Midwest

MCSHANE CONSTRUCTION TO BUILD 65,000-SQUARE-FOOT MEDICAL OFFICE FACILITY

by admin January 26, 2009

BUFFALO GROVE, ILL. — Rosemont, Ill.-based McShane Construction Co. is providing construction services for ASA Properties’ Affinity Healthcare medical office building located at 1450 Busch Pkwy. in Buffalo Grove. The 65,000-square-foot facility, which is slated for completion in August, will be situated on a 6.3-acre site within the Corporate Grove business park. Affinity Healthcare’s medical practice groups that will be housed at the facility include Diagnostic Imaging; Immediate Care; Ear, Nose & Throat Center; Illinois Bone & Joint Institute; Northwest Suburban Urologists; Sanders Arlington Pediatrics; and WomanCare. Additionally, the single-story facility will support clinical services, including diagnostic services and physical therapy. As part of the project, McShane will complete site work, landscaping and a parking area for 315 vehicles. Marasco & Associates and Partners in Design are providing architectural services and space planning for the Class A building. The estimated cost of completing the project was not disclosed.

January 26, 2009

Midwest

GREEN PARK FINANCIAL PROVIDES $27 MILLION REFINANCE LOAN

by admin January 26, 2009

MATTESON, ILL. — Green Park Financial has provided $27 million in refinancing for Maple Brook MHC, an age restricted, 441-pad manufactured housing community located in Matteson. The loan was based on a 10-year term including 5 years interest only, with a 30-year amortization schedule. The loan was underwritten to a 1.20x debt-service coverage ratio. Amenities at the property, which was 98 percent leased at the time of closing, include a gated entry, an outdoor recreation area and a community clubhouse. Cary Monroe and Mike Giordano of Monroe & Giordano originated the loan. The Green Park Financial team was led by Andrew Tapley.

January 26, 2009

Midwest Office

NAI OLYMPIA PARTNERS BROKERS SALE OF 67,267-SQUARE-FOOT OFFICE BUILDING

by admin January 26, 2009

INDIANAPOLIS — NAI Olympia Partners has brokered the sale of a 67,267-square-foot office building located at 9550 Zionsville Rd. in Indianapolis. L&R Acquisitions has purchased the building from Ameriplex Northwest Partners for an undisclosed amount. The facility is fully leased to DCL Medical Laboratories. Janice Paine and Jason Speckman with NAI Olympia Partners’ Investment Properties Team represented the seller in the transaction.

January 26, 2009

Midwest Office

CAREWORKS FAMILY OF COMPANIES RENEWS LEASES, EXPANDS WITHIN TUTTLE CROSSING

by admin January 26, 2009

DUBLIN, OHIO — The CareWorks Family of Companies has renewed its existing leases and has signed leases for additional space within Duke Realty Corp.’s Tuttle Crossing office park located in Dublin. CareWorks has renewed it 82,472-square-foot lease, and has leased an additional 8,632 square feet of space within a Class A office building located at 5555 Glendon Court. With the new lease, the four-story 132,854-square-foot building is fully occupied. Also in Tuttle Crossing, CareWorks has renewed its 35,653-square-foot lease and has leased an additional 7,133 square feet of space at 5500 Glendon Court. As part of the lease agreement, Duke has completed a build out of the new space and will refurbish portions of CareWorks’ existing space.

January 26, 2009

Midwest Retail

MARCUS & MILLICHAP SELLS SPACE WITHIN NORTHLAND CENTER FOR $31 MILLION

by admin January 23, 2009

SOUTHFIELD, MICH. — Marcus & Millichap has brokered the sale of 663,000 square feet within Northland Center, a 1.7 million-square-foot enclosed mall located at 21500 Northwestern Highway in Southfield. New York City-based Ashkenazy Acquisition Corp. has purchased the space from Jenkintown, Penn.-based Jager Management Inc. for a sales price of approximately $30.99 million. The 120-acre mall is co-anchored by Macy’s and Target. The portion of the property that was acquired as part of the transaction did not include Macy’s or Target. At the time of closing, Northland Center was 70 percent occupied. Mark Taylor and Dean Zang in the Philadelphia office of Marcus & Millichap represented the seller and procured the buyer in the transaction.

January 23, 2009

Civic Midwest

POLICE SUBSTATION COMPLETEDWITHIN 176,160-SQUARE-FOOT SHOPPING CENTER

by admin January 23, 2009

CINCINNATI — The Village of Fairfax Police Department substation has been completed within Regency Center Corp.’s Red Bank Village shopping center located in Cincinnati. Regency Centers donated an outparcel and the construction for the 1,400-square-foot facility. The substation, which will open on January 29th, will supplement the main police station situated approximately 3 miles from the shopping center. Funding for construction was provided by Tax Increment Financing, in conjunction with the Port of Greater Cincinnati Development Authority and the Village of Fairfax. The 176,160-square-foot Red Bank Village retail center will be anchored by a 151,765-square-foot Wal-Mart Supercenter, which is scheduled to open in November. Additionally, a 75,000-square-foot office component has been completed at the project. The two two-story office buildings were developed by Miller-Valentine Group.

January 23, 2009

Industrial Midwest

CBC COMPLETES SALE OF 240,795-SQUARE-FOOT INDUSTRIAL FACILITY

by admin January 23, 2009

ANDERSON, IND. — Tom Willey and Kurt Mathewson of Coldwell Banker Commercial Realty Services of Indianapolis have completed the sale of a 240,795-square-foot industrial facility located at 2900 Scatterfield Rd. in Anderson. The building, which is situated on an approximately 22.3-acre site, was purchased by Hy-Tech Machining Systems. Anderson Redevelopment Commission sold the property for an undisclosed amount.

January 23, 2009

Industrial Midwest

PRINCIPLE CONSTRUCTION COMPLETES 140,000-SQUARE-FOOT BUILD-OUT

by admin January 23, 2009

BOLINGBROOK, ILL — Bannockburn, Ill.-based Principle Construction Corp. has completed the build-out of Scrip Cos. new warehouse and office facility located at 360 Veterans Pkwy. in Bolingbrook. The 140,000-square-foot building includes 30-foot clear ceiling heights and 10 loading docks. Developer Seefried Properties selected Principle Construction Corp. as the builder for the project. Interwork Architects designed the facility. The estimated cost of completing the project was not disclosed.

January 23, 2009

Midwest

AVISON YOUNG OPENS FIRST OFFICE OUTSIDE OF CANADA

by admin January 23, 2009

CHICAGO — Avison Young, a Canadian-based commercial real estate company, has opened its first U.S. office in Chicago. Michael Fonda, Brendan Kelly, Hugh Williams and Suzanne Serino, all formerly of Cushman & Wakefield, have joined the company as principals. The new office, which will be situated in the Chicago suburb of Northbrook, is part of the company’s growth and expansion strategy. With 11 offices across Canada, Avison Young is the country’s largest independently-owned commercial real estate services company.

January 23, 2009

Midwest Mixed-Use

LANE4 PROPERTY GROUP READIES SITE FOR 467-ACRE MIXED-USE PROJECT

by admin January 22, 2009

KANSAS CITY, MO. — Developer LANE4 Property Group has begun demolition of the former Bannister Mall, which is located at Interstate 435 and Bannister Road in Kansas City. The site will house The Trails, a proposed 467-acre mixed-use development. The project will include more than 1.5 million square feet of office space and a 1 million-square-foot retail component. An 18,500-seat professional soccer stadium, which will house Kansas City’s major league soccer team, the Wizards, will anchor The Trails. In addition to the stadium, the complex will include 12 soccer fields for hosting local, regional and national tournaments.

January 22, 2009

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