OTSEGO, MINN. — Duke Realty Corp.’s Gateway Business Center North I, a 153,600-square-foot spec industrial building located within its Gateway Business Center North in Otsego, is 100 percent leased. Two divisions of Otter Tail Corp. have leased the building, which is situated at 6035 Queens Ave. T.O. Plastics Inc. has leased 57,600 square feet of industrial space, while BTD Manufacturing has taken 96,000 square feet of space at the facility. The building, which features 24-foot clear-height ceilings, is the first within Duke’s 160-acre planned development, which can accommodate up to 1.4 million square feet of industrial space. Dan Swartz of CB Richard Ellis in Bloomington, Minn., represented Duke; Peter Mork and Tim Olsen of Welsh Cos. represented T.O. Plastics and BTD Manufacturing in the transaction. Terms of the leases were not disclosed.
Midwest
FULTON, MO. — St. Louis-based Paric Corp. has been selected as construction manager for Callaway Electric Cooperative’s new office, warehouse and maintenance complex, which will be located within a 120-acre office park in Fulton. The building, which is situated within Callaway County, has been designed to achieve LEED Certification. Construction will begin this month on the 31,000-square-foot office building, a tilt-up warehouse and a maintenance building. Completion of the 81,000-square-foot complex is expected for July 2009. Paric will provide turnkey services, with the specialized Paric Interiors group completing the interior finishes for the office building. St. Louis-based M+H Architects is providing architectural services for the project. The estimated cost of completion was not disclosed.
COLUMBIA, MO. — St. Louis-based Paric Corp. has completed construction of the Hampton Inn & Suites – Columbia, which is located at the intersection of Stadium Boulevard and College Avenue near the University of Missouri in Columbia. The 90,000-square-foot facility, which is situated at the site of the former Campus Inn hotel, is the closest hotel to the University of Missouri. The four-story building features 133 guest rooms, more than 5,000 square feet of convention meeting space, a private boardroom and three hospitality suites. There is also a 200-car parking lot and a future restaurant site. St. Louis-based hotel developer, Stadium Lodging LLC, owns the facility, which is part of the Hilton Hotels Corp. The construction contract cost for the project was approximately $10 million, with financing provided by St. Louis-based Advantage Capital Partners and Southwest Bank.
ST. LOUIS — Bianco Properties has acquired the 320,000-square-foot Trade Center III Distribution Center located within Earth City in St. Louis. The industrial property was acquired for $14.2 million. Paul Hilton and Mike Hanrahan of Colliers Turley Martin Tucker represented the undisclosed seller in the transaction. In addition to Trade Center III Distribution Center, Bianco Properties owns Riverline Campus, a 281,000-square-foot multi-tenant industrial property also located in St. Louis.
CHICAGO AND PLANO, ILL., AND ST. CLOUD, MINN. — Marcus & Millichap has arranged the sale of three Midwest multifamily properties totaling more than $13.5 million. James Clough in the Chicago O’Hare office of Marcus & Millichap, with Jack Cassin and Bill Cassin in the Downtown Chicago office, represented both parties in the sale of an apartment community located at 6954 North Sheridan in Chicago. A north side investor has acquired the 90-unit property from a private investor for $6.85 million. The property houses 34 studios, 55 one-bedroom units and one two-bedroom unit, as well as 45 parking spaces. In Plano, James Walsh of Marcus & Millichap’s Downtown Chicago office has arranged the sale of Country Aire Apartments. The 30-unit multifamily property commanded a sales price of $1.92 million. DLT Properties has acquired the community, which houses two-bedroom units and townhouses spread across four buildings. Clough represented the buyer in the transaction. Additionally, Walsh and David Scott in the Minneapolis office of Marcus & Millichap represented both parties in the sale of an apartment building located at 182 115th Ave. in St. Cloud. The 115,200-square-foot complex houses 120 units. The sales price of the property, which is situated on an …
DECATUR, ILL. — Chicago-based Lillibridge, as developer, has begun construction of a 55,400-square-foot cancer care center located at 210 W. McKinley Ave., adjacent to Decatur Memorial Hospital, in Decatur. Services that will be provided at the single-story Cancer Care Center of Decatur include cancer research, radiation oncology, medical oncology and medical imaging. Cancer Care Specialists of Central, Ill., and Decatur Memorial Hospital have fully leased the building, which is scheduled for completion in September 2009. Bakers’ Dozen LLC is the ownership entity for the project. Otto Baum Co. is serving as the general contractor; Architectural Expressions LLC is acting as architect/designer for the building and suites. The estimated cost of completion was not disclosed.
WASHINGTON COURT HOUSE, OHIO — BarMar Transport has singed a multi-year lease for the 161,000-square-foot former Mac Tool facility, which is located at 1429 S. Fayette in Washington Court House. The owners of BarMar, Mark and Barbara Beam, are planning to operate two businesses in a portion of the industrial facility. BarMar will expand its current pallet operations at the new facility, as well as begin serving regional companies with third-party logistical services. The remaining space will be available for additional tenants. Stuart Lichter owns the building through Industrial Real Estate Group LLC, a nationwide real estate developer. Tim Echemann of Sidney, Ohio-based Industrial Property Brokers represented both parties in the transaction. Additional terms of the lease were not disclosed.
OVERLAND PARK, KAN. — Omaha, Neb.-based Cormac Company has closed on $107.4 million in construction financing for all phases of its Corbin Park retail development in Overland Park. The 1.1 million-square-foot shopping center is located at the intersection of 135th Street and Metcalf Avenue, and will include department stores, big box retailers, restaurants, local boutiques and a theater. Construction is expected to begin immediately. Tenants that have signed up to take space at the center include Von Maur, JC Penney, Barnes & Noble, Sports Authority, Gordon Biersch, Off Broadway and Village Roadshow. Bank of America will serve as administrative agent for the lenders. The financing package was provided by institutions including US Bank, Tier One Bank, Regions Bank and Compass Bank. Dallas-based INVESCO Real Estate is an equity partner alongside Cormac in the development of Corbin Park.
OLMSTED FALLS, OHIO — The Luttner Retail Group of NAI Daus has negotiated the approximately $6.98 million disposition of the Mill River Plaza shopping center on behalf of a private merchant developer. Located in Olmsted Falls, the 83,190-square-foot, 98 percent occupied property is anchored by Discount Drug Mart and National City Bank. The approximately 28-year-old center was sold to an undisclosed buyer at an 8 percent cap rate.
BENSENVILLE, ILL. — Lee & Associates of Illinois recently handled two industrial transactions in Bensenville. On behalf of a private investor, Lee’s Chris Nelson brokered the acquisition of a 143,400-square-foot facility located at 700 Golf Lane. Chris Porter of Cushman & Wakefield represented the seller, Leviton Manufacturing Company. Additionally, Nick Eboli of Lee & Associates represented an investor in the purchase of a 14,650-square-foot industrial building located at 201-251 Eastern Ave. Robert White of McLennan Commercial brokered the transaction on behalf of the undisclosed seller.