GRAND RAPIDS, MICH. — Grubb & Ellis|Paramount Commerce has brokered the sale of an office located at 3075 Orchard Vista Rd. SE in Grand Rapids. BH Piersma Real Estate II has sold the 36,043-square-foot office to Hope Network. The facility will serve as Hope Network’s new headquarters. Ray Kisor and Jim Peterson of Grubb & Ellis|Paramount Commerce represented the buyer; Tom DeBoer and Scott Morgan, also of Grubb & Ellis|Paramount Commerce, represented the seller in the transaction. The acquisition price was not disclosed.
CROWN POINT, IND. — Steven Livaditis and Michael Wernke of Marcus & Millichap have brokered the sale of a 72-unit multifamily community located at 905-928 Heritage Court in Crown Point. Heritage Court Apartments closed at a 7.41 percent cap rate. With 97 percent occupancy, floor plans at the community range in size from 750 square feet to 900 square feet. Sean Lyons and Shaun Buss of Marcus & Millichap represented the buyer, a private investor, in the acquisition. The acquisition price was not disclosed.
FRANKLIN PARK, ILL. — Advance Auto Parts Inc. has leased 45,852 square feet within the Franklin Park Distribution Center, which is located at 11222 Melrose Ave. in Franklin Park. David Bercu, Thomas Rodeno and Jonathan Kohn in the industrial services group of Colliers Bennett & Kahnweiler represented the landlord, Washington Properties, in negotiations. The 73,160-square-foot warehouse facility features 30-foot clear ceiling heights, an ESFR Sprinkler System and 17 exterior docks. Advance Auto Parts will use its new space as an auto parts distribution center. The company is expected to fully occupy the facility at beginning of the year. Dan McGillicuddy of Jones Lang LaSalle represented the tenant in negotiations. Additional terms of the lease were not disclosed.
MANHATTAN, KAN. — According to United States Senator Pat Roberts, The Department of Homeland Security has recommended Manhattan and Kansas State University to be the site of the new $450 million National Bio and Agro-Defense Facility (NBAF). Kansas State University was in contention with six other locations for the proposed facility. The selection was made in the Department of Homeland Security’s Final Impact Statement. A final record of decision will be issued following a comment period, and is expected to follow the recommendation made in the statement. The 500,000-square-foot facility is expected to operate at the highest level of biosafety (BSL-4). The Kansas State University proposed site would be situated adjacent to the Biosecurity Research Institute, a $54 million research/education facility. The facility’s economic impact is estimated to reach $3.5 billion in its first 20 years of operation.
ROMEOVILLE, ILL. — Construction is underway on the third spec facility being built within the Land and Lakes Bluff Point Business Park, which is located at the corner of Joliet Road and Bluff Road in Romeoville. On behalf of developer Land and Lakes Development Co., Meridian Design Build is serving as design/build general contractor for the project. Upon completion of the project, Bluff Point III Distribution Facility will measure 506,800 square feet in size. The multi-tenant building will include four drive-in doors, 30-foot clear ceiling heights, an ESFR Sprinkler System and 168 exterior docks with ample trailer parking. Peter Stadler and Ryan Brandush are handling the project for Meridian Design Build. The design team for the facility includes Harris Architects and Jacob & Hefner Associates. Jeff Kapcheck and Lynn Reich of Colliers Bennett & Kahnweiler are marketing the property. The estimated cost of completion was not disclosed.
ROSEMONT, ILL. — The Naperville, Ill.-office of Ryan Cos. US Inc. and Oak Brook, Ill.-based The Harp Group are breaking ground on Rosemont Corporate Center, a 121,000-square-foot office building located near the corner of Balmoral Avenue and River Road in Rosemont. The Class A, four-story building is being designed to achieve LEED Silver certification. Sustainable features of the building include an under floor air distribution system, energy efficient mechanical and electrical systems, and water conservation plumbing features. San Jose, Calif.-based Cisco Systems has signed on as the building’s lead tenant, occupying 82,000 square feet of space. Cisco System’s space will also be LEED certified.
LANCASTER, OHIO — The Cooper Commercial Investment Group of Cleveland-based NAI Daus has brokered the sale of the Shops at Ety Village retail center located in Lancaster. Tenants at the 29,400-square-foot development include Panera Bread, Pet Supplies Plus, Game Stop and Great Clips. Dan Cooper and Bob Havasi of NAI Daus represented the local sellers in the transaction. A Chicago-based independent investor purchased the property for $7.3 million.
EAST DUNDEE, ILL. — Marcus & Millichap has arranged the sale of Spring Water Retail Center located on Penney Avenue in East Dundee. The 10,000-square-foot center is fully occupied by six tenants. The original developer of the center sold the property to an undisclosed buyer for approximately $1.67 million, with a cap rate of 7.32 percent. Although not a condition to close, financing was obtained by Bank Financial and a 75 percent LTV was issued on the property. Demetrie Livaditis in the Chicago office of Marcus & Millichap represented the seller in the transaction.
ST. CHARLES, MO. — Air Products has selected Fountain Lakes Commerce Center, which is located at Interstate 370 and Elm Street in St. Charles, as the site for its new 269,837-square-foot production facility. Korte Construction is building the two-phased, $54 million project. The first phase of the project will consist of a 98,047-square-foot facility that is slated for completion by the middle of next year; the second phase will consist of a 171,790-square-foot facility that is scheduled to open in 2010. The Millstone Company is the owner and developer of the 475-acre Fountain Lakes Commerce Center. Tom Erman and Kevin McKeon of NAI DESCO represented Air Products in its acquisition of the 12-acre site. The new facility will allow Air Products to increase output of its membrane products by more than 50 percent. The company currently operates a membrane production facility at 11444 Lackland Ave. in St. Louis County. Upon completion of the new facility, the existing plant will continue to operate.
AURORA, ILL. — Atlanta-based IDI will develop a build-to-suit facility for Weinheim, Germany-based Freudenberg Household Products within its Prairie Point West Business Park, which is located at 2188 Diehl Rd. in Aurora. Freudenberg has signed a 10-year lease for the 525,000-square-foot building. Situated on a 28.5-acre parcel, the new facility will serve as Freudenberg’s North American headquarters, and will include space for the company’s manufacturing, distribution and administrative operations. The $30 million building will include a 35,000-square-foot office component, as well as 32-foot clear ceiling heights, 40 truck dock doors, parking for 350 cars and 30 truck stalls, which is expandable to 90. The city of Aurora is finalizing an incentives package for the project that includes a 10-year tax abatement of up to $1.5 million and a waiver of 75 percent of building permit fees during construction. George Cibula, Richard Daly and Joe Bronson of Darwin Realty & Development Corp. represented Freudenberg Household Products; Kirk Armour and David Prell of CB Richard Ellis represented IDI in the transaction. Freudenberg Household Products plans to move into its new facility by September.