INDIANAPOLIS-Jones Lang LaSalle has been named as the marketing agent for a 50-acre parcel of land in Intech Park, anoffice and research park on the northwest side of Indianapolis. The 50-acre parcel is in phase two of the BMO Harris Bank-owned development and can include as much as 600,000 square feet of office space.
Established in 1999 and being built in stages, Intech is a 210-acre development that includes nine office buildings totaling 900,000 square feet of space, three hotels, a Kinder Care day care center, restaurants and other businesses. The 50-acre parcel is in Phase II of the development and can include as much as 600,000 square feet of office space. The park, which is the largest office development in Indiana based on its area, is along a redesigned interchange at 71s t Street, with access to I-465 and I-65.
The property will be represented by JLL’s Jack Hogan (formerly with Lauth, the once-bankrupt property’s developer), senior vice president; John Robinson, executive vice president; Adam Broderick, vice president; and John Roberson, vice president.
The property is zoned as C-S Commercial-Special District which would facilitate office development. The overall development was expected to include 2.5 million square feet of office space, as well as hotel and retail space, when completed, according to Lauth plans.
CARMEL, IN-Lauth Group Inc. has signed three new tenants at the Congressional building here. Shepherd Insurance LLC, will occupy 18,853 square feet on the first and second floors. Thoughtburst will occupy 3,263 square feet on the second floor. Shepherd and Thoughtburst were represented by John Crisp with Cassidy Turley. The Strategy Forums will occupy 1,672 square feet of the first floor. Stanley was represented by Darrin Boyd and Dave Moore with CT.
BLOOMINGTON, IN-White Lodging Services has been selected to manage the new SpringHill Suites Bloomington. The hotel, owned by locally based KPM Hotel Group, is scheduled to break ground this summer with an opening scheduled for fall 2013. It is the first new, branded hotel to open in the downtown of the city, home to Indiana University, since the opening of the Hilton Garden Inn, also managed by White Lodging, in 2006. Located at 501 N. College, at the corner of College and Ninth streets, the 158-room hotel will feature 1,300 square-feet of meeting space connected to the lobby, as well as a 20-seat bar and lounge area.
CHICAGO-Locally-based Bridge Development Partners LLC has acquired two industrial properties in suburban Chicago from Des Plaines, IL-based Lawson Products. The building at 600 Corporate Woods Dr. in Vernon Hills, IL totals 103,000 square feet and 4350 Pinehurst Blvd. in Addison, IL totals 85,800 square feet. Elgin, IL-based Wanxiang America Corp. was Bridge’s capital partner, and Associated Bank was the lender for the transaction. Lawson will lease back the buildings short term while it completes its consolidation into a build-to-suit packaging and distribution center in McCook, IL this summer. Mike Senner, Jack Rosenberg, Fred Regnery and Ned Frank with Colliers International represented Lawson in the sales. Rosenberg, Regnery and Frank will serve as Bridge’s leasing agents for the Vernon Hills property; while Brian Kling and Jonathan Kohn with Colliers will represent Bridge at the Addison building.
CHICAGO-Zeller Realty Group and CarVal Investors, a global investment fund manager, have completed the purchase of 4700 N. Marine Dr. here. The partnership Investors purchased the note on the property from Deutschebank for $19.3 million. The five-story, 132,105-square-foot medical office building, completed in 2007, is adjacent to and shares a lobby with Weiss Memorial Hospital at Lakeshore and Marine drives. The building is 49% leased, and all current tenants are affiliated with the hospital. Zeller will manage and lease the building.
CHICAGO-William Berndt and Ed Barnett with Paine/Wetzel/TCN Worldwide have completed the lease of 2,088 square feet of office at 8700 W. Bryn Mawr. EnTech USB, the world’s leading Energy & Environmental Data Management Co., has renewed its lease of 2,088 square feet of office space at 8700 W. Bryn Mawr in Chicago. William Berndt and Ed Barnett, represented EnTech USB in the transaction and Bill Debb along with Dave Trumpy with GlenStar Properties worked on behalf of the landlord, PR II Presidents Plaza JV LLC.
BOLINGBROOK, IL–Cushman & Wakefield today announced the sale of 901 Carlow Dr., a 747,152-square-foot warehouse/office facility. Cushman & Wakefield’s Capital Markets team, led by executive director James Carpenter and senior director Jason West, exclusively represented the seller, TIAA-CREF, and procured the buyer Heitman. The property is leased to Home Depot.
LOMBARD, IL-KBS Legacy Partners Apartment REIT, Newport Beach, CA has purchased Martin’s Point, a 256-unit apartment complex here. The complex is 97-percent occupied and marks the non-traded REIT’s fourth acquisition since the beginning of the year. Constructed in 1989 and partially renovated in 2009, Martin’s Point, which is currently known as Avalon Lombard, sits on 13.2 acres near Interstates 88, 294 and 355.
PLAINFIELD, IL-Irgens has selected Peak Construction Co. for the construction of a new 22,000-square-foot medical office building at the intersection of Route 59 and Dayfield Drive. Edward Health Ventures will occupy approximately 14,000 square feet of this new facility, and will offer primary and walk-in care for group physicians and specialist physicians. The building is slated to be fully operational this fall.
WHEATON, IL-Dallas-based Studio Movie Grill is entering the Midwest with a recently signed lease for 38,099 square feet at Rice Lake Square. According to Richard Spinell, principal of Oakbrook Terrace, IL-based Mid-America Asset Management Inc., reconstruction began in February in a space formerly occupied by Linens ‘n Things. The theatre will open June 8. Marget Graham and Katie Hennegan represented the landlord, Grosnover Americas, in the lease, while Jim Erdman with West Suburban Real Estate Group LLC represented the tenant. The theater, which will be SMG’s ninth location nationwide, will feature an eight-screen, upscale theater with recliner seating and at-table dining. Anchors include Whole Foods, Stein Mart and PetSmart.
AURORA, IL-Brad Borkowski and Tim Thompson, executive vice president and managing director with HSA Commercial Real Estate, negotiated a 59,521-square-foot lease on behalf of Midwest Warehouse, a third-party logistics firm, at an industrial facility at 2707 Eola Road. The 251,768-square-foot multitenant building, located just north of Interstate 88, is owned by Manulife Financial and was represented by David Prioletti and Kip Hennelly with CBRE in the lease transaction.
MUSKEGON, MI-On behalf of Bekaert Corp., Binswanger is pleased to announce the sale of a one-story 199,785-square-foot manufacturing building on 16.8 acres at 2121 Latimer Dr. The buyer, Essex Property Management LLC plans to use the facility to support the Port City Group of Cos. manufacturing footprint in Western Michigan. The transaction was handled by Rob Gemerchak, SVP.
STERLING HEIGHTS, MI-AGS Automotive, a manufacturer of automotive bumper system assemblies, has been awarded a $900,000 Michigan Business Development Program incentive to expand its Sterling Heights operations. AGS proposes to invest up to $21.2 million to secure and upgrade an existing vacant building here, creating up to 90 new jobs as a result of the project. The city has offered support in the form of a tax abatement to the project.
FERNDALE, MI-Signature Associates has negotiated the sale of 86,880 square feet of industrial space at 2000 W. Eight Mile Rd. to Safa Real Estate LLC. Paul Hoge and Kris Pawlowski represented the seller, Goodwill Printing.
MADISON, WI-WS Capital Partners, the institutional investment arm of WS Development, has acquired the 474,000-square-foot Hilldale Shopping Center here. Anchored by Macy’s, Metcalfe’s Market, Sundance Cinemas, and Target, Hilldale is the first property in Wisconsin for the Chestnut Hill, MA-based shopping center owner and developer. WSCP acquired the defaulted first and second mortgages earlier in the year and now successfully completed the acquisition of the property. Opened in October 1962, the iconic Hilldale Shopping Center was originally developed as part of the Hill Farms Neighborhood, and has been expanded and renovated several times in the decades since, most recently in 2006. The center serves the entire Madison metropolitan area, including the staff and student population of the nearby University of Wisconsin-Madison.
WAUKESHA, WI-Marcus & Millichap Real Estate Investment Services has brokered the sale of River’s Edge, a 340-unit luxury apartment complex here. The sales price of $29.5 million equates to $86,765 per unit and $95 per square foot. Matthew Whiteside represented the seller, a Waukesha-based developer, and the buyer, a large Milwaukee-based owner. Occupancy at the property, at 100 Corrina Blvd., is at 99.4%. River’s Edge was built in three phases in 1993, 1995 and 2007. The 11 floor plans range in size from 479 square feet to 1,314 square feet and include studios, one-bedroom/one-bath units and two-bedroom/two-bathroom apartments. Rents range from $610 to $1,195 per month.
FLORENCE, KY-The CBRE Indianapolis Debt & Equity Finance group arranged a $4 million permanent loan for a two-building property occupied by Beckfield College, a single-tenant
net leased property here. CBRE’s Jason Brown, VP, arranged the refinancing with a 10-year, fixed rate non-recourse loan on behalf of CMS Beckfield LP, through GE Commercial Finance Business Property Corp., a subsidiary of General Electric Capital Corp. The two buildings are 100% occupied by Beckfield. The property consists of approximately 55,000 square feet, originally built as flex/warehouse space and converted to educational space over the past several years. “The challenge was the perception risk associated with the for-profit, private college industry”, said Brown in a statement.. “We were able to get three lenders comfortable with the industry and deal, ultimately deciding to go with GE Commercial Finance due to offering additional loan proceeds above the original request, and a non-recourse structure.”
DAVENPORT, IA-Inland Private Capital Corp. has arranged the $26.1 million sale of a 553,000-square-foot distribution center that is 100% occupied by John Deere. An unaffiliated third party purchased the single-tenant property. “With five years remaining on the lease, the investors voted unanimously to sell the asset rather than refinance the existing mortgage,” said SVP Rahul Sehgal in a statement.
FLORISSANT, MO-Mid-America Real Estate Corp.’s Investment Sales Group announced the recent sale of the Florissant Market Place here, a northern suburb of St. Louis. California-based Thompson National Properties LLC purchased the center from a private investment group for $15.2 million. The center is a 146,257 square-foot grocery-anchored property on the northeast corner of Lindbergh Boulevard (Highway 67) and Industrial Lane. The center is 100% leased and anchored by Schnucks grocery store and Gold’s Gym, while complemented by a mix of national and regional tenants that include Great Clips, Radio Shack and Hallmark. Ben Wineman with Mid-America and Scott Seyfried with Pace Properties represented the seller in the transaction.
NEW ALBANY, OH-Gladstone Commercial Corp. has purchased an 89,000-square-foot building here for $13.3 million. The property is comprised of a three-story office building connected to a two-story research and development facility. The building is leased to CV Management Corp., a wholly-owned subsidiary of Commercial Vehicle Group Inc.
BURNSVILLE, MN-Everest Real Estate Advisors arranged the sale of the 228-unit Stone Grove Apartments here. Monarch Investment & Management Group, based in Franktown, CO bought the building for $17.3 million.