BY THE NUMBERS

COLUMBUS—The Columbus office market had a strong start to 2017 with vacancy rates declining, an increase in asking rates and positive net absorption, according to CBRE Research. As reported in GlobeSt.com, the city has helped revive its CBD by transforming its riverfront into parkland. The metro area vacancy rates declined 48 bps to 12.3%. The market saw a total of 208,826 square feet of positive net absorption. This was largely driven by strong leasing activity and construction completions in the Dublin submarket. In first quarter, the market saw 956,844 square feet of office space under construction, and 74% is in the suburban submarkets. Notable investment sales included Group RMC's purchase of nine properties from Blackstone, totaling 1.1 million square feet for $77 million.

NEWS & NOTABLES

CHICAGO—Brixmor Property Group Inc. has just appointed industry veteran Vincent A. Corno as executive vice president – president, Midwest, effective May 8, 2017. As head of the Midwest region, Corno will have day-to-day responsibility for more than 20 million square feet of open-air retail properties. He will replace Thomas Litzler, who is retiring next month. “We are very excited to have Vince, a universally well-regarded and seasoned real estate executive, join our team and help us continue to unlock the growth opportunities embedded within the Midwest portfolio,” says James Taylor, chief executive officer and president. “We are also very grateful to Tom for his leadership and invaluable contributions to the Company over many years. We wish him and his family a happy and healthy retirement.” Corno has more than 25 years of retail real estate experience and most recently served as executive vice president, leasing and development of DDR.

CHICAGO—Officials from Ware Malcomb, an international design firm, say that Toni Chiovatero, studio manager, interior architecture will relocate to the firm's recently-opened downtown Chicago office and take a leadership role. Chiovatero was previously located in the firm's Oak Brook, IL office. “Toni has been an important member of our Oak Brook leadership team, managing operations and key projects for the interior architecture and design studio,” says Dawn Riegel, director, interior architecture and design for Chicago. Chiovatero joined Ware Malcomb in 2015 and was promoted to studio manager in 2016. A licensed architect in IL and MI, Chiovatero earned a Bachelor of Science degree in Interior Design from the University of Wisconsin at Madison and a Master of Architecture degree from the University of Illinois at Chicago.

DEALTRACKER

ST. LOUIS—Holliday Fenoglio Fowler, LP has just closed the sale of Residences at The Streets of St. Charles in the northwest St. Louis suburb of St. Charles, MO. HFF marketed the property exclusively on behalf of the seller, Cullinan Properties, Ltd., and procured the buyer, Trilogy Real Estate Group. Located at 1650 Beale St. within The Streets of St. Charles, a 1.5-million-square-foot development encompassing 26 acres immediately south of I-70, which provides access to the greater St. Louis metropolitan area. The Streets of St. Charles is a mixed-use community with retail, dining, entertainment, hospitality, residential and office components. Completed in 2014, the five-story, class A property overlooks the Missouri River and features studio, one- and two-bedroom units ranging from 559 to 1,287 square feet with high-end finishes. The HFF investment sales team representing the seller was led by managing directors Sean Fogarty and Marty O'Connell and associate director Wickliffe Kirby.

ELMHURST, IL—Hanley Investment Group Real Estate Advisors, a real estate brokerage and advisory firm specializing in retail property sales, arranged the sale of a new single-tenant net-lease investment occupied by LA Fitness in an off-market transaction. The property is located in the Chicago suburb of Elmhurst. Hanley associate Austin Blodgett and executive vice president Eric Wohl represented the seller on this transaction. The seller was a development company based in the Chicago area and the buyer, which represented themselves, was a publicly-traded REIT. The purchase price could not be disclosed. Completed in late 2016, the 37,000-square-foot single-tenant building sits on 4.8 acres at 620 N. York St. LA Fitness just executed a brand new 15-year primary lease. “The sale of single-tenant health clubs has become a much more viable retail investment alternative in today's market,” says Blodgett.

VALPARAISO, IN—An investment advisory team from Podolsky Circle CORFAC International represented CP Highlands Fund, LP in the disposition of two northern Indiana manufacturing facilities, totaling more than 180,000 square feet, that are net leased to Bensenville, IL-based Lake Cable Co. Financial terms of the transaction were not disclosed. The first facility in the transaction was 2700 E. Evans Ave., Valparaiso, IN—a 126,250-square-foot building situated on 14.25 acres of land. The building is expandable by 79,000 square feet. Lake Cable has occupied the building for over a decade and has a long-term lease. Additional features of the building include 6,000 amps of power, five interior truck docks and four drive-in doors. The second was 4430 Eastland Dr. in Elkhart, IN— a 55,000-square-foot building situated on 2.85 acres of land. Lake Cable occupies the building under a long-term lease.

BY THE NUMBERS

NEWS & NOTABLES

DEALTRACKER

Instant Insights /

Middle Market Digest-The Midwest

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