ST. CLOUD, MINN. — Marcus & Millichap has brokered the sale of Park Place Estates, a 175-unit multifamily community located at 3700 West Germain in St. Cloud. The property, which includes one-, two- and three-bedroom units, commanded a sales price of $11.6 million. Jim Walsh and David Scott of Marcus & Millichap listed and sold the community to an undisclosed buyer. Amenities of Park Place Estates include three elevators, a private courtyard, an indoor swimming pool, an indoor spa and sauna, an exercise facility, a tennis court and a resident clubroom.
LIVONIA, MICH. — NYX Inc. has signed a lease for approximately 252,262 square feet of industrial space located at 36667 Schoolcraft Rd. in Livonia. KIN Properties leased the space to automotive supplier NYX Inc., which will use the facility for manufacturing of injection model parts. Gregg Loichinger, Peter Rogers, Randall Allman, Chuck Ginster and Joe Hauska of CB Richard Ellis Detroit represented the landlord in the transaction. Financial terms of the lease were not disclosed.
DETROIT — Fort Shelby Tower Apartments has opened at 527 W. Lafayette in downtown Detroit. The community, which shares a lobby with the newly renovated Doubletree Hotel, features 54 apartment homes and two penthouses. The 22-story building includes 12 one-bedroom units ranging from 939 square feet to 1,350 square feet; 42 two-bedroom units ranging from 1,223 square feet to 1,848 square feet; and two two-story penthouse Sky Suites measuring 2,097 square feet and 2,231 square feet in size. Units are situated between the 11th and 21st floors of the building, with each floor housing five apartment homes. Residence of the community have full access the Doubletree amenities, which include valet parking, 24-hour dining options, a concierge, a fitness center, and housekeeping and dry cleaning services. Bingham Farms, Mich.-based FOURMIDABLE is managing the community.
JOLIET, ILL. — May Center Advisors has brokered the sale of Southfield Retail Center located north of Interstate 80 along Houbolt Road in Joliet. The fully leased property houses 13,200 square feet of retail space. Tenants at the center include Subway and Dunkin’ Donuts. May Center Advisors represented the undisclosed seller in the transaction. The acquisition price was not disclosed.
OLATHE, KAN. — The United States division of Sun Life Financial has purchased 200 acres of land located at the southwest corner of 151st Street and Old 56 Highway in Olathe. The property was acquired for the phased development of bulk industrial buildings totaling approximately 2.9 million square feet. The purchase is part of Sun Life Financial’s approximately $1.28 billion U.S. real estate investment portfolio totaling 130 properties. Deborah Tirone of Sun Life Financial represented the company in-house in the acquisition. Financial terms of the deal were not disclosed.
KENTWOOD AND GRAND RAPIDS, MICH. — Grubb & Ellis|Paramount Commerce has brokered the sale of a 101,475-square-foot industrial facility located at 4949 W. Greenbrooke Dr. SE in Kentwood. JLJK LLC has purchased the building from Greenbrooke Properties for an undisclosed amount. Joel Langlois of Delta Properties represented the buyer; Derek Hunderman and Duke Suwyn of Grubb & Ellis|Paramount Commerce represented the seller in the transaction. Additionally, the company has arranged the sale of an 18,000-square-foot industrial facility located at 4515 Patterson Ave. SE in Kentwood. ClearKut has acquired the building from Macatawa Bank for an undisclosed amount. ClearKut plans to relocate its water jet cutting business to the building, as well as lease part of the building to various users. Steve Marcusse of Grubb & Ellis|Paramount Commerce represented the buyer; Marcusse, in conjunction with Hunderman, also represented the seller in the transaction. In Grand Rapids, Marcusse brokered the acquisition of an industrial building located at 4600 Danvers Dr. SE. P&L Commercial Properties purchased the 19,311-square-foot building from John Wagner Associates for an undisclosed amount. Marcusse and John Kuiper of Grubb & Ellis|Paramount Commerce represented the seller in the transaction.
BEMIDJI, MINN. — Minneapolis-based Kraus-Anderson Construction Co. has been selected by Minnesota State Colleges and Universities to complete a building addition and renovation at Bemidji State University, which is located in Bemidji. The 26,000-square-foot addition and renovation at Sattgast Hall will include new labs, classrooms and offices, as well as new science, healthcare and technology facilities. The $6.9 million science building addition is slated for completion in early 2010. Kraus-Anderson previously worked with Minnesota State Colleges and Universities to build the new Allied Center for Health Nursing School, which will utilize lab space at Sattgast Hall. The building is being constructed to exceed the Minnesota Energy Code.
MILWAUKEE — West Bend, Wis.-based American Design-Build and North Liberty, Iowa-based Kinseth Hospitality Cos. have completed construction of a Sleep Inn & Suites located at the intersection of Layton Avenue and South 6th Street in Milwaukee. The three-story property, which is situated 1.5 miles from the west entrance of General Mitchell International Airport, houses 82 guest rooms. Amenities at the property include an indoor pool, a fitness center and a meeting room capable of hosting up to 35 people. Kinseth Hospitality Cos. will manage the Sleep Inn & Suites on behalf of Choice Hotels International.
GROVE CITY, OHIO, AND HILLSBORO, MO. — Marcus & Millichap has arranged the sale of a 10,325-square-foot retail property located at 4108 Buckeye Pkwy. in the Columbus suburb of Grove City. The Parkway Centre East Outlot is part of the larger Parkway Centre, which houses Wal-Mart, Target, Best Buy and The Home Depot. Tenants at the fully leased Parkway Centre East include AT&T, Casual Male, My Family Dentistry and Jersey Mike’s Subs. A private investor has purchased the outlot from a local developer for $3.5 million. John Reehil in the Columbus, Ohio, office of Marcus & Millichap represented the seller; Christopher Sands in the Encino, Calif., office of Marcus & Millichap represented the buyer in the transaction. Additionally, the St. Louis office of Marcus & Millichap has brokered the sale of Hillsboro Plaza, an 11,930-square-foot retail center located at 10650 Highway 21 in Hillsboro. A local private investor has purchased the center from a Chicago-based developer for $950,000. Tenants at the center include Movie Gallery, Quick Cash Financial and Happy China. Christopher Pollnow and Gregory Tobben of Marcus & Millichap represented both parties in the transaction.
BLUE SPRINGS, MO. — The Blue Springs Economic Development Corp., in conjunction with the city of Blue Springs, will develop the Missouri Innovation Park at Blue Springs. Located at Interstate 70 and Adams Dairy Parkway, the approximately 500-acre science and technology innovation park will be anchored by a long-term collaboration with the University of Missouri. The University of Missouri has plans to establish The Mizzou Innovation Center within the park, which will provide the basis for scientific collaboration and commercial innovation links between the UM campus in Columbia and the larger research and private industrial community. Plans for the innovation center call for a single institutional building, which may expand to multiple buildings ranging in size from 10,000 square feet to 60,000 square feet. A request for qualifications from national public development partners to provide planning, development, management, and financing expertise and resources for the project has been issued. Planning for the project is expected to last 4 to 6 months, followed by an 18- to 24-month design and development period before initial operations commence. Financing for the Missouri Innovation Park is proposed to include both public and private investments. Initial capital for the acquisition of the vacant land, which …