NOVI, MICH. — Motor City Floors and Coatings has purchased a new 8,180-square-foot building on Grand River Avenue in Novi that will serve as the company’s headquarters. The company, which specializes in concrete coatings for residential, commercial and industrial uses, is relocating from Commerce Township. Michael Murphy of Gerdom Realty & Investments represented Motor City. Jim Montgomery of Signature Associates represented the seller. The sales price and seller were undisclosed.
ROMEOVILLE, ILL. — Colliers International has arranged the sale of a 648,960-square-foot distribution center occupied by Samsung in Romeoville. The Class A facility is located within Pinnacle Business Center, just south of the full interchange at I-55 and Weber Road. Samsung has occupied the building since 2012 and uses the facility as its primary Chicago-area distribution center for all appliance lines. Samsung recently renewed its lease. Jeff Devine and Steve Disse of Colliers represented the seller, LaSalle Investment Management. Exeter Property Group purchased the asset for an undisclosed price.
FORSYTH, ILL. — A New York-based partnership between Mason Asset Management, Namdar Realty Group and CH Capital Group has acquired Hickory Point Mall in Forsyth, about 45 miles east of Springfield. The 826,347-square-foot mall opened in 1978. Anchor tenants include Kohl’s, Von Maur, TJ Maxx, Hobby Lobby, Ulta Beauty and Ross Dress for Less. Eastdil brokered the transaction. CBL & Associates was the seller, according to local media reports. Elliot Nassim, president of Mason Asset Management, says the new owners are exploring all options to redevelop some of the vacant spaces at the property.
BARTLETT, ILL. AND PHOENIX, ARIZ. — NAI Hiffman has negotiated the sale of a three-building industrial portfolio in Bartlett, a western suburb of Chicago, and Phoenix. The GSI Family Office, along with Greco/DeRosa Investment Group, sold the portfolio to a discretionary fund managed by CBRE Global Investors. The properties include: 1323 Brewster Creek Blvd. and 1550 Hecht Drive in Bartlett; and 4450 N. 45th Ave. in Phoenix. They are home to seven tenants. Pat Sullivan, Ryan Chambers and Jeff Fischer of NAI Hiffman represented the seller. Tony Lydon and John Lydon of JLL assisted in the sale of the Phoenix property. Built in 2017, 1323 Brewster Creek Blvd. spans 421,354 square feet and features 48 docks, 800 car parking spaces and a clear height of 32 feet. It was the first building in Brewster Creek Business Park, which is now home to more than 1 million square feet of food-related tenants. Built in 2006, 1550 Hecht Drive serves as the headquarters for Greco Foods. The 209,628-square-foot warehouse offers an office and cold storage component. The Phoenix asset, built in 2017, spans 368,478 square feet.
AURORA AND ELGIN, ILL. — Bauman & Co. LLC, an Atlanta-based real estate firm, has acquired three medical office buildings in Aurora and Elgin. Two of the buildings are situated on the AMITA Health Saint Joseph Hospital Elgin campus while the third is located on the AMITA Health Mercy Medical Center Aurora campus. The assets collectively total 125,000 square feet. Renovations to the common areas are slated to start this quarter. Bauman plans to make multiple improvements, including flooring, wall coverings, restrooms, signage, electronic directories and lighting. Local medical office specialist O’Donnell Commercial Real Estate Inc. will be in charge of leasing. Neither the seller nor the sales price was disclosed.
MINNESOTA AND NORTH DAKOTA — The LeClaire-Schlosser Group of Marcus & Millichap has brokered the sale of the Storage Max Portfolio, a seven-property self-storage portfolio located across Minnesota and North Dakota. The portfolio totals 382 non-climate-controlled units and 48,710 net rentable square feet. Chris Kampmeyer and Adam Schlosser of Marcus & Millichap’s Denver office marketed the portfolio on behalf of the seller, a local limited liability company. Neither the buyer nor the sales price was disclosed.
DETROIT — Foster Financial Co. has acquired a 28-story office tower located at 211 W. Fort St. in downtown Detroit for an undisclosed price. The Grosse Pointe-based company acquired the asset in a joint venture with Tribus, a Grosse Pointe family office, according to Crain’s Detroit Business. This is the first time that the building, constructed in 1961, has sold. The 450,000-square-foot property is home to tenants such as the U.S. Bankruptcy Court, U.S. Attorney’s Office and the U.S. Passport Office. Foster Financial plans to rename the building 211 Tower and undertake renovations. The seller was the original developer, which included principals from New York-based Minskoff Grant Realty & Management Corp., according to Crain’s.
MAPLETON, MINN. — Kraus-Anderson has begun construction of a new $63 million K-12 school for the Maple River School District, located on the south side of Mapleton near County Highway 7 in southern Minnesota. Designed by ISG Architects, the two-story, 185,000-square-foot school will feature new classrooms, administration offices, three gymnasiums, playgrounds, a kitchen, café and 500-seat auditorium. The learning spaces will be organized via an elementary wing and a middle/high school wing. Outdoor spaces will include new parking lots, retention ponds, walking paths and playfields. Construction is slated for completion in fall 2022. Neither the name of the school nor the predicted number of students was released.
DETROIT — September aggregate revenue for slots and table games at Detroit’s three casinos was down 21.7 percent compared with September 2019, according to the Michigan Gaming Control Board. The casinos reported $87.9 million in revenue while continuing to operate at 15 percent capacity due to COVID-19 health concerns. MotorCity Casino and Greektown Casino reopened Aug. 5 while MGM Grand reopened Aug. 7. For the third quarter, the casinos’ aggregate revenue of $157.3 million was down 55.2 percent compared with the same period last year. During September, the three casinos submitted $10.5 million in wagering taxes and development agreement payments to the city.
CHICAGO — J.C. Anderson has completed an office buildout for The Jordan Co. at One North Wacker Drive in Chicago. The middle-market private equity firm is relocating from 1751 Lake Cook Road in Deerfield, Ill. The buildout on the 41st floor includes new private offices, open work areas, meeting rooms, a café, reception area, boardroom, pantry and copy room. IA Interior Architects provided architectural services and JLL represented property ownership. One North Wacker rises 51 stories and spans 1.4 million square feet in the Central Loop.