OLATHE, KAN. — Honeywell has unveiled plans to invest $84 million to expand its aerospace manufacturing facility in Olathe, a southern suburb of Kansas City, according to Gov. Laura Kelly. The investment is expected to create 156 new jobs, generate nearly $47 million in total gross domestic product and contribute $18.3 million in state and local taxes in its first six years. The expansion will create one of Honeywell’s most technologically advanced aerospace manufacturing facilities. The 560,000-square-foot property currently manufactures components for Honeywell’s avionics, safety and flight control systems, complex radio frequency systems for traffic collision avoidance, radar altimeters and weather radar.
AUBURN HILLS, MICH. — Colliers has arranged the sale of 79 acres of land at 4250 Interpark Drive in Auburn Hills for an undisclosed price. In the early 1960s, the site was developed as the Silver Bell Ski Lodge using fill materials with potential contaminants. Environmental controls for the site were minimal due to the remote location. The original developers went bankrupt in the late 1960s, and a new company took over. For about a decade, the new company operated a substandard landfill, lacking modern standards, proper liners and systems for leachate and methane gas treatment. Operations ceased in 1979, leaving an environmental mess. The buyer, Crown Enterprises LLC, is a metro Detroit-based firm that specializes in building and leasing turnkey properties for large companies. Paul Gyarmati and Chris Pochas of Colliers represented the buyer and seller in the transaction. The land sits within a key supply corridor for General Motors, according to Crain’s Detroit Business.
LAKE BLUFF, ILL. — Marcus & Millichap has negotiated the $9.9 million sale of a 67,879-square-foot industrial property in Lake Bluff, a northern suburb of Chicago. The property consists of two multi-tenant buildings located on North Skokie Highway. Adam Abushagur, Nicholas Kanich and Tyler Sharp of Marcus & Millichap represented the seller, a private investor. Buyer information was not provided.
RIVERVIEW, MICH. — Farbman Group has brokered the sale of the former Sportsmen’s Den restaurant building in Riverview, a southern suburb of Detroit. The sales price was undisclosed. Located at 15001 Sibley Road, the Sportsmen’s Den had been operated by the Orlando family for more than four decades. The 24,250-square-foot property, which includes a banquet hall, was listed for sale after previous owner, Joe Orlando, announced his retirement last year. The restaurant catered for the Detroit Tigers from 1982 to 2009. Local restaurateur Jeremy Syrocki was the buyer. Syrocki owns numerous restaurants such as Truago, Mamacitas, Rocky’s Roadhouse, Major Biddle’s and Lloyds. Nanci Tarpley of Farbman brokered the sale.
OAK PARK, ILL. — Interra Realty has arranged the $1.4 million sale of a 19-unit apartment building in the western Chicago suburb of Oak Park. The four-story property on North Austin Boulevard comprises 15 one-bedroom units and four two-bedroom residences. Originally built in 1940, the asset has been partially updated. A recent fire impacted six units, which the new owner plans to fully gut and upgrade. The property was 85 percent occupied at the time of sale. Patrick Kennelly and Paul Waterloo of Interra represented the undisclosed buyer and seller.
CHICAGO — The Parking Spot (TPS), an owner and operator of near-airport parking properties, has acquired Park ’N Fly (PNF), a near-airport parking owner and operator with 13 owned, leased and managed facilities. Financial terms of the sale were not disclosed. The transaction will enable TPS to expand its footprint, broaden its third-party management offering and augment its proprietary revenue-management technology with PNF’s near-airport parking search aggregator. With this addition, TPS now operates 47 facilities containing more than 100,000 parking spaces at 28 airports. TPS is owned by investment funds sponsored by Chicago-based Green Courte Partners LLC.
DES MOINES, IOWA — Eastham Capital and ARTISAN Capital Group (ACG) have purchased Wakonda Village in Des Moines for $26.9 million. At 382 units, the multifamily property is the largest in metro Des Moines, according to the buyers. South Florida-based Eastham invested in the deal through its current fund, Eastham Capital Fund VI LP. ACG co-invested with Eastham and will oversee day-to-day management of the asset. Wakonda Village is 96 percent occupied, and rents average $813 per month. The previous owners upgraded the interiors of 201 units and added amenities. ACG plans to improve the unrenovated units and implement a utility billback program. Constructed in phases between 1951 and 1977, Wakonda Village is located at 1800 Watrous Ave. and consists of one- and two-bedroom units ranging from 530 to 660 square feet.
COLUMBUS, OHIO — Six new retailers are slated to open at Easton Town Center in Columbus this year. Louis Vuitton is opening a newly expanded and redesigned space at the shopping center, marking its largest retail space within Ohio. David Yurman, Golden Goose, BOSS and Breitling are all opening their first stores in Ohio. Additionally, L’Occitane is moving and expanding into a larger space at Easton, which opened 25 years ago and is home to more than 250 fashion, dining and entertainment offerings.
CLINTON TOWNSHIP, MICH. — BWE has arranged a $19.7 million acquisition loan for a 326-unit multifamily portfolio in Clinton Township, which is part of the Detroit metropolitan area. Adam Gould of BWE secured the three-year, nonrecourse bridge loan with three years of interest-only payments and a 75 percent loan-to-cost ratio. The buyer was a regional fund that invests in workforce housing. The portfolio consists of 13 low-rise buildings with a mix of one- and two-bedroom units. Amenities include a pool, clubhouse, tennis court and onsite laundry.
RIVERSIDE, ILL. — The Feil Organization is underway on an $8 million renovation of North Riverside Park Mall, a 1.4 million-square-foot shopping center in the Chicago suburb of Riverside. The project team includes JP2 Architects and AECom Hunt Construction Group. Plans call for modernized flooring, updated ceilings and a revamped entrance. Completion is slated for October. Acquired by Feil in 2004, North Riverside Park Mall is home to 130 national and boutique stores, services and eateries. New tenant additions include Miniso, Pandora, Kids Empire, Kong Dog and Kids Foot Locker House of Play.