Midwest

DUKE REALTY CORP. TO BUILD GE AVIATION’S 403,800-SQUARE-FOOT OFFICE CAMPUS

by admin September 2, 2008

WEST CHESTER, OHIO — Duke Realty Corp. has been selected to construct a build-to-suit office campus for GE Aviation on a 43-acre site in the Cincinnati suburb of West Chester. The property, which housed the former Queen City Sports Complex, will include two 201,900-square-foot, L-shaped buildings. GE Aviation’s new development will consolidate 1,400 office personnel from three Cincinnati facilities, as well as provide space for future expansion. Construction on the two buildings is expected to begin this fall, with completion scheduled for the third quarter of 2009.

September 2, 2008

MARCUS & MILLICHAP BROKERS $6.4 MILLION SALE OF RETAIL CENTER

by admin September 2, 2008

COLUMBUS, OHIO — Marcus & Millichap has brokered the sale of Morse Crossing Retail Center, a newly constructed 10,864-square-foot center, which is located at 4155 Morse Crossing Blvd. in Columbus. Tenants at the project, which commanded a sales price of approximately $6.43 million, include Jared Jewelers, Pei Wei Asian Diner and FedEx Kinko’s. John Reehil in the Columbus office of Marcus & Millichap represented the undisclosed seller in the transaction.

September 2, 2008

Industrial Midwest

SUMMIT DESIGN + BUILD COMPLETES ALPHA BAKING CO. DISTRIBUTION FACILITY

by admin September 2, 2008

NORTH AURORA, ILL. — Summit Design + Build has completed construction of Alpha Baking Co.’s 19,055-square-foot distribution facility located at 501 Overland Dr. in North Aurora. The new building is situated on a 3.5-acre site within the Tollway Park of Commerce. PEAK Development recently sold the facility to a private investor for $4 million. As part of the build-to-suit transaction, Alpha Baking Co. has signed a 10-year lease for the entire building. The facility features 1,845 square feet of office product, 17,210 square feet of warehouse space, 39 exterior docks and 31 parking stalls. Architectural services for the project were provided by Harris Architects Inc.

September 2, 2008

Midwest Retail

NATIONAL TIRE & BATTERY ACQUIRES LAND FOR 26,500-SQUARE-FOOT STORE

by admin September 2, 2008

LOCKPORT, ILL. — Edgemark Commercial Real Estate Services has arranged the sale of a 1.86-acre site within a 95,050-square-foot Jewel/Osco-anchored strip center, which is located at 159th and Farrell in Lockport. National Tire & Battery has acquired the site for the construction of a new 26,500-square-foot location to accommodate the company’s expansion. The site, which is situated within 2 blocks of the new Interstate 355 interchange, was acquired for an undisclosed amount. Mike Wesley and Les Kristof of Edgemark Commercial Real Estate represented the seller, TBS-Lockport LLC; Brent Wayburn of Metro Commercial represented the buyer, Newton Oldacre McDonald LLC, in the transaction.

September 2, 2008

Market Reports Midwest Market Reports Missouri

Many companies looking to expand.

by admin September 2, 2008

What area is your expertise? Industrial property in the Kansas City metropolitan area. What trends do you see presently in industrial development in your area? The emergence of large, big-box distribution centers (greater than 250,000 square feet) as well as the emergence of inland ports, which are logistic parks in close proximity to intermodal centers. Kansas City has traditionally been a market for users of smaller blocks of space, but this has changed over the past 5 years. Transactions greater than 250,000 square feet new to our market include companies such as Case New Holland, Pac Son, Kimberly Clark, and Musician’s Friend. Additionally, large industrial logistics parks are planned for the property adjacent to a new intermodal facility, which has opened in Southern Kansas City at M-150 and 71 Highway at the old Richards-Gebaur Airport, which is operated by Kansas City Southern Railroad. CenterPoint is the developer of this park. Additionally, other intermodal projects are underway in both Gardner, Kansas, and at the Kansas City Airport. What type of industrial product is doing well in your area? Class A distribution space greater than 50,000 square feet. Who are the active industrial developers in your area? Multiple local developers Please name …

September 2, 2008

Midwest Office

JONES LANG LASALLE FINALIZES SALE OF CHICAGO’S 135 SOUTH LASALLE BUILDING

by admin August 29, 2008

CHICAGO — On behalf of Bank of America Corp., Jones Lang LaSalle has finalized the sale leaseback of 135 South LaSalle in Chicago. The landmark 1.25 million-square-foot property was acquired by AmTrust Realty Corp. for an undisclosed amount. Amenities at the 44-story office tower include a full-service retail bank, high-end cafeteria and bookstore. Members of Jones Lang LaSalle’s capital markets team involved in the transaction include Bruce Miller, Jim Postweiler, Bruce Westwood-Booth, Peter Harwood and Steve Smith.

August 29, 2008

Midwest Retail

U.S. EQUITIES SECURES $25 MILLION LOAN FOR METRAMARKET RETAIL DEVELOPMENT

by admin August 29, 2008

CHICAGO — U.S. Equities Realty has secured a $25 million construction loan for MetraMarket, a 100,000-square-foot retail development located in Chicago’s West Loop. Situated within the Ogilvie Transportation Center complex, MetraMarket will include restaurants, shops, open space for dining and socializing, and covered ground-level parking. Tenants secured for the first phase of development include a 15,000-square-foot French Market; a 14,000-square-foot CVS/pharmacy; and a 2,900-square-foot Caffe RoM. The loan was arranged by U.S. Equities through Eurohypo AG. U.S. Equities also secured tax increment financing from the city of Chicago. Jim Whittington of U.S. Equities negotiated the deal on behalf of the firm. Construction on the project is scheduled to begin within the next several weeks.

August 29, 2008

Midwest Office

CAPSTONE QUADRANGLE ANNOUNCES $32 MILLION OFFICE PROJECT

by admin August 29, 2008

BROOKFIELD, WIS. — Pewaukee, Wis.-based Capstone Quadrangle has announced plans for Percheron Square, a $32 million, 120,000-square-foot office building, which will be located along Interstate 94 on the Ruby Farm site in Brookfield. Milwaukee-based RFP Commercial will be working with Capstone Quadrangle on the Class A project. Ned Purtell of RFP Commercial will be representing the Percheron Square office development.

August 29, 2008

Industrial Midwest

KRAUS-ANDERSON CONSTRUCTION COMPLETES AIRPORT FIXED BASE OPERATION

by admin August 29, 2008

BLAINE, MINN. — Minneapolis-based Kraus-Anderson Construction Co. has completed the $11.5 million Anoka County-Blaine Airport Fixed Base Operation located at 8891 Airport Rd. in Blaine. The new Fixed Base Operation, which is owned and operated by Key Air, will cater to the business jet sector of general aviation. With close proximity to the Twin Cities, the facility will receive visitors for the Republican National Convention, which is being held in the Twin Cities this October. In order to complete the last step in the construction process, Kraus-Anderson worked with Viking Sprinkler, Nardini Fire Equipment and Weber Electric to complete emergency fire-suppression foam testing. The high-expansion foam emersion, flame detection and fire sprinkler system will protect the new Key Air private jet aircraft hangar. The first phase of the project includes 12,500 square feet of terminal space; 66,000 square feet of hangar space; and 10,000 square feet of office bays attached to the hangar. Upon completion of the multi-phase project, the northwest building area of the airport will include more than 250,000 square feet of hangar space.

August 29, 2008

Industrial Midwest

THE WISINSKI GROUP BROKERS TWO INDUSTRIAL SALES

by admin August 29, 2008

GRAND RAPIDS, MICH. — The Wisinski Group has brokered two industrial transactions totaling more than 460,000 square feet in Grand Rapids. Padnos Iron and Metal has acquired a 454,000-square-foot industrial facility located at 500 44th St. SW in Grand Rapids. New West Michigan II Industrial Investors LLC sold the property for an undisclosed amount. Stu Kingma of The Wisinski Group represented both parties in the transaction. Additionally, Penny Land Co. LLC has purchased a 7,404-square-foot industrial building located at 1250 Randolph in Grand Rapids. Bell Equipment Co. sold the facility for an undisclosed amount. Larry Smith of The Wisinski Group represented the seller; Pete Termaat of Termaat McGregor represented the buyer in the transaction.

August 29, 2008

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