SOUTH BEND, IND. — Indianapolis-based Kite Realty Group Trust has acquired and ground leased separate land parcels from the University of Notre Dame for a mixed-use development project in South Bend. Construction has commenced on the $70 million first phase of Eddy Street Commons, which will include retail, office and apartment components. Future phases of the development include a 1,281-space parking garage, two Marriott hotels and for-sale residential components. The $35 million garage and other infrastructure improvements will be funded by tax increment financing bond proceeds and other city incentives. Kite Realty and White Lodging, the company’s hotel joint venture partner, assumed ownership of the land for the proposed development of the hotels. This phase is anticipated to include a full-service hotel with upscale condominiums on the top floors and a limited-service hotel. A variety of condos and townhomes will be delivered in future phases based on market demand.
CORALVILLE, IOWA — Ryan Companies US is advancing construction for BioVentures Center, a state-of-the-art, 80,000-square-foot office/lab/research facility in the University of Iowa Research Park. When the center is ready for occupancy in the fall, approximately one-half of the facility will be leased to the University of Iowa as incubator space with the remainder of the space available to other tenants. Scott Byers and Van Miller of NAI Iowa Realty Commercial are marketing the facility on behalf of Ryan Companies US.
GRANITE CITY, ILL. — Swansea, Ill.-based Holland Construction Services has completed construction of the $2.2 million Coordinated Youth and Human Services Education Building in the Tri City Regional Port District’s River’s Edge business park in Granite City. The 20,000-square-foot facility, which provides services for approximately 200 students, is equipped with 10 classrooms, a computer lab and a gymnasium.
CHICAGO — Steve Skok of Chicago-based Jones Lang LaSalle has secured $12.5 million in acquisition financing on behalf of Sandor Development. The financing allowed the company to complete the $22.5 million purchase of a 50,664-square-foot, Class A grocery store located at 225 East Grand Avenue in the Streeterville submarket of downtown Chicago. The store is fully leased long-term to Dominick’s and is part of CityFront Plaza, a mixed-use community that will total 1.6 million square feet at full build out.
What area is your expertise? The CBRE Retail team represents landlords and brokers in central Indiana. What trends do you see presently in retail development in your area? Increase in Mixed-Use Developments Development of Lifestyle Center and/or redevelopment, which includes a lifestyle center-like addition What type of retail product is doing well in your area? Grocery anchored centers; Town Centers/Lifestyle Centers and Malls What retailers are new to your area? Squeeze; Moochie & Co; Garden Ridge; Harlem Furniture; Fogo de Chao: Embarq; Taste of Tango; Ridemakerz; Stir Crazy; Adobo Grill; Golfsmith; Jared Jewelers; Marmi; Strasburg Children; Z’s Oyster Grill; Granite City Brewery; Grand Traverse City Pie Company and BJ’s Brewhouse Who are the active retail developers in your area? Kite Realty; Mann Properties; Welbourne Development; Pine Tree; Buckingham Please name one or two significant retail developments in your area. What impact will these projects have on the market? Redevelopment of Glendale Town Center: Kite Realty has re-developed this mid-town retail enclosed mall to become a Target and Macy’s anchored, power center (with a town feel). B-shop buildings have been added to surround the existing Macy’s — new retailers include Squeeze, Lenscrafters, AT&T and Catherine’s. Target will open in late July. …
NORTHBROOK, ILL. — Op2mize has brokered the largest industrial deal in the city of Chicago since 2005. Assemblers, a privately held firm headquartered in Chicago, has leased approximately 452,000 square feet of space — 70 percent of the total building area — at 2850 West Columbus Ave. The $23 million lease encompasses existing warehouse and assembly space with 30-foot ceilings, and runs through 2020. Trevor Ragsdale of The Staubach Company represented the landlord, Gateway Park LLC.
COLUMBUS, OHIO — Michael Mele, Adam Schlosser and Brett Hatcher of Encino, Calif.-based Marcus & Millichap have brokered the $18.85 million sale of the Storage Inns of America portfolio on behalf of a Dayton, Ohio-based private investor. The seven-property self-storage portfolio totals 418,020 square feet in size. All of the single-level facilities are located on, or exposed to major thoroughfares with ample store frontage, and include interior climate control, exterior lighting and perimeter fencing with computerized-gate access. Sean Delaney and Jesse Luke of Marcus & Millichap’s Oak Brook, Ohio, office represented the buyer, a Mishawaka, Ind.-based investment group.
HANOVER PARK AND ORLAND PARK, ILL. — Chad Firsel of NAI Hiffman has arranged two retail transactions in the Chicago area. A Chicago-based private developer sold a 3,903-square-foot, multi-tenant retail center to a Chicago-based private investor for $1.85 million. Located across the street from the redeveloped Metra Station in Hanover Park, the center is anchored by Starbucks Coffee, Jackson Hewitt and T-Mobile. In Orland Park, Firsel acted as the sole broker for a $3.3 million land sale located at 16153 S. LaGrange Rd. The pad site, which houses a freestanding Houlihan’s restaurant, was sold by a local developer to Juan Tamayo of Orland Park.
OAK BROOK, ILL. — Inland Real Estate Sales has brokered the sale of Wilson Plaza, which is a 11,600-square-foot retail center located at 336 East Wilson St. in Batavia, Ill., for $1.73 million. Tenants include White Hen, Subway, Rosati’s Pizza, Fantastic Sam’s, Panda Restaurant, Dimples Doughnuts and Wilson Cleaners. Richard Kehoe of Inland’s Lake Bluff, Ill., office represented the seller, a real estate investment trust. The property was acquired by an Oak Brook Terrace, Ill.-based investment group.
HANOVER PARK AND ORLAND PARK, ILL. — Chad Firsel of NAI Hiffman has arranged two retail transactions in the Chicago area. A Chicago-based private developer sold a 3,903-square-foot, multi-tenant retail center to a Chicago-based private investor for $1.85 million. Located across the street from the redeveloped Metra Station in Hanover Park, the center is anchored by Starbucks Coffee, Jackson Hewitt and T-Mobile. In Orland Park, Firsel acted as the sole broker for a $3.3 million land sale located at 16153 S. LaGrange Rd. The pad site, which houses a freestanding Houlihan’s restaurant, was sold by a local developer to Juan Tamayo of Orland Park.