INDIANAPOLIS — The Tenant-in-Common Association (TICA), an Indianapolis-based organization that promotes and supports parties in the fractional ownership and tenant-in-common industry, has changed its name to the Real Estate Investment Securities Association (REISA). The organization’s new name reflects is broadened mission to include all aspects of real estate securities, including 1031 transactions, Regulation D, private non-traded REITs, partnerships, real estate mutual funds, oil and gas, real estate-based energy offerings and natural resource offerings. The name change will be effective June 1, 2009, and a revamped website will be launched at www.reisa.org.
Midwest
SPEEDWAY, IND. — The Kroger Company will begin construction this month for a $7.6 million expansion to its existing Kroger grocery store located within the Speedway Super Center in Speedway. Kroger will acquire and demolish the three retail spaces to the left of its existing 59,515-square-foot center to make way for the expansion. The new grocery store will contain between 92,771 and 118,000 square feet upon completion. The new store will feature a broader food selection, as well as the addition of a drive-thru pharmacy. Kroger has also signed a new 20-year lease at the shopping center that will commence when the expanded grocery story opens in November. The property’s landlord, Centro Properties Group, was represented in-house by Bob Pionke in the lease negotiations.
ROCKVILLE, IND. — A joint venture between Invest West Financial Corp. and Santa Barbara Capital has purchased a 12,900-square-foot CVS/pharmacy, located in Rockville, for $4.8 million. The acquisition of the property included the assumption of its $4.2 million mortgage. The undisclosed seller was represented by Luttner Retail Group. The buyer utilized in-house representation.
HARTLAND, WIS. — Milwaukee-based Colliers Barry has negotiated the leasing of 35,125 square feet of office and warehouse space at 340 Maple Ave. in Hartland. The space will be occupied by Sunburst Apparel, which was represented in lease negotiations by James Young of Colliers. The landlord was Roadster Hartland LLC. Terms of the lease were not disclosed. The new space marks an expansion from the tenant’s previous facilities.
TERRE HAUTE, IND. — Thompson Thrift Development has leased two spaces within Honey Creek Commons, a shopping center the developers controls that is located in Terre Haute. First, JoAnn Fabrics & Crafts has signed a 10-year lease for 25,127 square feet within the center, which is located at 5705 U.S. Highway 41. Additionally, America’s Best Contacts & Eyeglasses has signed a 5-year lease for 3,200 square feet at 5787 U.S. Highway 41. Thompson Thrift’s Susannah Gershman provided in-house representation for the landlord in both transactions. JoAnn was represented by Bob Byrne of Edge Commercial Real Estate and America’s Best was represented by Allison Tiefel of Colliers Turley Martin Tucker. Additional tenants at Honey Creek Commons include Kohl’s, T.J. Maxx, David’s Bridal, Dress Barn, rue 21, MW Tux and Subway.
ELWOOD, ILL. ¬— Morgan/Harbour Construction Co. has completed the fast-track construction of a 500,000-square-foot Midwest headquarters and distribution facility for Grand Rapids, Mich.-based BISSEL Homecare Inc. The build-to-suit warehouse is located on 35.89 acres at Route 53 and Walter Strawn Road within the CenterPoint Intermodal Center in Elwood. The building is expandable up to an additional 250,000 square feet, and features 32-foot clear ceiling heights, 120 cross docks and four drive-in doors. BISSEL is relocating to its new facility from Joliet, Ill. Morgan/Harbour was selected to build the project by CenterPoint Intermodal Center developer CenterPoint Properties.
CHICAGO — Doug Imber and Doug Fisher of Essex Realty Group have negotiated the sale of a 58-unit multifamily residential property located at 1373 Greenleaf Rd. in the Rogers Park neighborhood of Chicago. The undisclosed seller, represented by Imber and Fisher, disposed of the property for approximately $3.75 million. The building features 37 one-bedroom and 15 two-bedroom units, as well as six commercial spaces.
ANN ARBOR, MICH. — Ann Arbor-based McKinley has been named receiver for an 11-property national multifamily portfolio, as well as a shopping center in Maple Heights, Ohio. For the Bethany Portfolio, McKinley has been appointed receiver for several communities in Atlanta, Virginia and North Carolina that feature a total of 2,904 units. In Maple Heights, McKinley is working to stabilize and create value at Southgate USA, a 795,000-square-foot shopping center. Southgate USA comprises approximately 20 buildings and is anchored by The Home Depot, Giant Eagle and Cuyahoga County government services.
CHICAGO — Albert Schulman of Paine/Wetzel • ONCOR International has brokered three industrial transactions in Chicago. At 1300 Exchange Ave., Schulman has negotiated the sale of a 95,000-square-foot building. Amenities include an enterprise zone, an empowerment zone and TIF district. An investment company that owned the property for more than 40 years sold it to 1300 Exchange Trust. Schulman also represented Sign-O-Rama in its acquisition of a 3,000-square-foot building located at 4443-4445 W. Oakton St. in Skokie, Ill. The facility was formerly occupied by Sherwin Williams. The seller, an out-of-town investors, was represented by Ross Goldstein of Hallmark Johnson Realty. Along with Paine/Wetzel’s Michael Nelson, Schulman has negotiated an 8,448-square-foot lease at 1454 W. Willow St. in Chicago on behalf of the landlord, Elston Industrial Lofts. The space has been leased by Orion’s Mind LLC, which negotiated the lease in-house, will use the space within the newly remodeled building as its new corporate office.
COUNCIL BLUFFS, IOWA — John Reed of NorthMarq Capital’s Omaha, Neb., regional office has arranged first-mortgage financing for Riverbend Apartments, which is a 201-unit multifamily property in Council Bluffs. The approximately $3.97 million loan is based on a 10-year term and was arranged for the borrower, MGM Apartments, by NorthMarq through its affiliate, Amerisphere Multifamily Finance.