OSHKOSH, WI—The Chicago office of KTGY Architecture + Planning today unveiled the design for Annex 71, a new 140-unit residential community developed by Indianapolis-based Annex Student Living. Currently under construction, the development is located a quarter mile from the University of Wisconsin-Oshkosh campus on the 400 block of Marion Rd., overlooking the Fox River. “We took our design cues from the industrial context of the site,” says Craig Pryde, principal with KTGY's Chicago office. “There was a corrugated metal and brick building there previously. That structure and the property's location by the Fox River served as the starting point for our design. Despite these references to its past, there is no doubt this is a new building – its massing and fenestration make it completely contemporary.” The new residential use is in keeping with the evolution of the Fox River area, he adds, which has seen an influx of apartment development in recent years due to the riverfront location and proximity to the UWO campus.

DEALTRACKER

WEST BEND, WI—The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Pick 'n Save property located at 2518 W. Washington St. in West Bend, WI for $18,186,840. The 63,160 square foot Pick 'n Save grocery store was constructed in 2010 and features an on-site pharmacy. The property is just off of Hwy. 45, a major highway connecting West Bend to Milwaukee. Randy Blankstein and John Feeney of Boulder represented the seller in the transaction; a Midwest real estate investment firm. The purchaser was a West Coast based real estate investment firm. Pick 'n Save has over 13 years remaining on the lease which expires December 31, 2030. Owned and operated by Roundy's Supermarkets, Inc., a wholly owned subsidiary of The Kroger Co., Pick 'n Save is the number one market share grocer in the Milwaukee MSA.

BUILDING BLOCKS

CINCINNATI—Marking its entry into the Cincinnati industrial market, Ridgeline Property Group has decided to develop Florence Logistics Center, a 218,400-square-foot class A distribution facility that will occupy a 17.8-acre site about 10 miles southwest of downtown Cincinnati in Florence, KY. RPG and Stonemont Financial Group have created a joint venture for the project. Construction on Florence Logistics Center has already begun and the partners anticipate completing it in 2018. Jeffrey Bender and David Kelly of Cushman and Wakefield's Cincinnati office have been selected to market the property for lease. “With continued strong absorption and vacancy levels recently reaching historic lows, this market is primed for the modern and efficient class A space that Florence Logistics Center will provide,” says Michael Gray, president of RPG. The facility will feature 32' clear heights.

CHICAGO—Officials of The Dow Hotel Co. said this week that they had completed a $10 million renovation of the Embassy Suites by Hilton Chicago O'Hare Airport – Rosemont. The renovation focused on all aspects of the hotel, including guest rooms, public spaces and back-of-house areas. “With the conclusion of this top-to-bottom renovation, the hotel has achieved 'like-new' status, making it competitive with any product on the market,” says Murray L. Dow II, founder and president, DHC. “In the last 19 years, DHC has overseen 20 renovations of similar scope. The property is positioned to provide experiential travel to upscale business and leisure guests who want something more than the 'typical' big-box stay.” Located across from the Donald E. Stephens Convention and Conference Center, the eight-story hotel is a five-minute drive from Chicago O'Hare International Airport and fifteen minutes from downtown Chicago.

BY THE NUMBERS

INDIANAPOLIS—This city's downtown has, like many around the Midwest, recently attracted a lot of new companies looking to tap into the desire among younger employees for urban lifestyles. In the second quarter, strong absorption in class A buildings in pushed the downtown Indianapolis vacancy rate down to 16.9%, the lowest since 2009, according to a new report from Colliers International. The company attributes the decline in vacancy to the recent movement of Salesforce into its namesake tower. The class A downtown market saw a total of 133,159 square feet of positive absorption. Furthermore, the average asking rate in top-tier office towers increased to $24.76 per square foot.

NEWS & NOTABLES

OSHKOSH, WI—The Chicago office of KTGY Architecture + Planning today unveiled the design for Annex 71, a new 140-unit residential community developed by Indianapolis-based Annex Student Living. Currently under construction, the development is located a quarter mile from the University of Wisconsin-Oshkosh campus on the 400 block of Marion Rd., overlooking the Fox River. “We took our design cues from the industrial context of the site,” says Craig Pryde, principal with KTGY's Chicago office. “There was a corrugated metal and brick building there previously. That structure and the property's location by the Fox River served as the starting point for our design. Despite these references to its past, there is no doubt this is a new building – its massing and fenestration make it completely contemporary.” The new residential use is in keeping with the evolution of the Fox River area, he adds, which has seen an influx of apartment development in recent years due to the riverfront location and proximity to the UWO campus.

DEALTRACKER

WEST BEND, WI—The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Pick 'n Save property located at 2518 W. Washington St. in West Bend, WI for $18,186,840. The 63,160 square foot Pick 'n Save grocery store was constructed in 2010 and features an on-site pharmacy. The property is just off of Hwy. 45, a major highway connecting West Bend to Milwaukee. Randy Blankstein and John Feeney of Boulder represented the seller in the transaction; a Midwest real estate investment firm. The purchaser was a West Coast based real estate investment firm. Pick 'n Save has over 13 years remaining on the lease which expires December 31, 2030. Owned and operated by Roundy's Supermarkets, Inc. , a wholly owned subsidiary of The Kroger Co ., Pick 'n Save is the number one market share grocer in the Milwaukee MSA.

BUILDING BLOCKS

CINCINNATI—Marking its entry into the Cincinnati industrial market, Ridgeline Property Group has decided to develop Florence Logistics Center, a 218,400-square-foot class A distribution facility that will occupy a 17.8-acre site about 10 miles southwest of downtown Cincinnati in Florence, KY. RPG and Stonemont Financial Group have created a joint venture for the project. Construction on Florence Logistics Center has already begun and the partners anticipate completing it in 2018. Jeffrey Bender and David Kelly of Cushman and Wakefield's Cincinnati office have been selected to market the property for lease. “With continued strong absorption and vacancy levels recently reaching historic lows, this market is primed for the modern and efficient class A space that Florence Logistics Center will provide,” says Michael Gray, president of RPG. The facility will feature 32' clear heights.

CHICAGO—Officials of The Dow Hotel Co. said this week that they had completed a $10 million renovation of the Embassy Suites by Hilton Chicago O'Hare Airport – Rosemont. The renovation focused on all aspects of the hotel, including guest rooms, public spaces and back-of-house areas. “With the conclusion of this top-to-bottom renovation, the hotel has achieved 'like-new' status, making it competitive with any product on the market,” says Murray L. Dow II, founder and president, DHC. “In the last 19 years, DHC has overseen 20 renovations of similar scope. The property is positioned to provide experiential travel to upscale business and leisure guests who want something more than the 'typical' big-box stay.” Located across from the Donald E. Stephens Convention and Conference Center, the eight-story hotel is a five-minute drive from Chicago O'Hare International Airport and fifteen minutes from downtown Chicago.