TROY, OHIO — Stull Woodworks, a family-owned architectural millwork company, has acquired a 46,000-square-foot industrial facility in Troy, nearly 20 miles north of Dayton. The property, located at 155 Marybill Drive, is roughly three times the size of Stull’s current headquarters in Troy. Tim Echemann of Industrial Property Brokers represented both Stull and the undisclosed seller. Stull plans to be up and running in the new facility by the end of October. Stull produces architectural millwork for courthouse interiors, restaurants, retail spaces, large restoration projects and public venues across the country.
By Anthony Pellegrino III, P.A. Commercial Detroit is the industrial, transnational logistics and auto powerhouse of the Midwest. Detroit has continued year after year to grow and transform its industrial sector in three prominent geographical locations. Each of these locations is anchored by auto innovation, creating a stable market for suppliers and transport: 1. The Mount Elliot Employment District: This is the home of General Motors’ $2.2 billion investment into its existing Hamtramck Assembly. GM is renaming it “GM Factory Zero” to represent its full dedication to electric vehicle production. 2. Southeast Detroit: Fiat Chrysler’s $2.5 billion expansion to Jefferson North includes a new 1.4 million-square-foot Mack Avenue Engine Complex. This is part of a total $4.5 billion earmarked for Michigan plants. 3. Southwest Corktown: Ford is conducting an ongoing investment of $1.45 billion into its autonomous vehicle campus in an area called Corktown. The multi-building transformation is near Detroit’s international bridge and tunnel. Each area contains various tax incentivized Opportunity Zones, New Market Tax Credits and qualified HUB Zones. According to Costar Group MLS, Greater Detroit has a healthy 4.6 percent vacancy rate while Detroit proper has a 9.45 percent vacancy rate for industrial buildings. Much of the 9.45 …
CHICAGO AND FORT WASHINGTON, PA. — Sam Zell’s Equity Residential (NYSE: EQR) and luxury homebuilder Toll Brothers (NYSE: TOL) have formed a partnership to acquire and develop sites for new rental apartment communities in metro Boston; Atlanta; Austin, Texas; Denver; Orange County/San Diego; Seattle; and Dallas-Fort Worth, Texas. The two companies are looking to deploy $1.9 billion to take advantage of the surging demand for rentals, according to Crain’s Chicago Business. The partnership will invest about $750 million in equity, plus additional debt. Chicago-based Equity invests in apartments with a portfolio of more than 300 properties across California, Washington, D.C., New York City, Boston, Seattle and Denver. Fort Washington-based Toll Brothers builds homes in 24 states.
DETROIT — Bedrock’s Book Tower project in Detroit will be home to Roost Apartment Hotel. The project will include 118 studios, one- and two-bedroom extended-stay apartments across four floors. The Book Tower is currently undergoing an extensive restoration and is set to reopen in late 2022 with a mix of retail, office and residential space. The Roost brand is known for bridging a boutique hotel concept with apartment-style living, according to Bedrock. Amenities include a coffee program with La Colombe, bike share program, 24-hour concierge, fitness center, coworking space and onsite housekeeping and maintenance services. Philadelphia-based hospitality company Method Co. will operate the Roost at Book Tower. Method operates several Roost locations across the country, including an upcoming outpost in Cleveland. Method will also operate several dining options at Book Tower, including two restaurants, a lobby bar/lounge and a bakery. One-night rates for the units will start at $195, according to Crain’s Detroit Business. Bedrock acquired the 486,760-square-foot Book Tower property in 2015. Designed by Louis Kamper and completed in 1926, the 38-story office tower is currently vacant. Architecture firm ODA is leading the historic renovation and interior design. Morris Adjmi Architects, which has designed all prior Roost properties, is …
HAMMOND, IND. — A three-property, 257-room hotel portfolio has traded hands in Hammond, about 25 miles southeast of Chicago. The select-service hotels are all under the Marriott umbrella. The properties are within walking distance of each other and were sold in two separate transactions, prices of which were undisclosed. Nate Sahn and James Foxx of CBRE Hotels represented the seller.
WAUWATOSA, WIS. — Irgens has acquired 10701 Research Drive in Wauwatosa for an undisclosed price. The five-story, 130,000-square-foot office building is located at the intersection of Mayfair Road and Research Drive. Completed in 1995, the property was the inaugural development within the Milwaukee County Research Park. Irgens is planning to make substantial improvements to the facility, including new common area finishes and an amenity package. Blueprint’s medical office building team represented the seller, a REIT.
DUBUQUE, IOWA — JLL Capital Markets has arranged the sale of Warren Plaza in Dubuque for an undisclosed price. Anchored by Hy-Vee, the shopping center spans 91,588 square feet. Originally completed in 1979, the Hy-Vee store was expanded in 1994 and 2013. Other tenants include UPS, SuperCuts, Jersey Mike’s, Miracle Ear, Grand River Medical Group and OneMain Financial. Clinton Mitchell, Amy Sands, Michael Nieder, Kirstey Lein and Marcus Pitts of JLL represented the seller, The DESCO Group. A Midwest-based private investment fund was the buyer.
CHICAGO — ARCO/Murray and GMA Construction Group have broken ground on a $31 million sports campus in Chicago’s North Austin community. Project partners include By the Hand Club for Kids, Grace and Peace Revive Center, Intentional Sports, the Chicago Fire Foundation and Jason and Vedrana Heyward. The facility will offer education, leadership development and sports training for Chicago youths, including soccer and baseball programming from the Chicago Fire FC and the Jason Heyward Baseball Academy. The project will include 150,000 square feet of indoor space, outdoor turf fields and an indoor turf arena. The campus will offer after-school programming for more than 400 youths. Completion is slated for fall 2022. The State of Illinois provided a $1.5 million capital grant, which will assist with brownfield redevelopment of the former Glidden paint factory. The campus will be developed in partnership with Chicago Neighborhood Initiatives. By the Hand Club for Kids, which is an after-school program, will operate its sixth Chicago-area club at the campus. By the Hand will occupy 30,000 square feet. Grace and Peace Revive Center will offer a food bank, domestic violence counseling, transitional housing and advocacy workshops onsite. Nonprofit organization Intentional Sports will anchor the development. Adult leagues, …
INDIANAPOLIS — Ziff Real Estate Partners (ZRP) has sold Pyramid Place Shopping Center in Indianapolis for $10.6 million to an undisclosed buyer. The neighborhood shopping center is located at the intersection of Michigan Road and West 86th Street and features a gross leasable area of 51,974 square feet. The property was 86 percent occupied at the time of sale to tenants such as Five Guys, Einstein Bagels, Chicken Salad Chick, Qdoba and Tavel Eye Care. ZRP acquired the asset in 2015 from LNR Property LLC. Jordan Klink and Andrew Margulies of Marcus & Millichap’s The Klink Group represented Ziff in the sale.
NILES, ILL. — Venture One Real Estate has acquired a 179,508-square-foot industrial building in Niles, about 15 miles northwest of Chicago. The purchase price was undisclosed. Located at 6900 Austin Ave., the property is fully leased to one tenant. Constructed in 1980, the building features a clear height of 21 feet, nine docks, one drive-in door, parking for 120 cars and 4,820 square feet of office space. Christopher Volkert of Colliers International represented the undisclosed seller. Venture One’s acquisition fund, VK Industrial V LP, is a partnership between Venture One and Kovitz Investment Group.