DETROIT — Southfield, Mich.-based Signature Associates has arranged the sale of a 160,000-square-foot industrial property located at 4600 Nancy St. in Detroit. Chris Monsour and Paul Saad of Signature represented the seller, Lear Corp., as well as the buyer, R.H. Holdings. The acquisition price was not disclosed.
Midwest
NORTHBROOK, ILL. — CWCapital has provided a $46.5 million loan for the refinancing of Corporate Center I and II in Northbrook. The properties consist of two Class A office buildings totaling 255,837 square feet. They are currently 99 percent leased; anchor tenants include Potash and Merrill Lynch. The loan, which was originated by Patrick McNulty of CWCapital, is for a 5-year term at a fixed rate, and was financed through the company’s Capital Markets Group.
PLEASANT PRAIRIE, WIS. — Chicago-based Paine/Wetzel • ONCOR International has brokered a 108,439-square-foot lease to Fidelitone Logistics. The logistics company will be relocating to 8505 100th St. in Pleasant Prairie. Prior to signing the lease, it was located at 1260 Karl Ct. in Wauconda, Ill. Whit Heitman and Samuel Badger of Paine/Wetzel represented the building owner, CenterPoint Properties; Fidelitone was represented by Dan Jones and Dan Bennassi of Entre Commercial Realty.
CAMBRIDGE, MINN., AND WAUKESHA, WIS. — Minneapolis-based The Opus Group is developing two new shopping centers in Minnesota and Wisconsin. Spirit River Crossings is a 250,000-square-foot power center located in Cambridge. Situated on 30 acres, it will be anchored by Kohl’s and Lowe’s Home Improvement Warehouse. The Shoppes at Fox River is a 500,000-square-foot power center located in Waukesha. The tenant roster will consist of national and regional tenants, including sporting goods, soft goods, small shops and restaurants.
KANSAS CITY, MO. — Pure Fishing is building a 400,000-square-foot distribution center located at 7501 NW 106th Terrace in Kansas City. The new facility will be built within Terrace in the Skyport Industrial Park near Kansas City International Airport. When the building opens later this year, Pure Fishing will consolidate five of its warehouse facilities into the new location.
MILWAUKEE — Oconomowoc, Wis.-based Milmark Hotel/Motel Investments has brokered the sale of a 192-room Hospitality Inn & Suites, located at 4400 S. 27th St. in Milwaukee, for $6.95 million. The buyer, SIDHIVINAYAK LLC, plans to implement a capital improvements program to the property. It will also re-flag one of the buildings on the property as a Rodeway Inn & Suites, while the other will remain a Hospitality Inn & Suites. Ronald McCord and Jennifer Church of Milmark negotiated the transaction. The property was sold by Graebner Enterprises.
SKOKIE AND CHICAGO, ILL. — Chicago-based Transwestern Realty Finance Partners has closed on two loans totaling $13.5 million for an office property in Skokie and a multifamily property in Chicago. An $8.5 million mezzanine loan was secured for Old Orchard Towers, a 349,814-square-foot Class B office complex located in Skokie. The sponsor was Zeller Realty Group. Additionally, $5 million in mezzanine financing was arranged for MDA City Apartments, located at the corner of Lake and Wabash streets in Chicago. The former office building was repositioned in 2006 as a high-end, multifamily property. Terms of the two loans were not disclosed.
LIVONIA, MICH. — First Industrial Realty Trust has leased 99,937 square feet of rail-served industrial space to West/Win Ltd. The manufacturer will occupy a facility located at 11800 Sears Dr. in Livonia, which boasts easy access to CSX’s intermodal facility. Glenn DesRosiers of Friedman Real Estate Group and Gary Glotzhober of Colliers International assisted in the transaction.
What area is your expertise? Greater Lansing What trends do you see presently in multifamily development in your area? Over the past several years, most new development in the metro area occurred in and around East Lansing, and much of it was University related, either student rentals or condos marketed to recent grads or retirees. Much of this growth occurred along the northern tier, near Lake Lansing Road and Chandler. More recently, much attention has been drawn downtown where new apartments have been delivered and condos are slated to be built. Who are the active multifamily developers in your area? Condos — Robert Grooters Development, Gene Townsend, Gillespie Group, and Biersbach Development Apartments — Gillespie Group, DTN Management, Atlantis Development, and Strathmore Development. Please name one or two significant multifamily developments in your area. What impact will these projects have on the market? Capitol Club Tower Condominiums — Robert Grooters Development – 175 units, Downtown. Planning stages, 50 percent reserved. First high-rise tower in Lansing. Kalamazoo Gateway — Gene Townsend – 120 units, Downtown. Planning stages. Mixed-use retail/apartments/condos. The Stadium District — Gillespie Group – 50 units, Downtown. Project completed, currently leasing/selling. Mixed-use retail/apartments/condos. Where is the majority of development …
INDIANAPOLIS — Indianapolis-based Shiel Sexton has commenced construction of a $25 million pharmacy and health sciences building at Butler University, located in Indianapolis. The four-story, 40,000-square-foot facility will contain a student lounge, faculty offices and two laboratories — a history and physical lab for the school’s Physician Assistant program, and a research lab for the pharmaceutical sciences faculty. The building will also be applying for LEED certification, which upon completion would make it the first building on campus to achieve the designation. Sustainable amenities will include increased use of natural lighting, carpet and flooring made from recycled materials, bicycle storage and shower facilities, reserved parking for hybrid vehicles, and heat generated partially from the University’s data center, which will be housed in the building. Electricity will also be purchased through a green energy program with Indianapolis Power & Light. Completion is expected in summer 2009.