FLINT, MICH. — SRS Real Estate Partners has arranged the ground lease sale of a 7,163-square-foot property occupied by Texas Roadhouse in Flint for $1.7 million. Constructed in 2015, the building is located at 4140 Miller Road. The triple net lease has approximately 13 years remaining on the initial term. Dan Elliot and Sean Lutz of SRS represented the seller, JSNT Real Estate LLC. Richmond Properties IV LLC purchased the property. The cap rate was 5 percent.
FLINT, MICH. — General Motors Co. plans to invest $150 million at its Flint assembly plant to increase production of the all-new Chevrolet Silverado and GMC Sierra heavy-duty pickup trucks, which begin shipping to dealers this week. This is the second major expansion of GM’s full-size pickup truck production capacity this year. The news follows GM’s announcement last month to expand light-duty, full-size pickup truck production capacity in Fort Wayne, Ind. GM has invested more than $1.6 billion in the Flint assembly plant since 2013. The work will be completed in the first half of 2020. The Flint plant opened in 1947 and currently has three production shifts.
CEDAR RAPIDS, IOWA — Woda Cooper Cos. has broken ground on Anderson Greene, a 44-unit, mixed-income apartment community in Cedar Rapids. The $8.7 million first phase will include 39 units for residents at or below 60 percent of the area median income, with five units offered at market rate. Woda Cooper also plans to develop a $9.2 million second phase with 48 units that will be built approximately one year after the first phase. A community center with a clubroom as well as outdoor spaces and a playground will be part of Phase I. Funding for the first phase of development was made possible through the allocation of housing tax credits by the Iowa Finance Authority, with primary investment by Wells Fargo, permanent and construction loans by Merchants Capital and additional loans from the Housing Fund for Linn County and Monticello Structured Products LLC. The city of Cedar Rapids also provided funding. Woda Construction Inc. is the general contractor. Other project partners include architect Hooker DeJong Inc., engineer Hall & Hall Engineers Inc. and sustainability consultant Sol Design + Consulting.
KANSAS CITY, MO. — M&T Realty Capital Corp. has provided a $3.9 million Fannie Mae Green Rewards loan for the acquisition of Colony Court Apartments in Kansas City. The 80-unit, garden-style apartment community offers two-bedroom floor plans. Amenities include carports, a pool and complimentary Google Fiber high-speed internet access. The borrower, Prosperity CRE, plans to implement energy- and water-saving improvements as part of the Green Rewards program. The company also plans to rebrand the community as Hidden Hills Apartments and add a dog park, picnic area and community center. Units will be upgraded with new kitchens, bathrooms and flooring.
LAKE GENEVA, WIS. — The Barry Co. has brokered the sale of a 68,000-square-foot industrial facility located at 901 Maxwell St. in Lake Geneva for an undisclosed price. The property sits on 5.7 acres. Kevin Barry represented the seller, Everett Smith Group. The buyer, Lake Geneva Self Storage LLC, plans to convert the property into a self-storage facility.
LEE’S SUMMIT, MO. — Block & Co. Inc. Realtors has arranged the sale of the 33,340-square-foot Raintree Village shopping center in Lee’s Summit for an undisclosed price. The property sits on eight acres at 817-899 SW Lemans Lane. Phil Peck of Block & Co. represented the seller, Compton Holdings LLC. The buyer was not disclosed. Block & Co. will continue to handle leasing for the center. Six spaces are currently available for lease, ranging from 1,139 to 3,626 square feet. Some of the tenants include Love Coffee, Envy Salon, Papa John’s, Snap Fitness and La Fuente Mexican restaurant.
In the last few years, the greater Des Moines metro area has been a title holder, reigning as a “Top Place to Live,” “Top City for Young Professionals” and even “Best Place to Retire.” Meanwhile the economy, business environment and commercial real estate sector hold titles like steady, stable and reliable. However, over the past 24 months, the commercial office market could add thriving, prosperous and robust to that list of adjectives. As office lease rates continue to rise 1.5 to 2.5 percent annually in quality buildings, most landlords are implementing capital improvement plans that “refresh” their assets and have begun to offer amenity packages that the tenant marketplace demands. With the unemployment rate near a historical low — an estimated 2.4 percent — it has become ever more critical and competitive to recruit and retain new workforce talent. Lease concession offerings from landlords, such as rent abatement and above-standard tenant improvement packages, have decreased since post-recession levels. Despite these positive fundamentals, headwinds are facing the marketplace. A tremendous amount of block space, some from formerly non-competitive or single-tenant buildings, has come available and concession levels could once again increase as landlords compete for tenants looking for a larger footprint. …
SHEBOYGAN, WIS. — Marcus & Millichap has brokered the $8.9 million sale of Champion Self-Storage, a 999-unit self-storage portfolio in Sheboygan. The portfolio includes five facilities, three of which are located on Playbird Road. The unit mix is comprised of 65 climate-controlled units, 734 non-climate controlled units, 18 storage containers, six warehouse spaces and 176 parking spaces for boats and recreational vehicles. The portfolio accounts for nearly half of the available self-storage space in Sheboygan, according to Marcus & Millichap. Sean Delaney of Marcus & Millichap brokered the transaction. Buyer and seller information was not disclosed.
NILES, ILL. — SEDCO Capital, an asset management company headquartered in Saudi Arabia, has purchased a distribution facility occupied by FedEx Ground in the Niles submarket of Chicago. The purchase price was not disclosed. SEDCO used a separate account managed by ElmTree Funds LLC to acquire the property. The 306,448-square-foot facility is located at 5959 W. Howard St. Originally constructed in 2015 as a build-to-suit for FedEx Ground, the net-leased property features 101 dock doors. FedEx has approximately 11 years remaining on its lease.
JANESVILLE, WIS. — Zilber Property Group has unveiled plans to develop a 300,000-square-foot speculative industrial building in Janesville. Known as Zilber Industrial 1 at Janesville, the building will be situated on an 18-acre site at the corner of Beloit Avenue and Highway 11. The facility will feature a clear height of 32 feet, LED lighting, an ESFR sprinkler system, on-site trailer parking and expandable loading options. A timeline for completion was not disclosed.
