INDIANAPOLIS — NAI Olympia Partners has represented AeroGrow International in subleasing 90,400 square feet of industrial space within Park 100, Building 74, which is located at 5102-5110 W. 76th St. in Indianapolis. Coleman Cable Inc. subleased the space for an undisclosed amount. Brett Spitzer and Chip Barnes of NAI Olympia Partners represented AeroGrow; Coleman Cable Inc. was represented in-house in the transaction. Terms of the lease were not disclosed.
STRONGSVILLE, OHIO, AND SHELBY TOWNSHIP, MICH. — Cleveland-based Ray Fogg Corporate Properties has broken ground on two 109,000-square-foot, build-to-suit lease distribution facilities for Brighton-Best International. The buildings, which are expected to be complete by the end of this year, will be located on Imperial Parkway in Strongsville, and on Fogg Industrial Court in Shelby Township. Each facility will accommodate an expansion of approximately 300 percent for Brighton-Best’s existing operations in the two markets. The industrial facilities will include 32-foot clear ceiling heights, ESFR fire sprinkler systems and multiple truck docks. Fogg’s design/build company, Ray Fogg Building Methods, is constructing both facilities. The estimated cost of completion was not disclosed.
TOPEKA, KAN. — Marcus & Millichap Real Estate Investment Services has arranged the sale of Carriage House Apartments, a 282-unit community located near the I-470/I-335 interchange in Topeka. The $6 million property consists of 12 2.5-story buildings situated on an approximately 9.14-acre site. Mission Investors Co. sold the facility for an undisclosed amount. David Gaines and Alex Blagojevich of Marcus & Millichap’s National Multi Housing Group in Chicago represented the seller in the transaction.
MILWAUKEE — Las Vegas-based Famous Labels has plans to open its first Wisconsin store within The Cloverleaf Group’s Highland Plaza shopping center, which is located along Brown Deer Road Corridor in Milwaukee. The women’s value retailer will open a 31,847-square-foot shop within the 95,118-square-foot development. The store is expected to open in November. Dan Rosenfeld of Mid-America Real Estate-Wisconsin is the leasing representative for the retail development.
CHICAGO — MB Real Estate’s Corporate Services division has represented Adrian Smith + Gordon Gill Architecture in a 29,727-square-foot expansion within an office building located at 111 West Monroe in Chicago. The expansion is in line with Adrian Smith + Gordon Gill’s future growth plans. Pamela Rose of MB Real Estate’s Corporate Services division represented Adrian Smith + Gordon Gill Architecture in the transaction; Michael Kaiser of Hines represented the building ownership in negotiations.
What area is your expertise? West Michigan Industrial What trends do you see presently in industrial development in your area? Very little speculative building, some absorption of previous manufacturing into multi-tenant redevelopment. What type of industrial product is doing well in your area? Stand alone 35,000 square feet to 75,000 square feet owner occupied. Who are the active industrial developers in your area? First Companies – Built-to-Suit Please name one or two significant industrial developments in your area. What impact will these projects have on the market? Ashley Capital redevelopment of the former Steelcase campus. Former large manufacturing buildings that are redeveloped into multi-tenant — 50,000 to 300,000-square-foot users. Where is the majority of development taking place? Why is this area doing well? Very little, along the M-6 Caledonia, available land for build to suit users. What area do you expect to be the next big industrial development market? Why? Airport area — typical area for growth in most markets. Please describe the industrial leasing activity in your area. Lease rates are flat with incentives, one month of free rent for each year of term. Too much inventory. Please describe the industrial sales activity in your area. Very little activity …
CHICAGO — On behalf of Chicago-based Newcastle Limited, Cohen Financial has secured a $13 million acquisition loan for a three-property portfolio in Chicago. Two properties are located within the city’s Lincoln Park neighborhood at 2200 Clark St. and 801 Diversey St., and the third property is located at 4071 Milwaukee St. The portfolio contains 44,310 square feet of retail space, as well as 28 apartment units. The fixed-rate, 70 percent loan-to-value non-recourse loan is based on a 5-year term, with a 30-year amortization schedule priced on the 5-year U.S. Treasury. An undisclosed national life insurance company funded the transaction for the borrower, Newcastle Limited. Steve Roth and Steve Kundert of Cohen Financial arranged the financing.
TINLEY PARK, ILL. — Millennium Properties has arranged the sale of a 12.6-acre parcel of land located on the southwest corner of 179th Street and 94th Avenue in Tinley Park. Moraine Valley Community College acquired the property from Alphamed Health Partners for approximately $5.2 million, which was provided by an $89 million bond referendum. The land is expected to house the college’s new education center. Measuring approximately 35,700 square feet in size, the facility will consist of a minimum of 10 classrooms, two computer labs, a science lab and a multipurpose room. Chuck Groebe of C. Groebe & Co. represented the buyer in the transaction.
ST. LOUIS, AND BELLEVILLE AND GRANITE CITY, ILL. — The St. Louis office of CB Richard Ellis has brokered the sale of three industrial properties in the St. Louis Metro East submarket. Mark McNulty of CB Richard Ellis represented Ring Container Corp. in the sale of a 48,600-square-foot industrial building in Belleville. King Food Products acquired the facility, which is situated on 2.81 acres at 3 Amann Court. Additionally, McNulty represented J.R. Frey Properties in the sale of a 21,600-square-foot industrial facility, which is located at 10 Central Industrial Drive in Granite City. Southard Investments LP acquired the multi-tenant building. In St. Louis, Marc Cacciarelli of CB Richard Ellis represented Fundamentals Co. in the sale of a 70,000-square-foot industrial building. Merritt Properties acquired the facility, which is located at 4937 Fyler Ave.
O’FALLON, MO. — Hendricks & Partners has arranged the sale of Vinings at Bordeaux, a 93-unit apartment community located at 611 Vinings Blvd. in O’Fallon. The Vinings of Bordeaux LLC of St. Louis sold the property to Carter-Haston Holdings LLC of Nashville, Tenn., for an undisclosed amount. Ken Aston and Steve Pearl in the St. Louis office of Hendricks & Partners represented both parties in the transaction.