ARCH recently recognized Grinsfelder Associates Architects for its historic

Tag : erection reinforcement
The second-quarter vacancy rate swelled 34 basis points, to 8.52percent. Among individual metro areas, 36 markets saw highervacancy rates, and 20 saw vacancy rates go down. Absorptiondecreased for the first time since the first quarter of 2003,declining by 9.6 million square feet.

“There’s clearly a considerable amount of negativesentiment swirling around the warehouse leasing market at thistime,” Ross Moore , executive vice president at Colliers, said in a preparedstatement. “A wait-and-see attitude prevails as companiesseek a better sense of where the economy is going before making anynew lease commitments. This is hampering any significant forwardmovement for the industrial sector.”

Rents for industrial space were marginally lower during the secondquarter, with a 1.3-percent decrease, bringing the national averageto $5.52 per square foot.

Fort Wayne was not one of the metro areas measured, but amongMidwest cities surveyed, vacancy rates were up in Indianapolis,Chicago, Cincinnati, Columbus and St. Louis, and down in Clevelandand Detroit.

Permit values decline

The value of commercial and residential real-estate permits issuedin Allen County through July totaled $299.4 million, down 13.3percent from $345.2 million in the first seven months of 2007.

The value of commercial permits was up slightly, to $195.5 million,from $194 million in the year-ago period, according to datacompiled by the Allen County Building Department. The value ofresidential permits issued was $103.8 million, down 31.3 percentfrom $151.2 million for January through July 2007.

USF begins residence-hall project

The University of Saint Francis broke ground July 30 on a new, $7-million residence hall.

Clare Hall will have suite-style units, each with two bedrooms connected by abathroom, and will accommodate a total of 150 students. The hallalso will contain lounges, study rooms, a computer lab and laundryfacilities, and will be connected to Bonzel Hall through an atrium.

Construction of Clare Hall is expected to be completed by August 2009, and upgrades to Bonzel Hall will be finished a year later. Design Collaborative is the architect on the project, and the general contractor is Shawnee Construction and Engineering.

Grinsfelder Associates

ARCH recently recognized Grinsfelder Associates Architects for its historic restoration and preservation efforts on two localprojects: the addition to Zion Lutheran Church and the renovation of Fire Station No. 5.

CB Richard Ellis/Sturges

Cathy Gallmeyer represented the lessee, Edward Jones , in the lease of 1,300 square feet of space at 9071 StellhornCrossing Parkway. Autumn Bok, BND Commercial, represented the lessor, 745 Special Assets LLC.

Alex Genova and Jim Cowan represented the lessor, A& R Indiana, in the lease of 1,771square feet of space at 4709Lima Road. Genova also represented thelessees, Muhammad Aslam, Summer Aslam, Malarie Grant and Michael Redding, in the transaction. The location will be used as a hair salon.

Genova represented both the lessor, HDS LLC, and the lessee, Supreme Hearing Co., doing business as Miracle Ear , in the renewal of a lease for 1,650 square feet of space at 101W. Washington Center Road.

Kathy Moses-Denig and Carolyn Spake-Leeper represented the lessor, Parkwood Developers , in the renewal of a lease for 1,738 square feet in Parkwood Office Park, 2833 E. Dupont Road. Moses-Denig also represented the lessee, Waterfield Shareholders LLC , in the transaction.

Zacher Co.

Brian Bean represented both the landlord, Investcorp., and the tenant, Mid West Re-Bath , in the lease of a 1,200-square-foot space in Coldwater Crossing.

Brent Overholt represented both the landlord and the tenant in the lease ofindustrial space at 6409 Highview Drive. The landlord is Apollo Plaza Ltd. and the tenant is Kamon Industrial Technologies .

Overholt also represented Apollo Plaza in the lease of space at the Twin Apollos building, 4119 Merchant Road, to Therapy One . The tenant was represented by Tony Chacon, Attraction Realty.

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Smith Erectors

Smith Erectors Inc. , Markle, submitted the winning bid for the steel erection andconcrete reinforcement for the expansion and renovation of the Community Hospitals and Wellness Centers ’ Bryan, Ohio, hospital.

North Eastern Group Realty formed

The North Eastern Group, a residential real-estate developer, has partnered with Judi, Phil, Lori and Brad Stinson and April West, the members of the Stinson Team, to create North Eastern Group Realty . The offices are located at 10808 La Cabreah Lane.

Martin Goldstine Knapke

Brian Fleming represented the lessor, Low Flying Properties , and the lessee, Spec 1 Corp., in the lease of space at 205 Airport North Office Park.

Jim Wilhelm represented both the seller, L&S Realty Investment Corp ., and the buyer, Mickey’s Linen & Towel Supply Inc. , in the purchase of a one-acre site at 1401 Dividend Drive. Mickey’s Linen & Towel Supply will continue to occupy the 8,000-square-foot building on theproperty.

Fleming represented the seller, OMD Holdings LLC , and the buyer, Arms LP , in the sale of a 1.5-acre tract at 925 Lige Drive, Auburn.Located in the Duesenberg Center , the site will be the home of Starting Gate Motorsports Inc. , an authorized Yamaha dealer.

Bill Martin represented Arby’s in the purchase of the a lot in the new Orchard Crossing development at the northwest corner of Illinois and Thomas roads. David Norton represented the seller, Pine Tree Ft. Wayne LLC.

Tyler Binkley represented the tenant, Indiana Democratic Party , and the landlord, Midtowne Real Estate LLC , in the lease of a 1,700-square-foot space at 904 S. Calhoun St.

Binkley also represented the tenant, D&K Enterprises , in the lease of a 1,600 square-foot space in Washington Square,6021 North Clinton St.

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Butler expands library

Ground was broken recently on the $1.6-million addition andrenovation to the Butler Public Library.

Set for completion in June 2009, the project designed by Design Collaborative will increase the size of the library from 6,300 square feet to13,200 square feet. The expansion includes two new communitymeeting rooms with a kitchen and a larger space for thelibrary’s children’s section. The renovations willexpand the public computer access, genealogical research and youngadult areas.

Hamilton Hunter Builders is the general contractor.

If you have items of interest for the commercial real estatecolumn, which appears every other week, please contact Linda Lippby e-mail at lindal@fwbusiness.com , by phone at (260) 426-2640, ext. 307, or by mail at Greater FortWayne Business Weekly, 826 Ewing St., Fort Wayne, IN 46802.