Midwest

SUMMIT DESIGN + BUILD COMPLETES WAREHOUSE/OFFICE CONDO PROJECT

by admin September 4, 2008

BOLINGBROOK, ILL. — Summit Design + Build has completed construction of the Crossroads Corporate Center located at 1000 Crossroads Pkwy. in Bolingbrook. Chicago-based PEAK Development is the owner and developer of the project. The 71,904-square-foot speculative warehouse/office condo development is divisible to 3,900 square feet. Features of the building include 21-foot clear-height ceilings, one private drive-in door for each unit, two common interior truck docks, one overhead door to a common corridor for truck access and 135 parking stalls. For the project, Julie Stoehr and Jesse Macias of Summit Design + Build acted as project manager and superintendent, respectively. Architectural services were provided by Randall Bees Architects; Jim Estus of Colliers Bennett & Kahnweiler is the marketing agent for the facility.

September 4, 2008

STERLING AMERICAN PROPERTY ACQUIRES 440-UNIT MULTIFAMILY COMPLEX

by admin September 4, 2008

YPSILANTI, MICH. — Sterling American Property Inc., in a joint venture with Minneapolis-based Timberland Partners, has acquired the Hunt Club, a 440-unit apartment community located at 4685 Hunt Club Dr. in Ypsilanti. Sterling American Property has acquired the facility from Denver-based Apartment Investment and Management Co. for an undisclosed amount. Situated near Ann Arbor, Mich., the 390,000-square-foot complex consists of one- and two-bedroom units. Amenities at the facility include an outdoor swimming pool, sand volleyball, fitness center and indoor spa. Sterling has plans to invest approximately $3 million for capital improvement projects aimed at enhancing the property. Timberland Partners will manage the property, which will be renamed The Hamptons of Cloverlane. Tyler Anderson and Sean Cunningham of CB Richard Ellis’ Phoenix office represented the seller in the transaction.

September 4, 2008

Midwest Retail

72,000-SQUARE-FOOT KROGER GROCERY STORE REACHES MIDPOINT CONSTRUCTION

by admin September 4, 2008

SAGINAW, MICH. — Centro Properties Group has reached the midpoint of construction of The Kroger Company’s new building within Green Acres Shopping Center, which is located at the intersection of State Highway 58 and Hemmeter Road in Saginaw. The grocery retailer will occupy its 72,000-square-foot facility late this year or in early 2009. Kroger will join the 12,090-square-foot Powerhouse Gym and a 14,564-square-foot Rite Aid as the third major retailer in the center. Additional tenants at the development, which is being renovated by the owner, Centro Properties Group, include 1st Wok Buffet, Bambi’s Java Days, Binder’s Hallmark, Good Times Pizza, Graceful Styles and H&R Block. Wolgast is acting as general contractor for the Kroger facility.

September 4, 2008

Midwest Office

MARCUS & MILLICHAP CAPITAL CORP. ARRANGES OFFICE ACQUISITION LOAN

by admin September 4, 2008

GRAND RAPIDS, MICH. — Marcus & Millichap Capital Corp. has arranged a $9.37 million fixed-rate loan for the acquisition of a 160,000-square-foot office facility located at 4420 44th St. SE in Grand Rapids. The loan is based on a 10-year term, with a 25-year amortization schedule. Financing for the property was provided by an undisclosed commercial bank at a 5.75 percent fixed-rate for the first 5 years. Jake Roberts and Anita Paryani in the West Los Angeles office of Marcus & Millichap Capital Corp. arranged the financing for the office building.

September 4, 2008

Midwest Retail

WALTON CONSTRUCTION CO. TO LEAD $43 MILLION RETAIL REMODEL

by admin September 3, 2008

ST. JOSEPH, MO. — The Kansas City division of Walton Construction Co. has been awarded the contract to remodel the East Hills shopping center, which is located at Belt Highway and Frederick Avenue in St. Joseph. Tenants at the 665,000-square-foot center will remain open during the remodel. Construction of the $43 million project is underway, and is slated for completion by February 2009. The project team includes the owners, Belt Highway LP and HMH/MD Management, as well as the architect, Hollis-Miller.

September 3, 2008

Civic Midwest

KAI BEGINS $17 MILLION PROJECT FOR HARRIS-STOWE STATE UNIVERSITY

by admin September 3, 2008

ST. LOUIS — St. Louis-based KAI Design & Build has begun constructing Harris-Stowe State University’s new Early Childhood Development and Parenting Education Center located at 3026 Laclede Ave. in St. Louis. Construction of the $17 million project is underway, and slated for completion in July 2009. Adrian Luchini is serving as designer for the project. The 47,885-square-foot building, which is situated adjacent to the campus’ main entry on Compton Avenue, will house children from infants to pre-kindergarten, as well as the university’s Early Childhood Education department. The children and their teachers will occupy the main level, with the higher education component occupying the second floor. Amenities at the facility include a parents’ library and education room, a multi-purpose room with full kitchen, smart board technology in each classroom, a student computer lounge, and a large multimedia professional development classroom/lecture hall. KAI Design & Build is seeking LEED Silver certification for the project.

September 3, 2008

Midwest Retail

THE HAMPSHIRE COMPANIES COMPLETES TWO RETAIL TRANSACTIONS

by admin September 3, 2008

MADISON, WIS.; AND JACKSON, PLAINWELL AND PAW PAW, MICH. —Morristown, N.J.-based The Hampshire Companies has sold its 66,723-square-foot East Towne Shopping Center, which is located adjacent the East Towne Regional Mall in Madison. The property was owned by Abraham Schlussel and The Hampshire Generational Fund, which is one of the firm’s private equity real estate investment funds tailored to high net-worth investors. Capitol East Towne LLC has acquired the property for an undisclosed amount. Situated on more than 6 acres, tenants at the center include Old Navy, Sports Authority and Winslow’s Hallmark. Additionally, The Hampshire Companies has acquired three Michigan retail buildings totaling more than 20,000 square feet in Jackson, Plainwell and Paw Paw. The 6,700-square-foot buildings are fully leased to Advance Auto Parts. The acquisition was made on behalf of The Hampshire Generational Fund.

September 3, 2008

Midwest Retail

LEE & ASSOCIATES BROKERS LAND ACQUISITION FOR FUTURE WALGREENS

by admin September 3, 2008

BRIGHTON, MICH. — Lee & Associates of Michigan has arranged the acquisition of 78,000 square feet of land located at 5505 South Old U.S. 23 in Brighton. The property was acquired by Agree Brighton LLC — a preferred developer to Walgreens — from Brighton River LLC. The developer, which acquired the property for an undisclosed amount, will build and lease a new store for the pharmacy at the site. Barry Landau of Lee & Associates represented the buyer in the transaction. The seller, Agree Brighton LLC, was represented in-house by Dave Prueter.

September 3, 2008

Industrial Midwest

OLYMPIC STEEL ACQUIRES TWO-BUILDING INDUSTRIAL COMPLEX FOR $3.48 MILLION

by admin September 3, 2008

DOVER, OHIO — Cleveland-based Olympic Steel has acquired a two-building industrial complex totaling 95,091 square feet in Dover. The property, which has frontage on Interstate 77, was acquired from a private seller for $3.48 million. The facility is equipped with truck maintenance bays, executive offices and docks, as well as a 20-ton crane situated within the building. Matthew Beesley and Rico Pietro of Cleveland-based CRESCO Real Estate represented the seller in the transaction.

September 3, 2008

Midwest Office

GRUBB & ELLIS|WEST SHELL COMMERCIAL BROKERS 222,000-SQUARE-FOOT OFFICE SALE

by admin September 2, 2008

DAYTON, OHIO — Cincinnati-based Grubb & Ellis|West Shell Commercial has brokered the sale of 40 West 4th Centre, a 222,000-square-foot, Class A office tower located at the corner of West 4th and Ludlow streets in Dayton. New York-based Matrix Capital Partners has acquired the 23-story building from Cincinnati-based Union Central Life Insurance Co. for $3.8 million. The facility includes a six-story parking garage with 360 spaces, an on-site restaurant, a fitness center and an executive conference center. Tenants at the property, which was 94 percent leased at the time of the sale, include Miami Valley Hospital, ORC Protel, E.S. Gallon & Associates and the state of Ohio. Jeff Johnston and Steve Timmel of Grubb & Ellis|West Shell Commercial, and Tom Nikolai of Mark Fornes Realty represented the seller in the transaction.

September 2, 2008

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