NEWS & NOTABLES

CLEVELAND—KeyBank Real Estate Capital has provided $163.1 million through a Fannie Mae credit facility for the recapitalization of 14 manufactured housing properties spread across six states. Inspire Communities owns and operates the sites, which combined have 5,013 pads, and are part of a 23-property portfolio. Todd Linehan of Key's Commercial Mortgage Group structured the financing with a 10-year term, five-year interest only period and 30-year amortization schedule. The loan will be cross-collateralized and cross-defaulted. KeyBank could not disclose more information regarding financing.

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CINCINNATI—SHP Leading Design—a 117-year-old firm specializing in learning-focused architecture and design—will relocate its headquarters to 312 Plum St. in downtown Cincinnati. The firm has leased 20,000 square feet of seventh-floor office space from Rubenstein Partners and Strategic Capital Partners. According to Lauren Della Bella, SHP president, the company's new headquarters will reflect the firm's philosophy that physical space can promote communication, integration of teams and disciplines, and learning. “As architects and designers, we're especially in tune with how a company's physical space both reflects and cultivates its culture,” says Della Bella. “We designed our new offices with collaboration and workplace learning top of mind. And we decided to relocate downtown because the palpable energy of its revitalization complements the passion we have for our work.” The company will relocate more than 70 employees to the new headquarters in April. Della Bella noted the firm's growth—10% annually for the past two years—contributed to its decision to move.

BRIDGEVIEW, IL—NAI Hiffman recently helped complete the sale of 7400-7420 Richards Rd. in Bridgeview, IL. Rex Carton Co., a large manufacturer of corrugated boxes, POP displays and custom shipping containers, acquired the 161,740-square-foot property from Transwestern Investment Group in an effort to accommodate company growth. According to Cook County records, the price paid was $6.8 million. The property sits conveniently along the I-294 interchange at 95th St. and features 18 exterior docks, one drive-in door, 24' clear height, a wet sprinkler system, and 60 car parking spaces with room to expand. Chris Gary, executive vice president, NAI Hiffman, and Jay Maher, vice president, represented TIG in the sale. Darwin Realty & Development Corp.'s Adam Haefner represented the Rex Carton.

ROMEOVILLE, IL—Marcus & Millichap just helped complete the sale of Space Savers Self Storage, a 44,000-square foot self-storage property located at 645 S. Weber Rd. in Romeoville, IL, according to Steven D. Weinstock, regional manager of the firm's Chicago Oak Brook office. The asset sold for $4,400,000. Sean M. Delaney and Michael A. Mele, investment specialists in Marcus & Millichap's Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Delaney and Mele. This facility, built in 2005, offers climate controlled spaces, mobile/portable storage, different sized units, as well as outdoor units.

LANSING, MI—CBRE Hotels recently helped complete the sale of the 129-room Courtyard by Marriott Lansing located at 2710 Lake Lansing Rd. in Lansing, MI. CBRE Hotels' Nate Sahn, executive vice president, represented the seller, Lansing-based Wickens Group, in the sale to Lansing Hotel Owners, LLC, an affiliate of the Banyan Investment Group. The newly-renovated, 129-room hotel is located near the Michigan State University campus and the capital city's dining, shopping and entertainment areas. It is also within 15 minutes of the Capital Region International Airport and near several major companies, including IBM and General Motors. The property features an indoor heated pool, onsite fitness center and pet-friendly rooms. CBRE Hotels is a specialized team within CBRE providing services to companies in the hotel sector. It has more than 385 hospitality professionals located in 60 offices across the globe.

CHICAGO—Cushman & Wakefield represented Direct Warehousing in leasing 64,884 square feet at 2801 Alft Ln. in Elgin, IL, for the firm's new headquarters. Cushman & Wakefield's Eric Fischer, Michael Scadron, Keith Puritz and Brett Kroner represented Direct Warehousing, while Ken Franzese and John Cassidy of Lee & Associates represented owner Northern Builders. Direct Warehousing, a national, family owned third-party logistics provider, will relocate from Elk Grove Village to its new Elgin headquarters in the first quarter of 2018. “Direct Warehousing required modern, flexible space to serve both its office and distribution needs,” Fischer says. “Recent speculative development in Elgin positioned Direct Warehousing to choose from a number of great options before selecting 2801 Alft Ln. for its new headquarters.”

BUILDING BLOCKS

O'FALLON, MO—McCarthy Building Cos. and the City of O'Fallon celebrated on Saturday, December 2, the grand opening of the new City of O'Fallon Justice Center that includes the O'Fallon Police Department and Municipal Courts. The new $26 million Justice Center features more than 96,000 square feet of space and training spaces, an underground garage and sally port and ample space for expansion. Special features include a seven-stall indoor firing range and a firearms training simulator, a state-of-the-art training tool that supports marksmanship and judgmental training needs of law enforcement personnel. The building will also contain a FEMA-rated storm shelter. “As a national leader in justice projects and a local leader in construction, we understand the challenges facing municipalities and local governments,” says Ryan Freeman, vice president of operations at McCarthy. The O'Fallon Justice Center was designed by Wilson-Estes Police Architects (now known as Police Facility Design Group) and built by McCarthy.

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