COLUMBUS, OHIO — Columbus-based Nationwide Realty Investors and Capitol Square Ltd. have expanded their partnership in two Columbus mixed-use projects. Capitol Square’s ownership in the Arena District project has increased from 10 percent to 20 percent. In addition, a new partnership has been formed for the Grandview Yard project, with Capitol Square taking a 20 percent interest. The Arena District is a $750 million mixed-use project located on 75 acres downtown. It consists of more than 1.5 million square feet of office, restaurant, entertainment and residential space. Grandview Yard is an 80-acre project, located near Ohio State University, that will consist of 1.5 to 2 million square feet of commercial space and more than 600 residential units upon completion. Financial terms of the agreement were not released.
Midwest
GLENVIEW, ILL. — The Chicago office of Reed Construction has been selected to complete a 60,000-square-foot office renovation for Aon Corp. in Glenview. Reed will renovate the Chicago-based company’s offices located at 100 Milwaukee Ave. Construction includes a new call center, a mail room and several offices. CB Richard Ellis is serving as the construction manager, with IA Interior Architects providing design services. Completion is scheduled for June.
CANTON AND CLEVELAND, OHIO — Chicago-based Aries Capital has arranged $8 million in non-recourse financing for the renovation of three hotels. The three hotels, all of which were previously Hampton Inns, will also be re-branded as La Quinta Inn & Suites locations. Each features approximately 100 rooms. Two are located in Canton and Cleveland, with the third property located in Rochester, N.Y. Jeff Bucaro of Aries originated the loan and Heather Madsen, also of Aries, closed the transaction. Terms of the loan include a 5-year, fixed-rate mortgage with a 25-year amortization schedule. The loan was provided by a consortium of credit unions.
BLUE SPRINGS, MO. — The Blue Springs Economic Development Corp. (EDC) has selected Trammell Crow Co. as the master-developer for the Missouri Innovation Park, a 500-acre science and technology campus located in Blue Springs. The EDC is developing the park in conjunction with the city of Blue Springs, as well as the University of Missouri, which will be the anchor tenant for the park and the lead research collaboration partner for the project. Trammell Crow has assembled a team of architects, engineers, land planners, general contractors and brokers to assist in the planning and development of Missouri Innovation Park. Construction could begin as early as 2010 and would include the infrastructure work for the project’s first phase.
MEQUON AND MILWAUKEE, WIS. — Milwaukee-based Inland Cos. has been awarded three Milwaukee-area construction contracts. In Mequon, Inland has been selected for the expansion of the Gateway Plastics warehouse facility, located at 5650 W. County Line Rd. in Mequon. The project totals 163,780 square feet and is scheduled for completion in December. In Milwaukee, Inland will be completing the office build-out for The Milwaukee Business Journal. The project totals 10,725 square feet and is located at 825 N. Jefferson St. Completion is scheduled for August. Finally, Inland will be completing a 7,972-square-foot office expansion for M&I Equipment Finance. The facility is located at 250 E. Wisconsin Ave. Completion is also scheduled for August.
WARREN, MICH. — Southfield, Mich.-based Lee & Associates of Michigan has brokered the leasing of 13,500 square feet of retail space at Universal Shopping Center, located in Warren. The space will be occupied by Petco. Barry Landau of Lee & Associates represented the owner, Universal Mall Properties, in the transactions. Universal Shopping Center recently underwent a renovation.
FORT WAYNE, IND. — Dallas-based United Commercial Realty (UCR) has been selected to manage and lease Jefferson Pointe Shopping Center, located in Fort Wayne. Jefferson Pointe is a 545,000-square-foot lifestyle center. It is anchored by Von Maur, Rave Motion Pictures, Bed Bath & Beyond, and Barnes & Noble. Other tenants include Ann Taylor Loft, ULTA, Coldwater Creek, Old Navy, Chico’s, Eddie Bauer, Talbot’s and Williams-Sonoma. The property is owned by Skokie, Ill.-based Miller Capital Advisory. The property will be managed through UCR Asset Services, and it will be leased through UCR Urban — both of which are divisions within UCR.
SPRINGBORO, OHIO — Henkle Schueler & Associates and Industrial Property Brokers have partnered to develop an 80-acre business park in Springboro. The office/industrial development has .5-mile of frontage along Interstate 75 just south of a new interchange at Austin Road. At full build-out, the park can accommodate a collection of build-to-suit and multi-tenant facilities totaling $42 million in investment. The ownership group of the new park, which assembled two parcels of land and closed on their acquisition in late April, comprises 18 individual investors in a syndicated group organized by Henkle Schueler.
CHICAGO — Mid-America Real Estate Corp. has signed Aldi to a lease at 1840 North Clybourn in Chicago. Formerly occupied by Bombay Furniture and Leather Creation, the 16,600-square-foot space will be remodeled into a new format by Aldi, which is seeking to complement an existing store location 1 mile north on Clybourn. Paul Bryant and Dan Tausk of Mid-America negotiated the transaction on behalf of landlord, while Craig Lillibridge and Peter Graham of CB Richard Ellis represented Aldi. Existing tenants in the shopping center include Crate & Barrel, Trade Joe’s and J. Alexander.
KANSAS CITY, KAN. — Brokers from Grubb & Ellis |Winbury Group and Karbank & Company has joined together to broker the sale of a 120,000-square-foot warehouse and distribution building located at 4600 Kansas in Kansas City. Douglas Hedrick and John Delzer of Grubb & Ellis, along with Paul Fogel and Olen Monsees of Karbank, represented the seller, 4600 Kansas LLC. Brandon Heck of JDC Brokerage Services negotiated on behalf of the buyer, Sports Associated Inc. The facility was originally listed at $5.05 million, and was reduced to a listing price of $4.3 million before the buyer contracted to acquire it.