CHESTERFIELD, MO-Midwest Employers Casualty Co. and the Principal Life Insurance Co. have renewed almost 50,000 square feet at One Chesterfield Place. Daymark Realty Advisors Inc. represented the individual owners of the office building at 14755 Outer 40 Dr.
Midwest extended its 35,392-square-foot lease by seven years. Principal pushed out its 14,235-square-foot lease for another four years.
The five-story office is 143,473 square feet, and the renewal maintains the current occupancy at 92%. However, Daymark EVP Robert Assoian tells GlobeSt.com that should change soon. “We have one remaining vacancy at 10,000 square feet, but we’re very close to announcing a new lease that will take it to 100%. We should make the announcement in the next several weeks,” he says.
Assoian says the building is doing better than the local West County submarket of St. Louis, which is at about 87% occupied as of the first quarter. The downtown St. Louis market is even worse, he says. “St. Louis, where we have some other buildings, is very flat and much softer. However, unlike a lot of cities, companies here flock to the suburbs of Chesterfield and Clayton rather than downtown, for a rent premium of an additional $5 per square foot,” he says.
Rick Messey and Chad Tsitovich with Cassidy Turley represented Daymark in the transactions. Patrick Duffy and Aaron Summer with Newmark Knight Frank represented Midwest, and Lisa Prinster with Gateway Commercial represented Principal.
EVANSTON, IL-Jones Lang LaSalle is marketing 909 Davis Street for sale. The 195,245-square-foot, six-story building is located directly between both a Metra and a CTA “L” stop in the heart of Evanston. The property, at 95% leased, was completed in 2002. The property also has a 12,498-square-foot retail portion that is not for sale, but provides tenants on-site access to national retailers.
HOFFMAN ESTATES, IL-Ware Malcomb has completed the NSK America headquarters, developed by McShane Development Co. The tenant provides precision machinery for dentistry and industrial applications. The new office building is located at 1800 Global Pkwy. Ware Malcomb provided architectural design services for this 25,575-square-foot office building.
CHESTER, IL-Mark Myers in the Chicago office of Marcus & Millichap Real Estate Investment Services has brokered the sale of St. Ann’s Healthcare Center, a large 119-bed senior living facility. The property sold for $1.5 million. Built in 1937, with additions in 1976, St. Ann’s Healthcare Center has been a skilled nursing facility. The property is on State Street.
FORT WAYNE, IN-Homewood Suites by Hilton has opened a new hotel here. The six-story, 79-suite hotel is owned by Ash Lakhany, CEO of Hoosier Hospitality, and is managed by SuperHost Hospitality LLC. Located at 8621 US Highway 24 West, the hotel is at exit 102 of Interstate 69.
OAK CREEK, WI-Appliance Parts Inc., doing business as Johnstone Supply, recently signed a lease to occupy 14,964 square feet of the 29,664 square foot industrial facility located at 6758 S. 13th St. here. David L. Barry with of Milwaukee-based Cassidy Turley Barry was the listing broker on the transaction and Jeff Hoffman with Judson & Associates represented Johnstone Supply. The tenant is a wholesale distributor in the HVACR industry. This is the company’s fourth southeastern Wisconsin location.
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