Midwest

WASHINGTON, MO. — Contegra Construction Co. has completed building a new headquarters and manufacturing facility for Melton Machine & Control Co. in Washington, about 50 miles west of St. Louis. The 367,000-square-foot project more than doubles the size of the company’s existing 154,000-square-foot operations. The development includes a 74,000-square-foot corporate office, training and conference space, and is designed to improve collaboration and support with nearby subsidiary Computech Manufacturing Co. The headquarters is situated on 42 acres within Heidmann Industrial Park. Joining Contegra on the project team were Gray Design Group, 21 Design Group, Case Structural Engineering, RJP Electric, Wiegmann Associates, Heggemann Plumbing, Bi-State Fire Protection and Washington Engineering & Architecture. Melton designs and builds automated welding systems for a variety of industries. The company employs 132 workers and plans to add another 20 employees at the new facility.

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LEAWOOD, KAN. — AMC Entertainment Holdings Inc. (NYSE: AMC) anticipates that existing cash resources will be largely depleted by the end of this year or early 2021 and will therefore require additional liquidity or increases in attendance levels, according to an SEC filing from Tuesday. As of Oct. 9, Leawood-based AMC had resumed operations at 494 of its 598 U.S. theaters, with limited seating capacities between 20 and 40 percent. Since the resumption of operations in U.S. markets, AMC has served more than 2.2 million customers, representing an attendance decline of roughly 85 percent compared with the same period a year ago. AMC cites new movie releases in October and November as incentive to stay open, even when other movie chains like Regal Cinemas have announced plans to temporarily suspend U.S. operations. In a recent interview with Bloomberg, CEO Adam Aron said AMC was doing everything it could to raise money to weather the COVID-19 pandemic and wasn’t considering bankruptcy at this time. AMC’s stock price closed at $2.96 per share Wednesday, Oct. 14, down from $8.95 per share one year ago.  

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EAST MOLINE, ILL. — Strawberry Fields REIT LLC has acquired Hope Creek Nursing and Rehabilitation Center in East Moline within the Quad Cities for $4 million. The 245-bed skilled nursing facility sits on 12 acres on Kennedy Drive. Built in 2007, it is the newest skilled nursing facility in the Quad Cities, according to Strawberry Fields. The property offers full inpatient rehabilitation, respite stays, hospice services, individualized care plans, restorative therapy programs, a secured memory care unit and a variety of activities for socialization. Strawberry Fields worked with Infinity Healthcare Consultants to lease the property to an entity expected to improve overall performance. The seller was undisclosed. Strawberry Fields REIT is a non-traded real estate investment trust based in South Bend, Ind.

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FLINT, MICH. — Mag Mile Capital has arranged a $3.8 million loan for the acquisition of a 57,500-square-foot distribution center fully leased to FedEx Corp. in Flint. Located adjacent to Bishop International Airport, the facility was constructed as a build-to-suit for FedEx more than 20 years ago. Mag Mile Capital arranged the seven-year, fixed-rate loan on behalf of the buyer, Bryan Rishforth and his Philadelphia-based firm, R&R Global Partners. The lender was undisclosed. Stan Johnson Co. marketed the property on behalf of the undisclosed seller.

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NORTHFIELD, MINN. — Marcus & Millichap has brokered the $1.7 million sale of a 3,496-square-foot property occupied by Arby’s in Northfield, about 40 miles south of Minneapolis. The net-leased building is located at 2220 Gleason Court. Tom Gommels of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Gommels also procured the buyer, an out-of-state limited liability company.

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By Mary Lamie, Bi-State Development The key to current and future success for four ports in Missouri and Illinois is collaboration. As ports continue to play a critical role in the global supply chain, the special working relationship between the directors of the ports in St. Louis and Kansas City is helping to keep operations flowing on the inland waterways, even in the midst of the COVID-19 pandemic. Significant investments in each port are also fueling growth at each facility. “Like many others in the freight industry, we are classified as essential. We have access to six Class I railroads, two multimodal harbors, four interstate highways and millions of square feet of warehouse space, plus manufacturing areas and developable sites,” says Dennis Wilmsmeyer, executive director of America’s Central Port (ACP), where the constant level of activity reinforces the significance of all ports as the COVID-19 pandemic continues. With its location just north of St. Louis on the Illinois bank of the Mississippi River and its many transportation and logistical advantages, ACP has attracted 80-plus commercial tenants. Its harbor operators transport more than 3 million tons of goods valued at more than $1.1 billion annually. Though the pandemic has resulted in …

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OMAHA, NEB. — McCarthy Building Cos. has completed the conversion of a decades-old warehouse into a headquarters, manufacturing facility and showroom for Elliott Equipment Co. in Omaha. The 220,000-square-foot project includes a renovated 26,000-square-foot office building originally constructed in 1982 and a modernized 194,000-square-foot warehouse originally built in 1977. Elliott has consolidated manufacturing operations that had been spread out across five buildings in different locations across Omaha. Founded in Omaha in 1948, Elliott specializes in designing and manufacturing cranes, trucks and aerial platforms.

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SOUTH HOLLAND, ILL. — JLL Capital Markets has arranged the $2.7 million sale of a three-tenant retail building in South Holland near Chicago. The 5,000-square-foot property is home to Chipotle, JJ Fish & Chicken and an unnamed corporate wireless provider. Alex Sharrin, Alex Geanakos and Eric Cline of JLL represented the seller, Glazier Corp., which is a local Chicago developer. A Southern California-based private investor purchased the asset.

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STERLING HEIGHTS, MICH. — DealPoint Merrill LLC has acquired a 69,275-square-foot former Kroger shopping center in Sterling Heights. The property sits on seven acres at the corner of Dequindre and 18 Mile roads. DealPoint Merrill plans to redevelop the center into a 138,000-square-foot development, but further details of the project were not disclosed. DealPoint Merrill’s CEO David Frank negotiated the transaction while the company’s president, Sterling McGregor, handled the due diligence and financing. The seller and purchase price were undisclosed.

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BAY CITY AND SOUTHGATE, MICH. — Domino’s plans to open two new locations in Michigan. The Ann Arbor-based pizza chain leased 2,500 square feet at the corner of Washington Avenue and 7th Street in downtown Bay City, about 15 miles north of Saginaw. In addition, Domino’s purchased a 2,000-square-foot building formerly occupied by Radio Shack in Southgate, about 15 miles southwest of Detroit. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented Domino’s in both deals. The pizza chain did not provide any details on when the restaurant openings will occur.

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