MINNEAPOLIS AND BLOOMINGTON, MINN. — The Minneapolis/St. Paul office of Colliers Turley Martin Tucker (CTMT) has arranged the sales of part of Chicago-based First Industrial Realty Trust’s portfolio for more than $19 million. The properties were part of the company’s First Industrial Portfolio, and were sold in two transactions to separate locally based investment partnerships. The first sale involved two buildings totaling 318,006 square feet that are located at 770 and 800 Kasota Ave. in Minneapolis. The second sale involved two properties totaling 161,368 square feet that are located within Normandale Tech Center at 6403 and 6507 Cecilia Dr. in Bloomington. Mark Kolsrud, Matthew Klein, Shawn Moore and Pia Robertson represented First Industrial in the sale.
Midwest
ST. LOUIS — Hendricks & Partners (H&P) has brokered the sale of Parcade, a 42-unit apartment community located at 4394 W. Pine Blvd. in St. Louis. Paul Cunningham of H&P’s St. Louis office represented the seller, Sunland, Calif.-based Damian Loftus, as well as the locally based buyer. The property closed at 94 percent of list price, at a 7.38 percent capitalization rate.
MARINETTE, WIS. — Meridian Capital Group has secured $4.5 million in financing for a 250,000-square-foot, owner-occupied industrial facility located at 3100 Woleske Rd. in Marinette. Financing consists of a 15-year, self-liquidating loan with a 6.375 percent interest rate. Jim Bologno of Meridian’s New Jersey office represented the undisclosed borrower.
TRAVERSE CITY, MICH. — Construction is underway for a three-story Cambria Suites located at 255 Munson Ave. in Traverse City. Room amenities in the 92-room hotel will include flat-screen LCD televisions, DVD players, mp3 jacks, and complimentary wired and wireless Internet access. Hotel amenities will include a restaurant, a fitness center with a pool and spa, a 24-hour convenience store, and 1,000 square feet of meeting space. The hotel, which is scheduled to open in spring 2009, is owned by local developer TC 92 Suites. It is the first phase of SkipStone Crossing, a 5-acre multi-use development that will also include a senior housing facility, and a three-story building with street-level retail and upper-floor office space.
HUGO, MINN. — NorthMarq Investment Services has completed the sale of Victor Marketplace, a 70,000-square-foot retail center located at 14775 Victor Hugo Blvd. in Hugo. The center is anchored by a 55,000-square-foot Festival Foods, and is 100 percent leased. Eric Bjelland and Leah Truax of NorthMarq represented the undisclosed seller; the property was acquired by Victor Hugo Boulevard LLC.
DETROIT — Signature Associates has arranged the sale of a 65,000-square-foot industrial property located at 1221 Rosa Parks Blvd. in Detroit. Chris Monsour of Signature represented the seller, Service Tire Co., as well as the buyer, Fort Rosa LLC. The acquisition price was not disclosed.
ST. CHARLES, ILL. — Colliers Bennett & Kahnweiler (CBK) has brokered the sale of two industrial buildings within The Legacy Business Center, a master-planned industrial park being developed in St. Charles. Carter Andrus and Brian Kling of CBK represented the developer, Paul Hemmer Cos., in the disposition of both properties. The first property is a 27,900-square-foot building located at 902 Equity Dr. It features 24-foot clear ceiling heights, two exterior docks and one drive-in door. The property was acquired by Corrosion Monitoring Services. The second property is a 15,626-square-foot building located at 882 Equity Dr. It features 18-foot clear ceiling heights, one exterior dock and one drive-in door. The property was acquired by Turbo Jet Partners, which was also represented by Andrus and Kling. Three of the four buildings developed in the initial phase of The Legacy Business Center have now been sold. Phase II construction is currently underway, consisting of two new speculative buildings totaling 18,000 and 22,000 square feet. The business park will ultimately contain 13 buildings.
OAK LAWN, ILL. — Chicago-based First Western Properties has acquired Park Lawn Plaza, a 25,000-square-foot shopping center located in Oak Lawn. Tenants in the center include Lifesource, Nursefinders, Health Care Association, Lab Corp., Sleep Network of Illinois, Occu-Sport, The Seniors Club and Fantastic Sam’s. The acquisition price, as well as the seller, was undisclosed.
CLEVELAND — The Geis Companies has sold a 10-property industrial portfolio to Harbor Group International for approximately $51 million. The properties total 815,315 square feet and are located throughout the greater Cleveland area. John Huguenard and Angela Wethington of the Indianapolis office of Colliers Turley Martin Tucker, along with Terence Coyne of the Cleveland office of Grubb & Ellis, represented The Geis Companies in the transaction.
INDIANAPOLIS — Indianapolis-based Lauth has announced plans for two new buildings at INTECH Park, the company’s 210-acre office park located in Indianapolis. Construction will begin in the fall for INTECH Four, a 150,000-square-foot, Class A office building. When the project is complete in third-quarter 2009, it will be the ninth building in the park. Additionally, Chattanooga, Tenn.-based Vision Hospitality will begin construction this summer for a 122-room Hilton Garden Inn inside INTECH Park. The hotel will feature a restaurant and a 4,000-square-foot conference center.