CHICAGO — Chicago-based design agency VSA Partners has signed a long-term lease within the 600 West Chicago building in the city’s River North submarket. The company’s headquarters will occupy approximately 40,000 square feet of space on the building’s second floor. VSA Partners has plans to move into the new space by the middle of 2009. The eight-story, 1.5 million-square-foot office building includes a river walk, shuttle service to train stations, a restaurant and a gym. Jones Lang LaSalle serves as the leasing agent for the property, which is 90 percent leased. Brad Despot of Jones Lang LaSalle represented the undisclosed landlord; Tom Volini in the Tenant Advisory Group of Grubb & Ellis represented VSA Partners in the transaction.
Midwest
LANSING, KAN. — LANE4 Property Group and Colliers Turley Martin Tucker have announced plans to begin construction of a 218,000-square-foot shopping center in Lansing, by the end of the year. Located at Highway 7 and St. Mary St., Lansing Town Center will include a 100,000-square-foot anchor, up to three junior anchor retailers, and several small shops and outparcel retailers. Colliers Turley Martin Tucker was responsible for the land assemblage of the northern 21 acres at the site. Both LANE4 Property Group and Colliers are responsible for marketing the property. Completion of the first buildings for the project, which received Tax Increment Financing from the city of Lansing, is expected in the third quarter of 2009. The estimated cost of completion was not disclosed.
CLEVELAND — Norfolk, Va.-based Harbor Group International has arranged a lease for approximately 100,000 square feet within 200 Public Square, a 45-story Class A office building located on Euclid Avenue in downtown Cleveland. Huntington Bank has leased office and retail space within the building for a 20-year term. The leased property includes two full atrium levels, a third floor and a retail component. Huntington Bank will relocate its regional headquarters to the facility as early as November 2010, with a completion date of November 2011. Amenities at the 1.27 million-square-foot office tower include a 757-space parking garage, a fitness center and an eight-story atrium. Terms of the lease allow Huntington Bank to add prominent signage to the building, including the top of the tower.
ROCHESTER HILLS, MICH. — Tuesday Morning and Dots have opened stores within Centro Properties Group’s Hampton Village Centre located at the northeast corner of Rochester Road and Auburn Road in Rochester Hills. Originally constructed in 1986, the 560,000-square-foot community shopping center has undergone a redevelopment and subsequent renovation. Tuesday Morning occupies 12,400 square feet, and Dots occupies 4,400 square feet at the center. Additionally, Ulta Salon has executed a lease to open an 11,000-square-foot store at Hampton Village Centre. The store is scheduled to open in February 2009. Additional tenants at the center include Best Buy, Chili’s, Dunham’s Sports, Kohl’s, Office Max, Olive Garden, Target, TJ Maxx and Star Theater.
NAPERVILLE, ILL. — On behalf of Suncraft Technologies, Bannockburn, Ill.-based Principle Construction Corp. has completed an 88,000-square-foot warehouse addition located at 1301 Frontenac in Naperville. The new warehouse includes 20-foot clear-height ceilings, 65 new parking stalls, a storage mezzanine, a baler room, a break room, a worker room and a shipping office. Additionally, the project was constructed to accommodate four interior loading docks. Harris Architects provided design services; Phil Gonzalez of Principle Construction Corp. acted as project manager for the addition. The estimated cost of completion was not disclosed.
SHAWNEE MISSION, KAN. — The Kansas City office of Walton Construction Co. has been selected to complete tenant improvements for the new US Oncology Center located next to the Shawnee Mission Medical Center in Shawnee Mission. This will be the eighth US Oncology project that Walton has been awarded since 2000. The 22,000-square-foot cancer care facility will be located within the Santa Fe Medical Office Building, which is currently being constructed. Members of the project team include the owner, US Oncology, and architect, Gastinger Walker Harden. The $2 million project is scheduled to begin this month, with completion expected by March.
What area is your expertise? West Michigan — Traverse City to Benton Harbor. What type of retail product is doing well in your area? Grocery and gas. What retailers are new to your area? Sonic and Johnny’s Lunch. Who are the active retail developers in your area? Several wish they were active, however, the lack of retailers coupled with the lack of financing has prevented several deals from moving forward. Please name one or two significant retail developments in your area. What impact will these projects have on the market? The Corner Shops, southeast corner of East Beltline and 28th Street SE, Jared’s and other inline retailers. Minimal impact on the market in general. Evergreen Properties proposed Lifestyle Center at the NE corner of Knapp and East Beltline avenues. They’ve secured D&W Grocery Store and have tentative agreements with several other retailers. It will be interesting to see what happens with the Aikens proposed development, which is less than one mile north of this site. Acquisition of the former Rogers Department store by Israel’s fine furniture on 28th Street SE will clearly have a dramatic impact on the southwest section of 28th Street. Where is the majority of development taking …
ST. CHARLES, MO. — Peoria, Ill.-based developer Cullinan Properties has broken ground on the first phase of the Streets of St. Charles located near Interstate 70 in the St. Louis suburb of St. Charles. The 1.4 million-square-foot mixed-use development will be situated on 26 acres. Plans for the project include a hotel and conference center; 250,000 square feet of retail and entertainment space; 250,000 square feet of Class A office space; and more than 750 residential units. The first phase of the project is scheduled to open in 2010.
LAGRANGE, ILL. — Inland Real Estate Development has completed LaGrange Pointe, a mixed-use development for active and independent seniors located at 51 East Cossitt Ave. in LaGrange. Inland served as developer and development advisor to the community’s owner IRED LaGrange LLC. The $14 million community consists of 30 one- and two-bedroom units. Additional plans for the site call for street-level shops and a public restaurant. Amenities at the property include meal service, grocery delivery, housekeeping services, a theater, a library and common rooms for social events. Inland is developing three additional Illinois Pointe projects, including Elmhurst Pointe, which is scheduled to open in early 2009, as well as The Pointe at Clarendon Hills and The Pointe at Lombard, which are both scheduled to begin construction next year.
BELLE PLAINE, MINN. — NAI Welsh has arranged the $5.7 million sale of the former Excelsior-Henderson building located at 805 Enterprise Dr. in Belle Plaine. The 170,000-square-foot industrial facility was acquired by Eden Prairie, Minn.-based Cambria, a manufacturer of quartz building materials. Peter Mork, Steve Nilsson and Jason Simek of NAI Welsh represented the seller in the transaction.