Midwest

TWO WAREHOUSE/DISTRIBUTION FACILITIES TOTALING 383,305 SQUARE FEET UNDERWAY

by admin August 26, 2008

WOODRIDGE ILL. — Chicago-based Bridge Development Partners, in partnership with Globe Corp., has begun developing two warehouse/distribution facilities located at the corner of Davey and Lemont roads in Woodridge. Bridge Point Woodridge will be situated on a 19-acre site approximately 1 mile south of Interstate 55. The first 264,183-square-foot building will feature 24 exterior docks (expandable to 48) and eight drive-in doors. The second 119,122-square-foot facility will include 16 exterior docks (expandable to 26) and eight drive-in doors. Both multi-tenant facilities will have 30-foot clear-height ceilings. Construction, which began in June, is slated for completion in the first quarter of 2009. Itasca, Ill.-based Cornerstone Architects designed the buildings; Des Plaines, Ill.-based Premier Design + Build Group is serving as general contractor.

August 26, 2008

NAI HIFFMAN BROKERS 71,489-SQUARE-FOOT OFFICE SALE

by admin August 26, 2008

CHICAGO — NAI Hiffman has brokered the investment sale of a seven-story office building located at 180 N. Wacker Dr. in Chicago. Marc Realty has acquired the facility from a local private investment group for an undisclosed amount. Tenants at the 71,489-square-foot building include Hogan Marren Ltd., Coogan’s Riverside Saloon, Hitchcock Design Group, HTAH Law and FSNB Private Bank. Chad Firsel, Art Burrows and John Bullen of NAI Hiffman’s Investment Services Group represented both parties in the transaction.

August 26, 2008

Industrial Midwest

PAINE/WETZEL ¥ ONCOR INTERNATIONAL COMPLETES TWO INDUSTRIAL LEASES

by admin August 26, 2008

WAUKEGAN, ILL. — Chicago-based Paine/Wetzel • ONCOR International has completed two industrial leases in Waukegan totaling more than 270,000 square feet. U-Line Corp. has signed a long-term lease renewal for its 167,719-square-foot industrial product located at 3540-3630 Burwood Dr. The packaging company has occupied the facility within the Amhurst Lake Business Park since 1998. Whit Heitman of Paine/Wetzel • ONCOR International represented the landlord, Prudential Insurance Co., and the tenant in negotiations. Additionally, Visual Pak has signed a 111,182-square-foot industrial lease within the Amhurst Industrial Center, which is located at 1817 Waukegan Rd. The property, which Visual Pak will use for additional warehouse distribution space, is situated adjacent to the company’s existing warehouse facility. Features of the 287,000-square-foot building include 28-foot clear ceiling heights and ample loading dock capabilities. Heitman and Samuel Badger Jr. of Paine/Wetzel • ONCOR International represented the landlord, Prudential Insurance Co., and the tenant in negotiations.

August 26, 2008

Civic Midwest

REED ILLINOIS COMPLETES ARGOSY UNIVERSITY’S 80,000-SQUARE-FOOT BUILD-OUT

by admin August 26, 2008

CHICAGO — Chicago-based Reed Illinois Corp. has completed an 80,000-square-foot build-out for Argosy University on the 13th floor of 205 N. Michigan Ave. and the upper concourse of 225 N. Michigan Ave. in Chicago. Renovations included the construction of classrooms, offices, lecture halls and a library, as well as seminar and conference facilities. The build-out also featured new student and faculty lounge areas, computer labs, an IT equipment room and a new mechanical system. Additionally, Reed Illinois Corp. has connected the 13th floors of 205 and 225 N. Michigan Avenue in order to provide a more strategic flow to the properties. Michael Machat of Reed Illinois Corp. is the principal involved in the project; Scott Pickands of Reed Illinois Corp. oversaw the construction team. The cost of completion was not disclosed.

August 26, 2008

Midwest Multifamily

MARCUS & MILLICHAP BROKERS $11.95 MILLION MULTIFAMILY SALE

by admin August 25, 2008

DUBLIN, OHIO — Marcus & Millichap has brokered the sale of Sawmill Ridge, a 192-unit multifamily community located at 6564 Millridge Circle in Dublin. An undisclosed buyer has acquired the facility for $11.95 million. The 144,480-square-foot community consists of 12 two-story buildings situated on approximately 15.3 acres. Sawmill Ridge houses a mix of one- and two-bedroom units. Derek Kinnear in Marcus & Millichap’s Cincinnati office, as well as William Klopfer and Adam Schlosser in the firm’s Columbus, Ohio, office, represented the seller in the transaction. The buyer was represented in the transaction by Matthew Brown of Marcus & Millichap’s Columbus, Ohio office.

August 25, 2008

Industrial Midwest

65,000-SQUARE-FOOT INDUSTRIAL FACILITY SELLS FOR $5.26 MILLION

by admin August 25, 2008

EDWARDSVILLE, ILL. — Marcus & Millichap has arranged the sale of a 65,000-square-foot industrial facility located in Edwardsville. The building, which consists of 86 percent light manufacturing space and 14 percent office space, had a sales price of approximately $5.26 million. Roscoe Building LP has acquired the facility from Sovereign Investment Co. Zane Whiteley in the St. Louis office and Thomas Dolan in the Chicago office of Marcus & Millichap represented the seller; Joseph Linkogle in the Long Beach, Calif., office of Marcus & Millichap represented the buyer in the transaction.

August 25, 2008

Midwest Seniors Housing

$4 MILLION SENIOR SUPPORTIVE MULTIFAMILY COMMUNITY UNDERWAY

by admin August 25, 2008

MCLEANSBORO, ILL. — Swansea, Ill.-based Holland Construction Services is building the 30,430-square-foot Fox Meadows supportive living facility, which will be located on South Marshall Avenue in McLeansboro. The $4 million facility will include 41 studio and one-bedroom apartments for adults aged 65 and older. With a central full-service kitchen and dining room at the property, each individual unit features a kitchenette. The building, which is slated for completion in November, was designed by Sugar Grove, Ill.-based Gleason Architects. Upon completion, Blair Minton and Associates Inc. will manage Fox Meadows.

August 25, 2008

Industrial Midwest

MILLER-VALENTINE REALTY BROKERS 303,000-SQUARE-FOOT INDUSTRIAL LEASE

by admin August 25, 2008

KETTERING, OHIO — Miller-Valentine Realty has brokered a lease for 303,000 square feet of industrial space located at 3535 Kettering Blvd. in Kettering. The landlord, Benz Family Trust, has leased the space to Harco Industries for an undisclosed amount. Steve Peters of Miller-Valentine Realty represented the tenant; Gerry Smith, also of Miller-Valentine Realty, represented the landlord in the transaction. The tenant will use its new facility to manufacture automotive brake components.

August 25, 2008

Industrial Midwest

WELSH COS. ARRANGES $2 MILLION INDUSTRIAL ACQUISITION

by admin August 25, 2008

EDEN PRAIRIE, MINN. — Twin Cities, Minn.-based Welsh Cos. has arranged the acquisition of a 20,000-square-foot industrial facility located at 9855 Hamilton Rd. in Eden Prairie. Starkey Laboratories has acquired the property from an undisclosed seller for $2.07 million. Bill Ritter and Judd Welliver of Welsh Cos. represented the buyer in the transaction.

August 25, 2008

Market Reports Michigan Midwest Market Reports

Defense activity playing larger role in development.

by admin August 25, 2008

What area is your expertise? Mid-Michigan, primarily the greater Lansing area. What trends do you see presently in industrial development in your area? Very soft. Some activity from small businesses and companies doing defense work for U.S. government. What type of industrial product is doing well in your area? 10,000 square feet and smaller Who are the active industrial developers in your area? Wieland-Davco and Dart Where is the majority of development taking place? Why is this area doing well? Delta Township due to the newer General Motors plant. What area do you expect to be the next big industrial development market? Why? Expansion of newer Delta Plant. If present car models sell well, they have plans to expand. Please describe the industrial leasing activity in your area. Some smaller and short-term leases. Please describe the industrial sales activity in your area. Very little and what there is, are prices below market. What impact do current interest rates have on the industrial market? What predictions do you have for interest rates and their effect on the industrial market in the next year? Lower interest rates help, but that alone will not be enough. What industries do you expect to expand …

August 25, 2008

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