Midwest

WALGREENS COMING TO TRI-LAND’S CHEROKEE SOUTH PLAZA

by admin October 1, 2008

OVERLAND PARK, KAN. — The developer of Cherokee South Plaza, a 118,000-square-foot shopping center located at the intersection of 95th Street and Antioch Road in Overland Park, recently signed Walgreens to a lease for a freestanding store within the property. The $23 million shopping center redevelopment, which is being handled by Westchester, Ill.-based developer Tri-Land Properties, includes the complete demolition of one building, the construction of three new retail buildings and the addition of new tenants. The property’s current tenants will remain open during the redevelopment endeavor, which is expected to begin this fall.

October 1, 2008

NAI HIFFMAN BROKERS LAND SALE FOR BANK OF AMERICA DEVELOPMENT

by admin October 1, 2008

CHICAGO — Chicago-based NAI Hiffman has brokered the sale of an approximately 11,000-square-foot tract of land located at 3019 Peterson Ave. in Chicago. The property is leased on a long-term basis to Bank of America, which will be constructing a retail bank branch building with drive-thru lanes at the site. Chad Firsel of NAI Hiffman’s Investment Services Group represented Interra-Vision Development Partners of Chicago in the disposition of the property for approximately $4.45 million.

October 1, 2008

Midwest Retail

MARCUS & MILLICHAP ARRANGES THREE RETAIL SALES TOTALING $5.59 MILLION

by admin October 1, 2008

WAUKESHA, WIS., AND YORKVILLE AND GLENWOOD, ILL. — Melissa Glick of Marcus & Millichap’s National Retail Group in Chicago has brokered three retail transactions totaling $5.59 million. Glick represented the buyer of Silvernail Center, a 6,857-square-foot retail center located in Waukesha. A local Chicago investor has acquired the property for $1.9 million in a 1031 exchange. Tenants at the center include Verizon Wireless, Wisconsin Vision and a chiropractic office. Jason Ladner of Marcus & Millichap’s National Retail Group in Milwaukee represented the seller in the transaction. In Illinois, Glick has represented a local developer in the sale of a JP Morgan Chase Bank ground lease located in Yorkville. Chase holds a 30-year ground lease, which includes a 10 percent rent increase every 5 years. The property was traded at $3.1 million. The buyer was a privately owned company based in the United Kingdom. Additionally, Hickory Bend Plaza, a 3,800-square-foot, multi-tenant center was sold in Glenwood. Tenants at the center, which traded for $590,000, include H&R Block, Jackson Hewitt and American Family Insurance. Glick represented the seller; Nick Pipikios of GNP Management represented the undisclosed buyer in the transaction.

October 1, 2008

Industrial Midwest

GRUBB & ELLIS|PARAMOUNT COMMERCE BROKERS TWO INDUSTRIAL TRANSACTIONS

by admin October 1, 2008

KALAMAZOO AND KENTWOOD, MICH. — Grubb & Ellis|Paramount Commerce has brokered two Michigan industrial transactions totaling more than 187,000 square feet. In Kalamazoo, the brokerage firm arranged the sale of a 164,152-square-foot industrial facility located at 3303 E. Cork. The property, which formerly housed the Fabri-Kal Corp., was acquired by Lewis C. Howard Inc. for an undisclosed amount. Larry Norris of Michigan Real Estate Services represented the buyer; Jodi Milks and Jon Dilworth of Grubb & Ellis|Paramount Commerce represented the seller, Franklin Partners LLC, in the transaction. Additionally, the company’s Duke Suwyn and Steve Marcusse represented Custer Properties in the disposition of a 22,932-square-foot industrial facility located at 3676 Patterson Ave. SE in Kentwood. VanderWeide Properties LLC acquired the facility, which formerly housed Custer Office Environments. The acquisition price was not disclosed.

October 1, 2008

Midwest Office

RENOVATIONS UNDERWAY FOR MISSOURI’S FIRST LEED-CERTIFIED BUSINESS PARK

by admin September 30, 2008

MARYLAND HEIGHTS, MO. — An affiliate of St. Louis-based Conrad Properties Corp. has begun the first phase of renovation of Millwell Green, an 8.8-acre business park located in Maryland Heights. Upon completion, the $13 million Millwell Green will be the first fully LEED-Certified business park in Missouri. The initial facility in the four-building first phase will measure 21,000 square feet, and is more than 75 percent pre-leased to City Blue Technologies and an undisclosed tenant. Both users are scheduled to occupy the new space by the end of this year. The four single-story distribution buildings in Phase I will be able to accommodate single users or multiple tenants, and will range upwards in size from 18,900 square feet. Amenities at the buildings will include 16- to 25-foot clear ceiling heights with docks and/or drive-in door access. Phase II of the project includes a 3.2-acre parcel for sale to build-to-suit users. The site will be able to accommodate a single 53,000-square-foot structure, or up to four smaller freestanding buildings. G.S. S Inc. is the general contractor; Kansas City, Mo.-based Treanor Architects is providing architectural services for the project. Casey Urkevich and Joseph Hill of Chesterfield, Mo.-based Block Hawley represent Millwell Green.

September 30, 2008

Midwest Office

MCSHANE CORP. BREAKS GROUND ON MORI SEIKI U.S.A. HEADQUARTERS

by admin September 30, 2008

HOFFMAN ESTATES, ILL. — Chicago-based McShane Corp., as the design/builder, has broken ground on Mori Seiki U.S.A. Inc.’s American corporate headquarters and showroom at the intersection of West Central Road and Huntington Boulevard in Hoffman Estates. The 102,000-square-foot facility is being constructed on a 7.5-acre site within McShane Corp.’s Huntington Woods Corporate Center business park. The headquarters will include a 42,560-square-foot showroom, as well as a 59,000-square-foot two-story office component that will house Mori Seiki’s American headquarters, the Chicago Technical Center, Machining Technology Laboratory and Mori Seiki University. Cornerstone Architects will provide architectural services for the project. Masuo Ishida of Tobi International Corp. represented Mori Seiki Co. in the acquisition of the site; Steve Trapp, John Hauser and Charles Des Rosiers of Cushman & Wakefield represented McShane Corp. in the transaction.

September 30, 2008

Midwest Retail

NAI HIFFMAN BROKERS $16 MILLION RETAIL SALE

by admin September 30, 2008

OAK LAWN, ILL. — Chicago-based NAI Hiffman has brokered the sale of an investment disposition located at 9633 S. Cicero Ave. in Oak Lawn. Tenants at the 77,500-square-foot shopping center, which was 98 percent leased at the time of sale, include The Sports Authority, Corner Bakery, Staples and Men’s Warehouse. Inland Real Estate Group has acquired the property from Mid-America Development Partners for approximately $16 million. Chad Firsel of NAI Hiffman’s Investment Services Group represented the seller in the transaction.

September 30, 2008

Hospitality Midwest

PARAMOUNT LODGING ADVISORS BROKERS $13.4 MILLION SALE OF HILTON GARDEN INN

by admin September 30, 2008

ADDISON, ILL. — Chicago-based Paramount Lodging Advisors has arranged the sale of the recently renovated 153-room Hilton Garden Inn, which is located at 551 N. Swift Rd. in Addison. Infinity Hospitality Services has acquired the property for $13.4 million. Adam Montufar of Paramount Lodging Advisors facilitated the transaction through a collaborative effort with Robert Chvalovsky of W-W Real Estate, who represented the seller.

September 30, 2008

Industrial Midwest

INLAND COS. BROKERS TWO INDUSTRIAL TRANSACTIONS

by admin September 30, 2008

BARTON AND MENOMONEE FALLS, WIS. — Mark Schnoll and Evan Walton of Inland Cos. have brokered the sale of two Wisconsin industrial facilities. In Barton, Inland Cos. has arranged the sale of a 17,000-square-foot industrial property located at 7259 Sleepy Hollow Rd. Leo Otten Properties has acquired the building for $850,000. Additionally, in Menomonee Falls, Schnoll and Walton have brokered the sale of an 8,000-square-foot industrial property located at W146 N5808 Enterprise Ave. MCS Investment Properties LLC has acquired the facility for $610,000.

September 30, 2008

Midwest Retail

600,000-SQUARE-FOOT LIFESTYLE CENTER HOLDS GRAND OPENING

by admin September 29, 2008

BARRINGTON, ILL. — The Jaffe Companies and its financial partner, RREEF Alternative Investments, have celebrated the grand opening of The Arboretum of South Barrington, a lifestyle center located at 100 W. Higgins Rd. in Barrington. Anchor tenants at the 600,000-square-foot center include the country’s first Village Road Show Gold Class Cinemas, L.L.Bean’s first Midwest store and Pinstripes bowling alley. The development, which is situated on an 86-acre site, includes 40 additional retail and restaurant tenants. The Jaffe Companies and RREEF invested approximately $1 million for the grand opening celebration.

September 29, 2008

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