ANN ARBOR, MICH. — Ann Arbor-based GDI Infotech Inc. and Terumo Cardiovascular Systems have announced plans to expand and relocate to its Ann Arbor location. GDI Infotech has launched a new solutions division, which is expected to create 233 jobs. Based on recommendations made by the Michigan Economic Development Corp., the Michigan Economic Growth Authority has approved a state tax credit valued at $1.5 million over 7 years for the expansion. Additionally, Terumo Cardiovascular Systems has plans to relocate its R&D operations from Tustin, Calif., to Ann Arbor. The project will include an addition of 14,000 square feet of space, as well as a new chemistry lab. To support the project, the Michigan Economic Growth Authority has approved a state tax credit valued at $855,000 over 7 years. Terumo Cardiovascular Systems will invest $3.57 million in the relocation and expansion.
CAROL STREAM, ILL. — Chicago-based Paine/Wetzel • ONCOR International has represented the landlord in leasing 112,110 square feet of industrial space within the Kehoe Business Center, which is located at 250 Kehoe Blvd. in Carol Stream. Situated on a 6.2-acre site, the newly constructed warehouse features 18 docks, two drive-in doors and 30-foot clear-height ceilings. Brighton-Best Socket Screw Manufacturing is relocating its sales and distribution center from Elk Grove Village, Ill., to the new building. Gregory Wright and Adam Naparsteck of Paine/Wetzel • ONCOR International represented the landlord, Seefried Properties Inc.; John Suerth of CB Richard Ellis represented the tenant in the transaction.
CHICAGO — Chicago-based Reed Illinois Corp. is acting as general contractor for a 28,000-square-foot build-out of the Illinois Institute of Art, which is located within The Mart Center at 350 N. Orleans in Chicago. The project includes construction of enhanced classrooms, private offices, lecture halls, restroom facilities and corridor upgrades. The Illinois Institute of Art is expanding to 16,000 square feet of space within the first floor of The Mart Center. Scott Pickands of Reed Illinois is overseeing construction of the project; Atul Karkhanis Architects has provided architectural services for the project. The estimated cost of completion was not disclosed.
BOLINGBROOK, ILL. — On behalf of Casco Manufacturing, Westmont, Ill.-based Morgan Realty Partners has arranged the acquisition of an industrial facility located at 600 Territorial Dr. in Bolingbrook. Casco Manufacturing is relocating to the 12,981-square-foot building from its Downers Grove, Ill., facility. TCB Development sold the property for an undisclosed amount. Bill Waliewski of Morgan Realty Partners represented the buyer; Terry Grapenthin of Cawley Chicago represented the seller in the transaction.
COUNCIL BLUFFS, IOWA — Columbus, Ohio-based Continental Retail Development has announced plans to build a 450,000-square-foot retail outlet center in Council Bluffs. Situated on a 47-acre site, the development will be located at the intersection of Interstate 80 and Interstate 29. Designer Outlets of MidAmerica will include more than 80 outlet stores and restaurants. The project will break ground in the fall of 2009, with completion slated for the summer of 2010.
URBANCREST, OHIO — Pilkington North America has leased the entire Opus II warehouse/distribution facility within Rosemont, Ill.-based Opus North’s Big Run Industrial Park in Urbancrest. The 401,348-square-foot building is located at the interchange of Interstate 270 and Route 62 in a submarket of Columbus, Ohio. Pilkington’s Automotive Glass Replacement business will move its distribution center and administrative offices to the facility by late November. Designed by Opus Architects & Engineers, Opus II features 32-foot clear-height ceilings, 48 exterior docks, three drive-in doors and parking for 129 cars. The tenant build-out includes 20,000 square feet of office space, as well as general warehouse improvements. Mike Hurd and Rick Trott of Colliers Turley Martin Tucker represented Opus North in the long-term lease; John Myers of Ohio Industrial Co. represented Pilkington in negotiations.
WEST BEND, WIS. — Edgemark Commercial Real Estate has brokered the acquisition of Paradise Plaza, a 45,096-square-foot retail center located at 909 Gateway Court in West Bend. Situated on a 3.9-acre site, the newly constructed development was acquired by the buyer as a 1031 Tax Deferred Exchange. Real Estate Naperville has acquired the property from Leisure Investments for an undisclosed amount. Jeffrey Kowal of Edgemark Commercial Real Estate represented the buyer; Simeon Spirrison of Adelphia Properties represented the seller in the transaction.
PAPILLION, NEB. — Omaha, Neb.-based Coldwell Banker Commercial World Group has arranged the acquisition of Hickory Hills Plaza, an 11,698-square-foot shopping center located in Papillion. Marion J. Moritz and Frederick Limited Partnership have acquired the property from an undisclosed seller for approximately $2.7 million. Tenants at the 100 percent leased development include Jimmy John’s Gourmet Sandwiches, Sports Clips and Premier Fitness. Trenton Magid of Coldwell Banker Commercial World Group represented the buyer in the transaction.
NILES, ILL. — Skokie, Ill.-based The Missner Group has completed two tenant build-outs within the 400,000-square-foot Howard Industrial Center, which is located at 6420 W. Howard in Niles. On behalf of Energy Volleyball Club, The Missner Group has completed construction on 20,000 square feet of space. The project included the build-out of 1,000 square feet of office space, four volleyball courts, as well as a viewing and concession area. Additionally, The Missner Group has completed the build-out of Twin Med LLC’s 30,000 square feet of space within the industrial park. Features of the build-out include 2,000 square feet of executive offices, a conference room and break room, and a new dock position for the 28,000-square-foot warehouse. The cost of completion was not disclosed.
What area is your expertise? The St. Louis Metropolitan Area What trends do you see presently in multifamily development in your area? Many of the St. Louis area developers are including residential components (both rentals and sales) in their developments. The desire to work, live and shop in the same area is desirable in the St. Louis region — from shopping, to office, to education, to entertainment. Who are the active multifamily developers in your area? Local office and retail developers are adding residential components to their developments. Please name one or two significant multifamily developments in your area. What impact will these projects have on the market? Clayton is seeing an increase in condominium construction as well as housing units becoming a part of retail and office developments. For example, Maryland Walk opened with 99 high-end condominiums and has added a retail component. The Crescent development includes 72 luxury condominiums and 26,000 square feet of retail. The $73 million, 390,000-square-foot project was developed by Mark S. Mehlman Realty. Where is the majority of development taking place? Why is this area doing well? Condo and apartment development and redevelopment are on the rise in the Central Business District as a …