MEDINA, OHIO — Cleveland-based NAI Daus and GVA Kidder Matthews have brokered the sale of a 44,325-square-foot industrial building, located at 909 W. Smith Rd. in Medina, for $1.2 million. The building, which is situated on 22.89 acres, was acquired by Veolia ES Technical Solutions. The seller, Univar USA, was represented by Robert Brehmer and Lisa Trevino of NAI Daus, and Patricia Loveall of GVA Kidder Matthews. The trio also represented Univar in the leasing of 26,062 square feet at 22601 Richmond Rd. in Bedford Heights, Ohio, to Candor Transportation.
What area is your expertise? Yorkville, Illinois/Kendall County. In March, Kendall County was named the fastest growing county in the nation, according to the U.S. Census, growing 77.5 percent from 2000 to 2007. What trends do you see presently in retail development in your area? Because of the unprecedented growth of Kendall County since the late 1990s, there are many national retailers who have found their way to the area, and while there has been a recent slow down in the acquisition of retail land sites in the Chicagoland area, production has not stopped on existing sites. The trend in Yorkville is going to be smaller projects with lesser known tenants over the next three to five years. Aside from the current economic woes and tightened lending restrictions, housing demographics are the key factor of this trend. Housing has slowed from one year ago, but there are signs that it’s picking up again. There have been more sales and builders have begun to create new incentives. I expect developers to move in toward the larger population centers and seek infill and/or redevelopment projects to combat inflationary land prices and continuing lender issues. The larger population bases and smaller risk projects …
What area is your expertise? My area of specialty is the office market in Lansing, Michigan Who are the active office developers in your area? TMN Builders, Boji Development, among others. Please name one or two significant office developments in your area. What impact will these projects have on the market? The 2900 Building was completed within the last 12 months and is a 80,000 square foot suburban office structure at the US-27/Lake Lansing Road interchange. Developed by 501LLC, it was a 5-story, Class A building that leased within 15 months after completion. Most of the users were already located within the mid-Michigan market area but this project did show that good quality space was in demand at that time. Where is the majority of development taking place? Why is this area doing well? Most new development is occurring at the U.S. 27/Lake Lansing Road interchange. This area is doing well due to a recent surge in retail development and the availability of land along a highway interchange route. What areas are doing well in terms of office leasing? Which areas are struggling with office leasing? The entire market is struggling to some degree. Areas that do see some degree …
ANN ARBOR, MICH. — Construction is advancing for Plymouth Green Crossings, a 23-unit residential condominium property located at the intersection of Plymouth and Green roads in Ann Arbor that is being developed by Dwell Realty & Development. Situated on 7.5 acres, the project will consist of three buildings with a total of 21,500 square feet of first-floor retail space. A 4,400-square-foot Fifth Third Bank branch is already open in the retail portion of the project. Additional tenants include Sweetwaters Café, InkStop and Olga Kitchen. Outdoor patio dining space will be available to tenants. A protected wetland water feature will be incorporated into Plymouth Green Crossing; also included will be biking and walking paths. Brooke Wolf and Tony Schmitt of LaKritz-Weber & Co. are handling retail leasing on behalf of the landlord, Metro Holdings Group. Retail space is leasing for $35 per square foot triple net. The project is scheduled for completion this summer.
LANSING, MICH. — East Lansing-based CB Richard Ellis | Martin (CBRE) has completed the sale of a vacant, 34,800-square-foot Regent Inn hotel located at 6501 S. Cedar St. in Lansing. The property was acquired by NuUnion Credit Union, which plans to raze the 1.63-acre site and redevelop it into a branch location for the credit union. Jason Kildea of CBRE represented the seller, Wachovia SBA Lending. NuUnion was represented by Alliance Commercial. The acquisition price was not disclosed.
WAYNE, MICH. — Colliers International has brokered the sale of 32,430 square feet of office space located at 35005 Michigan Ave. in Wayne. Jeffrey Ambrose and Gary Glotzhober of Colliers represented the seller, Wayne Properties, as well as the undisclosed buyer. The acquisition price was not disclosed.
CHICAGO — AMB Property Corp. has leased approximately 126,000 square feet of industrial space in Chicago to Ashley Furniture. The furniture manufacturer will occupy AMB Remington Lakes Distribution Center, which is located adjacent to Interstate 55. The company will use the facility as its new Midwest distribution center. Details of the lease were not disclosed.
NAPERVILLE, ILL. — Cambridge Realty Capital has arranged a $7.26 million loan for the refinancing of Community Nursing and Rehabilitation Center, a 153-bed skilled nursing facility located in Naperville. The insured first-mortgage loan was for a 30-year term and is fully amortized. The loan was arranged by Cambridge on behalf of the property’s owner, an Illinois-based limited liability company.
CHICAGO — Chicago-based Jupiter Realty Group has broken ground for the construction of a 50-story apartment tower located at 215 W. Washington St. in Chicago’s West Loop. The $157 million project will feature 389 studio, one- and two-bedroom units ranging in size from 550 to 1,850 square feet. All units feature floor-to-ceiling windows, washers and dryers, and kitchens with hardwood floors, granite countertops and stainless steel appliances. Building amenities will include a landscaped rooftop pool and garden area, a fitness center, steam and massage therapy rooms, a library, a business center, a 24-hour doorman and a 12-story, 600-space parking garage. First occupancies are expected in spring 2010, with the remaining units coming online in the summer. Upon completion, the project is expected to be the first LEED-certified high-rise apartment building in the city. Cornerstone Real Estate Advisors, a subsidiary of Mass Mutual Life Insurance Co., is Jupiter’s joint venture partner in the project. Power Construction is serving as general contractor, and Chicago-based Solomon Cordwell Buenz is the project architect. The parking garage will be owned by Interpark, a subsidiary of General Electric. Jupiter Communities, the company’s third-party management division, will handle leasing and management duties.
CHICAGO — Chicago-based Cohen Financial has assisted in the $122.5 million acquisition of a seven-property multifamily portfolio in Chicago. The portfolio comprises 884 residential and eight commercial units located in the city’s Lakeview neighborhood. Cohen served as an advisor to the borrower, Chicago-based Newcastle Limited, and assisted in the acquisitions. Cohen also originated $5 million in second-mortgage financing for one of the properties, and $9.62 million in new financing with a GSE agency for two of the properties. Terms of the new debt include 10 years interest only at a 5.63 percent interest rate. Steve Roth and Steve Kundert of the Cohen’s Skokie, Ill., advised Newcastle and originated the financing. The lender is a Chicago-area finance company.