SPRINGFIELD, MO. — Los Angeles-based FORT Properties has acquired the 268,413-square-foot Chase Operations Center located at 303 East Republic Rd. in Springfield. The three-story, Class A building, which was sold by Brookfield Real Estate Opportunity Fund, is fully leased until August 2027 to JPMorgan Chase Bank N.A. As the company’s largest service call center in the United States, the facility is configured to allow an additional 35,500 square feet of on-site expansion space. While the acquisition price was not disclosed, financing was provided by First National Bank of St. Louis. FORT Properties negotiated the purchase in-house through Robert Alter; the seller was represented in the transaction by John Alvarado, Jack Crews, Evan Stone and Seth Barne of Jones Lang LaSalle Americas.
MANISTEE, MICH. — The Little River Casino Resort has reopened after undergoing exterior and interior expansions and additions. The 292-room facility, which is owned by Little River Band of Ottawa Indians, is located at 2700 Orchard Highway in Manistee. Exterior renovations include the Winter Garden, which features a waterfall, river and bridges, an outdoor bar area with heated floors, a giant fish tank and a 70-foot glass ceiling. Additions include a 14,000-square-foot event center with 1,675 seats. Texas-based TBG provided site planning and landscape architectural services for the project; Alpena, Mich.-based DeVere Construction Co. served as the general contractor at the site; and Memphis, Tenn.-based Hnedak Bobo Group served as the project’s architect. The cost of completion was not disclosed.
CHICAGO — Grosvenor has leased 11,175 square feet of retail space on Chicago’s Magnificent Mile to Columbia Sportswear Co. The two-story facility, which will be open in mid-2009, will be within Grosvenor’s 125,000-square-foot retail property located at 830 North Michigan Ave. Other tenants in the building include Filene’s Basement, Borders Books & Music, and Ghirardelli Ice Cream and Chocolate Shop. Stanley Nitzberg of Mid-America Real Estate represented Grosvenor; Victor Fandel of Fandel Retail Group represented the tenant in the transaction. Terms of the lease were not disclosed.
HASLETT, MICH. — Phoenix-based Hendricks & Partners has brokered the sale of Lakeview, a 213-unit apartment community located at 5984 Bois lle Dr. in Haslett. Lakeview in Haslett LC of Okemos, Mich., has acquired the $6.24 million facility from Lakeview Associates of Ann Arbor, Mich. Kevin Dillon, Rick Vidrio and Rick Brace in the Detroit office of Hendricks & Partners represented the seller, Lakeview Associates, in the transaction.
EDEN PRAIRIE, PLYMOUTH AND BLOOMINGTON, MINN. — GE Real Estate has provided a $33.2 million flexible fixed-rate loan to Dougherty Commercial Properties for the acquisition of nine offices throughout suburban Minneapolis. The 3-year loan includes two 1-year extensions. Totaling 448,254 square feet, the portfolio consists of two office buildings and seven flex buildings across five properties in Eden Prairie, Plymouth and Bloomington. Minneapolis-based Dougherty and its joint venture partner JRK Birchmont Advisors are investing approximately $11 million of equity in the transaction, which was brokered by Chris Perry and Matt Halberg of Grandbridge Real Estate.
LOWELL, KALAMAZOO AND ALLEGAN, MICH. — Michigan Governor Jennifer Granholm has announced that three West Michigan companies will invest $39.3 million to expand their operations in the state as a result of the Michigan Economic Development Corp. Attwood Corp., a marine parts and accessories supplier, will consolidate its Lancaster, Texas, manufacturing operations into its existing facility located in Lowell. The $1.8 million project is expected to create 87 new jobs in the community. The company has received a $452,000 state tax credit over 7 years, and the city of Lowell has approved a 12-year property tax abatement worth more than $1 million to support the expansion. In Kalamazoo, Graphic Packaging International Inc. has announced plans to invest $27 million to expand its existing folding carton plant. The project, which is expected to create 377 new jobs, will receive a $2.96 million state tax credit over 12 years. To support the expansion, the city of Kalamazoo is also recommending 12-year real and personal property abatements worth approximately $1.5 million. Additionally, Michigan-based Perrigo Co. has plans to invest $10.5 million in operating and training facilities at its global headquarters in Allegan. The project, which is expected to create 1,039 new jobs, has …
URBANA AND CHAMPAIGN, ILL. — CB Richard Ellis has brokered the sale of Illini Tower, a 207-unit high-rise student housing community at the University of Illinois at Urbana-Champaign. The facility, which is located within the campus community at 409 East Chalmers St., is a Private-Certified Housing property within the University of Illinois PCH system. From the years 2003 to 2007, approximately $6 million was spent on renovating the 725-bed property. Ryan Reid and John Jaeger of CB Richard Ellis represented the seller, Walton Street Capital LLC, in the transaction. The acquisition price and the buyer were not disclosed.
LOMBARD, ILL. — Cushman & Wakefield’s Industrial Services Group has arranged the sale of a 48,192-square-foot warehouse located at 1051 N. Main St. in Lombard. Sitex Realty Group has acquired the $3.2 million property, which features 24-foot clear ceilings, four interior docks and 13 drive-in doors. Jason West, Sean Henrick and Michael Hawryluk of Cushman & Wakefield represented the seller, Gerardi & Sons Development, in the transaction.
CENTRALIA, ILL. — BARBERMurphy Group has brokered the sale of a 76,680-square-foot industrial/distribution facility located at 1 Cahill Dr. in Centralia. Minneapolis-based Hawkins Inc. has acquired the building from Mainsource Bank Trustee for an undisclosed amount. Hawkins Inc. will use the facility for its expansion, and the Water Treatment Group of Hawkins will use the facility as a branch office for its operations. The facility, which is situated on a 9.75-acre site, will be fully operational in the summer of 2009. Wayne Barber and Steve Zuber of BARBERMurphy Group represented both parties in the transaction.
FARMINGTON HILLS, MICH. — Farmington Hills-based Agree Realty Corp. has secured a $24.8 million loan, providing capital for future projects. The loan is secured by seven of the company’s existing retail properties. Financing is based on an original term of 5 years, with interest at 150 basis points over LIBOR. The loan can be extended for an additional 2-year period. LaSalle Bank Midwest National Association and Raymond James Bank arranged the financing.