CHICAGO-Adage Technologies has agreed to expand to 8,000 square feet at 10 S. Riverside Plaza here, as part of a growth in small deals dominated by tech firms in the city. The company left smaller space at 651 W. Washington.
The company will open its new world headquarters at the 1.4-million-square-foot, two building complex, bringing the property to 92% leased. Brian Atkinson with Jones Lang LaSalle tells GlobeSt.com that he’s seen quite a few tech firms expanding into new space downtown. Human resources software firm bswift moved late last month from 7,000 square feet at 224 N. Des Plaines to 25,000 square feet at 10 S. Riverside, for example.
“We’ve got another group that we’re working on bringing here right now that we can’t disclose yet,” Atkinson says. “As a general rule of thumb, their footprint per user is smaller, but we’ve just seen these small tech firms growing and taking more space.”
Small transactions in the 5,000 square feet to 15,000 square feet range are also still going strong in a subdued Chicago market, Atkinson says. “Generally, when small tenants are active it’s very good for the market,” he says. “We’ll see what that means in this current economic downturn.”
Atkinson and Nikki Kern with JLL represented the building owner, Behringer Harvard, in the lease transaction. John O’Malley, owner of O’Malley Real Estate LLC, represented Adage.
CAROL STREAM, IL-Affordable Office Interiors, a firm providing new, recycled and remanufactured furniture solutions, renewed and expanded its lease to 200,000 square feet at 305 East North Ave. here. With the expansion, which totals 45,000 square feet, the tenant now occupies the entire facility. Mike Hawryluk and Britt Casey with Cushman & Wakefield of Illinois Inc. were the sole brokers in the transaction.
FOREST PARK, OH-The Stan Johnson Co. has completed the sale of a 149,760-square-foot industrial building, 100% occupied by National Bedding Co., doing business as Serta, to Chicago-based Brennan Investments for $6.1 million. Built in 2004, the property is on 12 acres at 1680 Carillon Blvd. The building is a key production facility for Serta, the largest mattress brand in the US. Craig Tomlinson represented the buyer as well as the seller, Cincinnati United Contractors Inc., in the transaction.
DAYTON, OH-Marcus & Millichap Real Estate Investment Services recently arranged the sale of Daytona Village Apartments, a 229-unit property, for $2 million. Alex Blagojevich, Andrew S. Daitch, David N. Gaines, Paul Davis and Kurt Michael Shoemaker marketed the property on behalf of the seller, Freddie Mac. The buyer, a private partnership from Cincinnati, was procured by the listing team. Michael Glass assisted in closing this transaction. The complex is located at 530 Daytona Pkwy.
SHEPHERDSVILLE, KY-KTR Capital Partners has closed on the acquisition of 3212 East Blue Lick Rd. here. The 300,840-square-foot cross-dock facility was constructed in 2008 on approximately 14 acres within the Louisville Logistics Centre Park. The building is currently 100% leased.
CEDAR RAPIDS, IA-The Opus Group has completed construction on the new Armed Forces Readiness Center Complex for the Iowa Army National Guard. The two-building campus consists of an 113,000-square-foot Armed Forces Reserve Center and a 60,500-square-foot Field Maintenance Shop. The complex is a joint facility, including the Iowa Army National Guard and the United States Army Reserve Units. The AFRC houses 10 military units.
NORTH SIOUX CITY, SD-John Reed, a SVP and senior director at NorthMarq Capital, arranged first mortgage financing of $8.7 million for Prairie Wood Town Homes, a 118-unit multifamily property located at 627 Streeter Dr. here. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower, Gatewood Apartments III LLC, by NorthMarq through its seller-servicer relationship with Freddie Mac.
MILWAUKEE-Athea, a contract blending and packaging company, recently purchased the 245,000-square-foot industrial facility which formerly housed Norcross, GA-based RockTenn. The building is at 1900 W. Cornell St. Athea will consolidate its operations from its two current buildings on Milwaukee’s northwest side into the new building. The move gives Athea room for future expansion, greater operating efficiency and increases capacity. RockTenn will consolidate the operations from this plant and move them out of state. Other divisions of the company are located throughout Wisconsin. Cassidy Turley Barry brokered both sides of the transaction, with David Barry and Kurt Van Dyke representing RockTenn and James Young representing Athea.
MINNEAPOLIS-GDCRE, a multifamily advisory firm, is now Everest Real Estate Advisors. The change was prompted by the growth of the company and the expansion of its service offering with addition of Marsh Goff and Jay Thompson. Gina Dingman, owner and president, believes as the company has grown beyond brokerage over the past year, the timing was perfect for the name change. Dingman feels that the name Everest represents the energy and achievements of the team.
FENTON, MI-Dietz Property Group, based in Birmingham, MI, has completed its second acquisition in the past 90 days with the purchase of Fairfield Condominiums, a 124-unit condominium project here. The property was purchased for $3.7 million and secured with an acquisition loan from a local lending institution. The loan has a five-year term that can be renewed for another five years upon term expiration. The property was sold by Flagstar Bank, who took control of the property at the beginning of 2010. “Fairfield Condominiums was converted from traditional apartments to for sale condos in 2005 and the developer sold 56 of 180 total units,” said Scott Seltzer, director of acquisitions for Dietz. The previous owner was not able to sell the remaining units and ended up losing the property, he said. After Flagstar took control, a receiver was appointed and Dietz was selected to manage the property. “We had a very good understanding of the asset and the market,” Seltzer said. The property, built in 2002, and is located off Silver Parkway, the main retail corridor of Fenton. The property is 100% occupied upon acquisition. Seltzer said the business plan has been to pull out four of the seven buildings from the condo association and convert them back to traditional apartments.” Things have changed dramatically over the past six-to-nine months and we are achieving rents at $65 higher per unit than our original projections,” he said. “This increase in rent puts us in-line with the current market and the property continues to be fully occupied.