NORTH OLMSTEAD, OH-To continue Indianapolis-based Duke Realty Corp.’s divestment of office properties in the Midwest, the company has sold its Great Northern Corporate Center office complex here to PWA Real Estate. The three-building, 273,379-square-foot complex sold for about $26.7 million, sources say.
Jeff Behm, VP of dispositions for Duke, confirmed that the sale is part of the company’s goal to realign its investment portfolio to 60% industrial, 25% office and 15% medical office. “The sale of these three buildings is part of Duke Realty’s strategy to exit the Cleveland market and reduce our investment in Midwest office properties,” he said in a statement.
Duke tried to sell the Great Northern complex at 25000 Country Club Blvd., which is about 90% occupied, as part of a 22-office portfolio sale in mid-2008. However, the company was only able to sell eight properties, and abandoned the sale efforts.
As part of the strategy, Duke recently sold 82 office buildings in suburban areas throughout the Midwest and South to Blackstone Real Estate Partners for $1 billion. Duke has also been purchasing industrial properties throughout the country. The company owns more than 141 million square feet of industrial and office properties in 18 US cities.
In the statement, Jose Raymundo, EVP of acquisitions for PWA, said the purchase was desirable because Great Northern is located near the Cleveland Hopkins International Airport and the Great Northern Mall. John Merrill, SVP with CBRE, represented Raymundo’s firm in the purchase.
CHICAGO-Essex Realty Group Inc. arranged the sale of a mixed-use property in the Wicker Park neighborhood, in the heart of the Division Street commercial and entertainment corridor. The building, at 1914 W. Division and formally known as the Russian and Turkish Bath House, is currently 100% vacant and consists of 6,000 square feet of first-floor commercial space (divided between two spaces), 6,000 square feet of garden-level commercial space and five apartments on the second story above. Doug Fisher and Jason Fishleder of Essex were the brokers in the transaction. The price was approximately $1.7 million.
JOLIET, IL-Brian Vanosky and Justin Fierz, principals of Lee & Associates of Illinois LLC, represented the buyer MIF Joliet Crossings LLC on its purchase of 23 acres in Joliet Crossings Business Park. Fierz and Androwich are members of the buyer entity as well. The land is pad ready for a 391,000-square-foot cross-docked building and adjacent to the east of a Walmart distribution center and the new 785-acre Union Pacific Joliet Intermodal Terminal. Vanosky and Fierz are marketing the property for sale or build-to-suit.
OAK BROOK, IL-The Oak Brook Promenade has recently added two new office tenants to its roster at the 185,000 square-foot, mixed-use property at Butterfield Road at Meyers Road here. DuPage Medical Group will occupy 4,362 square feet and GolfTEC Enterprises, LLC will occupy 2,279 square feet of the office space on the second floor of the east side of the center. DuPage Medical will be using their space for a Family Medicine Practice. GolfTEC provides individual, indoor golf lessons. The upscale, open-air center, situated just off Interstate 88, is home to a mix of retailers, restaurants, office and medical tenants. Michael Van Zandt, senior vice president, and Brian Edgerton, vice president, with NAI Hiffman’s office services group, represented the landlord, Oak Brook Promenade LLC. Tim Rose with Location Finders International Inc. represented DuPage Medical Group. Jason Gustaveson with Stone Real Estate represented GolfTEC. The property is managed by NAI Hiffman’s Asset Management Group.
EDEN PRAIRIE, MN-Colliers International recently completed a long-term lease renewal and expansion for a total of 211,105 square feet at One Southwest Crossing, located at 11095 Viking Drive in Eden Prairie, MN. CIGNA Behavioral Health Inc., a global health service company, is currently operating in the building and has signed a long-term lease to renew their existing 177,058-square-foot space and to expand into a total of 211,105 square feet. One Southwest Crossing is a Class A office building situated on 8 acres across from Lake Smetana. The heart of the property contains a 16,850-square-foot garden atrium and 24-hour security guard station. Other amenities include a cafeteria/deli, fitness center, conference rooms, tenant-accessed balconies, walking path and on-site management and engineering staff.
SHAKOPEE, MN-Michael Padilla, vice president of NorthMarq Capital’s local office, arranged first mortgage financing of $3.8 million for Dean Lakes Medical Office Building at 4201 Dean Lakes Blvd. here. Allina Health, Edina Eye and Shakopee Dental are tenants of the 20,000-square-foot building. Financing was based on a five-year term and a 25-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with Bremer Bank - Minnesota.
PLYMOUTH, MN-Cushman & Wakefield/NorthMarq brokerage teams represented Ehlert Publishing Group LLC (which does business as GS Media and Events) in its decision to lease 15,781 square feet at Plymouth Woods, an 85,000-square-foot office building at the intersection of Interstate 494 and Hwy. 55 in Plymouth. The building is represented by Bob Revoir and Avery Ticer. GS Media and Events, which moved from 17,496 square feet in Maple Grove, was represented by Jim Jetland. The company produces consumer and trade magazines, digital media products and consumer shows in the RV and power sports markets.
INDIANAPOLIS-Locally-based Simon Property Group Inc. has filed a complaint against the State of Indiana in Marion County Circuit Court. The company is not seeking monetary damages. This action is being filed to benefit all of Indiana's taxpayers and the state's bricks-and-mortar retailers, many of which are SPG's tenants at its 27 shopping centers in Indiana. The lawsuit is being filed after SPG requested the State of Indiana begin collecting sales taxes on sales made by Amazon.com within the State of Indiana as required by existing Indiana law. Amazon.com is required by Indiana law to collect and remit sales and use taxes to the state, for sales made over the Internet, but has consistently refused to do so even though it is required by current Indiana laws.
WABASH, IN-Brixmor Property Group executed a 2,760-square-foot lease has been executed with Ladd Dental at Wabash Crossing, on the northeast corner of US Highway 24 and IN Route 15 (North Cass Street) here. Brixmor is the owner of Wabash Crossing and was represented by Eric Koche with Brixmor.
INDIANAPOLIS-The CBRE Indianapolis-Cincinnati Multi-Housing Group has negotiated the sale of Brookstone Apartments, a 366-unit, all-brick community located on the west side. CBRE’s Indianapolis-Cincinnati Multi-Housing Group represented the seller, a West Coast-based bank, in the sale. The property was purchased by Pangea Properties, a Chicago-based company new to the Indianapolis market. The purchaser plans to immediately execute a deferred capital expenditure, renovation and stabilization plan. The purchase price was not disclosed.
DETROIT-Marathon Petroleum Company LP recently announced plans to create nearly 100 acres of green space adjacent to its refinery in Oakwood Heights by offering to purchase all residential properties in the immediate neighborhood. Oakwood Heights is a small southwest Detroit neighborhood that includes approximately 500 residential properties surrounded by large industrial complexes. MPC’s 210-acre refinery has been a fixture in the community since 1930 and is expanding with its current $2.2 billion Detroit Heavy Oil Upgrade Project. “Due to their close proximity to surrounding industries, many Oakwood Heights residents have expressed their desire for a property buyout,” said Tracy Case, manager of MPC’s Michigan Refining Division. MPC’s Oakwood Heights Property Purchase Program will provide offers on all residential property in the neighborhood and will assist neighbors who wish to relocate. MPC has hired a real estate consulting firm, Community Interaction Consulting Inc. to manage the property purchase program.
ROMULUS, MI-International Airport Centers LLC has selected members of the Grubb & Ellis Industrial Group to lease the 13-building, 840,000-square-foot Metro Airport Center in the Airport submarket. The leasing team includes Dan Labes, senior vice president, and Sean Cavanaugh, associate. “Metro Airport Center is located adjacent to the Detroit Metro Airport and surrounding freeways, a prime location for expediting and logistics companies, as well as those providing services to the airport,” said Fred Liesveld, executive vice president and managing director, in a statement. “The existing tenant mix, coupled with the development’s size and location, make this an ideal space for industrial users in the Detroit area.” Located at the intersection of the I-94 Interchange and Goddard Road, Metro Airport Center is an industrial park that consists of 13 Class A warehouse/distribution buildings and also offers 100% office suites. Constructed in 1996, the 72-acre complex is anchored by numerous credit tenants including FedEx Corp., Pitney Bowes Inc. and DHL International. Available space for lease ranges in size from 700 to more than 150,000 square feet.
NOVI, MI-Signature Associates has negotiated the sale of 50,000-square-feet of industrial space located at 42860 Nine Mile Rd. here. Jim Montgomery represented the seller, Tisdale LLC. David Giltner, represented the purchaser, SunGlo. SunGlo moved into this location to better manage its growing business.
MANHATTAN, KS-Love Funding arranged a $2.8 million loan refinancing for Vattier Apartments, a new 37-unit garden-style apartment complex here. Love Funding Vice Chairman and Senior Vice President Harry Cheatham secured mortgage insurance through the US Department of Housing and Urban Development’s 223(f) program. The property gained a fixed-interest rate, non-recourse loan with a 35-year-term.
MILWAUKEE-Ludman Industries, a producer of compactors, granulators, flaking and shredding mills recently leased the approximately 81,000 square-foot industrial facility at 4810 N. 124th St. James Young with Cassidy Turley Barry represented Ludman in the transaction and Sam Dickman Jr. of the Dickman Co. represented the landlord, Hampton 4800 LLC. “The new facility has multiple large-capacity cranes which are vital to the continued growth of Ludman’s business operations,” said Young. “In addition, it is another positive sign that manufacturing and the Milwaukee industrial market are continuing to rebound. Ludman is relocating from an approximately 18,000-square-foot crane facility in Muskego, WI.
WEST CHESTER, OH-The 22,798-square-foot Liberty Towne Center, at 7206 – 7240 Towne Center Dr. here, recently sold for $1.3 million. Rob Taylor Jr. and Mike Sullivan, both with Cassidy Turley’s Capital Market Group, represented the seller, Dawn BV LLC. The community shopping center was 60% occupied at the time of sale by tenants such as Weight Watchers, Play it Again Sports and Jersey Mike’s. The buyer, a local family trust, plans to make improvements to the property to increase occupancy.
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