DECATUR, ILL. — Stripmasters Services Inc. has signed a 161,000-square-foot industrial lease at Commerce Park in Decatur, about 40 miles east of Springfield. Commerce Park is situated on 147 acres near I-72. Queenanne Realty LLC, a Chicago-based subsidiary of New Jersey-based Weiss Realty Co. Inc., owns the property. Weiss plans to expand the park over the next several years. Stripmasters is a commercial and industrial blasting, painting and power coating company that services the Midwest region.
PORTAGE, IND. — The Boulder Group has brokered the $4.1 million sale of a single-tenant retail property occupied by Firestone in Portage, a city in Northwest Indiana. The 6,116-square-foot building is located on Highway 6. Randy Blankstein and Jimmy Goodman of Boulder represented the buyer, a Midwest-based investor completing a 1031 exchange. A national development firm was the seller.
DAVENPORT, IOWA — Marcus & Millichap has arranged the sale of Elmore Avenue Shoppes in Davenport for $1.8 million. The 9,800-square-foot retail center is located at 4810 Elmore Ave. The center was more than 85 percent leased at the time of sale to GameStop, Hungry Hobo, Novel Nail Studio, Computer Repair Center and 100% Chiropractic. The Rowlett Group, investment specialists in Marcus & Millichap’s Milwaukee office, represented the seller, a private investor group. The team also represented the buyer, which was a member of the seller’s investor group.
BASKING RIDGE, N.J. — Locally based investment and development firm Edgewood Properties has purchased Westgate, a 250,000-square-foot office building in the Northern New Jersey community of Basking Ridge. The vacant building was constructed in 1991 to house the headquarters of Everest Reinsurance Co. That company relocated to Warren Corporate Center in summer 2019. Amenities include a full-service cafeteria, fitness center, outdoor terrace and landscaped gathering spaces and a conference room. Jose Cruz, Kevin O’Hearn, Sean Ryan, Steve Simonelli, Michael Oliver and Grace Braverman of JLL represented the undisclosed seller in the transaction.
NEW ROCHELLE, N.Y. — A partnership between two locally based firms, Simone Development Cos. and Stagg Group, has broken ground on West View Apartments, a 186-unit affordable housing project that will be located north of Manhattan in New Rochelle. The project represents the second phase of a larger mixed-use development, the first phase of which added 35,000 square feet of civic and office space to the local supply last summer. The studio, one- and two-bedroom units that will be housed within the 24-story residential building will be reserved for households earning 60 percent or less of the area median income. Completion of West View is slated for summer 2025.
BAY SHORE, N.Y. — Duro Dyne Corp., a manufacturer and distributor of sheet metal accessories and equipment for HVAC systems, has signed an 82,064-square-foot industrial lease at 158 Candlewood Road in the Long Island community of Bay Shore. The tenant is expanding from its adjacent location at 81 Spence St. Leslie Lanne, Doug Omstrom and Max Omstrom of JLL represented the landlord, Rockefeller Group, in the lease negotiations. Paul Leone and Phil Heilpern of CBRE represented Duro Dyne.
LOWELL, MASS. — Boutique brokerage firm Peak Real Estate Partners has negotiated the sale of a 62,000-square-foot office and lab building located at 75 Technology Drive in the northern Boston suburb of Lowell. Jumbo Capital sold the property to Boston-based Rhino Capital Advisors for an undisclosed price. Anthony Biette of Peak Real Estate brokered the deal on behalf of both parties. Northmarq arranged acquisition financing through Cambridge Savings Bank. The building was fully leased at the time of sale.
BURLINGTON, MASS. — SRS Real Estate Advisors has arranged the $7.2 million sale of an 8,815-square-foot retail property in the northern Boston suburb of Burlington. The property was built in 2016 and was fully leased at the time of sale to tenants such as Starbucks and Sherwin-Williams. Matthew Mousavi and Patrick Luther of SRS represented the seller, a private regional developer, in the transaction. Susan Harris, also with SRS, represented the buyer, an East Coast-based private partnership. Both parties requested anonymity.
CINCINNATI — A partnership between two regional developers, Indiana-based Trinitas Ventures and Ohio-based Crawford Hoying, has started construction of the $250 million second phase of The District at Clifton Heights, a mixed-use project in Cincinnati. The District at Clifton Heights is located across the street from the University of Cincinnati at the site of the former Deaconess Hospital. The first phase of the project centered on construction of The Deacon, an eight-story, 351-bed student housing building that opened in August 2019. Development costs for all phases of the project are estimated at $640 million. The largest piece of the second phase also revolves around student housing. Chicago-based Core Spaces is leading the development of a 14-story tower that will feature 1,112 beds across 380 units. Branded Hub Cincinnati, the project is scheduled for completion in advance of the fall 2024 semester. The other major component of the second phase involves the development of Hotel Celare, a $65 million project. The hotel will rise seven stories, house 171 rooms and 18,000 square feet of meeting space and feature a rooftop bar overlooking the campus entrance. Crawford Hoying is leading the development of the hotel, which is slated for a summer 2024 …
MIAMI — Boston-based Rockpoint and Montreal-based Ivanhoe Cambridge have sold Mary Brickell Village, a Publix-anchored mixed-use property in Miami’s Brickell district. RPT Realty purchased the 200,503-square-foot development for $216 million. Danny Finkle, Chris Angelone, Matthew Lawton, Eric Williams and Kim Flores of JLL represented the sellers in the transaction. Situated on 5.2 acres at 901 S. Miami Ave., Mary Brickell Village’s tenant roster includes Miami’s only LA Fitness Signature Club, as well as Moxie’s, North Italia, P.F. Chang’s, Shake Shack, Blue Martini, Starbucks, Massage Envy, Candela Gastro Bar and EWM Realty. The mixed-use property also includes an 875-space parking garage. Originally constructed in 2008, Mary Brickell Village underwent renovations between 2018 and 2020.