Property Type

ResMed Motor Technologies Signs 128,700 SF Industrial Lease in Calabasas, California

by Jeff Shaw June 9, 2023

CALABASAS, CALIF. — Medical equipment manufacturer ResMed Motor Technologies has signed a 128,700-square-foot lease for an R&D industrial building in Calabasas. The facility is located at 26801 Agoura Road. The company will relocate from nearby Chatsworth as it was seeking to expand into a larger facility with additional parking. RedMed also sought a location that was close to the labor market in the Conejo Valley area to take advantage of the highly skilled engineering talent in the area. The relocation is slated for early 2024. Mike Tingus and Grant Fulkerson of Lee & Associates – LA North/Ventura, represented the landlord, Cypress Land Co., while Cushman & Wakefield represented ResMed in the lease transaction.

June 9, 2023

California Civic Development Western

Pluralistic School Buys Expansion Site in Santa Monica, California for $3.5M

by Jeff Shaw June 9, 2023

SANTA MONICA, CALIF. — Pluralistic School has acquired commercially zoned land site in Santa Monica for $3.5 million. The site is located at 1457 12th St. The private elementary school already owns the adjacent property. The site consists of about 7,500 square feet of land with about 2,034 square feet of existing improvements, as well as a single-family residence and a triplex, both of which were vacant at the time of sale. WESTMAC Commercial Brokerage Co. and Highland Partners facilitated the transaction between the school and the private seller.

June 9, 2023

Acquisitions Hospitality Illinois Midwest Minnesota

Hunter Hotel Advisors Brokers Sale of Four-Property Hotel Portfolio in Suburban Chicago, Minneapolis

by Kristin Harlow June 9, 2023

CHICAGO AND MINNEAPOLIS — Hunter Hotel Advisors has brokered the sale of a four-property hotel portfolio totaling 467 rooms in suburban Chicago and Minneapolis for an undisclosed price. Marquee Hospitality and Endeavor Hotels Inc. purchased the portfolio from Summit Hotel Properties. Spencer Davidson of Hunter represented the seller. The portfolio includes the Hilton Garden Inn Eden Prairie, Holiday Inn Express & Suites Minneapolis Minnetonka, Hyatt Place Chicago Lombard Oak Brook and Hyatt Place Chicago Hoffman Estates.

June 9, 2023

Acquisitions Midwest Ohio Retail

Marcus & Millichap Arranges $8.9M Sale of Retail Center in Pickerington, Ohio

by Kristin Harlow June 9, 2023

PICKERINGTON, OHIO — Marcus & Millichap has arranged the $8.9 million sale of The Shoppes at Stonecreek in Pickerington, an eastern suburb of Columbus. The 44,874-square-foot retail center is located at 1500 Stonecreek Drive. Built in 2008, the property is fully leased to tenants such as LifeTime Fitness, Roosters, Petland and Vitality Bowls. Scott Wiles, Craig Fuller, Erin Patton and Zach Turner of Marcus & Millichap represented the buyer and seller, neither of which were disclosed.

June 9, 2023

Illinois Leasing Activity Midwest Office

VIPAR Inks 10,074 SF Office Lease at Bell Works Chicagoland in Hoffman Estates

by Kristin Harlow June 9, 2023

HOFFMAN ESTATES, ILL. — VIPAR Heavy Duty Inc., a truck parts distributor and service provider, has signed a 10,074-square-foot office lease at Bell Works Chicagoland in Hoffman Estates. VIPAR will relocate its team of 35 employees from Crystal Lake. Bell Works Chicagoland is the redevelopment of the former AT&T corporate campus undertaken by Inspired by Somerset Development. VIPAR is working closely with Inspired on the build-out of its space, which is slated for completion in August. Colliers represented VIPAR in the lease, while The Garibaldi Group represented ownership.

June 9, 2023

Acquisitions Midwest Ohio Retail

Friedman Negotiates Sale of Minuteman Car Wash-Occupied Property in Toledo, Ohio

by Kristin Harlow June 9, 2023

TOLEDO, OHIO — Friedman Real Estate has negotiated the sale of a 2,410-square-foot retail property occupied by Minuteman Car Wash in Toledo for an undisclosed price. The car wash, located at 5020 Monroe St., was built in 1971 and renovated in 2022. Marc Hildenbrand and Jordan Friedman of Friedman represented the buyer and seller, neither of which were disclosed.

June 9, 2023

Healthcare Leasing Activity Michigan Midwest

Metro Infusion Center Signs 2,435 SF Medical Office Lease in Flint, Michigan

by Kristin Harlow June 9, 2023

FLINT, MICH. — Metro Infusion Center has signed a seven-year, 2,435-square-foot medical office lease at 1321 S. Linden Road in Flint. The tenant is an infusion and injection therapy provider with more than 160 locations nationwide. Jim Mitchell of Dominion Real Estate Advisors and Michele Rosenblum of Lee & Associates represented the landlord, LSPV Cornerstone, an affiliate of Versa Development Co.

June 9, 2023

Development New York Northeast Office

Dynamic Star Receives Approval for 400,000 SF Office Redevelopment in Queens

by Taylor Williams June 9, 2023

NEW YORK CITY — Locally based developer Dynamic Star has received approval from the New York City Council for Opus Point, a redevelopment that will convert the former Eagle Electric manufacturing facility in Queens into a 400,000-square-foot office property. Designed by SLCE Architects and redeveloped on a speculative basis, the 26-story complex will offer a variety of flexible workspace suites and spaces. Amenities will include a basketball court, fitness center, landscaped rooftop deck and conference facilities. Completion is slated for the second quarter of 2025. CBRE will market Opus Point for lease.

June 9, 2023

Loans Multifamily Northeast Pennsylvania

Berkadia Provides $26.3M Agency Loan for Refinancing of Multifamily Asset in Allentown, Pennsylvania

by Taylor Williams June 9, 2023

ALLENTOWN, PA. — Berkadia has provided a $26.3 million Freddie Mac loan for the refinancing of Terrain on the Parkway, a 160-unit multifamily property located north of Philadelphia in Allentown. The property was built in 2022 and offers studio, one- and two-bedroom units. Robert Falese of Berkadia originated the loan, which carried an 11-year term, on behalf of the borrower, Scully CO. & Serfass Construction.

June 9, 2023

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $9.7M Sale of Northern New Jersey Apartment Complex

by Taylor Williams June 9, 2023

LONG BRANCH, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $9.7 million sale of Virginia Court Apartments, a 52-unit multifamily property located in the Northern New Jersey community of Long Branch. Built in 1963, the five-building property houses 20 one-bedroom units and 32 two-bedroom units. Barry Waisbrod of Kislak represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

June 9, 2023

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