GARDEN CITY, N.Y. — The New York State United Teachers (NYSUT) has signed a 15,000-square-foot office lease in the Long Island community of Garden City. The federation of more than 1,200 labor unions is taking space at the 200,000-square-foot building at 100 Quentin Roosevelt Blvd., which was originally built in 1990 and was recently renovated. Jerry Guerra and Jeff Nemshin of The Paragon Group represented NYSUT in the lease negotiations. The landlord, The Feil Organization, was self-represented.
LINTHICUM HEIGHTS, MD. — Rockefeller Group has broken ground on a 136,500-square-foot distribution center located at 1305 Furnace Road in Linthicum Heights. The New York City-based developer has dubbed the project “Rockefeller Group Logistics Center BWI” given its three-mile distance to Baltimore/Washington International Thurgood Marshall Airport (BWI Airport). The Class A property will feature 36-foot clear heights, 54- by 50-foot column spacing, a 60-foot-wide speed bay, 147 car parking spaces and 33 dock doors with two additional drive-in doors. The development will also feature one acre of industrial outdoor storage. The project team includes Morris & Ritchie Associates (civil engineer), Morgan Gick McBeath Associates (architect) and FCL Builders (general contractor). John Boote, Jarred Testa and McLane Fisher of Cushman & Wakefield will oversee leasing of the project on behalf of Rockefeller Group, which plans to deliver the facility in fourth-quarter 2025.
MORGANTOWN, W.VA. — Live Oak Bank has closed a $39 million unitranche loan — a hybrid financing structure that combines senior debt and subordinated debt into one loan — on behalf of a Charleston, S.C.-based owner and operator of seniors housing communities. Loan proceeds were used to retire existing bank debt along with partnership debt associated with the sponsor’s 2021 purchase of a 175-unit independent living, assisted living and memory care community located in Morgantown, home city of West Virginia University. The three-year loan provides a bridge-to-agency option and includes 24 months of interest-only payments and no exit fee. Berkadia Commercial Mortgage’s Seniors Housing & Healthcare Group funded the subordinate debt.
DAVENPORT, FLA. — SRS Real Estate Partners has brokered the $8 million sale of Legacy Shoppes, a 10,744-square-foot, multi-tenant strip retail center located at 942 Heritage Pass in Davenport. Patrick Nutt and William Wamble of SRS represented the seller, a private development firm based in Florida, in the transaction. The buyer was a private investor that is also based in Florida. Legacy Shoppes was fully leased at the time of sale to three tenants — Another Broken Egg, Orlando Health and Encore Nails — all of which have 10-year triple-net leases in place. The property was delivered earlier this year and sits on a 3.4-acre site roughly 26 miles southwest of Orlando.
OCEAN SPRINGS, MISS. — Marcus & Millichap has arranged the sale of Dominion Apartments, a 56-unit community located at 310 Holcomb Blvd. in Ocean Springs, a little over four miles east of Biloxi. Built in 2008, Dominion Apartments sits on 3.1 acres and features a mix of one-, two- and three-bedroom floor plans. The property represents the first Mississippi acquisition for the buyer, 3H Management. Preston Cooper and Matt Smith of Marcus & Millichap’s Birmingham office represented the seller, Hattiesburg, Miss.-based Dearman Properties, in the transaction. Mickey Davis served as Marcus & Millichap’s broker of record for Mississippi in the deal.
CAROL STREAM AND ELMHURST, ILL. — JLL Capital Markets has negotiated the sales of two Class A industrial assets in Chicago’s North DuPage County submarket for undisclosed prices. Carol Stream Logistics Center in Carol Stream totals 185,796 square feet, while I-290 Distribution Center in Elmhurst spans 150,010 square feet. Kurt Sarbaugh, Ed Halaburt, Sean Devaney and John Huguenard of JLL represented the seller in both transactions. Brian Walsh, Lucas Borges and Matt Stewart of JLL arranged acquisition financing through a life insurance company for I-290 Distribution Center. Constructed in 2020, Carol Stream Logistics Center features a clear height of 32 feet, 190-foot truck court depth, full concrete parking lots, ESFR fire protection and ample trailer parking capacity. The building, situated in the Carol Point Business Center, is fully leased to a single tenant with approximately five years of lease term remaining. Prologis was the buyer. The I-290 Distribution Center, completed in 2022, features a clear height of 32 feet, separate ingress/egress for truck and car traffic, ESFR fire protection, LED motion sensors, a 130-foot truck court, 15 dock-high doors and 138 parking spaces. The property is fully leased to a global packaging manufacturing company.
SOUTHFIELD, MICH. — Southfield-based Bernard Financial Group (BFG) has arranged a $10.5 million loan for the refinancing of a 27,819-square-foot retail portfolio across several states in the Midwest. The properties are located in Carthage, Mo.; Clinton Township, Mich.; Mountain Iron, Minn.; Westerly, R.I.; Mount Pleasant, Iowa; and Norfolk, Neb. Starbucks and T-Mobile are two of the major tenants within the portfolio. Joshua Bernard of BFG arranged the loan through Symetra Life Insurance Co.
BOLINGBROOK, ILL. — Colliers has brokered the sale of a three-building industrial portfolio totaling 187,485 square feet in the Chicago suburb of Bolingbrook for an undisclosed price. The properties are located on Territorial Drive within the heart of the I-55 Corridor, which links the Joliet intermodal yards to metro Chicago. The buildings are fully leased to two tenants with a weighted average lease term just under two years. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the seller, an institutional real estate investor. The buyer was an institutional real estate private equity fund.
KANSAS CITY, KAN. — Block & Co. Inc. Realtors has sold a 46,538-square-foot retail building formerly occupied by Best Buy in Kansas City for an undisclosed price. The property at 10500 Parallel Parkway sits on four acres within the 850,000-square-foot Plaza at the Speedway shopping center. Planet Fitness plans to utilize approximately 25,000 square feet of the building with remaining space available for lease. Construction is slated to begin immediately. Block & Co. headed the shopping center investment group that originally developed Plaza at the Speedway, which included the Best Buy building. The Best Buy property was sold to a national company and then repurchased by a Block & Co.-headed investment group in 2020. David Block, Max Kosoglad and Alex Block represented Block & Co. on an internal basis in the sale to Planet Fitness.
MILWAUKEE — Marcus & Millichap has negotiated the sale of Southport Apartments in Milwaukee for an undisclosed price. The 87-unit multifamily property is located at 2536 W. Warnimont Ave. and features a mix of one- and two-bedroom floor plans. Matthew Whiteside of Marcus & Millichap represented the sellers, Devo Southport LLC and 905 East Meinecke Ave LLC, and procured the buyer, 3 Sharks Properties LLC. Todd Lindblom, broker of record in Wisconsin, assisted in closing the transaction. The buyer plans to enhance units and common areas.