FARMINGTON HILLS, MICH. — F45 Training has signed a lease for 5,100 square feet of retail space at The Groves Shopping Center in Farmington Hills. The fitness concept specializes in high-intensity group workouts. Joel Kestenberg of Friedman Real Estate represented the undisclosed landlord in the lease transaction.
CHICAGO — Office Properties Income Trust (NASDAQ: OPI) has acquired 1K Fulton in Chicago’s Fulton Market district for $355 million. The 531,190-square-foot office property serves as the Midwest headquarters for Google, which leases 73 percent of the building. The property was 99 percent leased at the time of sale, with a weighted average lease term of six years. Built in 1923 and redeveloped in 2015, the building features amenities such as two fitness centers, multiple roof decks, a steak house restaurant, ground-floor retail space and 157 subterranean parking spaces. Stephen Livaditis, Matthew Graham and Bryan Rosenberg of Eastdil Secured brokered the sale. American Realty Advisors was the seller, according to local media reports. Office Properties Income Trust is managed by The RMR Group and is based in Newton, Mass.
BRISTOL, IND. — Stonemont Financial Group has broken ground on a 500,000-square-foot industrial build-to-suit for MJB Wood Group in northern Indiana’s Bristol. Headquartered in Dallas, MJB is a manufacturer and distributor of industrial wood products. The Bristol facility will service the manufacturer’s transportation division, which supplies specialty wood to recreation vehicle manufacturers in the surrounding area. The development lies on a 37-acre rail-served site and will include 374,320 square feet of warehouse space, a 108,000-square-foot manufacturing area and 10,000 square feet of office space. Stonemont will serve as the building landlord once construction is complete. Stonemont is partnering with ARCO Construction on the project, completion of which is slated for March 2022.
ST. CHARLES, MO. — JLL Capital Markets has arranged a $27.5 million loan for the refinancing of Promenade at New Town, a 225-unit multifamily community in the St. Louis suburb of St. Charles. The property comprises 95 residential buildings with a combination of townhomes, garden-style apartments, row homes and single-family residences ranging from studios to three-bedrooms. Kristian Lichtenfels and Lucas Borges of JLL arranged the 10-year loan on behalf of the borrower, Gold Block Ventures. An undisclosed national lender provided the loan, which features a fixed interest rate of 3.15 percent.
BEAVERCREEK, OHIO — Washington Prime Group Inc. (NYSE: WPG) and Synergy & Mills Development have unveiled plans to redevelop a former department store building at The Mall at Fairfield Commons in Beavercreek into office space. The store spans two stories and 150,000 square feet in suburban Dayton. The project will be called The Meridian at Fairfield Commons. Synergy plans to begin construction to redevelop the existing building into office, laboratory and research and development space starting in late 2021. The project is an example of WPG’s efforts to diversify its tenancy and transform its assets into town centers with a mix of retail, dining, entertainment and mixed-use space.
EDINA, MINN. — Marcus & Millichap has brokered the sale of 4001 Mavelle Drive, a 12-unit multifamily complex in Edina, for $2.1 million. Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, both of which were undisclosed. The property is set within a few blocks of shopping destinations Galleria and Southdale Center. There are 11 two-bedroom units spanning roughly 625 square feet each that rent for $940 to $1,159 per month. The one studio unit spans 450 square feet and is rented for $760 per month. Residents have their own parking garage stalls and access to onsite laundry.
CHICAGO AND NEW YORK CITY — Ventas Inc. (NYSE: VTR) has entered into a definitive merger agreement to acquire New Senior Investment Group (NYSE: SNR), a New York City-based owner of independent living communities across the country. The deal between these two seniors housing real estate investment trusts (REITs) is valued at $2.3 billion, including $1.5 billion of debt. The transaction will bolster the number of independent living communities for Ventas, which as of March 31 owned (fully or partially) 1,200 properties. As of first-quarter 2021, 48 percent of Ventas’ portfolio was classified as independent living. Post acquisition, Ventas expects independent living will comprise 58 percent of its portfolio. New Senior currently owns 103 properties across 36 states, with a large concentration clustered in California, North Carolina, Florida and Oregon. The portfolio was a little more than 80 percent occupied as of May 31, and the average age of residents was 81. The only New Senior property that isn’t independent living is Watermark at Logan Square, a continuing care retirement community located in Philadelphia. The acquisition will deepen Ventas’ relationship with seniors housing operators such as Atria Senior Living and Holiday Retirement, which announced last week their plans to merge …
CHICAGO — Newmark has secured a $565 million in financing on behalf of InterPark Holdings for a 26-property portfolio of parking facilities located across nine U.S. cities, including Chicago and St. Louis. Joel Simmons of Newmark’s Chicago office placed the five-year loan through Apollo Global Management’s externally managed mortgage REIT, Apollo Commercial Real Estate Finance Inc. (NYSE: ARI). No further details were provided regarding the location of the properties. Founded in 1998, InterPark is one of the largest owners, operators and developers of private parking facilities in the U.S. The company currently owns 58 properties and operates over 100 facilities in various central business districts and off-airport sites nationally.
PLYMOUTH, MINN. — JLL Capital Markets has brokered the $82.3 million sale of Plymouth Ponds Business Park in Plymouth, about 15 miles west of downtown Minneapolis. The eight-building light industrial park sits on 60 acres at 17100 Media Road. The asset is located at the intersection of Highway 55 and County Road, providing convenient access to I-394 and I-494. Colin Ryan and David Berglund of JLL led the team that represented the buyer, Link Logistics, which was established by Blackstone in 2019. The seller was undisclosed.
ELMHURST, ILL. — Sterling Bay has begun development of a 150,000-square-foot speculative industrial building in Elmhurst. PREMIER Design + Build Group is serving as general contractor for the Class A project, which is located at 545 Lamont Road. The nine-acre site currently houses a 79,600-square-foot office building that will be razed. Completion of the project is slated for January 2022.