GRAND RAPIDS, MICH. — Preusser Jewelers has opened an 1,897-square-foot store at 1200 E. Paris Ave. SE in Grand Rapids. Known for being Michigan’s oldest jeweler, the company moved to the new location after being in downtown Grand Rapids for 173 years. Bill Tyson of NAI Wisinski of West Michigan represented the tenant in the lease. The landlord was undisclosed. Additional tenants at the center include Bill and Paul’s Sporthaus and Groskopf’s.
CHICAGO — Colliers has arranged the sale of seven retail properties and one industrial building in metro Chicago for $10.5 million. The sale represents the first part of a multi-phased transaction that encompasses 22 retail properties, three land sites and one industrial building. Peter Block and Rachel Patten of Colliers represented the seller, a family office. Indianapolis-based Arnold Meyer & Co. was the buyer. Block expects to close on the remaining properties in the portfolio this summer.
CHESTERFIELD, MO. — Developer Mia Rose Holdings and general contractor Keystone Construction Co. have completed Chesterfield Sports Complex, a 97,000-square-foot indoor volleyball and basketball complex in the St. Louis suburb of Chesterfield. The complex will serve local, regional and premier basketball, volleyball and other sporting events. Nonprofit organization Chesterfield Sports Association owns and operates the facility, which is anticipated to attract 900,000 visitors each year with 1,000 youth athletes practicing each week and 2,500 athletes playing tournaments on the weekends. The facility features nine basketball courts that convert into 18 volleyball courts. There is also a fitness area, second-floor mezzanine for game viewing, courtside seating, lounge areas and multipurpose rooms for meetings and classes. MW Weber Architects served as the architect and Stock & Associates Consulting Engineers Inc. was the civil engineer. State Bank provided financing. Additionally, Keystone is currently constructing a 4,200-square-foot ACE Performance Lab on the first and second floors that will provide performance training and muscle recovery programs. Scheduled to open in May, this space will include Olympic lifting stations, a turf area and a recovery area. The complex’s medical provider, Mercy Sports Medicine, will use space in the performance lab to evaluate and treat athletes.
KANSAS CITY, MO. — Matthews Real Estate Investment Services has negotiated the sale of a portfolio of medical office buildings throughout metro Kansas City for an undisclosed price. Known as the Sabates Eye Centers Portfolio, the portfolio features five properties with 13 suites totaling 76,826 square feet and is 90 percent leased. Rahul Chhajed and Michael Moreno of Matthews represented the undisclosed seller. A private family office based in Ohio was the buyer.
DARIEN, ILL. — Mid-America Real Estate Corp. has brokered the sale of Darien Shopping Center in the western Chicago suburb of Darien for an undisclosed price. The 46,582-square-foot retail center is fully leased to tenants such as American Freight, Concentra Urgent Care, Chuck E. Cheese and World Star Nails & Spa. Jewel-Osco shadow anchors the property. Emily Gadomski and Rick Drogosz of Mid-America represented the private seller. The asset sold to a local private buyer.
YPSILANTI, MICH. — MC Driving School has signed a 2,322-square-foot retail lease at Arbor Square Plaza in Ypsilanti. The tenant will take the space formerly occupied by Weight Watchers at the center, which is located at the southeast corner of Carpenter and Ellsworth roads. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, Verus Development Group.
By Adam Connor, Colliers When the pandemic hit in 2020, most of the media jumped to write articles about the downfall of retail properties and how shoppers were going to get all their goods flown from drones from their Amazon overlords. The reality is that every day, normal people shop at grocery stores, go work out at the gym, and buy lunch or dinner somewhere. Now that 2020 is far behind us, the 2023 retail landscape in the Milwaukee region looks much different. Most of the retail space, including the mid-box and big-box vacancies, have been backfilled and, as a result, owners saw healthy rent growth in their assets. With the lack of construction over the past five to seven years, retailers are now competing for high quality space and paying a premium in rent to be located there. With only 134,000 square feet under construction and a 12-month absorption of 660,000 square feet, quality space is in high demand. Asking rents are up 7 percent to $14.80 since the second quarter of 2020 and vacancy is down to 5 percent. Development The Milwaukee area has some large development projects that are underway, including Fiserv moving its corporate headquarters back …
Life sciences-anchored innovation districts are becoming increasingly popular as hubs for research and development in the biotech and pharmaceutical industries. These districts, also known as “innovation districts,” are characterized by clusters of companies, research institutions, supporting organizations, living areas, amenities and offices all located in close proximity. This grouping requires detailed planning and design strategies to maximize their potential for scientific exploration and success on an enormous, ambitious scale. Master planning and engaging site civil engineering partners early on in the process can save time and money once a project reaches the design stage. This article is the first installment in a two-part series on life sciences innovation districts to discuss, first, the planning, and, then, the design elements required by these districts. Read about design in Part 2, here. Fostering innovation, collaboration and productivity is at the heart of planning for life sciences innovation districts. The successes of famous examples such as North Carolina’s Research Triangle Park, Kendall Square in Cambridge, Mass. and Mission Bay in San Francisco indicate how beneficial a melting-pot mix of residential, commercial and research spaces can be when they concentrate talent from research institutions, life sciences innovators, universities and the surrounding community. “Many life …
MAPLE GROVE, MINN. — Ryan Cos. US Inc. and C. S. McCrossan Inc. have unveiled plans to build the Minnesota Science and Technology Center in Maple Grove, a suburb of Minneapolis. The 100-acre campus will offer build-to-suit opportunities for scientists, innovators and researchers as well as some light industrial and manufacturing components. For more than 60 years, the project site served as a source of high-quality aggregate, which McCorssan used in the construction of many large road and infrastructure projects in the Twin Cities. In addition to its role as co-developer and land partner, Ryan will also serve as the builder and site planner. A timeline for construction was not released.
LANSING, MICH. — Gillespie Group’s medical services building that is opening in Lansing’s University Health Park has been named the Izzo Family Medical Center after Michigan State University’s basketball coach Tom Izzo and his family. The Izzo family received the naming opportunity to honor the contributions they have made in the community over the past 27 years. The 60,400-square-foot building, which is slated to open in June, will house three groups: McLaren Greater Lansing, MSU Healthcare and Corewell Health’s Helen Devos Children’s Hospital. The Izzo family will own the building in conjunction with developer Gillespie Group and a few other investors.
