NEW YORK CITY — Bridge Industrial has acquired a 128,148-square-foot property located at 58-95 Maurice Ave. in the Maspeth area of Queens. The newly renovated building was originally constructed on 2.8 acres in 1998 and features a clear height of 20 feet, 10 drive-in doors and three loading docks. Tyler Peck of JLL represented the seller, Turnbridge Equities, in the transaction. Bridge Industrial was self-represented. The property was fully leased to three tenants at the time of sale.
LANGHORNE, PA. — Atlanta-based brokerage firm Hunter Hotel Advisors has negotiated the sale of the Residence Inn Philadelphia Langhorne, a 100-room hotel located on the northeastern outskirts of Philadelphia. The hotel offers an indoor pool, fitness center and meeting and event space. Spencer Davidson and David Perrin of Hunter Hotel Advisors represented the seller, MCR Hotels, in the transaction. The buyer was Maryland-based Baywood Hotels.
NATICK, MASS. — Empire Management has purchased a 25,000-square-foot industrial building in the western Boston suburb of Natick for $6.4 million. According to LoopNet Inc., the building at 197 W. Central St. was originally constructed on three acres in 1955. Bernard Gibbons of regional brokerage firm ABG Commercial Realty represented Empire Management in the transaction. The seller was not disclosed.
BRIDGEPORT, CONN. — Northeast Private Client Group (NEPCG) has brokered the $4 million sale of two apartment buildings totaling 38 units in the southern coastal Connecticut city of Bridgeport. Beers Apartments has 18 units, and Wayne Studios has 20 units. Brad Balletto, Rich Edwards, Bob Paterno and Jeff Wright of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
EAGAN, MINN. — Ryan Cos. US Inc. has entered into a purchase and sale agreement with Thomson Reuters for 179 acres of the company’s 263-acre campus in Eagan, a suburb of Minneapolis. Financial terms of the transaction were not disclosed. The campus includes a 1.1 million-square-foot office building, three data centers totaling 333,912 square feet and 90 acres of undeveloped land. Ryan will work with the City of Eagan, Thomson Reuters and other area stakeholders to explore redevelopment options for the site. The Minneapolis-St. Paul office of Thomson Reuters will remain in Eagan, but will relocate to its new site, The Landing, in the coming months. The company’s print manufacturing facility was not for sale and will continue operating at its current location. The project marks the third major redevelopment that Ryan has undertaken in the past year. All three are in Minnesota. Canada-based Thomson Reuters is a global content and technology company.
CHICAGO — Berkadia Institutional Solutions has brokered the sale of Mondial River West, a 141-unit luxury apartment tower in Chicago’s River West neighborhood. Barings sold the property for $42 million, down from the $57.5 million that it paid for the asset a decade ago, according to Crain’s Chicago Business. The newspaper reports that Illinois-based Exposition Capital was the buyer. Pete Evans and Richard Evans of Berkadia represented the seller. Located at 910 W. Huron St., the 15-story building was constructed in 2009. Units average 1,088 square feet. The property is situated near Bally’s $1.7 billion casino project.
ST. PAUL, MINN. — JLL has arranged the sale of The Cosmopolitan Apartments in St. Paul’s Lowertown neighborhood for an undisclosed price. The 258-unit multifamily building has an estimated market value of about $45 million, according to the Minneapolis/St. Paul Business Journal. Formerly the Finch, Van Slyck and McConville Dry Goods Co. building, The Cosmopolitan Apartments was originally a Neoclassical building from 1911 that was transformed into apartments in 1989. Since then, the eight-story building has undergone $8 million in upgrades. The property features studio, one- and two-bedroom floor plans averaging 805 square feet. Amenities include a fitness center, spin/yoga room, internet lounge, barbecue and picnic area, fire pit, media room, clubhouse, courtyard and bocce court. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Devon Dvorak of JLL represented the seller, AEW Capital Management. Ken Dayton and Pat McMullen of JLL originated Fannie Mae acquisition financing on behalf of the buyer, Bigos Management. Will Tansey of law firm Felhaber Larson represented Bigos.
OAK BROOK, ILL. — Inspira Financial has renewed its 51,000-square-foot office lease at Commerce Plaza in the Chicago suburb of Oak Brook. Jon Springer and Gary Fazzio of CBRE represented the tenant, which is a health, wealth, retirement and benefits services provider. Located at 2001 Spring Road, Commerce Plaza is a 510,000-square-foot, Class A office campus made up of three interconnected buildings. Inspira plans on modernizing its space.
LOMBARD, ILL. — Aldi has opened a 22,951-square-foot store at Roosevelt Plaza, a shopping center in the Chicago suburb of Lombard. An affiliate of Next Realty LLC owns and manages the property. Aldi leased the space that was formerly home to X-Sport Fitness and joins tenants Hobby Lobby, Harbor Freight Tools, Fruitful Yield, Roadhouse 38 and Starbucks. The tenant build-out involved installing freezer and cooler spaces and removing the locker room facilities used by the previous tenant.
CENTENNIAL, COLO. — Headwaters Group has broken ground on Aspendale Centennial, an active adult community in Centennial, a southern suburb of Denver. The property will feature 172 age-restricted units in a four-story, 203,653-square-foot building. Live Oak Bank provided construction financing, and a programmatic institutional equity partner provided equity. “This is a meaningful project, as it will be our first ground-up development since Headwaters Group’s inception in 2022,” says Ben Burke, managing partner at Headwaters Group. The focal point of the community will be a two-story clubhouse featuring 9,757 square feet of internal community amenity space. Construction is set to begin later this month, with pre-leasing starting in October 2024. Headwaters expects to deliver the first units in August 2025. Headwaters Group has three additional development sites under control in Colorado and four in Arizona, with plans to start projects on all four over the next 24 months. In 2023, Headwaters Group acquired an age-restricted apartment community in Salt Lake City.
