DETROIT-Faurecia, based in Paris, recently purchased a $1.1 billion automotive interior supply business to Ford, and has leased manufacturing space here in the city. Faurecia North America took over Saline, MI-based Automotive Components Holdings LLC, a Ford supplier, in May.
Faurecia has since teamed with Wayne, MI-based Rush Trucking Inc. to form Detroit Manufacturing Systems. The DMS company then leased 293,200 square feet at Gateway Industrial Center, a 1.2-million-square-foot park at Interstate 96 and Southfield Freeway, in a section of Detroit that’s north of Dearborn-based Ford.
Hager Pacific Properties, based in Newport Beach, CA, owns the center. Randall Allman, Dan McCleary and Matt Osiecki with CBRE Detroit represented the landlord in the 15-year lease, valued at $1 million per year. Mike Bennett with Colliers represented the tenant, which also qualified for a $4.2 million state incentive package for the move.
Rob Neal, managing partner at Hager, tells GlobeSt.com that his firm is seeing increased industrial demand in Detroit. He says the 70-acre center, a former tractor plant site, is about 80% occupied. Former tenant Technicolor is moving out, he says, but this new lease should help fill the vacancy. “DMS has the option to expand to 480,000 square feet, and I think they will,” Neal says.
DES PLAINES, IL-Timothy Wagener and Carrie Wagener with Owen Wagener & Co. has sold 340 Howard to Zip Mail Services Inc. The 26,000-square-foot industrial facility will be the firm’s new Chicagoland office and production facility. Integral to the transaction was securing Class 6b property tax status whereby the real estate taxes will be assessed at 10% of market value for the first 10 years vs. 25%, which is the current standard rate.
AURORA, IL-Duke Realty Corp. has expanded its Chicago and nationwide industrial portfolio with the acquisition of a 257,542-square foot industrial building at 940 N. Enterprise St. here. Brighton Best International Inc., a distributor of fasteners, screws and bolts, has signed a long-term lease for the entire building and will relocate its operations to this facility later this year. The seller of the property, PanCal 940 Enterprise LLC, a joint venture between Panattoni and California State Teachers’ Retirement System, was represented by David Bercu with Colliers. Brian Colson and Eric Fisher with NAI Hiffman represented Duke Realty.
LIBERTYVILLE, IL-MBX Systems has signed a seven-year lease for 83,944 square feet of light industrial space at 1900 W. Winchester Rd. here. The building will serve as its new corporate headquarters and primary manufacturing and distribution facility. MBX is a manufacturer of custom-built server appliances for software vendors. Hugh Williams and John Hauser, principals with Avison Young, represented MBX during lease negotiations. The property is a former Motorola design and engineering center. The tenant plans to invest nearly $2 million in remodeling and equipment in the building. Libertyville officials have agreed to change the address of the property, located just south of the Libertyville Township Soccer Complex along Route 45, to 1200 Technology Way.
GURNEE, IL-With the phased move-in of residents already underway, Ryan Companies US Inc. and its development partner Jim Bergman have completed construction of Thomas Place Gurnee, the 100-unit seniors apartment community at 401 N. Hunt Club Rd. At the time of completion, the $25.4-million property was 28% occupied.
CHARLEVOIX, MI-Agree Realty Corp. has sold the Charlevoix Commons shopping center here. The 137,000-square-foot shopping center is anchored by Kmart in 86,479 square feet and Family Farm & Home in 35,896 square feet. The property was sold for approximately $3.5 million. Joey Agree, president and COO, said Agree will look to redeploy the capital into the acquisition and development of industry leading single-tenant net lease assets.
ROMULUS, MI-Philadelphia-based Binswanger has been named the agent by Tower International Real Estate Co. LLC for the sale of two single-story industrial buildings totaling 40,080 square feet on 6.24 acres at 14011 and 14211 Harrison Rd. here. The properties are approximately one-half mile east of Detroit Metro Airport, two miles east of Interstate 275, four miles south of I-94, 15 miles north of I-75, and 10 miles from Detroit.
FARMINGTON HILLS, MI-Alliant Capital LLC recently arranged the refinance of Kendallwood Apartments, a 297-unit garden style property here. The loan was closed with a 3.81% interest rate and a 10-year fixed rate term with 25-year amortization.
BROOKLYN CENTER, MN-Cushman & Wakefield/NorthMarq represented 5001 Investment LP in securing a 25,000-square-foot lease for Mobile Mini, a moving and storage company, at the 50th Ave. N. Distribution Center, 3900 50th Ave. N. Mobile Mini delivers portable storage containers for residential and commercial use and houses them in secure, temperature-controlled storage centers. The Brooklyn Center storage center holds portable containers from Minnesota, northern Iowa and western Wisconsin. Brent Masica, associate director at C&W/NorthMarq, represented 5001 Investment. Mobile Mini was represented by John Ryden with CBRE.
MINNEAPOLIS–Opus Development Corp. said that the retail space at Stadium Village Flats is now 100% leased. The committed retail tenants at this apartment and retail complex, located in Stadium Village near the University of Minnesota’s East Bank campus, are CVS/pharmacy, Noodles & Company and Dino’s Gyros. CVS/pharmacy will occupy approximately 14,800 square feet, making this the largest pharmacy on campus. Noodles & Company is relocating from its current location in Stadium Village to occupy 2,350 square feet.
INDIANAPOLIS-Baceline Investments LLC, a Denver-based private equity real estate investment management company with holdings in the Midwest, Rocky Mountain and Southwestern regions of the United States, has purchased Raceway Commons, a 32,748-square-foot retail center in Indianapolis. Baceline bought the shopping center at a discount to prior value from a lender after foreclosure. Located at 55 S. Raceway Rd., the shopping center sits on 6.1 acres and is currently 84% occupied. Current main tenants include Panera Bread, Sprint, Great Clips and Jackson Hewitt. Built in 2004, Raceway Commons sits on the main east/west thoroughfare on the west side of Indianapolis. Baceline acquired the property to be part of its Debt Free Income Fund strategy, an investment vehicle based on the traditional approach of buying stable, income-producing real estate without debt.
SIOUX CITY, IA-Investment firm W. P. Carey & Co. LLC has provided approximately $18 million of build-to-suit financing to Sabre Industries Inc. for construction of an approximately 300,000-square-foot industrial facility here. Upon completion the facility will be leased on a long term triple net basis to Sabre Communications Corp. Sabre is a portfolio company of New York-based private equity fund Corinthian Capital. Construction of the facility is estimated to be completed prior to year end 2012. The facility is located in the Southbridge Business Park and includes, in addition to the main production building, auxiliary buildings housing administrative offices, maintenance facilities and other manufacturing related processes.
CHESTERFIELD, MO-Boston-based Franklin Street Properties Corp. has chosen Cassidy Turley to lease and manage Timberlake Corporate Center. The center includes three buildings at 1350, 1370 and 1390 Timberlake Manor Pkwy. that total 348,963 square feet of Class-A office space. Jim Mosby and D.J. Fuchs will lead leasing efforts, while Lindsey Kriegshauser will lead property management at Timberlake Corporate Center.