LINCOLN PARK, MICH. — CB Richard Ellis has brokered the sale of 277,000 square feet of industrial space located at 1578-1728 Howard St. in Lincoln Park. Oakwood Industrial LLC has purchased the property from Howard Street Investment Co. LLC for an undisclosed amount. The company has plans to use part of the facility and lease the remainder of space. Lauren Scarpace and Dan McCleary of CB Richard Ellis Detroit represented the seller; Randall Allman, Peter Rogers and Gregg Loichinger, also of CB Richard Ellis Detroit, represented the buyer in the transaction.
CHICAGO — KTR Capital has leased 138,000 square feet of warehouse/distribution space located at 513 Express Center Dr. in Chicago to the United States Postal Service (USPS). Situated within the O’Hare Express Center, the newly acquired space is connected to the airport’s southeast end, allowing the USPS direct access to the airfield without going onto public roads. The lease represents an expansion for the USPS, which now leases more than 300,000 square feet of space within the park. The USPS uses the facility for mail forwarding, sorting and distribution. Matthew Mulvihill and Brian Carroll of Grubb & Ellis’ Industrial Group facilitated the transaction on behalf of KTR.
FRANKLIN PARK AND CHICAGO, ILL. — Richard Daly of Darwin Realty & Development Corp. has represented both parties in the sale of an industrial building located at 11533 Franklin Ave. in Franklin Park. Regent Aerospace has purchased the facility from CenterPoint Properties for an undisclosed amount. The 62,000-square-foot building houses a 7,285-square-foot office component, and includes 21-foot clear-height ceilings. Additionally, Darwin Realty & Development has represented New York-based landlord Ashley Capital in securing two separate leases within Calumet Business Center in Chicago. The 2 million-square-foot Calumet Business Center features 12 buildings located along Interstate 94. Chicago-based Bullen Midwest Co. has signed a lease for 48,160 square feet of warehouse space within the 96,160-square-foot 9860 South Dorchester building. Chris Gary, George Cibula and Ryan Hanley of Darwin represented Ashley Capital in the transaction. The same team also represented Ashley Capital in leasing 30,000 square feet of warehouse space to Paris Business Products. The Paris Business Products space is located within a 256,000-square-foot building served by the Norfolk Southern Railroad. Rob Federighi of Chicagobroker.com represented Paris Business Products in the transaction.
CARMEL, IND. — St. Louis-based Paric Corp., as construction manager, has completed a $42 million senior housing community located at 2460 Glebe St. within the Village of West Clay in Carmel. The 337,000-square-foot Stratford at West Clay was designed as an active senior living community situated within a multi-generational setting. The facility, which was developed and is being operated by the Stratford Cos., includes 172 apartments, with a total of 400 rooms. Additionally, 40 detached bungalow units are available for independent living. Amenities at the property include an indoor pool, library, salon, spa, and full dining and kitchen facility. The Lawrence Group served as the architect/designer for the project.
COLUMBIA, MO. — The University of Missouri-Columbia’s Brady Commons student center is undergoing a multi-phased renovation and expansion that will combine three existing buildings into a single 230,000-square-foot facility. Located at the center of the university’s Columbia campus, the new three-story building will house more than 500 organizations, several dining venues, student programming spaces and multiple lounges. The first phase of the project, which is slated for completion by the end of this year, will house the Center for Student Involvement. Phase II of the project includes the complete renovation of the existing Brady Commons building. St. Louis-based Gray Design Group has begun providing interior design services for the renovated facility. Upon completion of the second phase in 2011, Brady Commons will house the university’s Center for Social Justice, including the Women’s Center, Multicultural Center and Student Life office. A two-story commons area that will include dining venues with seating for more than 600 will connect the two buildings. KCI is the general contractor; Holzman Moss and Mackey Mitchell are the architects for the project. The estimated cost of completion was not disclosed.
BATTLE CREEK, MICH. — Developer Full House Resorts is advancing construction on its FireKeepers Casino project located on Interstate 94 in Battle Creek. Clark Construction recently completed enclosure of the 236,000-square-foot building, which is scheduled to open in the summer of 2009. Upon completion, the casino will include 2,500 slot machines, 90 table games and 20 poker games. Additionally, FireKeepers will house five restaurants including a 70-seat fine dining signature restaurant, a 300-seat buffet and a 150-seat 24-hour coffee shop. An attached and enclosed 2,078-space parking garage is also being constructed at the site. Through Gaming Entertainment Michigan LLC, which is a joint venture with RAM Entertainment LLC, Full House Resorts will develop and manage the casino in exchange for a management fee of 26 percent of the net revenues as defined for a 7-year term from the date of opening. The estimated cost of completing the Las Vegas-style casino was not disclosed.
INDIANAPOLIS — Newmark Realty Capital has arranged $24 million in construction-permanent financing for a planned warehouse, which will be located in Indianapolis. The 525,000-square-foot building will house a beverage distribution warehouse. The project is underway, and is slated for completion in 2009. Newmark, which will service the loan, has arranged the financing on behalf of one of its life company correspondents. George Mitsanas of Newmark Realty Capital arranged the financing. Terms of the loan were not disclosed.
ITASCA, ILL. — Bannockburn, Ill.-based Principle Construction Corp. has completed a 34,785-square-foot build-to-suit industrial facility located at 1600 West Glenlake Ave. in Itasca. Chicago-based Suntrans International, operating as New World Freight System, will relocate to the new distribution/warehouse building. Alex Olen was the senior project manager for Principle Construction Corp.; Cornerstone Architects provided architectural services for the project. The estimated cost of completion was not disclosed.
CHICAGO — Chicago-based developer Golub & Co., with its financial partner BlackRock, has secured more than $100 million in refinancing for its 22 West Washington property located in downtown Chicago. The new loan for the building, which is situated within Block 37, was provided by ING Real Estate Finance US. The office tower was completed in June, and is 90 percent leased. Tenants at the building include Morningstar Inc., Chicago CBS Channel 2 and SKG Private Equity. Michael Newman and Michael Goldman represented Golub & Co. in-house in the transaction.
WEST CHESTER, OHIO — Louisville, Ky.-based Humana Inc. has leased 140,795 square feet of space at Park 75, which is located within Opus North Corp.’s Union Centre II industrial development in West Chester. The building will house Humana’s first office and dispensing site in the Midwest. In order to accommodate the tenant, Rosemont, Ill.-based Opus North reconfigured Park 75’s layout to offer more parking spaces and a larger office build out. Humana’s new space includes 80,000 square feet for a call center and 60,000 square feet for drug fulfillment. Dell occupies the other building within the park. Dave Noonan and Norm Khoury of Colliers Turley Martin Tucker brokered the long-term lease on behalf of Opus North; Bob Ryan, also of Colliers Turley Martin Tucker, represented Humana in negotiations.