CHICAGO — George Maragos and Brad Weiner of CB Richard Ellis’ Downtown Chicago office have represented American Licorice Co. in the sale of a 209,907-square-foot freestanding manufacturing building located at 3701 West 128th Place in Chicago. The multi-tenant property contains 25 exterior loading docks and two drive-in doors. Madison Partners Realty has acquired the facility, and hired CB Richard Ellis to market the property for lease. The acquisition price was not disclosed. On behalf of Madison Partners Realty, Maragos and Weiner arranged a 10-year, 40,000-square-foot lease within the building for Bill Downs Enterprises. The Tinley Park office of Network Commercial Real Estate represented Bill Downs Enterprises in the transaction.
NORMAL, ILL. — Atlanta-based InterContinental Hotels Group has begun renovations for a 160-room Crowne Plaza hotel located at 8 Traders Circle in Normal. The former Holiday Inn will undergo $11.5 million in renovations before opening in the fourth quarter of this year as the Crowne Plaza Bloomington-Normal. Renovations include a new guest tower roof, new exterior surfaces and all-new guestroom soft goods. Amenities at the five-story facility include an indoor pool, a 24-hour fitness center, and restaurant and lounge. The hotel will feature more than 9,000 square feet of meeting and banquet space. Normal Hospitality LLC owns the facility; Global Hotel Management of Normal manages the property.
ROCHESTER HILLS, MICH. — On August 6, Whole Foods Market will open within Birmingham, Mich.-based Robert B. Aikens & Associates’ The Village of Rochester Hills in Rochester. Whole Foods Market is relocating from its existing store in the area. The new facility, which is twice the size of the retailer’s existing area property, occupies the former Food Emporium space at the center. Features of the store include a café with seating for 80 people, free Wi-Fi and cooking demos by notable Detroit-area chefs.
ST. LOUIS — St. Louis-based KAI Design & Build has completed a 10,000-square-foot addition to the Mount Grace Convent located at 1438 E. Warne Ave. in St. Louis. The $2.8 million project included demolition of the existing rectory and two adjacent residences, as well as construction of a two-story addition, garage and 65-space parking lot. A kitchen, three bedrooms for visitors and guests, eight bedrooms for the sisters, and a basement were completed for the project. The convent is home to the Holy Spirit Adoration Sisters, who are known as the Pink Sisters because of their unique rose-colored habits.
What area is your expertise? Retail leasing, sales, and development in Michigan. What trends do you see presently in retail development in your area? Retail development is stagnant at this time. However, there are several planned developments that will certainly become more viable when the local economy improves. What type of retail product is doing well in your area? Neighborhood Strip Centers. What retailers are new to your area? Tim Horton’s and several independent restaurants. Since the earlier part of the decade, we haven’t had much in the way of “new” traditional retail to the market. Who are the active retail developers in your area? Mostly local developers. The Gillespie Group, Strathmore Development and The Eyde Company. Please name one or two significant retail developments in your area. What impact will these projects have on the market? East Village near the MSU Campus in East Lansing. Currently in planning stages only and no tenants named at this point. Will encompass 250,000 square feet of retail, with a movie theater, a hotel, 100,000 square feet of office and both for lease and for sale residential units. Encompasses over 20 acres. Numerous planned projects around the Eastwood Towne Center but nothing definite …
What area is your expertise? Office market in the Kansas City metropolitan area. What trends do you see presently in office development in your area? Little new development. Some mixed-use projects in the works. Who are the active office developers in your area? Local developers. Please name one or two significant office developments in your area. What impact will these projects have on the market? Park Place – Mixed-use suburban office project including retail, residential, office and hotels. Located in suburban Kansas City (Leawood, Kan.) Plaza West – mixed-use office, retail, hotel project on Country Club Plaza. Will be corporate headquarters for local advertising firm Bernstein Rein. Where is the majority of development taking place? Why is this area doing well? Suburban Kansas City What area do you expect to be the next big development market? Why? Suburban Kansas City What areas are doing well in terms of office leasing? Which areas are struggling with office leasing? Suburban Kansas City and Country Club Plaza do well. Downtown Kansas City has struggled but with a new entertainment district along with opening of Sprint Center, it is poised to take off. Please give a measure of office vacancy rates. Please give a …
LIVONIA, MICH. — Grubb & Ellis Co. has completed the first phase of redevelopment for the Allied Commerce Center, a 1.1 million-square-foot industrial complex located on Enterprise Drive in Livonia. Phase I redevelopment included the demolition of 100,000 square feet of space in Building I; a new building façade with new tenant entrances and signage; the addition of up to 54 exterior truck docks; and upgrades to the HVAC, parking, and electrical systems. Grubb & Ellis has completed a long-term lease extension and 50,000-square-foot expansion with AM General. Additionally, CHEP USA has leased 64,000 square feet of space within Building I. Construction will begin this year on the second phase of Allied Commerce Center’s redevelopment, which will include a 312,000-square-foot, Class A distribution facility. While accommodating up to four tenants, the new building will feature ESFR sprinklers, 32-foot clearance height, and up to 60 truck docks. The center is owned by DJS Holdings, a wholly owned subsidiary of Norwalk, Conn.-based GE Real Estate. The estimated cost of construction was not disclosed.
ST. LOUIS — St. Louis-based KWAME Building Group has been named construction manager and owner representative for Harris-Stowe State University’s $17 million Early Childhood Development and Parenting Education Center in St. Louis. The two-story, 47,000-square-foot facility will include a new childcare center and academic learning facility. Construction on the project began in June, with completion slated for 2009. KAI is providing architectural services; Kozeny-Wagner Inc. is acting as general contractor for the project.
EDWARDSVILLE, ILL. — Tom Dolan of Marcus & Millichap’s Chicago office and Zane Whiteley of the firm’s St. Louis office have brokered the sale of a 65,000-square-foot manufacturing facility located within the Gateway Commerce Center in Edwardsville. Sovereign Investments sold the property to a California-based tax exchange private investor for approximately $5.26 million. The single-tenant investment property was sold at a 7.2 percent rate, with regular rent increases scheduled throughout the lease term. Turner Electric Co. is the single tenant in the build-to-suit facility, which was completed for the company in April. Joe Linkogle in the Long Beach, Calif., office of Marcus & Millichap represented the buyer in the transaction.
HARPER WOODS, MICH. — CB Richard Ellis Detroit Multi-Housing Group has completed the sale of Pointe Gardens Apartments, a 92-unit community located off Rockcastle Avenue in Harper Woods. Greater Development LLC has acquired the 3.36-acre property for an undisclosed amount. The community contains six two-story garden-style buildings, which house one- and two-bedroom floor plans ranging in size from 700 to 900 square feet. Rob Stone of CB Richard Ellis Detroit Multi-Housing Group represented the seller, Rockcastle LLP, in the transaction.