WASHINGTON, IND. — Birmingham, Ala.-based Sharp Realty & Management has acquired Cherry Tree Plaza, a 143,600-square-foot former Wal-Mart-anchored shopping center located in Washington. Sharp plans to redevelop the center to include a Peebles department store, Jay C Foods, and Orschlein Farm and Home Center. Jeff Werszner of Sharp provided in-house representation, and will be managing the redevelopment of the property. Cherry Tree Plaza was acquired from Michigan-based Malan WSC. The acquisition price was not disclosed.
Midwest
LEAVENWORTH, KAN. — Cheyenne Village, a 33-unit military housing community located at Fort Leavenworth in Leavenworth, has been completed. Designed by St. Louis-based Rosemann & Associates, with assistance by Kaw Valley Engineering and Lankford & Associates, the community includes 15 duplexes, one single-family home and two accessible units. Each of the duplexes includes three or four bedrooms with 2.5 baths and a full basement, landscaped yards with fenced back yards, attached garages and laundry facilities. Cheyenne Village, which is being developed by Michaels Military Housing, is the second neighborhood completed as part of the $220 million Ft. Leavenworth Military Housing Privatization plan. The project, which seeks to renovate and upgrade substandard military housing on the base, will include construction of 708 new units, major renovations to 635 units, minor renovations to 84 units and the historic rehabilitation of 269 units. Major infrastructure improvements will also be made, including new streets and utilities; the upgrade of existing utilities; and the construction of a playground, hiking and biking trails, and a community space. Completion of the entire project is scheduled for 2014.
INDIANAPOLIS — Indianapolis-based Colliers Turley Martin Tucker (CTMT) has completed the sale of a 57,989-square-foot industrial facility, located at 2155 Fields Blvd. in Indianapolis, for $2.05 million. The property was acquired by Blue Arc Realty, which will lease approximately 25,000 square feet of the building to additional tenants and occupy the remainder of the space. The property was sold by The HAVI Group, which was represented by Fritz Kauffman and Bart Book of CTMT. Book and Michael Weishaar, also of CTMT, represented the buyer.
CHICAGO — A joint venture between Chicago-based Structured Development and Wilton, Conn.-based Commonfund Realty has acquired the 8.2-acre New City YMCA site, located at 1555 N. Halsted St. in Chicago, for $54 million. The property currently features baseball fields, and a 50,000-square-foot building that was used as a recreation and daycare center. The site was acquired by the joint venture for the development of NewCity, a $270 million, 1 million-square-foot mixed-use development. NewCity will be built around a 60,000-square-foot park and plaza, and will feature 375,000 square feet of retail and up to 490 residential units. Demolition of the site will take place within the next 60 days, with construction set to begin in spring 2008. The first retail deliveries are expected in fourth-quarter 2009, with residential deliveries following shortly after. Vernon Schultz and Michael Senner of Rosemont, Ill.-based Colliers Bennett & Kahnweiler represented the seller, YMCA of Metropolitan Chicago.
ELK GROVE VILLAGE, ILL. — Chicago-based First Industrial Realty Trust has acquired a 7-acre land site located at 2000 Arthur Ave. in Elk Grove Village for the development of a 142,000-square-foot distribution facility. When complete, the building will accommodate one or two users, and will feature 30-foot clear ceiling heights and 38 dock doors. Groundbreaking is expected to occur in spring 2008, with completion scheduled for the end of the year. The property was acquired from Quebecor World; the acquisition and development are being completed through FirstCal 1, First Industrial’s development and repositioning joint venture with the California State Teacher’s Retirement System.
MIDDLETON, WIS. — Siegel-Gallagher ONCOR International has arranged the sale of a 151,000-square-foot office property located at 1800 and 1850 Deming Way in Middleton. The property consists of a four-story, 86,000-square-foot office building, as well as a single-story, 65,000-square-foot flex building. Craig Stanley, Patrick Gallagher and Tim Rikkers of Siegel-Gallagher represented the seller, Santa Barbara, Calif.-based Fidelity National Information Services. The property was acquired by Denver-based Old Vine Acquisition Corp. The acquisition price was not disclosed.
LAKE ZURICH, ILL. — Podolsky Northstar CORFAC International has brokered the sale/leaseback of a 68,650-square-foot industrial facility, located at 580 Capital Dr. in Lake Zurich, for $5.9 million. The building is situated on approximately 4 acres, and features 24-foot clear ceiling heights, heavy power and expandable parking. Corey Chase of Podolsky Northstar represented the seller, Affinity Processing Services. The property was acquired by Capital Realty & Development.
MILWAUKEE — Brewery Project LLC has completed the sale of Building 14 at the former Pabst Brewery located in downtown Milwaukee to Milwaukee-based BC Pabst Holdings. The three-story building, which was formerly the research lab building, contains 28,000 square feet of space, as well as a 1,200-square-foot penthouse with city skyline views. The owner plans to convert the space into an office building, with the penthouse being converted into a conference room. Mike Kleber of Milwaukee-based Towne Investments brokered the transaction. BC Pabst Holdings is a collection of local real estate developers, including Matt Chmura, Mark Chmura and Sonny Bando. Building 14 is the fourth building sold in the Brewery Project, which encompasses the redevelopment of the historic Pabst Brewery. The acquisition price was not disclosed.
OMAHA, NEB. — Developers Dan and Sean Mulhall of Omaha have begun the development of Roanoke Business Park, a $30 million mixed-use development located at the intersection of 120th Street and Roanoke Boulevard in Omaha. The project will include 23 lots, all of which will be connected by walking paths that lead through the lots and around a 3-acre lake. Six or seven of the lots will be sold and developed for retail use, with the rest sold for office buildings. Three additional flex lots are located on the west side of 120th Street. The project will be applying for LEED certification, and will include a 30- to 40-foot green buffer around the development, in addition to the walking paths and lake. Construction has already begun on the first building, a 16,640-square-foot retail building. The building will contain 10 bays, all of which are facing the lake. In addition, Morrisey Engineering has acquired one of the 1.2-acre building sites for the construction of a 12,000-square-foot office building. Morrisey will occupy 8,000 square feet of space within the building, with the remainder occupied by an additional tenant. Omaha-based Investors Realty will be in charge of leasing and sales for the project.
CHICAGO — Columbus-based The Pizzuti Companies has broken ground for the construction of Pinnacle XXIII, a 650,000-square-foot speculative distribution facility located within Pizzuti’s 800-acre, master-planned Pinnacle Business Center in the Interstate 55 corridor of Chicago. The building features a cross-docked configuration and 30-foot clear ceiling heights. It is scheduled for completion in May and once complete, will leave Pizzuti with 200 undeveloped acres in the industrial park.