Bucyrus Buys Midwest HQ on Cheap for $9M

OAK CREEK, WI-Bucyrus International Inc. has acquired two offices here for a total of 120,000 square feet. The asking price was $15 million, but the deal reportedly closed for $9 million, lower than the $13.5 million that sources say seller Westminster Badger LLC paid for the complex in November 2003.

The complex is at 6744 S. Howell Ave. in this Milwaukee suburb. The mining equipment manufacturer said in a statement that it will keep its 1,500-employee headquarters on 1100 Milwaukee Ave. in South Milwaukee, WI, but will use this recently-purchased complex for employee training, conferences and administrative offices.

The company recently acquired the mining equipment division of Westport, CT-based Terex Corp. Bucyrus plans to add about 700 employees to its Wisconsin workforce, mostly by moving Terex managers and engineers to the Milwaukee area from Texas and Connecticut, according to a statement by the Dickman Co. Inc.-Corfac International. The broker represented the buyer in the deal.

Westminster Badger LLC was the seller of the complex, represented by RFP Commercial. Midwest Airlines formerly occupied the property as its headquarters. Midwest was taken over by Indianapolis-based Republic Airways Holdings. Sources say Westminster had purchased the property in 2003 for $13.5 million.

GERMANTOWN, WI-Daniel Trebil and Patrick Minea with NorthMarq Capital arranged first mortgage financing of $10 million for the Aurora Healthcare Portfolio here. The portfolio consists of two buildings of 92,377 square feet of medical office space. Financing was based on a 13.5-year term with a 13.5-year amortization schedule and arranged for the borrower by NorthMarq through its relationship with FBL Financial Group Inc.

KENOSHA, WI-Party City, a specialty party goods chain based in Rockaway, NJ, recently signed a lease for 12,000 square feet at Southport Plaza in southeast Wisconsin., according to Richard Spinell, principal of Mid-America Asset Management Inc. the Oakbrook Terrace, IL-based leasing firm that represents the 358,143 square-foot center. The store plans to open in early September 2010. 

CHICAGO-Transwestern’s Tenant Advisory Services group recently represented TCS Education System in a 29,000-square-foot, long-term lease at 350 W. Mart Center Dr. (formerly the Apparel Center). TCS will occupy a portion of the 10th floor (the former Sun-Times space).

TCS is a non-profit network of specialized institutions that offers an approach to higher education and to preparing socially responsible, culturally competent professionals in the applied fields of psychology, health and human services, education and human development.

Transwestern’s Phil Utigard and Lou Jacobsohn represented TCS in the transaction. CBRE’s John Dempsey and MMPI’s Scott Sessa represented the landlord.

EAST DUNDEE, IL-Inland Real Estate Brokerage Inc. arranged the sale of a 9,088-square-foot retail building at 610 S. Dundee Ave., near the intersection of Illinois Route 25 and Route 72. The property was sold by Trend Carpet and Tile store and was purchased by Laundry King, which will convert it into a laundry mat. This will be Laundry King’s fifth location. “Trend Carpet is consolidating its operations,” said Paul Montes, senior commercial broker. Montes and Eric Spiess, sales associate, represented the seller in the transaction. The sales price was not disclosed.

MT. PLEASANT, IL-Principle Construction Corp. has completed a 40,742-square-foot build-out project for Maysteel LLC at 1400 International Dr. in Park 94. Maysteel, based in Menomonee Falls, WI, specializes in the manufacturing of precision metal enclosures, assemblies and systems used in the electronics, power distribution and general industrial markets. This new facility is serving as a warehouse, manufacturing, and assembly plant for the company. HSA Commercial Real Estate Inc. owns the 125,000-square-foot building.

CHICAGO-Berlin Packaging has selected Reed Construction to complete a 20,000-square-foot office build-out for a new corporate headquarters at 525 W. Monroe. Located within the 25-story, Class A office building, Berlin Packaging is a supplier of glass, plastic and metal containers and closures. The firm is relocating to the building from its 111 N. Canal location. Reed will improve custom millwork, display walls, and custom acrylic signage as well as conference rooms, private offices and an open office area. Completion is scheduled for mid-summer 2010.

MCGREGOR, MN-CB Richard Ellis recent sold and closed approximately 30 acres of resort

and lake property formerly known as the “Big Sandy Lodge & Resort.” There are 57 separate properties consisting of townhomes, cabins, log home lots, vacant land, and a lodge. The lodge has 18 rooms, 2 restaurants, and an indoor swimming pool. The property sale included all FF&E of a fully furnished resort, 1,300 feet of shoreline on Big Sandy Lake, and a marina.

DES PERES, MO-Gateway Creative Broadcasting renewed their 3,279-square-foot office lease at 13358 Manchester Rd. in Des Peres with PRC Investments LC. Dan Rossini with Grubb & Ellis|Gundaker Commercial represented the landlord in the transaction and Robert A. Busch represented the tenant.

DETROIT-The Charter County of Wayne recently renewed its lease of 145,030 square feet of office space at the Penobscot Building, at 645 Griswold. Steve Eisenshtadt with Friedman Real Estate Group represented the landlord, FFMC, the receiver of Penobscot, in this transaction. Penobscot is managed by Finsilver/Friedman Management Corp., a Friedman company.

ROCHESTER HILLS, MI- Kirkland’s has signed a 5,997-square-foot lease at Hampton Village Centre, located north of Highway 59, on Rochester Road in between Auburn Road and Barclay Creek. Roland Mackie with Nashville, TV-based Right Site represented Kirkland’s. Centro Properties Group is the owner of the complex, and was represented by Justine O'Brien.

BIRMINGHAM, MI-Newmark Knight Frank recently negotiated a lease for 25,000-square-feet of office at 805 E. Maple Rd. for worldwide media firm Universal McCann. Part of the Interpublic Group of Cos. Brian Schwartz and Hank Kobrin represented UM in this transaction.

BLUE ASH, OH-Regency Centers has leased restaurant space at Regency Commons to Jimmy John's Gourmet Sandwich Shops. Jimmy John's, operated by franchisee Schaaf & Deibel Investments, has leased 1,700 square feet and is slated to open for business in August.  The tenant was represented by Melissa Ruther and Daniel Sutton with Edge Real Estate Group.

COLUMBUS NORTH, OH-Motel 6 Operating LP (Accor Hospitality) has sold the Motel 6 here. The property was acquired by VED – Verdas Hospitality for an undisclosed sum. The two-story, 46-room property is eight miles north of downtown Columbus, off of Interstate 71 at exit 116. Chris Dewey, VP for Jones Lang LaSalle Hotels, represented the seller.