Property Type

Diversified Properties Breaks Ground on 495-Unit Self-Storage Facility in Montgomery, New York

by Taylor Williams January 25, 2023

MONTGOMERY, N.Y. — New Jersey-based developer Diversified Properties has broken ground on a seven-building, 495-unit self-storage facility in Montgomery, about 80 miles north of New York City. The facility will consist of one two-story building totaling 39,000 net rentable square feet, and six single-story buildings, each of which will total 6,900 net rentable square feet. Morris Construction Management is overseeing construction of the project, which is scheduled for an October completion. CubeSmart is the proposed operator of the facility.

January 25, 2023

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers Sale of 93,029 SF Shopping Center in Vernon Township, New Jersey

by Taylor Williams January 25, 2023

VERNON TOWNSHIP, N.J. — Marcus & Millichap has brokered the sale of Vernon Valley Plaza, a 93,029-square-foot shopping center in Northern New Jersey’s Sussex County. An ACME grocery store anchors the property, which was built between 2001 and 2004. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller, a developer, and procured the buyer, a private investor, in the transaction. Both parties were New Jersey-based entities that requested anonymity. Joseph Belgiovine of Marcus & Millichap Capital Corp. arranged a $13.3 million acquisition loan for the deal that carried a five-year term, fixed interest rate and a 30-year amortization schedule.

January 25, 2023

Acquisitions Connecticut Northeast Office

Vidal/Wettenstein Arranges Sale of 32,325 SF Office Complex in Shelton, Connecticut

by Taylor Williams January 25, 2023

SHELTON, CONN. — Locally based brokerage firm Vidal/Wettenstein has arranged the sale of a 32,325-square-foot office complex in Shelton, located outside of New Haven in southern Connecticut. According to LoopNet Inc., the property was built on 3.1 acres in 1967 and renovated in 1987. Bruce Wettenstein of Vidal/Wettenstein represented the undisclosed seller in the transaction. Wettenstein also procured the buyer, an affiliate of New York-based investment firm Kirchhoff, which plans to redevelop the property into a self-storage facility.

January 25, 2023

Development Illinois Midwest Retail

McHugh Construction Breaks Ground on FlyOver Flying Ride Attraction at Chicago’s Navy Pier

by Kristin Harlow January 25, 2023

CHICAGO — McHugh Construction has broken ground on a 48,000-square-foot space that will house FlyOver, a new flying ride attraction at Chicago’s Navy Pier. Expected to open in spring 2024, FlyOver replaces Navy Pier’s longtime IMAX theater, located near the Centennial Wheel on the west end of the pier. The attraction will provide guests with the feeling of flight as they hang suspended from moving seats with their feet dangling below. The ride will also feature films projected on a 65-foot wrap-around screen that will showcase Chicago as well as iconic landscapes from around the globe. The attraction will provide a multi-sensory experience, complete with mist, wind and scents. FlyOver, from global attractions and hospitality company Pursuit, will be the first ride of its kind in Chicago. The experience will be similar to FlyOver attractions in Las Vegas, Canada and Iceland. Chicago-based Epstein is the architect. Project costs are estimated at $13 million.

January 25, 2023

Development Illinois Midwest Office

IWG to Open Four New Flexible Workspace Locations in Illinois

by Kristin Harlow January 25, 2023

CHICAGO, ALGONQUIN AND SWANSEA, ILL. — IWG has unveiled plans to open four new flexible workspaces in Illinois. The new locations include a Spaces center and an HQ center in Chicago as well as Regus centers in Algonquin and Swansea. All four locations will offer IWG’s full suite of facilities, including private offices, coworking and collaboration spaces, meeting rooms and a host of tech services. IWG says the new Illinois locations reflect the growing demand for flexible workspaces in large cities and smaller communities alike. IWG is opening the vast majority of its new locations in partnership with commercial real estate owners, developers and franchisee investors.

January 25, 2023

Acquisitions Illinois Midwest Office

CBRE Negotiates Sale of 20,000 SF Office Building in Chicago’s West Loop

by Kristin Harlow January 25, 2023

CHICAGO — CBRE has negotiated the sale of a 20,000-square-foot office building in Chicago’s West Loop for an undisclosed price. Located at 1218 W. Adams St., the property served as the Chicago headquarters of the Boy Scouts of America’s Pathway to Adventure Council since 1995. Tom Svoboda and Phil DeBoer of CBRE represented the seller, the Boy Scouts of America’s Pathway to Adventure Council. The buyer, Kensington School, plans to redevelop the building. Svoboda also represented the Boy Scouts in purchasing an 8,200-square-foot office suite at 1100 W. Washington Blvd. in Chicago’s West Loop.

January 25, 2023

Loans Midwest Minnesota Multifamily Northmarq

Northmarq Arranges $9.5M Loan for Refinancing of Apartment Complex in Minneapolis

by Kristin Harlow January 25, 2023

MINNEAPOLIS — Northmarq has arranged a $9.5 million agency loan for the refinancing of Isles East and West, an 85-unit apartment complex in Minneapolis. Originally built in 1922, the property rises three stories and features laundry facilities, a courtyard and car charging stations. Mike Padilla of Northmarq arranged the five-year, fixed-rate loan, which features three years of interest-only payments and a 30-year amortization schedule. The borrower was undisclosed.

January 25, 2023

Industrial Leasing Activity New Jersey Northeast Office

CBRE Negotiates 40,000 SF Office, Industrial Lease Renewal in Lincoln Park, New Jersey

by Taylor Williams January 25, 2023

LINCOLN PARK, N.J. — CBRE has negotiated a 40,000-square-foot office and industrial lease renewal in the Northern New Jersey community of Lincoln Park. Thomas Mallaney and Denise Kokulak of CBRE represented the tenant, Hishi Plastics USA, a division of Mitsubishi Chemical America, in the lease negotiations. The Frassetto Cos. owns the building.

January 25, 2023

Acquisitions Indiana Midwest Retail

Marcus & Millichap Brokers $3.3M Sale of Retail Center in Fishers, Indiana

by Kristin Harlow January 25, 2023

FISHERS, IND. — The Klink Group of Marcus & Millichap has brokered the sale of Pine Creek Shoppes in the Indianapolis suburb of Fishers for $3.3 million. Constructed in 2000, the retail center is located at 8958 E. 96th St. Tenants include H&R Block, Nail Bar, Bailey & Wood Mortgage and Moon Face & Body Studio. Jordan Klink of the brokerage represented the seller, Vamoz LTD, a private investor based in New York. Matthew Ferguson and Pete Alveal of Premier Commercial procured the buyer, NOC Pine Creek LLC, an Indianapolis-based limited liability company.

January 25, 2023

Leasing Activity New York Northeast Office

Rémy Cointreau Signs 29,852 SF Office Lease at 3 Times Square in Manhattan

by Taylor Williams January 25, 2023

NEW YORK CITY — Alcoholic beverage provider Rémy Cointreau has signed a 29,852-square-foot office lease at 3 Times Square in Midtown Manhattan. The lease spans the entire 20th floor for 10 years. The 30-story building, which originally opened in 2001 as the North American headquarters of Reuters, is currently undergoing a multimillion-dollar renovation. Ron Lo Russo of Cushman & Wakefield and internal agent Tom Keating represented the landlord, Rudin, in the lease negotiations. Peter Sabesan, Richard Selig, Nicholas Markel and Benjamin Grajzgrund of Cresa represented Rémy Cointreau, which plans to relocate from 1290 Avenue of the Americas this summer.

January 25, 2023

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