July 15, 2014 | ISSUE 353
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$100M of New Development Proposed 

at Grandview Yard Near Columbus

The proposed new developments at Grandview Yard include a 500,000-square-foot campus for Nationwide, a 135-room hotel and a 13,000-square-foot conference center. 

  

GRANDVIEW HEIGHTS, OHIO -- Nationwide Realty Investors (NRI), the real estate arm of Nationwide Mutual Insurance Co., has proposed development plans for a new corporate campus at Grandview Yard. NRI presented the project to the Grandview Heights City Council. 

 

The Grandview Yard mixed-use development in Grandview Heights, located outside of Columbus, currently includes 92,000 square feet of office space, a 42,000-square-foot LA Fitness location, a 126,000-square-foot Hyatt Place hotel and 154 luxury apartment units. 

 

The proposed new developments at Grandview Yard will include a new 500,000-square-foot campus for Nationwide, which will be designed to support more than 3,000 associates; a new 135-room hotel; and a 13,000-square-foot conference center. Combined, the proposed projects represent more than $100 million in private investment. 

 

"This proposal represents a great win for our entire community, both the city of Grandview Heights and the overall Grandview area," says Anthony Panzera, city council president. "We are thrilled that NRI is willing to make this commitment and we look forward to working closely with [them] to finalize the details." 

 

Click here to read more of Scott Reid's story.

Upscale Grocer Mariano's Opens 
New Store in Shorewood, Ill.
Bob Marino, CEO of Marino's
SHOREWOOD, ILL. -- Grocery store operator Roundy's Inc. will open a Mariano's upscale supermarket in Shorewood, approximately 43 miles southwest of Chicago. The new store is located at 950 Brook Forest Ave. 
 
The Shorewood location is the 10th Mariano's to open of the 11 former Dominick's locations acquired by Roundy's in December 2013. 
 
"Our Shorewood customers will find an enhanced selection of premium food selections and a wide variety of organic and natural offerings," says Bob Mariano, chairman and CEO of Roundy's. "Shop well. Eat well. Live well. These three concepts are not just a mantra -- they guide everything that we do to ensure the perfect customer experience." 
 
The newest Mariano's location will add 450 new jobs to the community. Across its 26 locations, Mariano's has created approximately 10,750 jobs in the last four years. The Shorewood store will provide fresh-squeezed fruit and vegetable juices, house-made Italian sausage and signature Bella cupcakes. 
 
The supermarket will also include wines from all regions, a specialty cheese shop as well as a bakery. Mariano's Shorewood will also offer Vero authentic Italian coffee and gelato shop featuring premium coffees fresh-roasted locally and homemade gelato; a floral department; an International aisle highlighting global cuisine; a dietitian; and a full-service pharmacy.

Meritex Breaks Ground on 130,000 SF Distribution Center in Roseville, Minn.

Representatives of Pope Architects, R.J. Ryan Construction, CBRE, Meritex and Ravich Meyer Kirkman McGrath Nauman & Tansey, gather for the groundbreaking.

 

ROSEVILLE, MINN. -- Meritex has broken ground on the Highcrest Distribution Center, a 130,000-square-foot industrial project in Roseville, a suburb of Minneapolis. The property is located at 2400 Terminal Road. The project will have 32-foot clear height ceilings, up to 40 dock doors, ESFR sprinkler system, and can be subdivided to accommodate smaller tenants. 

 

The building will also have access to the Minnesota Commercial Railway. The project will be ready for occupancy in November 2014. Pope Architects designed the project.  R.J. Ryan is the general contractor.  

 

Matt Oelschlager, John Ryden and Mike Bowen of CBRE are marketing the property for lease. The nine-acre development site was part of a larger 42-acre site that Meritex began marketing to users in 2009. 

Reed Construction to Complete 

Medical Center Renovation

CHICAGO -- Reed Construction will complete the renovation of a new simulation lab for Rush University Medical Center in Chicago this August. The property is located at 1717 W. Congress Parkway. 

 

The project for Rush University Medical Center will feature the renovation of the existing space to create a new, cutting-edge simulation lab. Simulation labs are learning environments designed to bridge theory and practice in a safe, interactive educational setting. 

 

The 8,200-square-foot build-out will include the addition of multiple labs, control rooms, debriefing rooms and the associated infrastructure. Scott Pickands, Reed Construction's executive vice president and project executive, will lead the construction team. Proteus Group is providing architectural services for the project. 

 

Rush is a nonprofit healthcare, education and research enterprise comprised of Rush University Medical Center, Rush University, Rush Oak Park Hospital and Rush Health. Rush University Medical Center encompasses a 664-bed hospital serving adults and children.

Pillar Originates $20.7M HUD Loan 

for Affordable Housing Property

Milham Meadows Apartments is a 300-unit multifamily property in Portage, Mich., approximately seven miles south of Kalamazoo. 

  

PORTAGE, MICH. -- Pillar, a Guggenheim Partners affiliate, has originated a $20.7 million FHA/HUD loan for the acquisition and rehabilitation of Milham Meadows Apartments, a 300-unit multifamily property in Portage, approximately seven miles south of Kalamazoo.

 

The fully leased property is located at the corner of Milham Road and Oakland Drive. The borrower, Integra Property Group, is utilizing Pillar's acquisition loan and proceeds from the sale of low-income housing tax credits to purchase the property and to rehabilitate a number of elements, including a substantial renovation of energy and unit upgrades, as well as capital systems upgrades. 

 

The community will remain fully tenanted through the rehabilitation. Peter Nichol, of Pillar's San Francisco office originated the transaction working closely with Mark Wiedelman and Nancy Ludwick of Pillar's FHA lending team based in Bloomfield Hills, Mich. 

 

The affordable housing team secured a construction and permanent mortgage loan to facilitate the substantial rehabilitation of the property with short-term, tax-exempt bonds and 4 percent tax credits. 

Mid-America, NAI Farbman Arranges Sale of 25,396 SF Retail Center 

The Willits Retail building is a 25,396-square-foot retail center located in Birmingham, an affluent suburb of Detroit.

 

BIRMINGHAM, MICH. -- Mid-America Real Estate Corp.'s investment sales team, in cooperation with NAI Farbman, brokered the sale of The Willits Retail, a 25,396-square-foot retail center in Birmingham, an affluent suburb of Detroit. Southfield, Mich.-based Seligman Group purchased the property for an undisclosed sales price. 

 

The center includes two premier dining restaurants -- Mitchell's Fish Market and Cameron's Steakhouse, a TD Ameritrade and Darakjian Jewelers. Ben Wineman of Mid-America Real Estate Corp. and Bill Bubniak of NAI Farbman represented the seller, New York-based The Related Cos., in the transaction.

Marcus & Millichap Brokers Sale 

of 68-Room Hotel in Becker, Minn. 

Crossings by Grandstay Inn & Suites is located at 14435 Bank St.

 

BECKER, MINN. -- Marcus & Millichap has brokered the $2.4 million sale of a 68-room hotel in Becker, approximately 47 miles northwest of Minneapolis. Crossings by Grandstay Inn & Suites is located at 14435 Bank St. The hotel was built in 2004. Jon Ruzicka of Marcus & Millichap's Minneapolis office represented the seller, a limited liability company.  Ruzicka, with the cooperation of an outside brokerage, also represented the buyer, a private investor.

L. Mason Capitani Brokers Sale 

of 49,686 SF Industrial Building

The multi-tenant industrial facility is located at 2703-2727 Product Drive. 

ROCHESTER HILLS, MICH. -- L. Mason Capitani CORFAC International has brokered the sale of a multi-tenant industrial facility to an undisclosed buyer in Rochester Hills. Based on the current net operating income, the 49,686-square-foot building traded at a 9.8 percent capitalization rate. 

 

The facility, located at 2703-2727 Product Drive, was fully occupied at the time of sale.  TI Automotive and Gexpro are currently tenants at the building. Jason Capitani and Garry Rogers of L. Mason Capitani represented the seller, Kevin Buchanan, in the transaction.

Dickman Co. /CORFAC Arranges 

30,000 SF Industrial Lease in Milwaukee

Wenniger Compressor Co. will occupy space in a 30,000-square-foot building located at 3745-55 N. Richards St.

MILWAUKEE -- The Dickman Co. Inc./CORFAC International has arranged the lease of a 30,000-square-foot industrial space in Milwaukee. Wenniger Compressor Co. will occupy space located at 3745-55 N. Richards St. 

 

Samuel M. Dickman Jr., Samuel D. Dickman and Anthony Huenerbein of the Dickman Co. represented the landlord, Richards Industrial LLC, in the transaction. Tony Haning of Jones Lang LaSalle represented the tenant, Wenniger Electric doing business as Wenniger Compressor Co.

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Danielle Everson, Associate Editor
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