REBusinessOnline

Hunt Midwest Begins Construction of 217,783 SF Industrial Building in Kansas City

KANSAS CITY, MO. — Hunt Midwest has begun construction of the third building at Hunt Midwest Business Center in Kansas City. Slated to open in March 2019, HMBC Logistics III will span 217,783 square feet with a clear height of 32 feet. The developer has also secured the necessary permits for HMBC Logistics IV, which will span 425,000 square feet with a clear height of 36 feet. The first two buildings at the park are now fully leased to Vanguard Packaging, Great Plains Packaging, Online …

Triumph Higher Education Group to Move Headquarters to Schaumburg, Illinois

SCHAUMBURG, ILL. — Triumph Higher Education Group has signed a 21,000-square-foot lease to move its headquarters to 150 N. Martingale Road in Schaumburg. The education provider, which owns Auguste Escoffier School of Culinary Arts, plans to move from Hoffman Estates in October. Triumph will backfill some of the office space formerly occupied by The Nielsen Company, which moved its operations to downtown Chicago last year. Andy Strand, Mark Kolar and Adam Pines of JLL negotiated the lease …

Dayton Street Partners Buys 42,000 SF Industrial Property in Chicago for $2.8M

CHICAGO — Dayton Street Partners has acquired a 42,000-square-foot industrial property in Chicago for $2.8 million. The vacant building is situated on 1.7 acres at 2501 West Fulton St. Constructed in the 1960s, the property features a clear height of 16 feet, two loading docks, one drive-in door, parking for 50 cars and 8,000 square feet of office space. Dayton Street plans to renovate the property with new LED lighting and parking lot improvements. Scott Duerkop and Dominic Carbonari of JLL …

Knoebel Completes Construction of $2M Restaurant in St. Louis

ST. LOUIS — Knoebel Construction has completed construction of the new $2 million HopCat restaurant and craft beer bar in St. Louis’ Delmar Loop, which is an entertainment and dining district. The 8,580-square-foot restaurant features seating for 245 guests, a draft bar and outdoor beer garden. The project consisted of renovating the existing building while preserving as much of the original structure as possible, including wood beams and exposed brick. Knoebel rebuilt the entire roof …

Marcus & Millichap Brokers $1.9M Sale of 225-Room Hotel in Wausau, Wisconsin

WAUSAU, WIS. — Marcus & Millichap has brokered the $1.9 million sale of The Plaza hotel in Wausau. The 225-room hotel is located at 201 N. 17th Ave. The five-story property includes 23,000 square feet of banquet and conference space as well as a restaurant and lounge. Allan Miller, Chris Gomes, Ebrahim Valliani and Michael Klar of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also procured the buyer, a partnership. Wausau is …

Labor, Population Growth Drives Las Vegas Multifamily Market

Las Vegas continues to benefit from a strong labor market, which is driving demand and strong fundamentals in the multifamily sector. Employment in Southern Nevada increased by 3.4 percent over the past year, reaching one million workers, while the total population in Southern Nevada increased 2.2 percent, surpassing more than 2.2 million people. With a well-documented shortage in housing, developers added more than 3,200 new apartment units during the year and still saw vacancies decrease 30 …

Avison Young Arranges Sale of 179,000 SF Office Building in Norwalk

NORWALK, CONN. — Avison Young has arranged the sale of the Matrix Corporate Center in Norwalk. The sales price was not disclosed. Located at 535 Connecticut Ave., the five-story property is currently 74 percent leased to a tenant roster that includes Crius, UBM and Belvoir. Sean Cahill, Gary Lyons and Blake Thomas of Avison Young represented the seller, Matrix Norwalk LLC, in the transaction. The buyer was Hanover Norwalk Investors

HFF Brokers $5.9M Sale of Retail Property in Pennsylvania

GILBERTSVILLE, PA. — HFF has brokered the $5.9 million sale of a single-tenant retail building in Gilbertsville. The building was completed in 2015 and is leased to convenience retail store chain Wawa. The 2.7-acre property is located at 1111 Grosser Road, approximately 42 miles northwest of Philadelphia. Marc Mandel and Steve Schrenk of HFF represented the buyer, a private investor, in the transaction. The seller was

Horvath & Tremblay Negotiates $5.7M Sale of Walgreens Near Boston

WESTFORD, MASS. — Horvath & Tremblay has negotiated the $5.7 million sale of a retail building in Westford. The 14,820-square foot property is fully occupied by Walgreens pharmacy. Located at 145 Littleton Road, the building is approximately 25 miles northwest of Boston. Bob Horvath and Todd Tremblay represented the undisclosed seller in the transaction. The buyer was also undisclosed. Walgreens has 13 years remaining on the initial lease term with 10, five-year renewal options. Nearby …

Ariel Property Advisors Orchestrates $3.4M Sale of Development Site in the Bronx

NEW YORK CITY — Ariel Property Advisors has arranged the $3.4 million sale of a development site located at 1408 Cromwell Ave. in the Bronx. The vacant lot is situated in the Jerome Avenue District, which was recently rezoned to residential under New York City’s affordable housing plan. The rezoning covers 92 blocks and is expected to generate approximately 4,600 new units of housing. Jason Gold, Michael Tortorici and Daniel Mahfar of Ariel Property Advisors represented the undisclosed …

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