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AcquisitionsCaliforniaIndustrialWestern

BKM Capital Partners Acquires Small-Bay Industrial Property in Carlsbad, California

by Jeff Shaw

CARLSBAD, CALIF. — BKM Capital Partners has completed the acquisition of Commerce Carlsbad, an eight-building industrial park in Carlsbad.  The property, now named Pacific Coast Industrial Center, offers 129,928 square feet of space in 62 small-bay units. BKM plans to make significant improvements to the park and reduce the office space to meet market demands. With high demand and limited availability in the area, BKM aims to achieve full occupancy and market rates in the future.  Cushman and Wakefield’s Brad Tecca facilitated the transaction as a representative for the seller. BKM represented itself in the deal. The price was not disclosed.

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AcquisitionsColoradoIndustrialOfficeWestern

Tepuy Sells Office/Industrial Property in Loveland, Colorado for $4.7M

by Jeff Shaw

LOVELAND, COLO. — Tepuy Properties has sold a 28,396-square-foot office/industrial space in Loveland for $4.7 million.  The building, situated off highway 287, offers versatile spaces suitable for different businesses. The property, originally purchased by Tepuy in 2017, is fully occupied. The buyer was Wing Seven Capital LLC.  The sale of this property allows Tepuy to reposition another asset in its portfolio.

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CaliforniaLeasing ActivityLee & AssociatesOfficeWestern

Lee & Associates Arranges 10-Year Lease at Airway Office Park in Long Beach, California

by Jeff Shaw

LONG BEACH, CALIF.  — Lee & Associates has successfully finalized a 10-year lease for a 10,812-square-foot creative office space at Airway Office Park in Long Beach.  The tenant, Swing Set Productions, a creative production studio serving top brands, will relocate from Huntington Beach to this new studio.  The Airway Office Park, developed by Urbana Real Estate Development, offers more than 60,000 square feet of office space and amenities. The project is currently under construction and scheduled for completion late this month.  Jeff Coburn and Shaun McCullough of Lee & Associates Los Angeles – Long Beach represented the landlord, Airway Office Park LLC.   Michael Shuken of Savills represented the tenant. The value of the lease is about $5 million.

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Four-Seasons-Boston
DevelopmentHospitalityMassachusettsNortheast

Shawmut Design & Construction Completes Renovation of Boston’s Four Seasons Hotel

by Taylor Williams

BOSTON — Shawmut Design & Construction has completed the renovation of the Four Seasons Boston, a 273-room hotel located roughly midway between the state capital’s Back Bay and downtown areas. The project team upgraded the lobby and arrival area and added new art installations. A new lounge and restaurant called Coterie also recently opened at the property. An entity doing business as FSH Boylston Inc. owns the hotel.

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IllinoisLeasing ActivityMidwestOffice

Big Brothers Big Sisters of Metropolitan Chicago Inks New Office Lease

by Kristin Harlow

CHICAGO — Big Brothers Big Sisters of Metropolitan Chicago has signed a new office lease to occupy 8,587 square feet on the second floor at 130 S. Jefferson St. in Chicago. The new space will accommodate the nonprofit’s hybrid work model and enable the agency to hold programs, board meetings and community and match events. Phil Geiger of Stream Realty Partners represented the tenant. Commercial real estate firm Madison Rose represented the landlord, R2 Cos. The Chicago branch of Big Brothers Big Sisters offers mentoring services to 2,000 children and their families in Cook, DuPage and Lake counties. More than 65 staff members work to recruit, match and support mentors, mentees and families. The organization is relocating from a 15,000-square-foot space at 560 W. Lake St. The five-story building at 130 S. Jefferson St. was originally constructed in 1883 and features a newly renovated lobby.

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AcquisitionsHospitalityNew YorkNortheast

Global Holdings Buys 190-Room Mondrian Park Avenue Hotel in Manhattan

by Taylor Williams

NEW YORK CITY — Global Holdings Management Group has purchased Mondrian Park Avenue, a 190-room boutique hotel in Manhattan’s NoMad neighborhood. The hotel’s accommodations include rooms with queen and king beds as well as several different types of suites. Mondrian Park Avenue also houses several food-and-beverage establishments, including a rooftop bar. The sales price were not disclosed.

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LoansMultifamilyNew JerseyNortheastNorthmarq

Northmarq Arranges $13M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams

NORTH ARLINGTON, N.J. — Northmarq has arranged a $13 million loan for the refinancing of The Opus, a 49-unit apartment complex located in North Arlington, located north of Newark in Bergen County. Built in 2021, the property features one-bedroom units and penthouse suites and amenities such as a rooftop terrace, fitness center and a resident lounge. Robert Ranieri of Northmarq originated the debt, which was structured with a fixed interest rate, five-year term and one year of interest-only payments, through an undisclosed local bank. The borrower was also not disclosed.

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DevelopmentHealthcareMidwestMinnesota

Kraus-Anderson Completes 11,886 SF Renovation for M Physicians in St. Louis Park, Minnesota

by Kristin Harlow

ST. LOUIS PARK, MINN. — Kraus-Anderson has completed an 11,886-square-foot renovation for the University of Minnesota Physicians (M Physicians) in St. Louis Park, a suburb of Minneapolis. The clinic is located on the second floor of the Park Place East building at 5775 Wayzata Blvd. Designed by HDR Architects, the project was completed in two phases in order to keep the clinic open during the remodel. The reimagined clinic features a new waiting area and rooms for consults and exams as well as remodeled conference rooms. Additional upgrades include new light fixtures, carpet, tile, flooring, paint and a new wall layout.

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DevelopmentMidwestMinnesotaOffice

NELSON Worldwide Designs New Amenity Space at Office Building in Suburban Minneapolis

by Kristin Harlow

GOLDEN VALLEY, MINN. — Architect NELSON Worldwide has designed a new shared amenity space at Golden Hills, an office building in the Minneapolis suburb of Golden Valley. The firm reconfigured the layout by removing an underutilized café and transforming it into a tenant lounge, grab-and-go market and game room. Dubbed 701 Local, the amenity space totals 1,700 square feet. There are multiple seating options and games such as air hockey.

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AcquisitionsIndustrialMichiganMidwest

Friedman Brokers Sale of 29,918 SF Industrial Building in Sterling Heights, Michigan

by Kristin Harlow

STERLING HEIGHTS, MICH. — Friedman Real Estate has brokered the sale of a 29,918-square-foot industrial building in Sterling Heights, a northern suburb of Detroit. The sales price was undisclosed. The property is located at 6255 Center Drive. Zach Cummings and Ryan Stipp of Friedman represented the seller, NSH USA, a manufacturer of specialized and multifunction machine tools and automation systems for railway, automotive, aerospace and other industrial manufacturers worldwide. The company will relocate to 6095 15 Mile Road in Sterling Heights. NSH USA maintains its headquarters in Albany, N.Y.

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