MINNEAPOLIS — As a result of deteriorating market and economic conditions in the commercial real estate development industry, Minneapolis-based The Opus Group has eliminated a total of approximately 200 positions nationwide. The job cuts are occurring in all five independent operating companies, which include Opus North Corp., Opus Northwest, Opus East, Opus South Corp. and Opus West Corp. The cuts represent about 10 percent of Opus’ 2,100-person staff, and some geographical locations will experience more eliminations than others. In addition to the layoffs, each company under the Opus name is continuing to implement a variety of measures to conserve cash, consolidate functions and become more operationally efficient.
GRAND RAPIDS, MICH. — At the end of January, Grand Rapids-based Locus Development will break ground on Thirty-Eight, a mixed-use project located at the corner of Weston and Commerce in downtown Grand Rapids. The eight-story, 80,000-square-foot mixed-use development will include 35 one- and two-bedroom apartments on floors two through six; eight two-story penthouse condos on floors seven and eight; a 30,000-square-foot office component; an open-air rooftop bar space that accommodates up to 150 people; and 10,000 square feet of ground-floor retail space dedicated to small shops and restaurants. Additionally, a seven-story parking ramp with space for more than 360 vehicles is being constructed as part of the project. The parking structure, which will include the city’s first green roof, will be situated adjacent to the mixed-use building and will offer direct access to retail, offices and residential units from each level. The approximately $26 million project was designed to achieve LEED certification. Prior to construction, Adtegrity.com signed a lease for 15,000 square feet of office space at the building. Situated on the second and third floors, Adtegrity.com’s new office will have space for up to 50 employees. The company is expected to take occupancy in the second quarter of 2010. …
MIDDLEBURG HEIGHTS AND PAINESVILLE, OHIO — KeyBank Real Estate Capital has closed $25.1 million in Freddie Mac loans for two properties located near Cleveland. In Middleburg Heights, KeyBank has provided an $18 million conventional loan to refinance The Islander Apartments. The Islander Apartments LLC was the borrower for the 18-building, 984-unit garden-style complex. In Painesville, the company has provided a $7.1 million Freddie Mac early rate-lock loan for the third construction phase of Cobblestone Court Apartments. Cobblestone Court Apartments I LLC was the borrower for the 120-unit luxury apartment complex. Additional terms of both loans were not disclosed.
NORTH OLMSTED, OHIO — Phoenix-based Hendricks & Partners has brokered the sale of Madison at Butternut Ridge, a 261-unit apartment community located at 5800 Great Northern Blvd. in North Olmsted. Oak Brook, Ill.-based JVM Butternut Apartments purchased the community from Butternut Ridge Apartment Associates, c/o BPG Properties of Philadelphia, for $19 million. The community houses 102 one-bedroom/one-bath units; 119 two-bedroom/two-bath units; and 40 three-bedroom/two-bath units. Amenities at the property include a clubhouse with an on-site business center, an indoor fitness center, a swimming pool, a playground, garages and a car wash park. The purchaser, which assumed an existing Fannie Mae mortgage with a balance of $12.9 million at a 4.21 percent interest rate, plans to invest an additional $1 million in the property for exterior improvements. Rick Vidrio, Rick Brace and Cary Belovicz in the Detroit office of Hendricks & Partners represented the seller in the transaction.
HAMPSHIRE, ILL. — Stanley Machining and Tool Corp. has purchased a 152,429-square-foot manufacturing facility located at 200 Brandt Dr. in Hampshire. The building was sold by Northbrook, Ill.-based Hilco Real Estate for $5.1 million. Situated on 12.7 acres, the facility includes 12 truck docks and 120 parking spaces. Stanley Machining and Tool Corp. will maintain its 110,000-square-foot headquarters in Carpentersville, Ill., and will use its new property for manufacturing high precision components. John Cash and David Haigh of NAI Hiffman’s Industrial Services Group represented the seller; Romeo Mura of Stonegate Commercial represented the buyer in the transaction.
CHICAGO — The United States Government Building Fund has purchased the Federal Bureau of Investigation office Field Office Building located in Chicago. The approximately 430,000-square-foot FBI Field Office was developed in 2004 as a build-to-suit project constructed for the FBI. USAA Real Estate Co. sold the Class A building for an undisclosed amount. Situated on a 10-acre site immediately southwest of Chicago’s central business district, the 10-story building includes a one-story annex facility, underground parking and a three-story parking structure. In late December, the building was awarded the highest level of Leadership in Energy and Environmental Design for Existing Buildings from the U.S. Green Building Council (USGBC). The facility was the first in the world to receive a platinum level of certification under the USGBC’s LEED EBOM. Additionally, it is the first LEED EBOM platinum-rated building in Chicago, and one of only 16 platinum-rated projects in the world.
CARPENTERSVILLE, ILL., AND COLUMBUS, OHIO — Marcus & Millichap has arranged the $23.05 million sale of Fox View Apartments located at 3 Oxford Rd. in Carpentersville. The 373-unit affordable housing community has a 95 percent Housing Assistance Payments (HAP) contract in place, as well as an existing Section 236 mortgage. The 326,868-square-foot community houses 109 two-bedroom/one-bath units and 264 three-bedroom/one-bath townhouses. Scott Harris and Kyle Shoemaker in the Oak Brook, Ill., office of Marcus & Millichap, as well as Paul Davis and Andrew Daitch in the firm’s Detroit office, represented the undisclosed seller in the transaction. Marcus & Millichap also represented the undisclosed buyer in the transaction. Additionally, the Columbus office of Marcus & Millichap has brokered the sale of Creekbend, a 64-unit multifamily community located in Columbus. A private limited liability company has purchased the property from an undisclosed institutional owner for $1.2 million. The property, which was 87 percent occupied at the time of closing, houses 32 one-bedroom and 32 two-bedroom units. J Rosenbusch and Matthew Gockstetter of Marcus & Millichap represented both the buyer and seller in the transaction.
OMAHA, NEB. — On behalf of Ford Mercantile Warehouse Co., Darland Construction Co. has completed a 120,000-square-foot corporate warehouse within the Hilltop Industrial Park, which is located south of the Omaha metro area. Situated on a 12-acre site, the facility’s primary use is warehousing. The property includes outside storage for up to 70 semi trailers; a 16,000-square-foot, two-story office component that will house Ford’s corporate offices; and an 8,000-square-foot truck repair shop for Ford’s delivery trucks. Amenities at the property include 28-foot clear ceiling heights, an ESFR sprinkler system and an energy-efficient lighting system designed with motion sensors that provide light only in areas being utilized. The project was designed to allow future expansion of the facility in two directions. Meyer & Associates served as the architect for the project. The estimated cost of completion was not disclosed.
DULUTH AND NORTHFIELD, MINN. — Brian Hennen in the Minneapolis office of NorthMarq Capital has arranged $6.5 million in first mortgage financing for two Minnesota multifamily properties. In Duluth, Hennen arranged a $5.4 million loan for the 180-unit Highland Village Apartments. Financing for the property was based on a 10-year term, with a 30-year amortization schedule. In Northfield, Hennen arranged $1.1 million in first mortgage for Riverview Manor Apartments. The loan for the 48-unit community was based on a 10-year term, with a 30-year amortization schedule. Both of the loans were arranged for undisclosed borrowers through NorthMarq’s seller/servicer relationship with Freddie Mac.
CHICAGO — Meridian Design Build has been selected as design/build general contractor for a 37,942-square-foot industrial facility, which will be located within the Stockyards Industrial Park in Chicago. The building, which is scheduled for completion during the second quarter, is being constructed on behalf of Gypsum Supply Co. In addition to warehouse and distribution space, the facility will include 3,000 square feet of offices/employee support areas, as well as a production showroom. Cornerstone Architects is serving as the designer for the project. Adam Goldberg and John Helgesen are handling the project for Meridian Design Build. Jeff Galante of Lee & Associates represented Gypsum Supply Co. in the acquisition of the site. The estimated cost of completing the project was not disclosed.