What area is your expertise? • Retail services in Northeast Ohio What trends do you see presently in retail development in your area? • The current trend across the board is an increase in environmental awareness. Developers selecting sustainable sites, retailers constructing LEED buildings, and city and county governments working together to minimize the negative impacts on the environment while maximizing existing infrastructure. What type of retail product is doing well in your area? • Power centers, grocery anchored shopping centers and convenient strip centers. What retailers are new to your area? • Menards, Massage Envy, Five Guys Famous Burgers and Fries and a Cabela’s are expected. Who are the active retail developers in your area? • First Interstate Properties, Liberty Development Group, Snider-Cannata and Centro Properties. Please name one or two significant retail developments in your area. What impact will these projects have on the market? • The redevelopment of Westgate Mall in Fairview Park is the first redevelopment of an enclosed regional mall in Northeast Ohio into a lifestyle and power center. Centro Properties, in partnership with the Richard E. Jacobs Group, redeveloped the property. The center is anchored by Target, Lowe’s Home Improvement Warehouse and Kohl’s. Additional …
Midwest
What area is your expertise? • I specialize in landlord representation, building sales and tenant representation in the Indianapolis and surrounding Central Indiana region. What trends do you see presently in office development in your area? • Medical space has developed at a very rapid pace, single-story garden office space has been prevalent and new Class A space with Interstate 465 frontage and signage has been very successful in new lease-up. Who are the active office developers in your area? • In addition to Duke Realty and Lauth Property Group, who have developed the most office product over the last 5 years, Shamrock Builders, Opus, Panattoni Development Co., J. Greg Allen Builder and Edgeworth Laskey Properties are all currently active. Please name new significant office developments in your area. What impact will these projects have on the market? • The Northwest submarket is undergoing growth with over 300,000 square feet of new construction underway which includes Duke Realty’s 154,000-square-foot Woodland Corporate Park VI and Lauth’s 151,000-square-foot Intech Three. The North/Carmel submarket currently has four multi-tenant projects underway totaling 200,000 square feet, including Panattoni’s 142,000-square-foot project at 1320 City Center Drive. Edgeworth Laskey Properties is currently building the 151,000-square-foot Lake Point …
What area is your expertise? • The Greater Cincinnati, Ohio metropolitan area — a seven-county area in southwestern Ohio and northern Kentucky. What trends do you see presently in office development in your area? • Speculative new construction and existing Class A buildings have captured the lion’s share of the nearly 1 million square feet of net positive absorption in 2007. In stark contrast, the Class B office market accounted for only 24 percent of this total. This trend is leading to increasing rental rates for Class A product while the Class B rents remain stagnant or are even on the decline. Who are the active office developers in your area? • Duke Realty Corp., Scott Street Partners, Al. Neyer, Inc., Neyer Properties, Inc. and Miller-Valentine Group Please name one or two significant office developments in your area. What impact will these projects have on the market? • Kenwood Towne Place is a mixed-use development adjacent to the high-end Kenwood Towne Centre regional mall currently under construction in the Kenwood submarket. The retail component will contain a Kroger and the area’s first Crate and Barrel along with a 250,000-square-foot office tower that has signed UBS as its first tenant. Nearby …
CLAYTON, MO. — St. Louis-based Brinkmann Constructors has completed The Crescent in Clayton, a $73 million, nine-story condominium tower located at 155 Carondelet Plaza in Clayton. The 390,000-square-foot building features 72 luxury condos ranging in price from $900,000 to more than $2 million, as well as 26,000 square feet of ground-floor retail. Retailers include Araka, Kaldi’s Coffeehouse, Pulaski Bank, Lusso, Extra Virgin – an Olive Ovation, Elements of Denim and Sweet Petunia. The building is being developed by Mark S. Mehlman Realty. Currently, 70 percent of the condos are under contract, and 80 percent of the retail space is leased.
KENOSHA, WIS. — Chicago-based First Industrial Realty Trust has entered into a build-to-suit agreement with Rust-Oleum Corp. for the development of a 600,000-square-foot distribution center located within First Industrial’s 169-acre First Park Kenosha industrial park in Kenosha. The facility, located at the corner of State Route 158 and 88th Avenue, will anchor First Park Kenosha, and will feature expansion capacity up to 850,000 square feet. Groundbreaking will occur this month, with completion scheduled for fourth-quarter 2008.
MILWAUKEE — Milwaukee-based Colliers Barry and The Dickman Company have brokered the sale of a 76,800-square-foot industrial building located at 3801 W. Green Tree Rd. in Milwaukee. The property was sold by LJT Properties to CMK. Pete Slezak of Colliers was the listing broker, and Sam Dickman of The Dickman Company was the selling broker. The sales price was not disclosed.
URBANDALE, IOWA — West Des Moines, Iowa-based CB Richard Ellis/Hubbel Commercial (CBRE) completed the sale of a 76-room Microtel Inn & Suites, located at 8711 Plum Dr. in Urbandale, for $2.6 million. The 38,745-square-foot property, which is situated on 1.67 acres, was acquired from Larkin Hospitality by Nebraska-based Lotus Motel. Linda Gibbs and Tim Sharpe of CBRE advised the seller in the transaction.
CHICAGO AND BENSENVILLE, ILL. — Niles, Ill.-based Epic/Savage Realty Partners/TCN Worldwide has arranged two Chicagoland industrial sales totaling $4.1 million. In Chicago, Ed Brandt and Phil Rosenberg of Epic/Savage represented Florida-based Kin Properties in the $2.6 million sale of a 24,000-square-foot industrial property, located at 5720-5734 W. 55th Ave., to a private investor. The facility is currently leased to Interstate Brands Corp. The buyer was represented by Albert Schulman of Paine/Wetzel • ONCOR International.
NORTHVILLE TOWNSHIP, MICH. — Sperry Van Ness has brokered the sale by auction of the former Northville Psychiatric Hospital property, a 414-acre, 20-building vacant property located at 41001 7 Mile Rd. in Northville Township, for $31.5 million. The property was acquired by REIS-Northville, a joint venture between Bloomfield Hills, Mich.-based Real Estate Interests Group and Livonia, Mich.-based Schostak Bros. & Co. The buyers plan to redevelop the property into Highwood, an $800 million mixed-use development that will consist of 42.2 acres of retail and medical office space, as well as 1,000 residential units. Robert Pliska of the Birmingham, Mich.-office of Sperry Van Ness and Louis Fisher of Sperry Van Ness Accelerated Marketing represented the seller, the state of Michigan.
LENEXA, KAN., AND KANSAS CITY, MO. — BPG Properties has acquired a 483-unit apartment portfolio for $22.4 million. The portfolio comprises three apartment communities: Woodridge and Oaks at Mill Creek, which are located in Lenexa, and Woodlands of Kansas City, which is located in Kansas City. The communities contain a mixture of one- and two-bedroom units, and each features a swimming pool. Woodridge also features a fitness center, a sauna, a tennis court and a volleyball court. The acquisition was made by BPG on behalf of BPG Investment Partnership VIII & VIIIA, the company’s $850 million fully discretionary private equity fund. BPG plans to implement a $3 million capital improvement program at each of the communities. The properties will be manages by Madison Apartment Group, an affiliate of BPG. The seller was not disclosed.