June 10, 2014 | ISSUE 343
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New England Development to Build Outlet Center in Altoona, Iowa

The 32-acre Des Moines Outlets will feature approximately 75 retailers.

 

ALTOONA, IOWA -- New England Development plans to build a 325,000-square-foot outlet center in Altoona, a suburb of Des Moines. The new facility will be located at the intersection of I-80 and U.S. Highway 65. 

 

The 32-acre Des Moines Outlets will feature approximately 75 retailers. The outlet center will be an integral part of The Shoppes at Prairie Crossing, a 174-acre, mixed-use site being developed by Heart of America Group. 

 

The Shoppes at Prairie Crossing will consist of more than 1.4 million square feet of leasable space. The Shoppes at Prairie Crossing site is adjacent to Prairie Meadows Racetrack & Casino, Adventureland Amusement Park, Bass Pro Shops and the Facebook Data Center. 

 

According to The Des Moines Register, construction on the project is expected to begin next year and will be completed in early 2016. 

W. P. Carey Acquires $48M Smuckers Distribution Facility in Chicago

UNIVERSITY PARK, ILL. -- W. P. Carey Inc. has acquired an 824,624-square-foot distribution facility in Illinois from Exeter Property Group for $48 million. The facility is located in University Park, a suburb of Chicago.The Class A property is leased to a subsidiary of The J.M. Smucker Co. for 9.5 years. 

 

The original 575,024-square-foot facility was built in 2008. In 2013, Exeter expanded the facility by 249,600 square feet to facilitate the distribution of coffee under the Folgers brand, which Smuckers acquired in 2008.The facility is one of only six distribution centers operated by Smuckers in the United States.

Molto Properties to Develop Speculative Industrial Project in Illinois

The 10.8-acre development will be located at 1485 Normantown Road.

 

ROMEOVILLE, ILL. -- Molto Properties plans to develop a 189,731-square-foot distribution facility in Romeoville, approximately 30 miles southwest of Chicago.

 

The 10.8-acre development will be located at 1485 Normantown Road. The building will feature a 32-foot clear height ceiling, car and trailer parking and ESFR sprinklers.

 

The building will be visible from I-55. Jim Estus of Colliers International will market the speculative building on behalf of Molto Properties.  Meridian Design Build has been selected as the general contractor for the project.

Boulder Group Brokers $6.7M Sale 

of Walgreens Property in Lakemoor, IIl.

Walgreens is the sole occupant of the single-tenant property located at 28895 W. Highway 120.

 

LAKEMOOR, ILL. -- The Boulder Group has brokered the $6.7 million sale of a 14,820-square-foot Walgreens property in Lakemoor, a Chicago suburb approximately 25 miles north of Schaumburg. 

 

Walgreens is the sole occupant of the single-tenant, triple-net-leased property, located at 28895 W. Highway 120. Walgreens has 25 years remaining on the lease that began in November 2013. 

 

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based developer, and buyer, a private investor who purchased the property in a 1031 tax-deferred exchange.

Colliers Arranges Lease of 14,440 SF 

in Downtown Ann Arbor, Mich.

Duo Security will occupy space in this building located at 123 N. Ashley St.

 

ANN ARBOR, MICH. -- Colliers International has arranged the lease of 14,440 square feet for Duo Security in Ann Arbor. The security company will occupy space located at 123 N. Ashley St. 

 

Duo Security is expanding and relocating their Ann Arbor office to this location and other multiple spaces. Jim Chaconas and Brendan Cavender of Colliers International Ann Arbor represented the tenant, Duo Security, and the landlord, Wickfield Properties, in the transaction.

Dermody Properties Breaks Ground 

on Industrial Complex in Illinois

Dermody Properties broke ground on the 662,700-square-foot industrial complex on Thursday, June 5. Pictured from left to right are Daniel Glicksman, AEW Capital Management; Charles Sobus, Jerry Bubash, Victoria Cernetig, Robert Mandekich, Renee Botica, and mayor Jeffrey Tobolski, Village of McCook; Brian Quigley, Dermody Properties; Brendan Kelly, Avison Young; Paul Laird, United Construction Company.

 

MCCOOK, ILL. -- Dermody Properties has broken ground on LogistiCenter McCook, a 662,700-square-foot industrial complex located at 1st Ave. and 47th St. in McCook, approximately 11 miles southwest of downtown Chicago. 

 

The first of two buildings at the complex will include 351,900 square feet at a clear height of 32 feet with 289 car parking stalls, four drive-in doors and 74 dock positions. Building two will include 310,800 square feet at a clear height of 32 feet with 343 car parking stalls, four drive-in doors and 70 dock positions. 

 

The industrial park is located at the four-way interchange of I-55 and 1st Avenue. Dermody Properties is developing the industrial park in partnership with AEW Capital Management.

J.C. Anderson Completes 16,000 SF Office Renovation for SunTrust Bank

The build-out for SunTrust in the CitiGroup Center located at 500 W. Madison St. featured the addition of private offices, a trading area and a social media center for incoming guests.

 

CHICAGO -- J.C. Anderson has completed a 16,000-square-foot office renovation for SunTrust Bank in Chicago. The bank is relocating to the Citigroup Center at 500 W. Madison St. from another office location in Chicago. The interior build-out included the demolition of the existing space to reconstruct a new layout and customized interior. 

 

The project featured the addition of private offices, a trading area and a social media center for incoming guests. Corgan Architects provided architectural services for the project. Founded in 1811, Atlanta-based SunTrust Bank operates 1,665 retail branches and 2,924 ATMs in the United States.

Upcoming Events

CREW St. Louis 
Exploring the Innovation 
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When: June 10, 2014
Where: Schlafly Tap Room, 2100 Locust Street, St. Louis, Mo.
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Spring 2014 Leadership Summit
When: June 12-13, 2014
Where: Hyatt Regency Cincinnati, Cincinnati, Ohio
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Where: Hilton Charlotte Center City
5th Annual InterFace Carolinas Conference
When: June 11, 2014
Where: Hilton Charlotte Center City

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Danielle Everson, Associate Editor
Heartland Real Estate Business
France Media, Inc.
404-832-8262
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