COLUMBUS-Grubb & Ellis has opened up a permanent office in Columbus, joining its other locations in the markets of Cincinnati and Cleveland. The company hired Benton Benalcazar to run the group here.
Bob Nosal, EVP and managing director of the company’s Ohio operations, says the move ensures that clients can now be served across the state. The firm already manages 3.8 millino square feet of office, industrial, government and medical property in the state.
Benalcazar, who came from six years at Equity and has many previous years in Columbus, tells GlobeSt.com that the city’s redeeming feature is that property here is stable. “With a strong service, academic and government base, we’re somewhat insulated from the rapid swings of other markets. We felt the effects of the downturn, but the fall wasn’t that great.” He says progress is moving forward, albeit slowly, on projects such as the $500 million Grand View Yard site downtown. An Equity spokesman did not return a call for comment.
CHICAGO-Portland, OR-based steelmaker Evraz Inc. NA recently signed a 34,000-square-foot lease to relocate its North American headquarters from Portland, OR to Aon Center, 200 E. Randolph. The North American subsidiary of global steel company Evraz expects to employ more than 70-80 professionals and will take occupancy of the new space on the 78th floor of the building in late June with the transition completed by the end of 2011. Robert Reaumond and Paul Reaumond with CB Richard Ellis represented Evraz in the transaction. Steve Smith and Michael Curran with Jones Lang LaSalle represented the building owner. Evraz evaluated Denver and Wilmington, DE in addition to Chicago, but Evraz ultimately selected Chicago primarily for its logistical advantages, which will provide easier access to customers, manufacturing operations and its employees across North America.
OAKBROOK, IL-Glendale, California–based American Realty Advisors (ARA) has awarded Transwestern the management assignment for 1900 Spring Rd. here. The five-story, 100,000-square-foot office building is at the Oakbrook Center mall and features onsite food service, meeting space and a bank. Notable tenants include Citibank, T. Rowe Price and Advocate Healthcare. The company currently leases and manages 10 million square fee of office property in the metro Chicago market.
CHICAGO-Locally-based Fifield Cos. and its joint-venture partner, Newport Beach, CA-based Pacific Life Insurance Co. have announced that Alta at K Station in downtown Chicago has been awarded Gold LEED certification by the US Green Building Council. The two-tower complex of 848 luxury residences is the largest apartment building in the country to have earned Gold LEED honors. Located at 555 W. Kinzie St., the property earned this designation through a number of green construction practices, including recycling building materials; reducing its energy consumption; creating a green roof and landscaping that requires minimal water; maximizing the natural light and views in each unit; and meeting an advanced standard for the indoor air quality.
CHICAGO-Newcastle Limited has acquired 670 West Diversey, a 10,700-square-foot retail property located on the border of Chicago’s Lincoln Park and Lakeview neighborhoods, for $6.1 million. The all-cash deal closed in 50 days. Newcastle purchased the property on behalf of the firm’s $500 million Chicago real estate investment platform. Since December, Newcastle has closed on four acquisitions. Located just west of where Clark Street, Diversey Parkway and Broadway Avenue converge, the retail center is positioned in an area with one of the highest pedestrian counts in Chicago, and is on the border of two of the most affluent and densely populated neighborhoods in the city. The single-story building is 100% occupied by Firkin & Pheasant, an English-style pub; Akira, a popular clothing, footwear and accessory store for men and women; and the Counter, which puts a 21st century twist on the classic burger joint by featuring unique cocktails, wines, beer and music.
OWENSBORO, KY-Stonemar Properties Inc., owner of Owensboro Towne Centre, has announced a $2.2 million, 10-year lease of 7,500 square feet to AT&T Wireless, a marketer of communications devices including cell phone products and systems. Stonemar engineered the vacancy of its Hollywood Video spaces in advance of its bankruptcy filing. The leasing transaction was brokered by the Shopping Center Group, which now represents Stonemar Properties at its locations in Kentucky, Arkansas, and Tennessee. This lease brings the Owensboro center back to full occupancy, Gould says. Other anchor stores at Owensboro Towne Centre include TJ Maxx, Shoe Carnival, H&R Block, Toys R Us, PetSmart, Factory Card Outlet and the recent openings of Best Buy and Jo-Ann’s Fabric Store.
DECORAH, IA-Opus Design Build LLC will work on a project with Luther College to renovate two residence halls on the its campus here. This is a two-phase renovation project where residential towers, Miller Hall and Dieseth Hall, will receive upgrades. Design preparations for the $7.5 million project are underway. The Miller Hall renovation is scheduled to start in May 2011 and conclude in late August. Dieseth Hall is scheduled to undergo renovations next summer and be completed for the start of the fall 2012 academic year. The eight-story residence halls were built in the 1960’s and each houses 368 beds. Both towers will receive mechanical upgrades to meet today’s standards for heating and air conditioning. Student rooms will receive new furniture and finishing details and four-person suites will be added to each floor.
NOVI, MI-Friedman Integrated Real Estate Solutions recently negotiated the lease of 6,600 square feet of office space at Novi Technology Center, 40000 Grand River Ave. here. The landlord, Ericar Co. LLC, leased the space to Mitsumi Electronics Corp. Founded in 1954, and headquartered in Tama, Japan, Mitsumi is a global company committed to the development and manufacturing of consumer and industrial electronics. Glenn N. DesRosiers, SVP, represented the landlord in this transaction.
STERLING HEIGHTS, MI-L. Mason Capitani Corfac International recently announced that Magna Powertrain of America has entered into a long-term lease agreement for a 51,000 square foot industrial building at 6451 Fifteen Mile Rd. here. Jason Capitani with L. Mason Capitani Inc. represented the landlord. Terms of the lease transaction were not disclosed. Magna
Powertrain is a supplier for the global automotive industry with full capabilities in powertrain design, development, testing and manufacturing.
WICHITA, KS-Henzlik-Oliver Real Estate Cos. has purchased Marina Lakes Shopping Center at 21st & Amidon here. Redevelopment of the 168,000 square foot property will include a Wal-Mart Neighborhood grocery store. Demolition will begin immediately to make room for the new Wal-Mart. A complete shopping center face lift will also begin this summer. In addition to the new Wal-Mart Neighborhood grocery store, the center will have junior anchor and small shop space available for lease.
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