GREENWOOD, IND. — Herman & Kittle Properties have sold Copper Chase at Stones Crossing in Greenwood, south of Indianapolis. Copper Chase Apartments LLC purchased the 296-unit multifamily community for an undisclosed price. Built in 2010, the property is located at 2345 Thorium Drive. It features a pool, coffee café, business center, car care center and dog park. Steve LaMotte Jr. and Dane Wilson of CBRE represented the seller.
MOUNT PLEASANT, WIS. — Hillwood, a Perot company, has acquired a newly constructed industrial building spanning 307,850 square feet in Mount Pleasant, about 30 miles south of Milwaukee. Located at 11905 Meridian Drive, the property features a clear height of 32 feet, rear loading and 140-foot truck courts. The purchase price and seller were not disclosed.
MAPLE GROVE, MINN. — Upland Real Estate Group Inc. has negotiated the sale of an 18,027-square-foot property net leased to Caliber Collision in Maple Grove for $4.5 million. The collision repair company has a 15-year lease at the building. A developer sold the asset to an undisclosed buyer as part of a 1031 tax-deferred exchange.
ST. LOUIS — NorthMarq has arranged a $3 million loan for the acquisition of the Fort Dearborn Co. building in St. Louis. The manufacturing facility spans 87,507 square feet and is located on 5.8 acres at 6880 Heege Road. Fort Dearborn Co. is a label manufacturer for food and household products. Jeffrey Chaney of NorthMarq arranged the 10-year loan, which features a 20-year amortization schedule. A life insurance company provided the loan. White Co. was the borrower.
In 2018, the Greater Cincinnati industrial market experienced record-breaking positive net absorption of 7 million square feet, the highest level of absorption in more than a decade. This was followed by only 201,000 square feet of direct net absorption in the first quarter of this year, which at first glance could be concerning. But the good news is that 8 million square feet is currently under construction across our market. Over the past five years, new construction deliveries have been a consistent source of growth and positive absorption in Greater Cincinnati. The industrial market typically does not experience a high absorption rate in the first quarter when compared with the rest of the year. The low absorption figure in the first quarter of 2019 is actually due to lack of available supply rather than a major market change. Leasing impact New-construction, pre-leased buildings were a major source of positive net absorption in 2018. Winter weather and construction schedules limited first-quarter completions to just 520,000 square feet. The largest delivered facility was the 308,000-square-foot West Chester Trade Center #1, a bulk distribution building in the Northwest submarket. TSC Apparel moved into 196,000 square feet at the facility, absorbing more than 60 …
MADISON, WIS. — Banyan Investment Group has acquired a three-property hotel portfolio in Madison for approximately $50 million. Banyan will operate the portfolio, which is comprised of a 127-room Courtyard by Marriott, a 130-room Fairfield Inn & Suites and a 115-room Hampton Inn. Each of the four-story properties features a pool, fitness center and business center. The Fairfield Inn & Suites and the Hampton Inn have newly furnished breakfast lounges. The Courtyard by Marriott features 1,080 square feet of meeting space. Banyan is a hotel investment and management company with offices in Florida and Georgia. The seller was not disclosed.
CHICAGO — Stanton Road Capital LLC, in partnership with Third Lake Partners LLC, has purchased 200 S. Michigan Avenue, a 371,566-square-foot office tower in the heart of Chicago’s East Loop. The 22-story tower overlooks The Art Institute of Chicago and Millennium Park. Completed in 1958 and widely known by its previous name, the Borg-Warner Building, the property will undergo a modernization. Plans call for an upgraded lobby and improvements to existing amenities such as the tenant lounge. Cushman & Wakefield brokered the sale of the building. Crain’s Chicago Business previously reported that Stanton was under contract to pay approximately $34 million for the leasehold interest in the building. Shidler Group was the seller.
WISCONSIN — Zilber Property Group (ZPG) has sold a portfolio of 15 industrial buildings to two private equity funds managed by High Street Realty Co. for an undisclosed price. The buildings total 1.7 million square feet and are located throughout Southeast Wisconsin and northern Illinois along the I-94 corridor. The majority of the portfolio’s assets are the product of ZPG’s development activity over the last 10 years.
ELK GROVE VILLAGE, ILL. — CA Industrial, the industrial investment and development division of CA Ventures, has broken ground on CA Elk Grove, a 146,029-square-foot speculative warehouse in Elk Grove Village. The Class A project will sit on seven acres at 550 E. Devon Ave. Slated for completion in the first quarter of 2020, CA Elk Grove will feature a clear height of 32 feet, 18 loading docks and parking for 135 cars. The new warehouse is being constructed on the site of an existing retail center. A portion of the retail space, 7,800 square feet, will remain as retail. The other portion was rezoned as industrial. Established businesses Tata’s Pierogi and La Spa Nails will be relocated to renovated space within the retail center. They will join Subway, Peking Express and Fatt Mustard Café, which will remain in their current locations. The retail property will receive a new façade, signage, roof and resurfaced parking lot. Harris Architects Inc. is the architect and Pepper Construction is the general contractor.
NORRIDGE, ILL. — Lee & Associates has negotiated the $1.2 million sale of a 15,000-square-foot retail building in Norridge, about 15 miles northwest of Chicago. The property, partially occupied by Dollar General, is located at 7510 W. Irving Park Road. It also features a showroom. Rick Scardino and John Cassidy of Lee & Associates represented the seller. A private investor purchased the asset.
