Office

JLL Arranges Lease of 764,000 SF Flex Property in Fort Wayne, Indiana

by Christina Cannon October 23, 2015

FORT WAYNE, IND. — JLL has arranged the lease of a 764,000-square-foot flex facility in Fort Wayne. The building is located at 2909 Pleasant Center Road, and VEREIT is the landlord. The building was built in 1994 and is a former Nestle distribution center. The property features 8,400 square feet of cooler space, 17,725 square feet of office space and is expandable to more than 1 million square feet. The asset has 66 front-load dock doors and parking for 300 trailers and 144 cars. Steve Schwegman and Brian Seitz of JLL represented the landlord in the transaction. Greg Pink of Bradley Cos. represented the tenant.

October 23, 2015

North-Bellmore-Public-Library-Southeast-rendering[1]

New York Northeast Office

Elite Construction to Manage $8.9M Expansion and Renovation of North Bellmore Public Library

by Haisten Willis October 23, 2015

NORTH BELLMORE, N.Y. – The North Bellmore Public Library Board of Trustees has selected Elite Construction as construction manager for the expansion and renovation of the library building located at 1551 Newbridge Rd. in North Bellmore. Designed by the Pleasantville, N.Y.-based architectural firm of Gallin Beeler Design Studio (GBds), the project will completely renovate and expand the outdated library structure, originally constructed in 1962 and expanded in 1986. The improvements will include a gut renovation of the existing two-story, 13,000-square-foot building and a 4,200-square-foot addition. The project is financed through a 15-year, $8.9 million bond issue approved by the North Bellmore voters in May of 2015. In addition to Elite and GBds, the project team includes structural engineer The Di Salvo Engineering Group; mechanical, electrical, and plumbing (MEP) engineer TAS Engineering; and civil engineer Galli Engineering.

October 23, 2015

Office Texas

CBRE Arranges Relocation of Vantage College’s South San Antonio Campus

by Haisten Willis October 22, 2015

SAN ANTONIO — CBRE has arranged the relocation of Vantage College’s South San Antonio campus to a 9,000-square-foot building at 1964 Southwest Military Drive. Recently rebranded from Excel Learning Center, Vantage College provides training in occupation fields such as healthcare, information technology and business, along with job placement assistance. The south campus will move from the Harlandale Building to a new location in November. Vantage College doubled the size of its Northwest campus at the end of 2013 in the Cherry Ridge Office Park. The Council on Occupational Education (COE) accredits Vantage College. Carl Salvato with CBRE’s San Antonio office represented Vantage in site selection and lease negotiations.

October 22, 2015

Kansas Midwest Office

Onward Investors Acquires Three Office Buildings for $13.2M in Overland Park, Kansas

by Christina Cannon October 22, 2015

OVERLAND PARK, KAN. — Onward Investors has acquired Executive Centre in Overland Park for $13.2 million. The acquisition from Invesco Real Estate consists of three office buildings totaling 220,000 square feet. The buildings are currently 85 percent occupied. Tenants include UPS and Federated Insurance. The assets are located at 10881-10901 Lowell Ave. CBRE represented the seller.

October 22, 2015

Illinois Industrial Midwest Office

Darwin Realty Brokers Sale of Three Flex Buildings Totaling 101,903 SF in Chicago Suburb

by Christina Cannon October 22, 2015

BROADVIEW, ILL. — Darwin Realty has brokered the sale of three flex buildings in Broadview, a western Chicago suburb. Real Trucking, a subsidiary of Real Group LLC acquired the assets from an undisclosed seller. The facilities total 101,903 square feet. The first building is a 59,343-square-foot facility located at 2001 W. Cermak Road. This asset sold for $1.9 million. The second property is located at 2900 S. 21st Ave. and is 25,600 square feet. The building sold for $995,000 and features three drive-in doors and 18-foot clear heights. The third facility at 2100 W. 21st Street is 16,950 square feet. This asset also has three drive-in doors and 18-foot clear heights. Real Trucking paid $595,000 for the building. Dan Fanelli of Darwin represented both parties in the transaction.

October 22, 2015

Arizona Office Western

Menlo Equities Buys Thistle Landing Office Park in Phoenix

by Nellie Day October 22, 2015

PHOENIX — An affiliate of Menlo Equities LLC has purchased the remaining three buildings of Thistle Landing office park in Phoenix for an undisclosed sum. The park is located at 4801, 4805 and 4811 E. Thistle Landing Drive. Thistle Landing includes four Class A office buildings. The park was built in 1998. Menlo had previously purchased the initial building. The park is fully leased to Fiserv Inc., United Healthcare, DISH Network and OptumRx. Chris Toci, Chad Littell, Jerry Noble, Pat Devine and Greg Mayer of Cushman & Wakefield represented the seller, Torchlight Investors LLC.

October 22, 2015

Market Reports Michigan Midwest Midwest Market Reports Office

Resurgence of Downtown Grand Rapids Is Occurring on Many Fronts

by Christina Cannon October 22, 2015

Downtown Grand Rapids is booming with commercial real estate activity, and it’s coming from many directions. The combination of new residential units, restaurants, bars and a variety of entertainment options is leading people to not only live downtown, but also work and play downtown. Activity in the downtown office market — including office leases, new mixed-use construction and new retail — has increased over the last couple of years, and there is no sign of it slowing down. The overall office vacancy rate in the central business district (CBD) decreased from 9.4 percent in the first quarter to 8.25 percent in the second quarter. While Class A office space has performed well in recent quarters, there was a slight increase in the vacancy rate during the second quarter. As for Class B space, we observed a sizable decrease in the vacancy rate, from 10.1 percent in the first quarter to 8.5 percent in the second quarter. As a whole, the CBD office market experienced positive absorption of 74,293 square feet during the second quarter. Rental rates stabilized in the second quarter after increasing for the past several quarters. Meanwhile, some new construction and planned construction is hitting the market at …

October 22, 2015

Office Texas

CBRE Arranges Relocation of CareReview’s Headquarters in Arlington

by Haisten Willis October 21, 2015

ARLINGTON, TEXAS — CBRE has arranged the headquarters relocation of CareReview from Arlington Downs Tower, located at 2225 E. Randol Mill Road, to Brookhollow Two at 2221 E. Lamar Blvd. in Arlington. The third-party insurance review company’s new headquarters spans 10,695 square feet and will more than double its current space. Richmond Collinsworth of Bradford Cos. represented the tenant, and Bryan Graham of CBRE represented the landlord, Brookhollow II Holdings.

October 21, 2015

Loans New York Northeast Office

Meridian Capital Arranges $130 Million in Financing for Two NYC Office Buildings

by Jaime Lackey October 21, 2015

NEW YORK CITY — On behalf of a New York City-based sponsor, David Hayum of Meridian Capital Group has negotiated $130 million in permanent financing to refinance two office properties located in Midtown Manhattan. A regional balance sheet lender provided the $130 million, seven-year financing package, which features an interest rate of 3.88 percent. The properties are located at 15 West 47th Street and 22 West 48th Street, just south of Rockefeller Center in Midtown Manhattan, and are encumbered by a $75 million mortgage and a $55 million mortgage, respectively. 15 West 47th Street is a premier diamond exchange building, and both properties have a concentration of diamond and jewelry manufacturers, wholesalers and retailers.

October 21, 2015

Indiana Industrial Loans Midwest Minnesota Office

Associated Bank Provides Two Loans Totaling $35.2M for Projects in Indiana and Minnesota

by Christina Cannon October 21, 2015

COLUMBUS, IND. AND MAPLE GROVE, MINN. — Associated Bank has provided two loans totaling $35.2 million for projects in Indiana and Minnesota. In the first project, LandMark Group Cos. took out a construction loan for a 391,355-square-foot manufacturing and distribution facility in Columbus, Ind. The second loan for $6.9 million was awarded to an affiliate of Westminster Capital to acquire and reposition a 97,368-square-foot office building located at 6820 N. Wedgewood Road in Maple Grove, Minn. The Class A building, built in 2005, was originally developed as a build-to-suit regional operations center with a commercial cafeteria for The Hartford, a Fortune 500 company. The investment and insurance giant consolidated operations at an existing office in Bloomington, Minn., and did not extend its lease. Edward Notz, senior vice president of Associated Bank, managed the transactions.

October 21, 2015

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