PLAINFIELD, IND. — New City Development has broken ground on Hobbs Station, a $300 million mixed-use project in the Indianapolis suburb of Plainfield. The project is being built in partnership with Formation Properties. Shiel Sexton Cos. is the general contractor. Phase I includes 300 apartment units with 30,000 square feet of street-level retail and restaurant space. Completion is slated for the end of 2024. Phase I will also include 98 single-family homes built by Pulte Homes and Pyatt Homes along with two industrial buildings totaling nearly 500,000 square feet built by HSA Commercial. A centralized public park as part of the project will enable the community to enjoy amenities such as pickleball and bocce ball. At full buildout, Hobbs Station will include up to 240 single-family homes, 650 apartment units, 90 seniors housing units, 70,000 square feet of commercial space, 500,000 square feet of industrial space and 200,000 square feet of office space.
NEW YORK CITY — New York City-based development and investment firm Innovo Property Group (IPG) has topped out The Borden Complex, a 900,000-square-foot industrial project in the Long Island City area of Queens. The development will feature elevated truck courts and a vertical parking structure, as well as purpose-built film studio space. IPG acquired the site, which previously housed the warehouse of online grocer FreshDirect, in January 2019 with Atalaya Capital Management and Nan Fung Group for $75 million. Construction began in July 2022, and the development team is targeting a spring 2024 completion. Eastdil Secured arranged construction financing for the project through Starwood Property Trust and J.P. Morgan. Starwood also originally provided $155 million in project financing in early 2021.
TRUESDALE, MO. — Refresco, a global independent beverage solutions provider, is investing more than $20 million to expand capacity at its beverage manufacturing facility in Truesdale, about 58 miles west of St. Louis. Refresco plans to increase production capabilities through the installation of an additional production line. The Truesdale facility is Refresco’s fourth and largest plant in Missouri. The company maintains 74 production locations across North America, Europe and Australia.
ST. JOSEPH, MO. — Northmarq has arranged the $11 million sale of a 194-unit multifamily portfolio in St. Joseph, a northern suburb of Kansas City. The portfolio includes City View Lofts, Summit Place, Eugene Field and Frederick Apartments. City View Lofts was originally built in 1915 as St. Joseph Junior College before being redeveloped into lofts. The other properties date back to the early 1900s as well. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, Worcester Investments. The buyer was undisclosed.
CHICAGO — Spot, a logistics company, has signed a 31,000-square-foot lease to open its sixth office in the U.S. in Chicago. The company will occupy space on the 11th floor of 24 E. Washington St., also known as the Marshall Field & Co. Building. Spot plans to hire 200 employees over the next two years, initially focusing on sales and technology positions. Allen Rogoway, Michael Marrion and Tim O’Brien of Cresa represented the tenant in the lease. Jack O’Brien and Caroline Colnon of Telos represented the landlord, Brookfield Properties. Lamar Johnson Collaborative will design Spot’s office space.
OSAGE, CHARLES CITY AND CLEAR LAKE, IOWA — SVN Senior Housing has brokered the sale of a three-property assisted living portfolio totaling 130 units in Iowa. The sales price was undisclosed. The properties, which were stabilized at the time of sale, are located in Osage, Charles City and Clear Lake. Jennifer Espeland and John Klement of SVN represented the seller, a private investment group. The buyer was an Iowa-based investment group with holdings in Iowa, Minnesota and Wisconsin.
WARRINGTON, PA. — JLL has brokered the sale of Creekview Center, a 134,980-square-foot shopping center in Warrington, a northern suburb of Philadelphia. The grocery-anchored property is also home to tenants such as Chipotle Mexican Grill, Bank of America and Petco. Christopher Munley, Jim Galbally and Colin Behr of JLL represented the seller, locally based investment and development firm Goodman Properties, in the transaction. The buyer was not disclosed.
TEANECK, N.J. — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $2.1 million loan for the refinancing of an 11,500-square-foot retail asset in the Northern New Jersey community of Teaneck. The freestanding building sits on a three-quarter acre site and was fully leased to a single, undisclosed tenant at the time of sale. The direct lender and borrower were also not disclosed. The nonrecourse loan carried a four-year term and a fixed interest rate.
EAST RUTHERFORD, N.J. — NAI James E. Hanson has negotiated a 9,178-square-foot industrial lease in the Northern New Jersey community of East Rutherford. According to LoopNet Inc., the property at 1 Madison St. was built in 1980 and totals 65,000 square feet. Andrew Somple and Jessica Curry of NAI Hanson represented the tenant, Meadowlands Starz Cheer, and the landlord, Kelways Associates, in the lease negotiations.
NEW YORK CITY — Private aviation services provider evoJets has signed a 3,982-square-foot office lease at 220 E. 23rd St. in Manhattan’s Gramercy Park neighborhood. The 13-story building was originally constructed in 1921 and is known as the Media Arts Building. Bill Korchak, Edward DiTolla and Henry Warner of JLL represented the landlord, A. Shalom Realty & Management Co., in the lease negotiations. Peter Johnson and Leah Zafra from Avison Young represented the tenant.