PALMYRA TOWNSHIP, N.J. — Affinius Capital, which is a joint venture between San Antonio-based USAA Real Estate and New York-based Square Mile Capital Management, has provided a $102 million construction loan for a 700,000-square-foot industrial project near Philadelphia. The project represents Phase II of Tac-Pal Logistics Center in Palmyra Township, N.J. Building features will include a cross-dock configuration, a clear height of 40 feet, four drive-up ramps and parking for 438 cars and 236 trailers. John Rose and Chad Orcutt of JLL arranged the debt on behalf of the developer, a fund advised by Crow Holdings Capital. Phase I of Tac-Pal Logistics Center, which also consisted of about 700,000 square feet, was completed earlier this year.
MORRISTOWN, N.J. — JLL has arranged the recapitalization of a portfolio of 16 industrial buildings totaling 630,822 square feet in New Jersey and Pennsylvania. The specific locations were not disclosed. The portfolio was 99 percent leased at the time of the recapitalization to tenants in industries such as logistics, food and beverage, technology and warehousing. Marc Duval, Jordan Avanzato, Nicholas Stefans, Jason Lundy and Jose Cruz of JLL arranged new joint venture equity with an undisclosed partner on behalf of the sponsor, New Jersey-based owner-operator Denholtz Properties.
NEW YORK CITY — A partnership between The Georgetown Co. and Beacon Capital Partners will develop a 185,000-square-foot life sciences facility at 707 Eleventh Ave. on Manhattan’s Far West Side. Designed by Elkus Manfredi Architects, the seven-story facility will house lab, research and office space, as well as private terraces, conference facilities and a lobby with a café and wine bar. Additional eco-friendly and wellness features will include bike storage and locker rooms, LEED Gold certification and rooftop solar panels. Completion is slated for 2026. JLL will market the facility for lease.
BOSTON — Newmark has brokered the $11 million sale of a 73,000-square-foot office building located at 186 Lincoln St. in downtown Boston. The nine-story building recently underwent $5 million in capital improvements and was roughly 50 percent leased at the time of sale. Tenants include CozyKin, SmartSense by Digi, Full Contact Advertising and Mightier. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and Joseph Alvarado of Newmark represented the undisclosed seller in the transaction and procured the buyer, locally based investment firm City Realty Group.
ETNA, PA. — Electric products and services provider Westinghouse will open an 87,420-square-foot industrial facility in Etna, located northeast of downtown Pittsburgh, a move that will add about 40 jobs and $18 million in capital investment to the local economy. Westinghouse will use the space at 51 Bridge St. to manufacture various electrical components and advance clean energy initiatives. New York-based private equity firm The AM Group owns the building. Construction began earlier this year and is slated for a first-quarter 2024 completion.
CHICAGO — Onni Group is nearing completion of the renovation of 200 N LaSalle Street in Chicago. The owner expects to finish the project by the end of the year. Onni purchased the 643,323-square-foot office building in 2012. The third floor of the property is being transformed with a new tenant lounge and bar, refreshed conference center with seating for up to 150 people, private lounge for hosting events, café and bar seating, wine and whiskey lockers, an upgraded fitness center, massage and treatment room, and multiple wellness rooms. Additional features include a lobby-level lounge and game room, golf simulator, arcade games, seating areas, a catering kitchen, secure indoor bike parking and changing rooms. Mark Gunderson and Ben Cleveland of Stream Realty Partners handle leasing for the property. Since earlier this year, the duo has leased more than 60,000 square feet of office space at the property to companies such as Wasserman, CoxReps, The Planet Group and Everest Transportation Systems.
MINNEAPOLIS — U.S. Bancorp has renewed its 447,000-square-foot lease for its office headquarters at 800 Nicollet Mall in Minneapolis. Brent Erickson and Callie Ronkowski of Newmark represented the owner, Piedmont Office Realty Trust Inc., while JLL represented the tenant. U.S. Bancorp is the parent company of US Bank, the fifth-largest commercial bank in the country, according to Newmark. US Bank has occupied the property, which is also named U.S. Bancorp Center, since 2000. Piedmont acquired the building in 2003. Amenities include a 12,500-square-foot amenity space on the top floor with a fitness center and conference rooms. The property will soon welcome 801 Fish, a fine dining seafood restaurant, and undergo a two-story lobby renovation to include additional tenant collaboration lounges and an onsite coffee lounge.
ROMEOVILLE, ILL. — Colliers has brokered the sale of two recently constructed industrial facilities totaling 897,840 square feet in the Chicago suburb of Romeoville. The sales price was undisclosed. The buildings are located in the Weber 55 Logistics Park at the corner of Weber and Taylor roads. One of the buildings totals 627,840 square feet and is leased to RJW Logistics, while the other property spans 270,000 square feet and was vacant at the time of sale. Jeff Devine and Steve Disse of Colliers represented the seller, Molto Properties. The buyer was an institutional investor advised by Principal Asset Management.
MILWAUKEE AND BROOKFIELD, WIS. — MLG Capital has acquired three multifamily properties in metro Milwaukee. Trostel Square is a 99-unit property located at 1818 N. Commerce St. in Milwaukee. The mid-rise community features direct access to Milwaukee’s River Walk and is situated in the city’s Brewers Hill neighborhood. Norhardt Crossing and Norhardt Apartments are both located on Norhardt Drive in Brookfield. Together, the two properties total 211 units and share a full amenity set at Norhardt Crossing. The seller and sales price were not provided.
EDEN PRAIRIE, MINN. — Law firm Fafinski Mark & Johnson (FMJ) has leased 22,220 square feet of office space at One Southwest Crossing in the Minneapolis suburb of Eden Prairie. Jaclyn May, Paul Donovan and Tom DeSautel of Cushman & Wakefield represented FMJ, while Eric Heltne of Avison Young represented the landlord, Eagle Ridge Partners. Jennifer Stumm of FMJ will lead the project management for the build-out of the new office. FMJ is relocating within Eden Prairie and plans to take occupancy at One Southwest Crossing in spring 2024. The property was recently renovated.