TOPEKA, KAN. — A joint venture between USAA Real Estate Co. and Seefried Industrial Properties has acquired a 74-acre land parcel located within Central Crossing Commerce Park in Topeka. The venture plans to develop a build-to-suit distribution center at the site for The Home Depot. The facility will be tri-docked and will total 465,600 square feet. The Home Depot signed a 20-year lease for the property, and will operate it as a regional distribution center. Completion is scheduled for this fall.
MINNEAPOLIS — NorthMarq Capital has arranged $3.1 million in first-mortgage financing for Mid City Industrial Buildings, located in Minneapolis. The properties total 89,280 square feet and are located at 721-731, 724-740 and 771-783 Harding St. The loan includes a 5-year term with a 30-year amortization schedule. James Hoopes with NorthMarq’s Minneapolis office originated the loan on behalf of the undisclosed borrower through a correspondent lender.
While St. Louis has a diversified economy, it has not been immune from the forces reshaping the retail landscape. As the economy contracts and consumer confidence continues to dip, retailers are reeling from the impact. Circuit City was the latest fatality when its 567 stores went dark in early March, including seven sites in the St. Louis area. Colliers Turley Martin Tucker expects that 2009 will best be remembered as a year of significant closures and consolidations among retailers. Despite the current uncertainty in the marketplace, there were several retail developments completed last year, all of which were primarily committed to well before the economy began taking its toll. St. Louis ended 2008 with more than 1.5 million square feet of new retail space. The majority of these new developments are anchored by retailers selling necessity or discount items such as Costco, Wal-Mart, grocery stores and drug stores. Such a tenant base, combined with consumers now taking a more cost-conscious approach to spending, should allow these developments to do well despite the current economic turmoil. Among these new developments is the new 260,000-square-foot Meadows at Lake Saint Louis in Lake St. Louis, Missouri. Billed as the first lifestyle center in …
The Indianapolis industrial market posted a strong showing last year despite the economic challenges impacting the nation. More than 4.3 million square feet of space was absorbed in 2008, and the region’s industrial vacancy rate closed at 7.4 percent, a decrease of 1.1 percent from the start of the year. Several factors contributed to the area’s ability to move forward, not the least of which is the area’s long-standing stature as the Midwest’s crossroads for distribution. Construction continued, but on a more restrained level. Approximately 1.9 million square feet of new industrial space was completed last year, which is only a quarter of the volume — 8.8 million square feet — of new space added in 2007. A significant component of this new inventory was build-to-suit or expansions by existing owners or users. Additionally, rental rates for industrial space remained level; rents have not moved in either direction since 2007. The rates have remained low compared to other Midwest cities, which has attracted new regional and national players while encouraging local businesses to maintain and renew their existing leases. As in past years, modern bulk distribution space has led the charge of new activity. Approximately 4.3 million square feet of …
ST. LOUIS — Scottrade, a branch-supported, online investment firm based in St. Louis, has acquired two buildings and two parcels of land within Maryville Centre in West St. Louis County from Duke Realty Corp. The sale includes 500-510 Maryville Centre, a four-story, 165,000-square-foot office building, and 700 Maryville Centre Drive, which totals 215,000 square feet over five floors, as well as two parcels of land totaling 14 acres. Maryville Centre is an 11-building office complex located in Town & Country, Missouri, an outlying suburb west of St. Louis. Scottrade, which will move some of its operations and administrative functions to the new location in the near future, was represented by Tripp Hardin and Don Woehle of CB Richard Ellis in the negotiation.
CINCINNATI — Phillips Edison & Co. has completed a $118 million secured revolving credit facility. Bank of America Securities was the lead arranger, and Bank of America, N.A. was the administrative agent. The credit facility is secured by 22 properties and has a 3-year term with two 1-year extension options. As a result of the financing, Phillips Edison, which focuses on investing in grocery-anchored shopping centers with value-creation opportunities, has no meaningful debt maturities until 2011.
COLUMBIA, MO. — R.G. Brinkmann Construction Co. has completed the first Menards home improvement center in central Missouri. The 233,000-square-foot store is located within Centerstate Crossing, a mixed-use community located at the intersection of Interstate 70 and Missouri Highway 63 in Columbia. Centerstate Crossing is owned by Centerstate Realty, and encompasses more than 348,000 square feet over 200 acres, with tenants such as Bass Pro Shops, Furniture Row, Ruby Tuesday and Hilton Garden Inn. The Menards project totaled more that $6.7 million.
BUFFALO GROVE, ILL. — Chicago-based Bridge Development Partners and San Francisco-based McMorgan & Company have leased 196,850 square feet of space within its newly completed speculative Aptakisic Creek Corporate Park to Hyper Microsystems Inc. The lease is for space within two buildings located at 1700 and 1701 Leider Lane in Buffalo Grove. Hyper Microsystems, which is a leading distributor and manufacturer of high-performance computer storage devices, leased an entire 146,850-square-foot facility, as well as 50,000 square feet within an adjacent 188,215-square-foot building. John Hauser and Charlie DesRosiers of Cushman & Wakefield represented Bridge Development in the transaction; Eric Fischer of NAI Hiffman negotiated the lease on behalf of the tenant. The buildings feature 30-foot clear ceiling heights and 16 loading docks each.
CLEVELAND HEIGHTS, OHIO — Pine Tree Commercial Realty, the co-owner and exclusive leasing representative for the 620,000-square-foot Severance Town Center, has signed Conway Stores to a 24,000-square-foot lease within the shopping center. Severance Town Center, which Pine Tree co-owns with Syndicated Equities Corporation of Ohio, is located at 3640 Mayfield Rd. in Cleveland Heights. Conway Stores, which specializes in men’s, boy’s and women’s discount apparel, opened at the end of last year. Two other leases were signed recently at the center: Gibbs Jazz Café is expected to open a 5,900-square-foot restaurant in May, and Rainbow Apparel Companies recently opened a 5,400-square-foot store.
BARTLETT, ILL. — FCL Builders has completed the new 85,760-square-foot distribution center for Get Fresh Produce at 1441 Brewster Creek Blvd. in Bartlett. The facility will be used for the distribution of produce and dairy products. It features six coolers totaling 21,600 square feet, an 18,600-square-foot cold storage dock, a 5,400-square-foot freezer, 14,905 square feet of office space and a 2,400-square-foot maintenance office. In addition, the building provides 17,000 square feet for additional expansion. The project has received LEED certification and is the first building in Bartlett to receive the designation. Sustainable features include low-flow water fixtures, a reflective roof, increased natural light with the building, drought-resistant landscaping, and the use of locally sourced and recycled construction materials. The project architect was Capital Design Ltd.