Property Type

Contegra Completes Construction of 1 MSF Spec Distribution Center in Pontoon Beach, Illinois

by Kristin Harlow November 3, 2022

PONTOON BEACH, ILL. — Contegra Construction Co. has completed its fourth distribution center at NorthPoint Development’s Gateway Tradeport in Pontoon Beach near St. Louis. Gateway Tradeport IV is a 1 million-square-foot speculative building with a clear height of 40 feet, 112 dock doors and parking for 264 trailers and 752 cars. Contegra also performed infrastructure improvements and will complete tenant finishes. Development at Gateway Tradeport began in 2019. The project now encompasses 2.7 million square feet of industrial space across 600 acres.

November 3, 2022

Indiana Loans Midwest Mixed-Use

First Internet Bank Provides $59M Construction Loan for $300M Hobbs Station Project in Plainfield, Indiana

by Kristin Harlow November 3, 2022

PLAINFIELD, IND. — Indiana-based First Internet Bank has provided a $59 million construction loan for Hobbs Station, a $300 million mixed-use project in the Indianapolis suburb of Plainfield. Phase I calls for 293 apartment units, 30,000 square feet of retail space and 400 parking spaces. Crossroads Realty Advisors arranged the loan on behalf of the borrower, Indianapolis-based New City Development. The project was first announced earlier this year.

November 3, 2022

Industrial Loans Midwest Minnesota Northmarq

Northmarq Arranges $33.9M Construction Loan for Two Industrial Properties in Suburban Minneapolis

by Kristin Harlow November 3, 2022

BROOKLYN PARK AND DAYTON, MINN. — Northmarq has arranged a $33.9 million loan for the construction of two industrial properties in suburban Minneapolis. In Brooklyn Park, 169 Logistics Center will include two buildings totaling 147,250 square feet. Dayton Logistics Center in Dayton will consist of a single building totaling 248,000 square feet. Completion of both properties is slated for spring 2023. Bill Mork of Northmarq arranged the four-year, fixed-rate loan. The borrower was a joint venture partnership between Capital Partners and Eagle Realty Group. The lender was undisclosed.

November 3, 2022

Development Industrial Iowa Midwest Office

Oracle Aviation Breaks Ground on New Aviation Center at Sioux Gateway Airport in Iowa

by Kristin Harlow November 3, 2022

SIOUX CITY, IOWA — Omaha-based Oracle Aviation has broken ground on a new aviation center at the Sioux Gateway Airport in Sioux City. The 40,000-square-foot facility will include hangar space, training classrooms and office space. The project received a $1 million grant from the Economic Development Administration as well as additional funding from the City of Sioux City, The Siouxland Initiative, Morningside University and Western Iowa Tech. Both Morningside University and Western Iowa Tech will now offer degrees in aviation fields. A timeline for construction was not provided.

November 3, 2022

Acquisitions Healthcare Midwest Ohio

Remedy Medical Properties, Kayne Anderson Real Estate Acquire Medical Office Building Near Cleveland for $10.7M

by Kristin Harlow November 3, 2022

BRUNSWICK, OHIO — A joint venture between Remedy Medical Properties and Kayne Anderson Real Estate has acquired a 34,519-square-foot medical office building in the Cleveland suburb of Brunswick for $10.7 million. Named Atrium of Brunswick, the two-story property is located at 1299 Industrial Parkway North. The facility is fully occupied by two tenants. One GI is a gastroenterology group that recently acquired the building’s original tenant and seller, Digestive Disease Consultants (DDC). Shortly after One GI acquired DDC, it signed a new 12-year lease. The other tenant is MetroHealth, which operates four hospitals and other healthcare facilities throughout the Cleveland area. MetroHealth operates a primary care and pediatrics practice at the building with a lease that expires in 2025. Capital One provided acquisition financing.

November 3, 2022

Development Industrial Northeast Pennsylvania

Endurance Real Estate Breaks Ground on 1 MSF Industrial Project in Chambersburg, Pennsylvania

by Taylor Williams November 3, 2022

CHAMBERSBURG, PA. — Pennsylvania-based investment and development firm Endurance Real Estate Group has broken ground on Chambersburg Logistics Park, a 1 million-square-foot industrial project that will be located about 55 miles southwest of Harrisburg. The site spans 93 acres and is located immediately off Exit 10 of I-81. Building features will include a clear height of 40 feet, 166 overhead dock positions, four drive-in doors, 213 trailer stalls (expandable to 303), 375 car parking spaces (expandable to 561) and an ESFR sprinkler system. PNC Bank provided construction financing for the project, which is slated for a fourth-quarter 2023 completion. Endurance is developing Chambersburg Logistics Park in partnership with an affiliate of Guardian Life Insurance Co. and has tapped Cushman & Wakefield to lease the facility. Cushman & Wakefield also advised on Endurance’s capitalization of the project.

November 3, 2022

Loans Northeast Office Pennsylvania Retail

JLL Arranges $74M Loan for Refinancing of Southside Works in Pittsburgh

by Taylor Williams November 3, 2022

PITTSBURGH — JLL has arranged a $74 million loan for the refinancing of Southside Works, a 471,939-square-foot office and retail development in Pittsburgh. Built in phases between 2002 and 2004 and renovated in 2021, Southside Works comprises 245,570 square feet of office space and 226,369 square feet of retail space. The development also features multiple pocket parks, open green spaces, sport courts and a dog park. Nick Unkovic and Jeremy Bernstein of JLL arranged the six-year, floating-rate loan through Dollar Bank on behalf of the borrower, SomeraRoad.

November 3, 2022

Acquisitions Multifamily Northeast Pennsylvania

Starkman Realty Negotiates $29M Sale of Carlton Park Apartments in Philadelphia

by Taylor Williams November 3, 2022

PHILADELPHIA — Locally based brokerage firm Starkman Realty Group has negotiated the $29 million sale of Carlton Park Apartments, a 117-unit multifamily property in Philadelphia’s East Falls neighborhood. New Jersey-based AJH Management sold the garden-style property, which was originally built in 1958 and offers one-, two- and three-bedroom units, to an undisclosed buyer. Jason Starkman of Starkman Realty Group brokered the deal.

November 3, 2022

Acquisitions Industrial New Jersey Northeast

Realterm Acquires Two Northern New Jersey Industrial Buildings Totaling 41,500 SF

by Taylor Williams November 3, 2022

EAST RUTHERFORD, N.J. — Maryland-based industrial investment firm Realterm has acquired two buildings totaling 41,500 square feet in the Northern New Jersey community of East Rutherford. The adjacent buildings at 880 and 890 Paterson Plank Road sit on a combined 4.4 acres and respectively total 5,000 and 36,500 square feet. Scott Perkins, Chris Todd and William Ericksen of NAI James E. Hanson represented Realterm in the transaction. The seller was not disclosed.

November 3, 2022

Leasing Activity Massachusetts Northeast Office

Industrious Opens 35,441 SF Coworking Space in Dedham, Massachusetts

by Taylor Williams November 3, 2022

DEDHAM, MASS. — Coworking concept Industrious has opened a 35,441-square-foot flexible workspace in Dedham, a southwestern suburb of Boston. Industrious Legacy Place will be a pet-friendly space with a total of 400 seats and 13 conference and meeting rooms, as well as lounges and a library. The space is the seventh in the Boston area for Industrious, which has more than 150 locations across 65 U.S. and international cities.

November 3, 2022

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