EAST ORANGE, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has arranged the $6.8 million sale of a 52-unit apartment building in the Northern New Jersey community of East Orange. The historic building at 60 N. Arlington Ave. offers 30 one-bedroom units, 17 two-bedroom residences and four three-bedroom apartments. David Oropeza of Gebroe-Hammer represented the seller, a limited liability company, in the transaction. Oropeza also procured the buyer, a private investor. Both parties requested anonymity.
ITASCA, ILL. — AIT Worldwide Logistics has signed a 56,808-square-foot office lease at Two Pierce Place in Itasca. The office will serve as the global headquarters for the transportation management provider, which maintains more than 100 locations worldwide, including regional headquarters in London and Hong Kong. Rob Lundin and John Norris of Newmark represented the landlord, Sovereign Partners LLC. Eric Kunkel, Steve Spinell and Darren Eades of JLL represented the tenant. Two Pierce Place rises 25 stories and totals 490,000 square feet. The property features a newly completed amenity center, including a tenant lounge, outdoor patio, putting green, bocce court, fitness center, full-service deli and conference facility.
RICHFIELD, MINN. — American Legion Post 435 has proposed a $67.5 million redevelopment of its headquarters in Richfield, a southern suburb of Minneapolis. The proposed project, Veterans Village 435, would deliver 195 apartment units with priority for veteran residents. Slightly more than 20 percent of the units would be priced for those earning up to 50 percent of the area median income. The development would also house the Post’s administrative offices and a banquet facility that would double as the Post’s membership meeting space. Plans call for a privately operated restaurant and dedicated space for agencies serving the needs of veterans. The project would also include several extended-stay units for the families of veterans staying at the Minneapolis VA Medical Center. Post leadership is seeking a $10 million state funding appropriation to help pay for construction of the project. Elwyn Tinklenberg, who formerly served as the state’s commissioner of transportation, is working through his own organization, The Tinklenberg Group, with the proposed project developer, St. Louis-based JPL Development.
OCEAN TOWNSHIP, N.J. — Marcus & Millichap has brokered the $5.3 million sale of a 25,000-square-foot office building in the coastal New Jersey community of Ocean Township. Built in 1986, the two-story building was fully leased at the time of sale to law firm Ansell, Grimm, & Aaron PC, which has occupied the entirety of the property since 1996. Alan Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap represented the seller in the transaction. Kevin Taub, also with Marcus & Millichap, procured the buyer. Both parties were limited liability companies.
MARQUETTE, IOWA — The Queen Casino & Entertainment, which acquired Casino Queen Marquette in 2017, has received permission from the Iowa Racing and Gaming Commission to move the riverboat casino to land. The casino is located at 100 Anti Monopoly St., along the banks of the Mississippi River in Marquette. The commission approved the request during a hearing on Thursday, Jan. 26. The Queen Casino & Entertainment plans to move the 17,000-square-foot gambling floor ashore, including more than 400 slot machines, two blackjack tables and several other table games. As part of the remodel, the property will receive an additional 12,000 square feet to its current dockside building; an enhanced single-level gaming floor easily accessible from the main entrance with the latest in gaming technology; and new dining outposts, including a dedicated sports bar.
VALPARAISO, IND. — Marcus & Millichap has brokered the $2.5 million sale of a 7,433-square-foot medical office building in Valparaiso, a city in Northwest Indiana. The newly constructed property, located at 4400 Calumet Ave., is leased to a dentist and an ophthalmology practice. Mitchell Kiven of Marcus & Millichap represented the seller, the property’s original developer. Kiven also procured the Indiana-based buyer. Dean Giannakopoulos and Frank Montalto of Marcus & Millichap Capital Corp. arranged acquisition financing on behalf of the buyer.
WABASH, IND. — Dollar General has renewed its 8,000-square-foot retail lease at 1156 Cass St. in Wabash, about 50 miles southwest of Fort Wayne. Dave Horacek, Madison Wallace and Bill Drinkall of Bradley Co. represented the landlord, A&R Indiana LLC. The representative of the tenant was not provided.
LENOX, MASS. — The Wardman Group, a Baltimore-based boutique investment firm, has sold Seven Hills Inn, a 57-room hotel in Lenox, located in the Berkshires region of western Massachusetts. The property was built in phases between 1910 and 1950 and offers recently renovated guestrooms, a pool, outdoor lounge area and two onsite food-and-beverage establishments. Alan Suzuki, Matthew Enright, Emily Zhang and Brooks Murphy of JLL represented Wardman Group, which sold the property as part of a larger portfolio deal, in the transaction.
NEW YORK CITY — Accounting firm Baker Tilly has signed a 28,000-square-foot office lease at The Spiral, a 66-story office tower in Midtown Manhattan. The newly built, 2.8 million-square-foot building is now 72 percent leased, with financial services firm HSBC serving as the anchor tenant. Geoffrey Euston, David Glassman and Joe Cabrera of CBRE represented Baker Tilly, which plans to move in to its space on the 22nd floor later this year, in the lease negotiations. The landlord, Tishman Speyer, was represented internally.
As port authorities around the country invest billions of dollars in infrastructural improvements, industrial users are taking notice and looking for sites near all the action. In the Southeast, the elevated demand for new industrial space near the Port of Savannah and Port of Charleston is pushing the boundaries as far as what’s considered normal levels for property performance indicators such as new construction, rent growth and leasing activity. “It’s hard to say that anything is ‘normal’ right now — there are a lot of new phenomena out there,” says Robert Barrineau, senior vice president of CBRE’s Charleston office. “We are seeing nationally now that a tie to a seaport as being key for economic growth and for operational efficiencies for companies.” In one of the bigger announcements in 2022, Hyundai Motor Group chose a 3,000-acre site in Bryan County, which is close to both the Port of Savannah and Interstate 95, for its $5.5 billion manufacturing plant. Construction is already underway, and the facility should be operating at full capacity, which entails production of 300,000 units annually, by the first half of 2025. The South Korean automotive giant intends to use a combination of local labor and AI technology …