GRAND RAPIDS, MICH. — Industrial Commercial Properties (ICP) has purchased a Knoll manufacturing facility located at 4300 36th St. in Grand Rapids for an undisclosed price. The 619,165-square-foot building sits on 37 acres adjacent to the Gerald R. Ford International Airport. ICP plans to make a multi-million-dollar investment to update both interior and exterior elements of the property. Bob Horn of JLL brokered the sale. Knoll is a design firm that produces office seating, storage, desks and other accessories.
DULUTH, MINN. — JLL Capital Markets has arranged the $17.4 million sale of Greysolon Plaza in Duluth in eastern Minnesota. The 150-unit affordable housing property features one-bedroom floor plans. Greysolon Plaza is a historic building that formerly housed the Hotel Duluth. Orbach Affordable Housing Solutions (OAHS) purchased the asset from Sherman Associates. Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller. OAHS plans to acquire 2,000 units in Minnesota, New York, New Jersey and Pennsylvania over the next 12 months.
MUNDELEIN, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a 100,562-square-foot industrial building in Mundelein, about 40 miles north of Chicago. The purchase price was undisclosed. The single-tenant building was fully leased at the time of sale. Built in 1973, the property sits on four acres at 111 Washington Blvd. It features a clear height of 18 feet, 10 docks and one drive-in door. Marc Samuels of Cushman & Wakefield represented the undisclosed seller in the transaction. VK Industrial V LP is a partnership between Venture One and Kovitz Investment Group.
TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of a 70,000-square-foot office building located at 550 Stephenson Highway in Troy. The sales price was undisclosed. The multi-tenant property was 97 percent leased at the time of sale. Mason L. Capitani, a principal with the brokerage firm, represented the buyer, California-based LREH Michigan LLC. L. Mason Capitani will oversee leasing efforts moving forward while the company’s affiliate, Liberty Property & Asset Management, will serve as property manager.
PHILADELPHIA — Independence Blue Cross has acquired 1901 Market Street, a Class A office tower in Center City Philadelphia, for $360 million. The 45-story, 800,000-square-foot building has served as the health insurance company’s headquarters since construction was completed in 1989. Atlanta-based Piedmont Office Realty Trust (NYSE: PDM) was the seller. The property has received more than $110 million in capital improvements over the last eight years. Upgrades included a new lobby, outdoor plaza and mechanical systems, as well as renovations throughout the interiors for a more modern look. The building is the eighth-tallest office tower in Philadelphia and houses nearly 2,500 Independence associates. Independence is the sole occupant of the building. In addition to 1901 Market Street, Independence’s campus includes a customer service call center and Independence LIVE, a customer experience center. Both connect to the company’s headquarters via a courtyard that is open to the public. Prior to the purchase, Independence was in a long-term lease. But the company found the purchase attractive because low interest rates enabled Independence to lower its annual cost of occupancy, according to Donna Farrell, vice president of corporate communications. Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE Capital Markets marketed …
VALDOSTA, GA. — Ambling has sold a 20-property affordable housing multifamily portfolio spanning Georgia, North Carolina and South Carolina for $106 million. The portfolio totals 1,763 units and sold to three separate buyers. Preservation Partners Development purchased 12 communities in Georgia. Six of the communities are currently undergoing substantial rehabilitation that will include updated interiors, as well as updated and improved community spaces. Infinity Real Estate Advisors LLC acquired two North Carolina properties and five South Carolina communities. Jonathan Rose Cos. acquired a property in Savannah, Ga. Doug Childers, Michael Fox and Ryan Clutter of JLL represented the Valdosta-based seller in the transaction.
ELLENWOOD, GA. — Black Creek Group has acquired Clayton Commerce Center, a 797,580-square-foot industrial building in Ellenwood. The property is situated 11 miles east of Hartsfield-Jackson Atlanta International Airport and 13 miles southeast of downtown Atlanta. The asset was fully leased at the time of sale to an undisclosed delivery operator. Chris Riley of CBRE represented the seller, American Realty Advisors, in the transaction. The Denver-based buyer acquired the building for an undisclosed price.
DOVER, DEL. — Lululemon Athletica Inc., a provider of athletic apparel that is based in Vancouver, British Columbia but incorporated in Delaware, has acquired digital exercise platform Mirror for $500 million. The startup fitness concept, which launched in 2018, sells a digital mirror with a camera, speakers and virtual metrics that allow users to participate in live fitness classes from home. Mirror will bolster Lululemon’s digital offerings and bring personalized in-home workouts to customer, according to Lululemon. Mirror instructors will also wear the company’s workout apparel. Lululemon reopened 60 percent of its stores and reported net revenue of $652 million in its fiscal first quarter, which ended May 3. That figure represents a 17 percent decline from $785 million during the same period a year ago. Lululemon’s stock price opened at $294.35 per share on Monday, June 29, up from $180.21 per share a year ago.
LYNDHURST, N.J. — CBRE has brokered the sale of a 180,000-square-foot industrial facility in Lyndhurst, a northwestern suburb of New York City. Located at 1201 Valley Brook Ave., the facility features 11 loading docks, parking for 162 cars and a clear height of 26 feet. The property is located less than 30 miles from Newark Liberty International, La Guardia and John F. Kennedy International Airports and 14 miles from the Port Newark Container Terminal. The building formerly served as a distribution center for apparel retailer Barney’s but was vacant at the time of sale. Thomas Monahan, Brian Fiumara and Steven D’Amato of CBRE represented the seller, a private investor, in the transaction. The team also procured the buyer, Sitex Group.
NEW YORK CITY — Locally based investment firm Conway Capital has acquired a four-property multifamily portfolio in Brooklyn for $11.5 million. The portfolio consists of 14 residential units and two commercial spaces, one of which was vacant at closing. The portfolio includes 74 First Place, a 5,324-square-foot, four-story building with five units; 228 Livingston Street, a 4,904-square-foot, four-story building with two residential units and two retail spaces; 710 DeGraw Street, a 3,938-square-foot, four-story building with four residential units; and 302 East 5th Street, a 2,772-square-foot, three-story building with three residential units. Urban Standard Capital provided an $8.8 million acquisition loan for the transaction. The seller was undisclosed.