95 percent occupied at the time of closing and is shadow-anchored by a Cub Foods grocery store. Brian Hennen of NorthMarq’s Minneapolis office secured the loan, which carries a 10-year term and a 25-year amortization schedule. The borrower was a tenant-in-common structured ownership group and the lender was Thrivent Financial for Lutherans.
MADISON COUNTY, ILL. — Earth City, Mo.-based Contegra Construction Co. has completed the $22 million expansion of Proctor & Gamble’s distribution center, located within Gateway Commerce Center in Madison County. Known as Westway III, the building was expanded from 580,000 square feet to approximately 1.14 million square feet. It features 32-foot clear ceiling heights and 20,000 square feet of office space. Proctor & Gamble will use the expanded facility to consolidate its St. Louis-area operations. Gateway Commerce Center is a 2,300-acre distribution park situated at the interchange of Interstate 270 and Highway 255. Other tenants at the park include The Dial Corporation, Hershey Foods Corp., Unilever and OHL.
CHICAGO — Construction is complete for The Victory Centre of South Chicago Supportive Living Facility. The $14.5 million project consists of a five-story affordable senior housing building situated at 3251 E. 92nd St. in Chicago. It contains 112 studio units; amenities include a ground-floor lobby and living room; a dining room with a commercial kitchen; a resident activity room and project room that features a group kitchen, a hair salon, a physical therapy room and a media room; a wellness room; a landscaped courtyard; and a rooftop deck. The brownfield redevelopment project is pursuing LEED certification and will be a part of the LEED South Chicago Initiative Neighborhood Development Pilot Program. Sustainable features include energy-efficient insulation and windows, native landscaping, a rain garden, the use of recycled and regional construction materials, and close proximity to mass transit. The building is also equipped for a future solar-thermal system. The project was developed by Pathway Senior Living. The project architect was Harley Ellis Devereaux and the general contactor was Pepper Construction. The second phase of the project, known as Victory Center of South Chicago Senior Apartments, will break ground later this year adjacent to the supportive living facility. The $14 million Phase …
ELK GROVE VILLAGE, ILL. — Lee & Associates has arranged a lease for a 105,000-square-foot industrial building located at 2600 Elmhurst Rd. in Elk Grove Village. The lease carries a 10-year term and a total cost of $6.3 million. The tenant, Moss Inc., plans to consolidate several of its locations in the O’Hare submarket into the new facility. Chris Nelson of Lee’s Chicago office represented the landlord, Mirvac Industrial Trust, in lease negotiations. The tenant was represented by Taurus Realty Partners.
ST. PAUL, MINN. — The Amherst H. Wilder Foundation has selected Welsh Construction to complete the $3 million renovation of two affordable apartment buildings located in St. Paul. The first property is American House, a six-story building located in the city’s Lowertown district. Constructed in 1895, it contains 69 one-bedroom units. The second property is Snelling Avenue Apartments, a 76-unit apartment building that was constructed in the 1920s and first used as a hotel. It also contains all one-bedroom units. Renovations will include the remodeling of the buildings’ fixtures and finishes in the interior and exterior of the buildings. Construction will begin this month.
CHICAGO — Chicago-based Paine/Wetzel • ONCOR International has brokered a 66,661-square-foot industrial lease in Chicago. Calumet Meat Co. is expanding its presence within the refrigerated warehouse building, which is located at 4100 W. 40th St. Paine/Wetzel’s William Kerrins, James Pater and David Zirngibl represented the landlord, a private investment group. Calumet Meat Co. was represented by Vern Schultz of Colliers Bennett & Kahnweiler. Terms of the lease were not disclosed.