WEST CHESTER, PA. — New Jersey-based investment firm Tryko Partners has acquired a 180-bed skilled nursing facility in West Chester, approximately 25 miles west of Philadelphia. Tryko will rebrand the asset as West Chester Rehabilitation & Healthcare Center. The seller and sales price were not disclosed. Blueprint Healthcare Real Estate Advisors brokered the sale of the property.
WOODBRIDGE, N.J. — Woodmont Industrial Partners has broken ground on a 54,113-square-foot project at 51 New Brunswick Ave. in the Northern New Jersey community of Woodbridge. The facility will feature a clear height of 32 feet, seven dock doors, build-to-suit office space and ample car and trailer parking. Completion is slated for the second quarter of 2023.
GENESEO, N.Y. — SRS Real Estate Partners has brokered the $15.9 million sale of a 51,357-square-foot medical office building in Geneseo, located south of Rochester in upstate New York. The property was built on 6.2 acres in 2021 and is fully leased to Rochester Regional Health. Britt Raymond and Kyle Fant of SRS Real Estate represented the seller, a New York-based developer, in the transaction. Ray Yung Real Estate represented the buyer, a New Jersey-based family office.
JERSEY CITY, N.J. — Locally based brokerage firm B6 Real Estate Advisors has arranged the $6.5 million sale of a 31,000-square-foot multifamily development site at 70 Mallory Ave. in Jersey City that is zoned for 136 units. Yanni Marmarou, Jack Drillock and Andrea Nestico of B6 Real Estate represented the undisclosed seller in the transaction. The buyer and construction timeline were also not disclosed.
GENEVA, ILL. — Hillwood has broken ground on Fox Valley Commerce Center, a four-building industrial development totaling nearly 1.1 million square feet in Geneva, a western suburb of Chicago. The project will be built in phases. Phase I will include two speculative buildings spanning 266,760 square feet and 272,160 square feet. Phase II plans call for a build-to-suit of up to 500,000 square feet. Completion of Phase I is slated for late 2023. Harris Architects Inc. is the project architect and FCL Builders is the general contractor. Nick Eboli, Jeff Janda and Andrew Block of Lee & Associates will market the project for lease.
MINNEAPOLIS — Workbox, a flexible office operator, has signed a 27,748-square-foot lease at Deluxe Plaza in downtown Minneapolis. The firm will open its new space on Wednesday, Nov. 2. The lease represents the fifth location for Workbox and its first outside of Chicago. Deluxe Plaza has recently undergone renovations and offers amenities such as a tenant lounge, rooftop deck, fitness center and training center. Larissa Bodine, Ann Rinde and Mark McCary of CBRE represented ownership, Franklin Street Properties. Ryan Cos. is the property manager.
CHICAGO — Law firm Nisen & Elliott LLC is relocating its Chicago office from 200 W. Adams St. to a 15,417-square-foot space at 180 N. LaSalle St. The firm will take occupancy of the new space in November. The lease represents the firm’s first relocation in over 35 years. Eric Feinberg, John Goodman and Isabel Preskill of Savills represented Nisen & Elliott. The property rises 38 stories in the Loop. Building owner Ivanhoe Cambridge has recently made upgrades to the lobby and conferencing facilities.
TROY, MICH. — L. Mason Capitani CORFAC International has relocated its headquarters from 2301 W. Big Beaver Road to 1111 W. Long Lake Road in Troy. The new headquarters also houses sister company Liberty Property & Asset Management. The two-floor office features open meeting areas, conference rooms, workstations and ample natural light. The space also includes Liberty’s construction and design center, which provides property owners and tenants the opportunity to select and approve plans, specifications and finishes for projects.
KALAMAZOO, MICH. — Kalamazoo Child and Family Counseling PLLC is opening a second location in West Michigan at The Atriums Office Park in Kalamazoo. The property is located at 4341 S. Westnedge Ave. Kalamazoo Child and Family Counseling is a mental health clinic dedicated to serving children and teens that have anxiety, post-traumatic stress disorder, grief and loss or disruptive behaviors. The practice’s primary office is in Portage. The new location will provide all the same services as the Portage location and is slated to open in November. Kara Schroer of NAI Wisinski of West Michigan represented both the undisclosed landlord and the tenant in the lease.
NEW YORK CITY — Cushman & Wakefield has arranged $142.9 million in construction financing for 120 Fifth Avenue, a mixed-use development in the Park Slope neighborhood of Brooklyn. The borrowers, Senlac Ridge Partners and The William Macklowe Company, are redeveloping the two-acre site, currently a one-story vacant grocery store and its parking lot, into a 212,000-square-foot mixed-income housing property and retail plaza. The project will comprise two buildings featuring 180 residential units, 25 percent of which will be affordable. The development will also offer 67,000 square feet of retail space and a 225-space underground parking garage. Lidl Supermarket and CVS Pharmacy recently signed long-term leases for approximately 35,000 square feet of the retail space with the developer. An expected date for project completion was not disclosed. The property is located four blocks from Flatbush Avenue and Barclays Center, the home of the NBA’s Brooklyn Nets, and is within walking distance to the 2, 3, 4, 5, B, D, N, Q and R trains. Cushman & Wakefield’s Equity, Debt & Structured Finance team of Gideon Gil and Lauren Kaufman represented the borrowers in the transaction. Macklowe and Senlac Ridge acquired the development site, the former home to Key Foods, in 2020. …
