sales_and_leases

MINNEAPOLIS — General contractor Doran Construction has begun construction on a $12 million renovation of the Depot Renaissance Hotel located in downtown Minneapolis. Owner CSM Corp. first developed the hotel, located at 225 3rd Ave South, in 2001. The renovation includes the demolition of a water park inside of the hotel that will make room for an additional 110 guest rooms, a fitness center and indoor pool.  The project also includes adding a floor, making a total of six floors and 312 rooms in The Depot. In 2015, Doran is building several projects totaling more $190 million in new construction.

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NILES, ILL. — Meridian Design Build has completed construction on a 306,448-square-foot automated package sortation and distribution center in Niles, 15 miles northwest of Chicago, for an undisclosed delivery service company. Scannell Properties was the project developer. The new build-to-suit facility is located on a 34-acre redevelopment site at the southeast corner of Howard Street and Lehigh Avenue. A majority of the project involved the demolition of multiple parking lots and an existing 756,000-square-foot industrial building. The facility features 101 loading docks, 562 auto parking stalls, 236 interior van-loading positions and 249 exterior trailer stalls. Additional construction included a freestanding 5,180-square-foot vehicle maintenance garage and 2,400-square-foot gateway security building. Precept Design provided architectural and structural design services. Spaceco Inc. completed civil engineering work.

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CLEVELAND, OHIO — Friedman Integrated Real Estate Solutions will auction off a 41,780-square-foot retail center in Cleveland on Aug. 31-Sept. 2 on behalf of an undisclosed seller. Constructed in 1993, Brooklyn Centre is located at W. 25th St. and sits on a three-acre site. The property is 57 percent occupied. The center is comprised of three buildings, the largest of which is 29,780 square feet. The two smaller buildings are each 6,000 square feet. One building is divided for multi-tenant use and the other is configured for a single tenant. Tenants of the property include Rent-A-Center, CVS Pharmacy, America Cash Express and Cricket. Bidding for the Brooklyn Centre will start at $600,000, according to auction.com. Barry Swatsenberg and Rich Deptula of Friedman Integrated Real Estate Solutions are representing the seller. The auction will take place online at auction.com

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DAYTON, OHIO — Marcus & Millichap has brokered the $2.1 million sale of a 5,780-square-foot building net leased to National Tire & Battery (NTB) in Dayton. The auto service center is located off I-75 at 2892 Miamisburg-Centerville Road and is less than a mile from the Dayton Mall. Barry Wolfe and Alan Lipsky of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private individual. Michael Glass of Marcus & Millichap’s Ohio office represented the buyer, a limited liability company based in Lexington, Ken.

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CHESTERFIELD TOWNSHIP, MICH. — L. Mason Capitani CORFAC International has signed Eclipse Mold Inc. to a seven-year, 86,772-square-foot industrial lease in Chesterfield Township, about 30 miles northeast of Detroit. A family-owned business for nearly 40 years, Eclipse Mold is headquartered in Clinton Township, Mich. The company specializes in the manufacturing of plastic injection molding. Located at 50300-50320 Patricia St., the industrial building will enable Eclipse Mold to expand its operations while satisfying the needs of its Tier 1 automotive customers. Joe DePonio and Jason Capitani of L. Mason Capitani CORFAC International represented the undisclosed landlord in the transaction.

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Legacy-Medical-Village-West-Entrance

PLANO AND CONROE, TEXAS — The Global Healthcare Services division of Newmark Grubb Knight Frank (NGKF) has completed the $56 million sale of a two-property medical office building (MOB) portfolio comprising the 94,359-square-foot Legacy Medical Village in Plano and the 68,832-square-foot Conroe Medical Arts and Surgical Center in Conroe. Garth Hogan, Todd Perman and Chris Gordon of NGKF represented the seller in the transaction. The buyer, American Realty Capital, was self-represented. Legacy Medical Village was built in 2007 and is located at 5425 W. Spring Creek Parkway within the Legacy Business Park. The MOB is located between the Children’s Medical Center Plano and the Texas Health Presbyterian Hospital. Conroe Medical Arts and Surgical Center was built in 2003 and is located at 1501 River Pointe Drive adjacent to the Conroe Regional Medical Center hospital campus. The two medical office buildings are 93 percent leased to healthcare providers, including specialists and primary care physicians. The Conroe facility includes an ambulatory surgical center owned by Tenet Healthcare.

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Arbor Ridge Athens

ATHENS, GA. — Multi Housing Advisors (MHA) has brokered the $10 million sale of Arbor Ridge, a 212-unit apartment community located at 150 Chateau Terrace in Athens. Built in 1969 and renovated in 2008, the apartment community features a clubhouse, swimming pool and tennis court. Robert Stickel of MHA represented the Texas-based seller in the transaction and procured the New York-based buyer.

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MORENO VALLEY, CALIF. — Fisker Automotive and Technology Group LLC has signed a long-term lease to occupy a 555,670-square-foot industrial building in Moreno Valley. The company plans to manufacture its ultra-luxury, plug-in electric hybrid Karma sports car at the facility. The new space is located at 17100 Perris Blvd. It is situated near Amazon’s and Procter & Gamble’s facilities. This new agreement will make Fisker the first automaker to operate an assembly plant in Southern California since 1992 when General Motors closed its Van Nuys plant, according to Colliers International, which executed the transaction. Ian DeVries and Chris DeVries of Colliers represented Fisker. Kevin McKenna and Ian DeVries of the same firm represented the landlord, First Industrial Realty.

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CHICAGO — Colliers International’s Chicago office has arranged the $11.2 million sale of a 58,000-square-foot office property located at 1900 W. Walnut in Chicago’s Fulton Market neighborhood. Mark IV Realty was the buyer. The one-story structure was originally designed as a multi-tenant building. The building features a fully air-conditioned office, ESFR sprinklers, one interior loading dock and two drive-in doors. 1900 West Walnut is the only 24-foot clear height, modern precast building in the fast growing West Loop and Fulton Market submarkets of Chicago, according to Colliers. The 1900 West Walnut building is located one mile west of Chicago’s central business district and a half-mile from Google’s new headquarters. Since its completion, the property has been 100 percent leased to Matthews International, a digital imaging studio. Michael Senner and Vern Schulz of Colliers International’s Chicago office represented the seller, Martin Capital Group.

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ROLLING MEADOWS, ILL. — General contractor J.C. Anderson Inc. will complete a 170,000-square-foot office renovation for Verizon Communications at 1701 E. Golf Road (Continental Towers) in Rolling Meadows. Headquartered in New York City, Verizon employs approximately 178,500 workers and maintains offices nationwide. The firm is relocating its office in Elgin, Ill., to Continental Towers. J.C. Anderson will complete the 170,000-square-foot build-out of new space, which will include the addition of offices on seven floors of the building; a call center with up to 305 positions per floor; as well as training rooms and conference rooms. The target date for completion is April 2016. William Burfeind and John Angelovich are leading the construction team for J.C. Anderson.

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