SCOTTS VALLEY, CALIF. — Buchanan Street Partners has broken ground for the development of a climate-controlled self-storage facility situated on 2.6 acres at 10 Victor Square in Scotts Valley. Buchanan acquired the site for $5.2 million after 14 months of entitlement efforts and project due diligence. The property, which formerly housed a vacant 39,000-square-foot office/flex building, will be redeveloped into a three-story, 99,500-square-foot Class A self-storage facility offering 760 units. Demolition commenced in January, and completion of the project is slated for April 2027. The project team includes DAI General Contracting and Valli Architecture. East West Bank is providing construction financing for the project.
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DENVER — Cushman & Wakefield has brokered the sale of Leetsdale Marketplace, a 111,669-square-foot grocery-anchored retail center at 7150 Leetsdale Drive in Denver. Legacy Capital Partners sold the asset to a partnership led by Citivest Commercial for $13 million. Jon Hendrickson and Aaron Johnson of Cushman & Wakefield represented the seller in the transaction.
VALLEY COTTAGE, N.Y. — JLL has brokered the sale of a portfolio of four industrial buildings totaling 209,792 square feet in Valley Cottage, about 35 miles north of New York City. Known as the Northern I-287 Small-Bay Portfolio, the buildings collectively span 16.5 acres, range in size from 29,700 to 72,000 square feet and were 96 percent leased to 27 tenants at the time of sale. JLL represented the seller, an undisclosed private investor, in the transaction. JLL also arranged acquisition financing for the deal through PCCP LLC on behalf of the buyer, Connecticut-based investment firm East Capital Partners.
INDIANA — International Workplace Group (IWG), a coworking platform with brands including Spaces and Regus, has unveiled plans to open eight flexible workspaces in Indiana. The expansion brings the company’s footprint to 30 locations across the state. IWG’s network now comprises thousands of locations in 120 countries. The Indiana locations will provide space for established firms and start-ups across a range of the state’s top industries, including business and finance operations, healthcare support, management and more. IWG’s Design Your Own Office service allows companies to tailor their space entirely to their requirements. The new Regus, HQ and Spaces facilities will include private offices, meeting rooms, coworking and creative spaces, and are slated to open in the first and second quarters of this year. One HQ facility in Merrillville has already opened. The other locations will be in Martinsville, Valparaiso, Fort Wayne, South Bend and Indianapolis. IWG predicts that 30 percent of all commercial real estate will be flexible workspace by 2030.
RICHTON PARK, ILL. — Marcus & Millichap has arranged the sale of Carriage Creek Apartments, a 226-unit multifamily property in the southern Chicago suburb of Richton Park. Ryan Engle and Andrean Angelov of Marcus & Millichap represented the buyer and seller, both of which were private investors. Located at 22501 Butterfield Road, the property comprises 190,328 rentable square feet across nearly 26 acres. Built in two phases in 1972 and 1974, the community features a mix of studio, one- and two-bedroom units. The asset is within walking distance of the Richton Park Metra Station.
NEW LONDON, CONN. — Connecticut College, a liberal arts institution in New London, has completed the renovation of a campus center that was originally constructed in 1957. Known as the College Center at Crozier-Williams, the 65,0000-square-foot facility houses flexible study and gathering spaces, dining space, a relocated pub with event space and a landscaped terrace with a student garden. KSS Architects led the design of the renovation, which the college executed along with project manager Colliers.
GREEN BAY, WIS. — NAI Pfefferle has brokered the sale of a 13,500-square-foot office building located at 3450 Packerland Drive in Green Bay. The sales price was not disclosed, but the asking price was $2.9 million. Adam Meyers of NAI Pfefferle brokered the sale.
BURR RIDGE, ILL. — Ware Malcomb has completed the interior architecture and design, along with branding services, for the 3,500-square-foot outpatient office for Romeo Orthopaedics in Burr Ridge. Romeo Orthopaedics specializes in the management and surgical treatment of shoulder, elbow and sports medicine conditions. Ware Malcomb worked in partnership with the building owner, C.R. Panico & Associates, to complete the project. The project scope of work encompassed minor demolition, new walls and doors, power and data installation, updated ceilings and lighting, finishes and custom millwork. A dedicated X-ray suite required close coordination with specialty consultants to address equipment clearances, shielding requirements and infrastructure integration, ensuring compliance with clinical and safety standards. Morgan/Harbour Construction was the general contractor.
KEARNY, N.J. — Metro Philadelphia-based developer Seagis Property Group has begun vertical construction on a 53,315-square-foot industrial project in the Northern New Jersey community of Kearny. The fully secured warehouse at 500 Belleville Turnpike will feature a clear height of 36 feet, seven dock doors, two drive-in doors, 55 parking spaces and approximately 6,000 square feet of outdoor storage space. Construction is slated for a summer completion.
CHARLOTTE, N.C. — Cousins Properties has purchased 300 South Tryon, a 638,000-square-foot office building in Uptown Charlotte, for $317.5 million. Barings, a global asset management firm and subsidiary of MassMutual, sold the 25-story tower to the Atlanta-based REIT. The Spectrum Cos. developed the office building in 2017 as the global headquarters for Barings. Cousins is funding the acquisition with proceeds from non-core asset sales, debt financing and the settlement of common shares. 300 South Tryon was fully leased at the time of sale with a weighted average lease term (WALT) of six years.