RED BANK, N.J. — Marcus & Millichap has brokered the $12.8 million sale of a 28,110-square-foot office and retail building in the Northern New Jersey community of Red Bank. The three-story building was constructed in 2000 and consists of two levels of office space and ground-floor retail space that is anchored by Urban Outfitters. Alan Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction. Joseph Belgiovine of Marcus & Millichap Capital Corp. arranged acquisition financing for the deal.
TEANECK, N.J. — Newmark has negotiated an office lease expansion at Glenpointe Centre East in the Northern New Jersey community of Teaneck. Jeff Schotz, Peter Rossi, Dan Reider, Peter Kasparian and David Simson of Newmark represented the landlord, locally based investment firm Alfred Sanzari Enterprises, in the lease negotiations. Andrew Zezas of Real Estate Strategies Corp. represented the tenant, Interstate Waste Services, which has leased space at Glenpointe Center East since 2013 and now occupies about 18,000 square feet.
UNION, N.J. — Nonprofit organization Rise Against Hunger has signed an 11,500-square-foot industrial lease in the Northern New Jersey community of Union. The facility features a clear height of 16 feet and two overhead loading docks. Tim Farley of Cushman & Wakefield represented the tenant in the lease negotiations. Joel Tomlinson of Silbert Realty & Management represented the landlord, locally based investment firm The STRO Cos.
INDIANAPOLIS — A partnership between Milhaus, Gershman Partners and Citimark has begun development of Versa, a $70 million apartment complex in the Broad Ripple Village neighborhood of Indianapolis. The district is undergoing a $271 million improvement plan. Versa will feature 3,600 square feet of ground-floor retail space with an outdoor patio situated below the residential living space. The project will include 233 units and 245 parking spaces. Amenities will include a pool, pet spa, bark park, lounge, game room, fitness center, conference rooms and coworking space. Lake City Bank provided financing. The project team includes DKGr for architecture and interior design and Civil & Environmental Consultants for civil engineering. Completion is slated for 2024.
ROMULUS, MICH. — The Opus Group has broken ground on Airport Corporate Center, a two-building speculative industrial development in Romulus, about 16 miles west of Detroit. The two buildings will total more than 270,000 square feet and are being marketed for warehouse and distribution tenants with space needs between 40,000 and 270,000 square feet. The project is situated less than a mile from I-94 and less than three miles north of Detroit Metropolitan Wayne County Airport. Building A will total 100,456 square feet with a clear height of 32 feet, 12 dock doors, 91 auto parking spaces and 13 trailer parking stalls. Building B will total 170,088 square feet with a clear height of 32 feet, 22 dock doors, 115 auto parking spaces and 28 trailer parking stalls. Both buildings are slated for completion in October. Opus is the developer, design-builder, architect and structural engineer. Sean Cavanaugh and Dave MacDonald of JLL are marketing the project for lease. Associated Bank provided construction financing.
INDIANAPOLIS — TWG has unveiled plans to develop 1827 Lofts, a 166-unit apartment community that will be located along the IndyGo Red Line rapid transit bus line in Indianapolis. The $45 million development is part of a master redevelopment project encompassing the city’s North Meridian Corridor. Located at 1827 N. Meridian St., the property will feature 32 studios, 81 one-bedroom units and 53 two-bedroom floor plans. Amenities will include a courtyard, pool, fitness room, dog park and rooftop lounge. The City of Indianapolis supported the project through a tax-increment financing (TIF) bond issued by the local government. The TIF requires 5 percent of the units to be reserved for individuals making up to 30 percent of the area median income. WesBanco Bank provided financing. Construction is scheduled to begin this month and be completed in May 2025.
MINNEAPOLIS — Marcus & Millichap has arranged the $2.4 million sale of 1709 and 1715 Lagoon Ave., a pair of contiguous parcels with 17 multifamily units in Minneapolis. Constructed in 1916, the two- and three-story buildings are situated in the city’s Uptown neighborhood. Abe Roberts and Michael Jacobs of Marcus & Millichap brokered the sale. Buyer and seller information was not released.
GRAND RAPIDS, MICH. — Preusser Jewelers has opened an 1,897-square-foot store at 1200 E. Paris Ave. SE in Grand Rapids. Known for being Michigan’s oldest jeweler, the company moved to the new location after being in downtown Grand Rapids for 173 years. Bill Tyson of NAI Wisinski of West Michigan represented the tenant in the lease. The landlord was undisclosed. Additional tenants at the center include Bill and Paul’s Sporthaus and Groskopf’s.
DENVER — EverWest Real Estate Investors has purchased Central Connection, a 194,710-square-foot, Class A industrial asset in Denver, for $39.6 million. The two-building property is located at 1550 and 1210 E. 73rd Ave. in the North Central infill submarket. It is fully leased to six tenants in an area known for significant demand and high barriers to entry. Jeremy Ballenger, Jim Bolt, Tyler Carner and Jessica Ostermick of CBRE represented the seller, a joint venture between Comunale Properties and institutional investors advised by J.P. Morgan Asset Management.
SURPRISE, ARIZ. — Mohr Capital has started construction of West Summit Logistics Park, a 704,472-square-foot industrial property in Surprise. The project will include two Class A industrial buildings situated three miles from the Northern Parkway and five miles from Loop 101 and Loop 202. Mohr Capital is the project developer, while Rosewood is the equity partner. Ware Malcomb serves as the project architect, and Nitti/DAC, a joint venture between Nitti Builders and Del Amo Construction, serves as the general contractor.