Midwest

$27 MILLION GATEWAY TRANSPORTATION CENTER COMPLETED

by admin January 22, 2009

ST. LOUIS — KAI Design & Build has completed St. Louis City’s Gateway Transportation Center located at Spruce and 15th streets near Scottrade Center. KAI Design & Build provided architectural services, as well as plumbing and fire protection engineering services for the project. A 37,000-square-foot terminal building was completed in August. The $27 million multi-modal building provides facilities for Amtrak passenger trains and Greyhound bus services in a single 700-foot-long structure. A MetroLink light-rail station, a local bus transfer station and a taxi stand are situated adjacent to the new building. Train passengers walk through an enclosed glass walkway to reach the Amtrak train platforms at one end of the facility. On the north wing of the building, Greyhound has 10 bus bays. The project, which was completed in four phases, was funded by federal, state and local government agencies, with participation from Amtrak, Greyhound and MetroLink. The general contractor, St. Louis-based K&S Associates, began working on the project in 2006.

January 22, 2009

CPA¨:17 PURCHASES $15 MILLION COLD STORAGE FACILITY

by admin January 22, 2009

GLENDALE HEIGHTS, ILL. — CPA®:17, a publicly held non-traded REIT affiliate of investment firm W.P. Carey & Co., has purchased a cold storage facility located in Glendale Heights. The facility, which is fully occupied by Kronos Foods Inc., was acquired for approximately $15 million. Over the next 9 months, CPA®:17 plans to renovate the building into a state-of-the-art food production facility for Kronos. Upon completion of the project, Kronos will consolidate its Chicago operations into the new location.

January 22, 2009

Midwest Multifamily

HENDRICKS & PARTNERS BROKERS SALE OF 294-UNIT MULTIFAMILY COMMUNITY

by admin January 22, 2009

SALINE, MICH. — Hendricks & Partners has brokered the sale of Riveroaks, a 294-unit multifamily community located at 801 Valley Circle Dr. in Saline. Michigan-based Riveroaks Apartment Holdings LLC has purchased the complex from Bank of America for $9 million. The buyer is planning an extensive improvement program for the property, and has signed a short-term management contract with Buckingham Management. The improvement project is expected to begin in early February, with renovated interiors completed by the spring. Rick Vidrio, Kevin Dillon, Rick Brace, Andrew Bayster and Cary Belovicz in the Detroit office of Hendricks & Partners represented the seller in the transaction.

January 22, 2009

Midwest Multifamily

GROSS & COHEN PURCHASE 167-UNIT STUDENT APARTMENT COMPLEX

by admin January 21, 2009

WEST LAFAYETTE, IND. — Massachusetts-based Gross & Cohen Real Estate Investors has purchased The Fairway, a student-housing complex located 1 mile from the Purdue University campus in West Lafayette. The 167-unit apartment community, which is fully occupied, includes 298 beds. In the past 2 years, The Fairway has added three new buildings. Additionally, older units have been rehabbed and the clubhouse and leasing center have been renovated and expanded. Amenities at the property include an exercise center, a tanning bed, a pool and a recreation room. The acquisition price was not disclosed.

January 21, 2009

Civic Midwest

UNIVERSITY PLANS $23.2 MILLION BASKETBALL PLAYER DEVELOPMENT CENTER

by admin January 21, 2009

ANN ARBOR, MICH. — The University of Michigan has plans to construct a Basketball Player Development Center adjacent to Crisler Arena, which is located on the university’s Ann Arbor campus. The U-M Board of Regents is expected to approve the approximately $23.2 million project this Thursday. The approximately 50,000-square-foot facility will include two basketball courts, team locker rooms, a video theater, spaces for strength and conditioning as well as athletic medicine, and offices for coaches and staff. Athletic resources and gifts will fund the building, which will be used by both the men and women’s basketball programs. The board is expected to appoint Jickling Lyman Powell Associates as the design architect for the project.

January 21, 2009

Industrial Midwest

GRUBB & ELLIS SECURES INTEREST FOR FINAL FACILITY WITHIN FOUR-BUILDING PARK

by admin January 21, 2009

ELGIN, ILL. — Grubb & Ellis has represented Shorewood Properties in the completion of its four-building, 160,000-square-foot industrial development located on Scottsdale Court, off of Tollgate Road, in Elgin. Bruce Granger of Grubb & Ellis’ industrial group has secured interest from Northgate Technology Inc. for a 34,000-square-foot build-to-suit facility, which will be constructed at the park. Northgate is expected to take occupancy at the new facility this year. In 2000, Shorewood acquired the 17-acre site from Flender Corp., which is now part of Siemens Energy and Automation. With the final addition, the park will house four industrial buildings, including a 50,000-square-foot multi-tenant building; a 38,000-square-foot multi-tenant building; a 38,000-square-foot single-tenant building; and a 34,000-square-foot single-tenant building, which will be occupied by Northgate Technology. Additional tenants within the park include Owens Corning, Park Supply, ID Graphics, MPR Precision Molding Specialists and Argos Technologies Inc.

January 21, 2009

Midwest Multifamily

ASSOCIATED ESTATES REALTY CORP. SELLS TWO APARTMENT COMMUNITIES

by admin January 21, 2009

CLEVELAND AND WILLOWICK, OHIO — Richmond Heights, Ohio-based Associated Estates Realty Corp. (AEC) has sold Lakeshore Village apartments located in Cleveland, and Bay Club apartments located in the Cleveland suburb of Willowick. The 108-unit Lakeshore Village was owned by a joint venture in which AEC had a 50 percent interest. The property was the last affordable housing community that the company had an ownership interest in. Bay Club apartments, which was developed by an AEC predecessor company, houses 96 market-rate apartments. The sales price of the property reflects a cap rate of 6.8 percent based on a trailing 12-month NOI, after a 3 percent management fee and $500 per unit of capital expenditures. The acquisition price and the buyer for both deals were not disclosed. AEC’s portfolio includes 52 properties totaling 13,192 units in nine states.

January 21, 2009

Civic Midwest

GOVERNOR OK’S $279 MILLION EXPANSION PROJECT OF COBO CONFERENCE CENTER

by admin January 20, 2009

DETROIT — Governor Jennifer Granholm has signed legislation for the expansion and renovation of the Cobo Conference Center located at One Washington Blvd. in Detroit. The legislation transfers ownership and operation of the facility from the city of Detroit to an undisclosed regional authority, and provides funding to pay for the expansion. Funding for the expansion extends taxes on statewide liquor sales and metro Detroit hotel/motel rooms until 2039 unless bonds to finance the project can be paid off before that date. Before construction can begin, a five-member governing authority must approve the project. All five members of the committee will have individual veto power over decisions in building and operation of Cobo Conference Center. Additionally, the Detroit City Council has 45 days to reject the plan before control transfers to the authority 90 days after the legislation becomes a law. Plans for the $279 million project call for an approximately 166,000-square-foot expansion to the existing 700,000-square-foot facility. Cobo Arena would be converted as part of the expansion project. The plan will also add meeting rooms and other improvements to the exhibition facility.

January 20, 2009

Civic Midwest

MCSHANE CONSTRUCTION COMPLETES 213,067-SQUARE-FOOT PUBLIC WORKS BUILDING

by admin January 20, 2009

NAPERVILLE, ILL. — Rosemont, Ill.-based McShane Construction Co. has completed the multi-purpose Public Works Service Center on behalf of the city of Naperville. Situated on a 22-acre site, the 213,067-square-foot facility is located at 180 Fort Hill Dr. in Naperville. The building houses administrative and office areas; storage areas; welding, paint and sign shops; community meeting rooms; and a state-of-the-art fleet services center. Additionally, storage and office components were constructed within the building for Naper Settlement, the city’s living history museum. The building was constructed and designed to achieve LEED certification. Areté 3 provided architectural services for the project. The estimated cost of completing the project was not disclosed.

January 20, 2009

Industrial Midwest

NAI HIFFMAN BROKERS SALE OF 21,333-SQUARE-FOOT INDUSTRIAL BUILDING

by admin January 20, 2009

BENSENVILLE, ILL. — The Victaulic Company has sold a 21,333-square-foot industrial facility located at 730 Thomas Dr. in the O’Hare submarket of Besenville. Bob’s Business has purchased the building for an undisclosed amount, and will use the new location for its distribution needs. The facility includes two loading docks and an extra .75 acres of land for possible expansion. Brian Colson and Eric Fischer of NAI Hiffman’s industrial services group represented the seller; Mike Goolsby of Jones Lang LaSalle represented the buyer in the transaction.

January 20, 2009

Newer Posts

Older Posts