EATONTOWN, N.J. — Berkadia has negotiated the sale of Homewood Suites Eatontown, a 131-room hotel in Northern New Jersey. The hotel was originally constructed in 2004 and was rebranded from the Staybridge Suites flag in 2016. Amenities include an outdoor pool, fitness center, two meeting rooms and a grilling area. Dan Hawkins and Jake Pietras of Berkadia represented the seller, an entity doing business as Jersey Shore Hotel Partners LLC, in the transaction. Highline Hospitality Partners purchased the asset for an undisclosed price.
BRISTOL, PA. — Chicago-based investment firm Venture One Real Estate has acquired a 61,488-square-foot industrial building in Bristol, a northeastern suburb of Pennsylvania. Constructed in 1988, the single-tenant building is situated within Keystone Industrial Park and features a clear height of 20 feet, 11 exterior docks, one drive-in door and 5,331 square feet of office space. The seller was not disclosed. The building was leased on a short-term basis at the time of sale. Cushman & Wakefield will handle future leasing initiatives.
VICTOR, N.Y. — Multifamily developer Morgan Properties has relocated its upstate New York office to a 17,000-square-foot space within High Point Office Park in Victor, located about 15 miles south of Rochester. The space can accommodate about 80 employees and features a break room/kitchen, private offices and workstations, conference and training rooms, meeting lounge and wellness room. Morgan Properties also has an office in South Florida in addition to its headquarters in metro Philadelphia.
NEW YORK CITY — Genius Sports, which provides data management and video streaming services to sports leagues, bookmakers and media companies, has signed an 11,870-square-foot office lease at 825 Third Avenue in Manhattan. The space spans the entire 26th floor. The 530,000-square-foot building recently underwent a $150 million capital improvement program. Joshua Berg and A.J. Dorn of Newmark represented Genius Sports in the lease negotiations. Tom Bow, Ashlea Aaron, Lauren Ferrentino and Bailey Caliban represented the landlord, The Durst Organization, on an internal basis.
DES PLAINES, ILL. — CP Capital US has sold The Monarch, a 236-unit apartment complex in the Chicago suburb of Des Plaines. The buyer and purchase price were not disclosed. CP Capital completed The Monarch in 2020 and sold it fully leased. Amenities include a fitness center, pool, yoga studio, parking garage, game room, pet spa, dog park and clubhouse. The community is situated adjacent to Forest Preserves of Cook County, which offers numerous outdoor recreational activities and a network of hiking and biking trails.
GLENVIEW, ILL. — California-based Upside Foods, which produces lab-grown meat from animal cells, has unveiled plans to build its first commercial factory in Glenview, a northern suburb of Chicago. Called Rubicon, the facility will total 187,000 square feet. The factory will start by producing ground cultivated chicken products, with plans to expand to other species and formats in the future. Upside Foods will be the first tenant at the industrial park that is currently under construction at the site of the former Allstate corporate campus, according to Crain’s Chicago Business. Upside Foods says it is investing $140 million in the Midwest region and creating more than 75 new jobs.
DETROIT — Greatwater Opportunity Capital has unveiled plans to develop a $14 million affordable housing community in Midtown Detroit. The project marks Greatwater’s first-ever new-construction development. For the past 10 years, the firm has been renovating buildings in Detroit to restore housing and preserve affordability. The new development will be located at 3740 2nd Ave. and will feature 33 studios and 24 one-bedroom units along with first-floor commercial space and secure parking. Through the city’s NEZ property tax abatement, 20 percent of the units will be designated for residents earning up to 80 percent of the area median income. Completion is slated for spring 2025. Greatwater leveraged Opportunity Zone funds and financing from Diversified Members Credit Union for the project. McIntosh Poris is the architect, and the Monahan Co. is the general contractor.
COLUMBUS, OHIO — Colliers Mortgage has provided a $10.8 million Fannie Mae loan for the acquisition of The View on Grant, an 86-unit apartment complex in Columbus. The property, situated in the Discovery District, is an adaptive reuse of a former five-story steel pressing factory. The community features a public café and a 43-space, automatic stacked parking garage. Zach Shope of Colliers originated the 10-year loan on behalf of the borrower, VOG Owner LLC.
STERLING, ILL. — Quantum Real Estate Advisors Inc. has brokered the $1.9 million sale of a 40,880-square-foot retail center in Sterling, a city in Northwest Illinois. Some of the tenants include Joann Fabrics, Sherwin-Williams and CosmoProf. Jason Lenhoff of Quantum represented the seller, a national private real estate investor. The buyer was a private real estate investor based in Illinois.
GILBERT, ARIZ. — The Wolff Co. has completed the disposition of Aiya, an apartment property in Gilbert. Olympus Property acquired the asset for $112 million, or $311,11 per unit. Built in 2022 on 16 acres, Aiya features 360 studio, one-, two- and three-bedroom apartments with high ceilings, oversized windows and washers/dryers. Community amenities include electric vehicle charging stations, a swimming pool and spa, a conference room, private offices and a community kitchen with an espresso bar. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Additionally, Brain Eisendeath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged acquisition financing for the buyer.