CHICAGO-Public relations firm Edelman has renewed its lease on its second headquarters at the 2.5-million-square-foot Aon Center, expanding to 178,437 square feet. The company, which also keeps a headquarters in New York City, has expanded here by 37,238 square feet.
Rick Murray, president of the company’s office here, said in a statement that the lease represents the growth of the Midwest office. “We have added 120 new jobs over the past 12 months,” he said.
Steve Smith and Michael Curran with Jones Lang LaSalle represented landlord Piedmont Office Realty Trust in the transaction. Kyle Kamin and Todd Lippman represented the tenant. The terms of the lease were not disclosed.
The building, the headquarters of AON Insurance, most recently signed Integrys Energy Group Inc. to 150,000 square feet in July. The office tower is about 87% leased.
WHEATON, IL-Quantum Real Estate Advisors Inc. has brokered the sale of a single-tenant CVS Pharmacy here. The property was sold in 10 days from the date the purchase agreement was signed until close of escrow. The property was sold to private partnership for $5.3 million. The property is a 10,836-square-foot building. The seller was a private individual based out of New York City. Jordan Kaufman, EVP, represented the seller in the transaction.
ELGIN, IL-Steve Bass and Nick Eboli, senior associates with Lee & Associates of Illinois LLC, represented Hydrox Labs in their renewal of an 83,122-square-foot manufacturing building at 825 Tollgate Rd. here. Cobalt Capital Partners represented themselves in the transaction.
ROYAL OAK, MI-Marcus & Millichap Real Estate Investment Services has brokered the sale of a 45,000-square-foot LA Fitness here. The sales price of $12.4 million represents $275 per square foot. Mark Thiel, a senior associate, represented the buyer, a Southern California-based private family trust. “There are more than 19 years remaining on the primary term of this rare absolute triple-net LA Fitness lease,” Thiel said in a statement. “Rent commenced in September 2010 and extends through September 2030 with three five-year renewal options. Rent increases every five years are based on the lesser of the percentage increase in CPI over the preceding five-year period or 10%.” The property is at 25352 Woodward Ave., just north of Interstate 696 and across from the entrance to the Detroit Zoo. The gym was built in 2010. The building features a unique ground-level parking structure with both outdoor and covered parking. There are a total of 289 parking spaces throughout the property, which allows for multiple types of reuse. Tom Fritz and Ben Wineman with Mid-America Real Estate Corp., in cooperation with Richard Kerwin of Mid-America Real Estate Michigan, represented the seller, a Michigan based developer.
FARMINGTON HILLS, MI-Ramco-Gershenson Properties Trust has closed on a seven-year, $60 million unsecured term loan arranged by KeyBank Capital Markets. The new loan has an interest rate of 4.2% and includes an accordion feature allowing up to $150 million in total borrowings, subject to lenders’ approval. Proceeds from the loan were used to pay off approximately $22.2 million of mortgage loans due in 2011 and 2012 and the outstanding balance under the company’s $175 million unsecured revolving line of credit as well as for general corporate purposes. Banks participating in the new financing are KeyBank National Association, the Huntington National Bank and PNC Bank. “The company continues to manage its debt maturities and balance sheet risk,” said Dennis Gershenson, president and CEO, in a statement. “With the closing of this loan we have no outstanding borrowings under our line of credit and have refinanced near term debt maturities. We are comfortable with our balance sheet metrics and as a result can focus our energies for the remainder of the year on our operating goals.”
TROY, MI-Mason Capitani and Gary Grochowski with L. Mason Capitani CORFAC International have facilitated the sale of the Coventry Place Executive Office Complex at 1621-1633 W. Big Beaver Rd. here to Bloomfield Hills-based Summit Coventry LLC. This 36,000-square-foot office property was built in 1982 .The property is currently home to 24 tenants. Summit is affiliated with Summit Property Management Corp., which owns and manages more than one million square feet of office and medical properties throughout the region.
AUBURN HILLS, MI-Signature Associates has negotiated the lease of 77,950 square feet of hi-tech space at 1780 Pond Run here. John Boyd and John Gordy represented the landlord, Burton-Katzman. Peter Walocko and Dave Miller represented the tenant, Dura Automotive Systems LLC.
FLORISSANT, MO-Brixmor Property Group (formerly Centro) recently agreed to a 5,000 square foot lease with shoe retailer Prime Sole at Clocktower Place, just north of Interstate 270, on the northeast corner of Dunn Road and West Florissant Avenue. Brixmor is the owner of Clocktower Place and was represented by Heather Blacketer.
KANSAS CITY, MO-David Garfinkel, SVP and managing director with NorthMarq Capital, arranged first mortgage financing of $5.9 million for Richards and Conover Lofts, an 83-unit multifamily property at 200 W. Fifth St. here. Financing was based on a seven-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its affiliate AmeriSphere Multifamily Finance LLC.
CONNEAUT, OH-Love Funding has arranged the closing of a $6.5 million loan refinancing for Villa at the Lake, a 100-bed assisted living center here. First Vice President Robert Smallwood secured the loan through the US Department of Housing and Urban Development’s 232/223(f) loan program. Using the program enabled the property’s owner to generate nearly $50,000 in annual debt savings and pay off an 8% prepayment penalty through the sale of a Ginnie Mae mortgage-backed security and proceeds from the loan.
BROOKLYN PARK, MN-StepStone Hospitality, manager of the Northland Inn Hotel and Conference Center, has announced that the all-suite hotel will convert to the Marriott hotel brand. The 230-room hotel will undergo an extensive $24 million renovation prior to becoming the Marriott Minneapolis Northwest during summer 2012. The hotel was purchased in October 2010 by a joint venture between Rhode Island-based Hotel Asset Value Enhancement Inc. and an institutional investment fund sub-advised by Long Wharf Real Estate Partners LLC. StepStone took over management of the property. Renovations are already underway to the exterior of the building and will include changing the sense of arrival by adding a porte-cochere and landscaping made with natural stone, restoring and repainting the building exterior, and refinishing the parking lot. Planned changes to the interior include adding a massive natural stone fireplace to the lobby to create a great room. The hotel will remain open during the renovations. After the renovations are complete the hotel will offer three ballrooms, 140-seat amphitheatre, executive board room and 25 meeting break-out rooms.