NORWALK, CONN. — Newmark has negotiated a 20,586-square-foot office lease in the southern coastal Connecticut city of Norwalk. The building at 45 Glover Ave. is located within the Towers at Merritt River development and features a café with indoor and outdoor seating, conference space and a fitness center. Bill Levitsky, James Ritman and Benjamin Goldstein of Newmark represented the tenant, Verition Fund Management, in the lease negotiations. Leslie Whatley internally represented the landlord, Building & Land Technology.
ROSEMONT, ILL. — Rosemont-based Venture One Real Estate has formed a joint venture with DRA Advisors for the recapitalization of a 2.7 million-square-foot industrial portfolio. The venture bought the portfolio from Venture One’s VK Industrial V fund. The $369 million transaction encompasses all the remaining assets within that fund, including 54 infill, last-mile and logistics properties throughout metro Chicago, New Jersey, Long Island and Philadelphia. The partnership plans to continue to add value to the properties through leasing and building improvements. Webster Bank, CIT, Wintrust and Byline Bank provided financing. Michael Caprile, Zach Graham, Ryan Bain, Brad Ruppel and Brian Fiumara of CBRE represented Venture One. VK Industrial is a series of funds managed by Venture One and Kovitz Investment Group.
MOUNT PROSPECT, ILL. — A joint venture between PCCP and Stotan Industrial is developing a 100,400-square-foot speculative building in the Chicago suburb of Mount Prospect. The property at 350 N. Wolf Road will feature a clear height of 32 feet, up to 20 exterior docks, two drive-in doors, 20 truck trailer parking spaces, 96 car parking spaces, a 125-foot-deep truck court and office space. The project site was previously home to a vacant single-story office building that was built in 1960 and served as one of Comcast’s local Chicago offices. Demolition of that building was completed in late 2022. Site grading is scheduled to begin in April with completion slated for late this year. Signature Bank provided construction financing, and Principle Construction is the general contractor.
LISLE AND NORTHBROOK, ILL. — Greenstone Partners has arranged the sale of a 117,000-square-foot industrial portfolio in suburban Chicago for $9.4 million. The three-property portfolio includes 2200 Ogden Ave. and 1997 Ohio St. in Lisle as well as 3170-3190 MacArthur Blvd. in Northbrook. The properties are fully leased to 10 tenants in industries such as healthcare, technology, marketing services, e-commerce, wholesale distribution and custom design/build. Paul Tesdal and Jason St. John of Greenstone represented the seller, a Chicago-based investment group. Greenstone also procured the buyer, a West Coast-based real estate investment group.
CHICAGO — Peak Realty has begun pre-leasing efforts for Portrait, a new luxury apartment building from Mavrek Development in Chicago’s Uptown neighborhood. Located at 948 W. Sunnyside Ave., the property includes 59 units and 6,500 square feet of first-floor retail space. The pet-friendly development features amenities such as a coworking space, fitness center and covered parking. Peak Realty’s sister company, Peak Properties LLC, will manage the building. Completion is slated for June. Monthly rents start at $1,792, according to the property’s website.
WENTZVILLE, MO. — Marcus & Millichap has negotiated the $3.5 million sale of a 14,213-square-foot medical office building in Wentzville, a far west suburb of St. Louis. Schroeder Creek Dental is the anchor tenant at the property, which is located at 1000 Schroeder Creek Blvd. Other tenants include an endodontics center, an orthopedic group and an oral maxillofacial and implant surgery center. Alec Coronado of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.
MARANA, ARIZ. — Ascent Companies and Vanderbuild have received $44.9 million in construction financing for Amavida, a 200-unit apartment community in Marana. The community will be situated northwest of Tucson. The developers are planning to break ground on Amavida in the next few weeks. It will include a clubhouse, fitness center, pool, entertainment lawns, barbecues and dog parks. Amavida will also feature a 3.5-acre private park, an amenity not offered by any other multifamily property in the Tucson area. Brandon Harrington and Tyler Woodard of Northmarq’s debt and equity team secured the financing.
IRVINE, CALIF. — CBRE has arranged the $43.5 million sale of 16355 Laguna Canyon Road, a 113,882-square-foot office building in Irvine. Concordia Irvine Holding was the buyer. The three-story building sits on 6.6 acres at the southwest corner of Laguna Canyon Road and Alton Parkway in the Irvine Spectrum. Built in 1998, it features a flexible floor plan, patios and balconies, and nearly 700 parking spaces. The transaction is one of Southern California’s largest recent office sales. It is also Orange County’s highest price-per-square-foot trade in 2023, as of the sale date. The seller was not disclosed.
PHOENIX — Stevens-Leinweber Construction has completed a 160,000-square-foot custom build-out at Phoenix Logistics Center (PLC) Two in Phoenix. The new space is designed to meet the manufacturing and distribution needs of new tenant Georgia-Pacific LLC and its HP PageWide T1190 Press, the world’s largest high-volume digital pre-print solution for corrugated packing. Built originally on a speculative basis, PLC Two offers 40-foot clear height, 70-foot speed bays, a 190-foot truck court, 160 dock-high doors and six grade-level doors. It is leased to Georgia-Pacific and Owens Corning, which occupies the building’s remaining space.
LOS ANGELES — Keller Williams has negotiated the sale of Glassell Apartments, a 35-unit multifamily asset in Los Angeles. A 1031 exchange investor bought the property for $8.6 million. The community is located at 3367 Andrita St. in Glassell Park, near Glendale and Eagle Rock. Built in 1989, the property is subject to rent control and was more than 60 percent vacant at the time of sale. The seller was a family trust that owned the asset for more than 20 years. Andres Diaz of Keller Williams’ office in downtown Los Angeles represented the seller and procured the buyer.