NEW YORK CITY — Pearl World has signed a 12-year, 8,800-square-foot office lease at Carnegie Hall Tower in Manhattan’s Plaza District. The space of the cosmetics retailer, which is relocating from 37 West 57th Street, spans the entire 48th floor and can also support its showroom. Dennis Someck and Justin Myers of Lee & Associates represented Pearl World in the lease negotiations. Matt Leon with Newmark represented the landlord, TF Cornerstone.
CHICAGO — Skender has completed construction of The Leo, a 21-story luxury apartment tower located at 741 N. Wells St. in Chicago’s River North. VISTA Property is the developer. Designed by Antunovich Associates, the building features 168 units, including 50 studios, 101 one bedrooms and 17 two bedrooms. The project also includes 3,877 square feet of ground-floor retail space. Amenities include an in-gym yoga studio, outdoor pool, rooftop deck, kitchen café, group fitness terrace, private events room, dog run and bike room. Luxury Chicago Realty is handling leasing. Huntington Bank provided a first mortgage loan for the project. Monthly rents start at $2,250, according to the property’s website.
EAU CLAIRE, WIS. — PACE Loan Group has provided $8 million in C-PACE financing for The Washington, a 200-unit luxury apartment project to be built in Eau Claire, a city in western Wisconsin. The financing fills out the $41 million capital stack, which includes $20 million in debt and $13 million in equity. The three-building project will comprise a former managed care facility and two new ground-up buildings. The 10-acre site is located within two miles of the University of Wisconsin-Eau Claire and numerous healthcare facilities. The former managed care facility, which originally opened in 1937, will house amenities including a 2,000-square-foot commercial space on the first floor, rooftop deck, fitness center, clubroom, coworking space, media room, yoga studio, outdoor heated pool, dog park and dog washing station. It will also include 53 multifamily units. One of the new buildings will consist of 87 units; the other will feature 60 units. Both will have fitness centers, clubrooms, media rooms and underground parking. Construction will begin shortly and is slated for completion by September 2025. The PACE proceeds will be used to finance energy conservation and renewable energy measures. Qualifying projects include building envelope, Energy Star windows, high-efficiency HVAC, domestic hot …
Lee & Associates Negotiates 53,000 SF Industrial Lease for Bullfrog International in Elgin, Illinois
ELGIN, ILL. — Lee & Associates has negotiated a full-building industrial lease totaling 53,000 square feet on behalf of Bullfrog International in Elgin. The property at 1320 Gateway Drive features a clear height of 24 feet, two interior docks, two drive-in doors and an existing three-ton bridge crane. Bullfrog International is a designer and manufacturer of high-end hot tubs that has expanded its Chicago-area presence with industrial and retail space. Rick Scardino, Michael Petrik and Sean Bishop of Lee & Associates represented the tenant. Jeff Matella of Cushman & Wakefield represented the landlord, Bix Box Property Owner C LLC.
CHICAGO — Colliers Mortgage has originated a $7.8 million Fannie Mae loan for the refinancing of Southeast Englewood and South Wabash in Chicago. The 72-unit, scattered site affordable housing property consists of six three-story buildings with garden-level basements. The buildings are situated on six parcels, three of which are non-contiguous. All of the units are restricted to low-income tenants by a HUD Section 8 HAP contract. Les Hardin of Colliers Mortgage structured the loan, which features a 10-year term. LSG Lending Advisors arranged the loan.
WAUWATOSA, WIS. — Marcus & Millichap has arranged the $6.4 million sale of Gallatin Apartments in Wauwatosa, located immediately west of Milwaukee. Built in 2020, the 27-unit apartment building is located at 2515 N. Wauwatosa Ave. Amenities include a fitness center, underground parking, bicycle storage, a rooftop deck and private dog run. Matthew Whiteside, Mark Peltin and Blake Hanlon of Marcus & Millichap represented the undisclosed seller. Whiteside procured the buyer, which was also undisclosed.
GOODYEAR, ARIZ. — Scottsdale-based Atlas Capital Partners has completed the disposition of Elwood Rising, a speculative Class A industrial development in Goodyear, a suburb west of Phoenix. Cohen Asset Management purchased the property for $21.8 million. Delivered in January, the 120,000-square-foot building is fully leased to a global industrial field services company, which executed a long-term lease while the building was under construction. Located at 3750 S. 156th Ave., Elwood Rising features an all-concrete and secured truck court with a maximum depth of 220 feet, 3,600 square feet of office space, 32-foot clear heights and a fully air-conditioned warehouse. Kirk Kuller, Will Strong, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented both parties in the transaction. Pat Harlan and Kyle Westfall of JLL served as the project’s leasing team and negotiated the existing lease.
SALT LAKE CITY AND ST. GEORGE, Utah — Blueprint Healthcare Real Estate Advisors has brokered the sale of two communities in Utah. The seller was a national developer/investor seeking an exit from more than a dozen geographically disparate, older-vintage communities. Pennant Group acquired the assets for an undisclosed price. The communities were purchased in a sizeable portfolio transaction pre-COVID, under a value-add thesis of operator transitions to create regional groupings coupled with renovations and repositioning. Unfortunately, the cumulative impact of COVID followed by the unprecedented rise in interest rates created meaningful headwinds to the original thesis and drove a portfolio re-prioritization, rationalization and de-levering effort for the owner. Opened in 1999/2000, the Utah portfolio consisted of a 113-unit assisted living and memory care community in urban-infill Salt Lake City site and a 75-unit assisted living and memory care community in Saint George, located in the southwest corner of the state near the Nevada and Arizona borders. Alex Florea, Giancarlo Riso and Amy Sitzman led the Blueprint team.
GARDEN GROVE, CALIF. — Lee & Associates Orange has arranged the sale of a freestanding industrial and warehouse property in the Orange County city of Garden Grove. The asset traded for $6.8 million. Situated on 1.12 acres at 7571 Santa Rita Circle, the building features 26,000 square feet of industrial and warehouse space, as well as a large, fenced yard. Jack Haley and Greg Diab of Lee & Associates’ Orange office represented the undisclosed buyer and undisclosed seller in the deal.
LOS ANGELES — Spectrum Commercial Real Estate has arranged the acquisition of an industrial asset located at 7653 Burnet Ave. in the Van Nuys neighborhood of Los Angeles. The property traded for $6.2 million. The names of the seller and buyer were not released. The 19,500-square-foot building features six individual units, multiple ground-level loading doors, 15-foot warehouse clear heights, ample power, and two fully fenced and secured parking lots. A single tenant currently occupies the multi-tenant property. Yair Haimoff of Spectrum CRE represented the buyer in the deal.