ROCHESTER HILLS, MICH. — Fitness concept Crossfit Maven has signed a 17,123-square-foot retail lease at Winchester Center in Rochester Hills. Michael Murphy, Bill McLeod and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, RPT Realty. John Salsberry of Colliers represented the tenant. Winchester Center, anchored by Dick’s Sporting Goods, Marshall’s and Burlington, is located on Rochester Road just south of Avon Road.
SYRACUSE, N.Y. — Pyramid Brokerage Co., a division of Cushman & Wakefield, has negotiated the $15.8 million sale of a 51-unit multifamily property in Syracuse. The building was originally constructed in 1910 as a theater and converted into office space in the 1960s. The redevelopment to multifamily took place in 2018. Jonathan Weinstein of Pyramid Brokerage, along with Brian Whitmer, Niko Nicolaou, Ryan Dowd and Peter Welch of Cushman & Wakefield, brokered the deal. A locally based limited liability company sold the asset to a New York City-based family office.
TRENTON, N.J. — NAI Fennelly has brokered the $1.8 million sale of a 27,362-square-foot industrial building located at 480 Lalor St. in Trenton. The building features a clear height of 12 feet and one loading dock. Jerry Fennelly and Matt Fennelly of NAI Fennelly represented the seller, Switlik Survival Products Inc., in the transaction. The buyer was New Jersey-based Howco Management.
PORTLAND, ORE. — Greystar has unveiled plans to develop a two-building apartment property in Portland’s Slabtown neighborhood. Spanning two blocks between Northwest 19th and 20th avenues, the 364-unit project is slated to break ground later this month with completion scheduled for 2024. SERA Architects designed the development, which will include a five-story, 151-unit building and a seven-story, 213-unit building, both featuring brick exteriors. The project team of Greystar, SERA and Lango Hensen worked with neighboring St. Patrick’s Catholic Church officials to ensure the new project would not overshadow the 130-year-old historic landmark. ING Capital provided an undisclosed amount of construction financing for the project.
DENVER — Berkadia has arranged the sale of University Lofts, a mixed-use student housing community in Denver. California-based Amplify Development Co. sold the asset to an undisclosed buyer for $24.5 million. Located at 2372 E. Evans Ave., University Lofts features 36 units totaling 98 beds in a mix of studio, two- and four-bedroom layouts. Community amenities include a newly renovated student lobby, heated underground parking and street-level retail. Kevin Larimer, Brandon Buell, Nick Steele, Tyler King and Nate Moyer of Berkadia represented the seller in the transaction.
SAN DIEGO — Brookwood Financial Partners has completed the disposition of a six-building office portfolio in North San Diego. MCS Guardian Properties, an affiliate of M.C. Strauss, acquired the portfolio for an undisclosed price. The properties include Carlsbad Executive Plaza, a four-building office park totaling 133,000 square feet, and The Plaza I & II, a two-building complex totaling 89,000 square feet. Carlsbad Executive Plaza offers a campus-like environment and is recognized as Carlsbad’s premier multi-tenant incubator office project, according to Brookwood. The Plaza I & II features creative speculative suites, remodeled lobbies and is only one of three Class A buildings in the market that offers subterranean parking. Brookwood originally acquired the assets in June 2015.
TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of Tierra Alegre Apartments, a multifamily property in Tucson. Equilibrium Cordova Village Tierra Alegre LLC acquired the asset from Ryder Family Real Estate for $8.5 million. Located at 3355 E. Fort Lowell Road, the 37,684-square-foot building features 72 units. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield|PICOR represented both parties in the transaction.
WHEAT RIDGE, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a multifamily property, located at 3330 Ames St. in Wheat Ridge. The building traded for $4.5 million, or $203,182 per unit. The names of the seller and buyer were not released. Built in 1958, the building features 22 apartments. Chris Knowlton and Mark Knowlton of Pinnacle’s Knowlton Lawson Team represented the seller, while Josh Newell of Pinnacle’s Newel Team represented the buyer in the deal.
NORTH BETHESDA, MD. — Federal Realty Investment Trust (NYSE: FRT), a real estate investment trust based in Rockville, has topped out 915 Meeting Street, an office tower underway within the company’s Pike & Rose mixed-use development in North Bethesda. The building rises 16 stories and will comprise 250,000 square feet of office space upon completion, as well as 545 parking spaces and 6,000 square feet of ground-floor retail space. Choice Hotels International Inc. signed a lease last year to occupy nearly half of the office tower for its new corporate headquarters. Sodexo, a food services and facilities management company based in Paris, is another notable tenant that has preleased office space at 915 Meeting Street. General contractor Clark Construction Group and architectural firm Gensler lead the development team, which is targeting LEED Gold certification for the tower. “915 Meeting Street is our newest trophy building offering to the market,” says Jay Brinson, vice president of development at Federal Realty. “This collaborative effort with our partners at Clark and Gensler has resulted in a building that is 60 percent [preleased].” Clark Construction broke ground last December on 915 Meeting Street. With vertical construction complete, the firm is focused on building out …
In the post-pandemic environment where employers are trying to navigate new work schedules, office tenants are focusing more on the finish and design of office space than they are the rents. In New Orleans, we are seeing office tenants rethink the concept of office space altogether, and their employees are thinking differently about their individual offices as well. There has been a shift from the traditional office space of years past where one spends eight hours a day in a large private office with the door closed. The office has evolved into more of a social place. Companies want their employees to come back to the office and not to be fully remote. Many employees want to get out of their pajamas and come back to the office. But, getting them all to come back has proven to be the challenge. Companies are now enticing their employees with redesigned spaces that are more aesthetically pleasing and rich with amenities that allow for more social interactions and collaboration. Employees who work remotely a few days a week are coming to the office because they want that engagement with their colleagues. Tenants are now less interested in refurbishing private offices and spend …
