Midwest

INDIANA ORGAN PROCUREMENT ORGANIZATION ACQUIRES NEW HQ

by admin November 14, 2008

INDIANAPOLIS — The Indiana Organ Procurement Organization has purchased a 37,000-square-foot building located at 3760 Guion Rd. in Indianapolis. The facility, which will serve as the organization’s new headquarters, will provide expanded space for staff training, laboratory facilities and a new communications center. The organization will move into its new headquarters in March. Tim O’Brien of Indianapolis-based Resource Commercial Real Estate represented the buyer; CB Richard Ellis represented the seller in the transaction. The acquisition price was not disclosed.

November 14, 2008

MARCUS & MILLICHAP BROKERS $4.55 MILLION SALE OF WALGREENS SUMMIT POINT

by admin November 14, 2008

ST. PETERS, MO. — Bruce Harris and Christopher Pollnow in the St. Louis office of Marcus & Millichap have brokered the sale of Walgreens Summit Point located at 499 Salt Lick Rd. in St. Peters. The 14,740-square-foot store is net leased to Walgreens. A regional developer sold the building to a private investor for $4.55 million. Kevin Turner in the Oakland, Calif., office of Marcus & Millichap represented the buyer in the transaction.

November 14, 2008

Midwest

JONES LANG LASALLE EXPANDS RELATIONSHIP WITH PROCTER & GAMBLE

by admin November 13, 2008

CHICAGO — Chicago-based Jones Lang LaSalle Inc. (NYSE: JLL) has expanded its existing strategic alliance relationship with Procter & Gamble to include a range of transaction and strategic portfolio planning services for the company’s owned and leased real estate worldwide. The 3-year agreement includes portfolio management, transaction management, real estate brokerage, lease administration and strategic portfolio planning services for more than 150 million square feet of real estate. The portfolio is situated in more than 80 countries, and consists of warehouses, offices, technical centers and various other properties. Additionally, Jones Lang LaSalle will continue to provide facility and project management services to Procter & Gamble’s office and technical center buildings worldwide. The existing portfolio consists of approximately 16 million square feet.

November 13, 2008

Hospitality Midwest

SITE WORK BEGINS FOR $27 MILLION ALOFT HOTEL WITHIN PARK EAST CORRIDOR

by admin November 13, 2008

MILWAUKEE — Site preparation work has begun on a $27 million Aloft Hotel, which will be located along the Milwaukee River within the Park East Corridor of Milwaukee. The five-story hotel, which is a member of the Starwood Hotels & Resorts Worldwide Inc. brand, will feature 160 rooms and is slated for completion in November 2009. Using $1 million in Tax Incremental Financing, the city of Milwaukee, in conjunction with Milwaukee River Hotel LLC, is developing a Riverwalk segment, dockwall, public plaza and street improvements as part of the project. More than $800 million in development is already underway or has been completed within the Park East Corridor.

November 13, 2008

Midwest Retail

VON MAUR TO ANCHOR 400,000-SQUARE-FOOT MIXED-USE LIFESTYLE CENTER

by admin November 13, 2008

GRAND RAPIDS TOWNSHIP, MICH. — Von Maur will serve as the primary anchor within The Village of Orchard Hills development located at the corner of Three Mile Road and East Beltline Avenue in Grand Rapids Township. Birmingham, Mich.-based Robert B. Aikens & Associates is developing the 400,000-square-foot mixed-use lifestyle center. Von Maur will occupy 120,000 square feet at the center, and will use the location to enter the Western Michigan market. The Village of Orchard Hills will feature a mix of retail uses, as well as 156 residential condos. Construction is scheduled to begin on the project in early 2010, with completion scheduled for fall 2011.

November 13, 2008

Midwest Multifamily

PNC ARCS PROVIDES $4.8 MILLION LOAN FOR MULTIFAMILY PROPERTY

by admin November 13, 2008

MANHATTAN, KAN. — PNC ARCS has provided $4.8 million in financing for Woodway Apartments located in Manhattan. Situated on 5 acres, the 88-unit garden style community includes a swimming pool and laundry room. The loan was based on a 7-year term, with a 30-year amortization schedule at a fixed rate of 6.225 percent. Financing was originated by PNC ARCS’ San Francisco office through Fannie Mae.

November 13, 2008

Industrial Midwest

NAI CUMMINS BROKERS 54,000-SQUARE-FOOT INDUSTRIAL TRANSACTION

by admin November 13, 2008

AKRON, OHIO — Bob Raskow and Harry Stewart of NAI Cummins Real Estate have represented both parties in the sale of a manufacturing facility located at 1246 Princeton St. in Akron. Baton Rouge, La.-based American Utility Metals has purchased the 54,000-square-foot building from Canada-based Vasilev Holdings. For the past 5 years, the property has been leased to American Utility Metals by its subsidiary, American Utility Processing. The acquisition price was not disclosed.

November 13, 2008

Midwest Retail

DDR FORMS $62 MILLION JOINT VENTURE RELATIONSHIP FOR INDEPENDENCE COMMONS

by admin November 12, 2008

INDEPENDENCE, MO. — Developers Diversified Realty Corp. (NYSE: DDR) has formed a joint venture with Cole Real Estate Investments for the ownership of Independence Commons, a 386,066-square-foot shopping center located in Independence. Cole Real Estate Investments will own 85.5 percent, and Developers Diversified will own 14.5 percent of the $62 million joint venture. Independence Commons was previously owned by Developers Diversified through its joint venture with Macquarie DDR Trust. Based on Macquarie DDR Trust’s 85.5 percent interest in the center, the company will receive proceeds of more than $20 million as a result of the sale. Terms of the joint venture agreement call for Developers Diversified to receive leasing and property management fees at the development.

November 12, 2008

Healthcare Midwest

KRAUS-ANDERSON BEGINS $10 MILLION HEALTHCARE CENTER IMPROVEMENT PROJECT

by admin November 12, 2008

AITKIN, MINN. — Minneapolis-based Kraus-Anderson Construction Co. has begun work on the first phase of a $10 million facility improvement project for the Riverwood Healthcare Center located at 301 Minnesota Ave S. in Aitkin. Riverwood Healthcare Center is a 24-bed critical access hospital with three primary care clinics located throughout Minnesota. The first phase of the multi-year program consists of a $2.2 million MRI addition and Imaging Area remodel. Phase I is slated for completion in June 2009. Services at the facility include surgical, radiology, rehabilitation, cardio pulmonary, specialty clinics and emergency care.

November 12, 2008

Midwest Multifamily

KADEAN CONSTRUCTION COMPLETES $4.2 MILLION CONDO PROJECT

by admin November 12, 2008

CLAYTON, MO. — Fenton, Mo.-based Kadean Construction Co. has completed a $4.2 million luxury condo complex located at 7701 Shirley Dr. in Clayton. The Cameo includes eight condo units and an underground parking garage. Palm Springs, Calif.-based Developer Hedmark IV selected Kadean to construct the building’s 33,904-square-foot shell and garage. The three-bedroom condos range in size from 2,400 square feet to 2,500 square feet. Interiors will be completed as each unit is sold. Construction of the three-story project began in September 2007. St. Louis-based Barry R. Nelson & Associates served as the architect for the project.

November 12, 2008

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