WATERTOWN, MASS. — SRS Real Estate Partners has arranged the $16.1 million sale of a 14,400-square-foot retail property located in the western Boston suburb of Watertown. The property was built in 2016 and is leased to CVS on a triple-net basis. Kevin Held of SRS represented the seller, a West Coast-based family trust, in the transaction. Josh Kanter of Marcus & Millichap represented the buyer, a Massachusetts-based private investor that acquired the asset via a 1031 exchange.
SUMMERVILLE, S.C. — Blaze Capital Partners and Cross Lake Partners have sold Chamberlain Pines, a 132-unit single-family rental community in Summerville, a suburb of Charleston. The duo delivered the townhome-style property last year. The buyer and sales price were not disclosed. Chamberlain Pines features two-story townhomes averaging 1,685 square feet across three and four-bedroom rental units. All units feature attached garages, concrete backyard patios and private, fenced-in yards.
NEW YORK CITY — New York Life Insurance Co. has signed a 47,000-square-foot office sublease at One World Trade Center in Manhattan. The company is subleasing the entire 39th floor of the 104-story skyscraper for 10 years from Advance Magazine Publishers Inc. One World Trade Center was built in 2013 and offers amenities such as a café, conference center and a sky lounge. Peter Riguardi, Steven Rotter, Joseph Messina, Jessica Berkey, Brett Harvey and Andrew Coe of JLL represented Advance Magazine Publishers in the sublease negotiations. Matthew Astrachan, Nicole Tiger, George Gemelos and Kristen Morgan, also with JLL, represented New York Life. The Port Authority of New York/New Jersey owns the building in partnership with The Durst Organization, whose internal agent Eric Engelhardt also worked on the deal. New York Life plans to relocate from 120 Broadway to the new space in May 2023.
WINTHROP, MASS. — Locally based developer The Procopio Cos. has completed The Somerset, a 29-unit multifamily project in Winthrop, located on the eastern outskirts of Boston. The complex offers one- and two-bedroom units ranging in size from 500 to 1,300 square feet and includes 1,119 square feet of retail space. Residences are furnished with quartz countertops, private decks and in-unit washers and dryers, and communal amenities include a fitness center, onsite parking and bike storage space. The Somerset opened with 35 percent of the units leased. Rents start at $2,650 per month for a one-bedroom unit.
CHICAGO — Skender has completed construction of a new 200,000-square-foot office and retail building located at 345 N. Morgan St. in Chicago’s Fulton Market neighborhood. Sterling Bay was the developer. The building is 85 percent leased with tenants expected to start taking occupancy in March. The development features private outdoor terraces on each floor, a 5,000-square-foot roof deck, a bar and lounge, fitness center, coworking library and several conference spaces. Eckenhoff Saunders Architects was the project architect.
WYOMING, MICH. — Thompson Thrift has acquired 29 acres in the Grand Rapids suburb of Wyoming with plans to build a 344-unit luxury apartment complex. Completion is slated for late 2023. Located near the intersection of Wilson Avenue and 64th Street, the property will be named The BLVD at Wilson Crossings. Amenities will include a clubhouse, pool, fitness center, dog park, pickleball courts, green space and grilling stations. The project marks Thompson Thrift’s second Grand Rapids-area community following The Grove, which opened in fall 2021.
AUBURN HILLS, MICH. — L. Mason Capitani/CORFAC International has brokered the sale of two office buildings totaling 275,000 square feet in Auburn Hills for an undisclosed price. The properties, Cambridge Court I and II, are situated near I-75 and University Drive. Mason L. Capitani of the brokerage represented the buyer, LREH Michigan LLC. L. Mason Capitani/CORFAC will oversee leasing at the properties and its property management arm, Liberty Property & Asset Management, will take over all management responsibilities. The new ownership plans to immediately make renovations.
MINNEAPOLIS — JLL Capital Markets has arranged a $9.4 million loan for the acquisition of a six-building industrial portfolio totaling 191,986 square feet in Minneapolis. The properties are home to a variety of tenants such as StreetFactory Media, Children’s Theatre, CenturyLink, Brownstone Distributing and Guthrie Theater. The buildings are situated at the intersection of East Hennepin Avenue and Harrison Street. Trent Niederberger and Britta Lund of JLL arranged the five-year, fixed-rate loan through Justin Adducci of North American Banking Co. Buligo Capital Partners was the borrower.
LAKEMOOR, ILL. — Greenstone Partners has brokered the $2.3 million sale of a newly constructed retail property occupied by Starbucks in Lakemoor, which is located in Northeast Illinois. The net-leased property sold at a cap rate of 4.55 percent and $1,029 per square foot, marking the lowest cap rate ever for a Starbucks property in Illinois, according to CoStar. The building is situated within the larger Lakemoor Commons, which is home to tenants such as Heartland Dental, Chipotle, Buona Beef and a multi-tenant retail center. Brewster Hague and Jason St. John of Greenstone represented the seller, a Chicago-area developer. The duo also procured the buyer, a private entity based in California completing a 1031 exchange.
CENTENNIAL, COLO. — Denver-based EverWest Real Estate Investors has completed the disposition of Peakview Apartments, a multifamily community situated within Denver Tech Center in Centennial. Griffis Residential acquired the four-story asset for $115 million. Located at 7700 E. Peakview Ave., Peakview Apartments features 304 studio, one-, two- and three-bedroom residences, a resort-style swimming pool, rooftop deck, fitness center, and bicycle storage and repair facilities. A structured, controlled-access deck provides parking. Peakview is two blocks from the Arapahoe light rail station. The asset was constructed in 2015.