SEWICKLEY, PA. — Regional owner-operator Endurance Real Estate Group has sold a portfolio of six light industrial buildings totaling 379,440 square feet in Sewickley, located northwest of Pittsburgh, for $53.5 million. Known as the 79 North Portfolio, the buildings are situated on a combined 88.3 acres and feature an average clear height of 22 feet. Mike Hines, Brad Ruppel and Joe Hill of CBRE, along with Mateo Villa and Connor Jangro of local commercial services firm Genfor Real Estate, brokered the deal. The buyer was an undisclosed REIT. The portfolio was 99 percent leased at the time of sale.
NORTH BRUNSWICK, N.J. — JLL has brokered the sale of The Shoppes at North Brunswick, a 147,000-square-foot shopping center located about 40 miles southwest of Manhattan. Built on 16 acres in 2007, the center was 86.7 percent leased at the time of sale. Tenants include Starbucks, Chipotle Mexican Grill, Bath & Body Works, Men’s Wearhouse, Crumbl Cookies, Banana Republic, Big Blue Swim School and Orangetheory Fitness. Jose Cruz, Kevin O’Hearn and J.B. Bruno of JLL represented the seller, an affiliate of local owner-operator The Azarian Group, in the transaction. The buyer was a local private investor.
BEVERLY, MASS. — American Surgical Co. has signed a 20,325-square-foot life sciences lease in Beverly, a northeastern suburb of Boston. The provider of medical tools is relocating from Shetland Park in nearby Salem to 100 Cummings Center, a newly built, 1.3 million-square-foot research-and-development facility. Joe Doyle and John Coakley of Cresa represented the tenant in the lease negotiations. Al Diamond represented the landlord, Cummings Properties, on an internal basis.
MOUNTAIN VIEW, CALIF. — OpenAI, the artificial intelligence (AI) giant behind ChatGPT and the $500 billion Stargate Project, has signed a lease with KKR Real Estate Finance Trust Inc. (NYSE: KREF) and TMG Partners to fully occupy 350-380 Ellis, a Class A office campus in the Silicon Valley city of Mountain View. The five-building asset offers 450,000 square feet of office space with move-in ready finishes, indoor and outdoor work environments, meeting/conference rooms, rooftop decks, an executive briefing center, kitchen/break areas on each floor and collaborative space. The campus also features a full-service gastropub restaurant and cafeteria, multi-story parking structure, a tennis court and a sand volleyball court. The property is owned by KREF and capital accounts advised by the REIT’s parent company, KKR & Co. Inc. (NYSE: KKR). In 2024, TMG was selected to reposition 350-380 Ellis into a future-ready office campus. Jon Mackey, Mike Saign and Phil Mahoney of Newmark represented the landlord in the lease negotiations, while Mike Ino, Jon Moeller, Dan Johnson, Rich Duff and Bridget Fahey of JLL represented OpenAI. Founded in 2015, OpenAI has a current market valuation of $840 billion based on its latest fundraising campaign that closed in late February. Sam Altman …
By Greg Tannor, executive managing director, and Jessica Gerstein, director, Lee & Associates NYC For much of the past three years, the rollout of legal cannabis in the state of New York has been defined by headlines about licensing delays, regulatory hurdles and political infighting. That phase is largely over. Hundreds of adult-use dispensaries are now open across the state, and the market is entering a far more consequential — and less discussed — stage. Cannabis retail in New York is no longer constrained primarily by licenses. It is constrained by real estate. On the ground, the industry is moving rapidly out of its novelty phase and into a performance-driven phase where locational quality, operational discipline and realistic deal structures are separating winners from losers. This shift has major implications, not only for operators, but also for landlords, lenders and brokers who are navigating the sector for the first time. Compliance, Not Curiosity, Is The New Bottleneck Demand from licensed dispensary operators remains strong, particularly in New York City. But truly viable retail locations that meet state and local requirements while also making economic sense remain scarce. In Manhattan, the challenge is especially acute. Buffer zones restricting proximity to schools, houses of worship …
GRAND PRAIRIE, TEXAS — Logistics Property Co. will develop a 1.4 million-square-foot industrial park in Grand Prairie, roughly midway between Dallas and Fort Worth. The Chicago-based developer has purchased 109 acres at the intersection of President George Bush Turnpike and Shady Grove Road for the project, which will be known as Bear Creek Logistics Park. The five-building development will be constructed in two phases, with Phase I comprising 534,378 square feet across two buildings that will feature 36- to 40-foot clear heights. Completion of Phase I is slated for early 2028. Logistics Property Co. has tapped CBRE to lease Bear Creek Logistics Park.
PECOS, TEXAS — Marcus & Millichap has brokered the sale of a 107-room hotel in Pecos, located roughly midway between Midland and El Paso. The hotel is operated under the Best Western brand, and the sale included the Alpine Lodge restaurant, Ol’ Barrys Tavern and The Villas, a 33-unit manufactured housing community situated behind the hotel. Allan Miller and Chris Gomes of Marcus & Millichap represented the seller, an entity doing business as Catering of Central Texas LLC, in the transaction and procured the buyer, a private investor group.
HOUSTON — Colliers has brokered the sale of a 51,150-square-foot industrial flex building in southeast Houston. According to LoopNet Inc., the building at 9191 Gulf Freeway was completed in 2015, offers 18- to 21-foot clear heights and was 86 percent leased at the time of sale. David Carter and Jeff Peltier of Colliers represented the seller in the transaction, and Chase Spence and Jordan Trout, also with Colliers, represented the buyer. Both parties requested anonymity.
DALLAS — Walters, Balido & Crain has signed a 5,590-square-foot office lease expansion in North Dallas. The Austin-based law firm now occupies 44,021 square feet at Meadow Park Tower, a 267,779-square-foot building, and is committed through 2033. Scott Hage of JLL represented the tenant in the lease negotiations. Richmond Collinsworth and Jared Laake represented the landlord, Bradford Commercial Real Estate Services, on an internal basis.
JERSEY CITY, N.J. — Cushman & Wakefield has arranged a $136 million loan for the refinancing of Modera Lofts, a 366-unit apartment building located in the Powerhouse Arts District in Jersey City. Completed in 2016, Modera Lofts offers studio, one- and two-bedroom floor plans. Amenities include a fitness center, a rooftop deck, indoor lounge, 24-hour concierge services and a pet spa, and the building also houses about 13,000 square feet of retail space and unique rentable artist studios. John Alascio, Alex Hernandez, Chris Moyer, Chuck Kohaut, Alex Lapidus and Meredith Donovan of Cushman & Wakefield arranged the loan through J.P. Morgan on behalf of the borrower, Harrison Street Asset Management.