CHICAGO — A partnership between Chicago-based Sterling Bay Cos. and The Deitcher Group has acquired the former Chicago Housing Authority headquarters, an eight-story, 107,977-square-foot building located at 626 W. Jackson Blvd. in Chicago’s West Loop. The new owner plans to complete major capital improvements to the property, which will begin in the second quarter. The property was acquired from the Chicago Housing Authority. Leasing of the property will be handled by The Deitcher Group. The acquisition price was not disclosed.
Industrial
NEW YORK CITY — The Moinian Group plans to redevelop 1775 Broadway, a 26-story, 722,000-square-foot property in Manhattan, New York City. The $60 million redevelopment will consist of a refurbished façade as well as a new lobby and elevators. The approximately 500,000-square-foot property will also be renamed 3 Columbus Circle. Jimmy Kuhn, Michael Dreizen and Andrew Udis of Newmark Knight Frank will handle the marketing of the new space. The redevelopment is slated for completion first quarter 2009.
MADISON, N.J. — Mark Calabro and George Simson of Weichert Commercial Brokerage have completed the sale of a warehouse facility in Madison. The 15,000-square-foot building is situated on 1.3 acres at 345 Main St. Calabro and Simson represented the undisclosed seller in the transaction. The property was purchased by The Hampshire Companies for an undisclosed price.
HOUSTON — Liberty Property Trust, a Malvern, Pa.-based commercial real estate firm, has selected Cadence McShane Corp. as the designer and builder of Fallbrook Building No. 1, an industrial facility located at 8103 Fallbrook Dr. in Houston. The 613,335-square-foot development, which can be a single- or multi-tenant facility, is scheduled for completion in summer 2008. Munson Kennedy Partnership will provide architectural services for the project.
DUPONT, WASH. — First Industrial Realty Trust has acquired a 261-acre land site in DuPont for development. The acquisition and development are being completed through First Industrial’s Strategic Land and Development Joint Venture, FirstCal 3, with the California State Teachers’ Retirement System (CalSTRS), the second-largest public pension fund in the nation. The company plans to develop First Park Northwest Landing on the site, which is located along the Interstate 5 corridor. First Industrial had already started work to entitle the site for development. Initial plans call for the addition of new roads and improved utilities. The company plans to develop build-to-suit distribution and light industrial space. Tom Pehl, Tom Abbott and Milt Reimers of CB Richard Ellis represented First Industrial in the transaction.
CITY OF INDUSTRY, CALIF. — Rexford Industrial LLC has completed the final phase of the redevelopment of Rexford Industry Center, a 241,428-square-foot industrial park located at 15241-15277 and 15317-15339 Don Julian Rd. in City of Industry. The company converted an outmoded 147,370-square-foot manufacturing building on the site into a modern, highly functionally multi-tenant distribution facility, and constructed an additional 94,000-square-foot multi-tenant distribution building on excess land. The new building is fully leased, and the repositioned building is approximately 79 percent occupied.
LAS VEGAS — The City of Las Vegas has acquired The Atrium, a nine-story, 139,110-square-foot building in Las Vegas. McHenry Commons Partners LLC sold the property, which is located at 333 N. Rancho Dr., for $26.5 million. Charles Moore and Christina Roush of CB Richard Ellis represented the seller in the transaction.
DENVER — Baxter Fain and Eric Tupler of CB Richard Ellis|Melody have arranged $4.93 million in owner-occupied permanent financing for the acquisition of a newly constructed industrial property in Denver. The 66,008-square-foot property, which is 100 percent leased to Pella Windows, features a large portion of office finish, 30-foot clear height in the warehouse, an ESFR sprinkler system and 200 dock-high doors. A portfolio lender provided the financing on behalf of Bevis Investment Company LLC, an entity related to the tenant. Terms of the financing include 85 percent loan-to-purchase price, 10-year loan term with a 30-year amortization at a fixed-rate of 7.25 percent.
CLEVELAND — Grubb & Ellis has brokered the sale of 10 industrial properties within Geis Development’s Northeast Ohio industrial portfolio for $50.95 million. The properties are located in Parma, Valley View, Oakwood Village, Twinsburg and Streetsboro, and total 815,315 square feet. The properties were acquired The Harbour Group. Terry Coyne of Grubb & Ellis’ Cleveland office, along with John Huguenard of Colliers Turley Martin Tucker, represented Geis.
CHICAGO — Chicago-based Paine/Wetzel • ONCOR International has completed three Chicago industrial sales. Matt Rogatz and Michael Nelson of the firm represented John Clarkson in the sale of a 30,000-square-foot industrial building located at 2229 S. Michigan Ave. within the Motor Row District of Chicago’s South Side. The undisclosed buyer plans to redevelop the property into first-floor restaurant space, with loft offices on the second and third floors. Also in the Motor Row District, Albert Shulman of Paine/Wetzel represented Costello Glass in the sale of a 21,500-square-foot building located at 2232 S. Wabash Ave. The property was acquired by Snappy Auto Co. Finally, Nelson represented Maxi Windows in the sale of an 18,755-square-foot building located at 7437 S. Vincennes Ave. The property was acquired by CCC Brands. The acquisition prices in all three transactions were undisclosed.