HOUSTON — Partners Real Estate has brokered the sale of a portfolio of five single-tenant industrial buildings totaling 69,125 square feet in Houston. Cary Latham and Hunter Stockard of Partners represented the seller, AMAG Holdings LLC, in the transaction. Blake Deer and Carson Deer represented the buyer, Capital Real Estate Investments, on an internal basis.
ATLANTIC CITY, N.J. — Atlantic City Development Co. has opened a 416-bed residence hall that will serve students at Stockton University. The six-story, 135,000-square-foot building represents the second phase of a larger development that also featured two other residence halls totaling 543 beds and a 56,000-square-foot academic center. Amenities include multiple lounges, a meeting room, business center and onsite laundry facilities. Other project partners included architect Thriven Design and Philadelphia-based engineering firm O’Donnell & Naccarato.
PITTSBURGH — Community Preservation Partners (CPP) has acquired Allegheny Commons, a 136-unit affordable housing complex in Pittsburgh’s North Shore neighborhood. The 20-building property was originally built in 1973. The majority (112) of the units are covered under a project-based Section 8 Housing Assistance Payments (HAP) contract. Additionally, the project includes units that are reserved for households earning up to 60 percent of the area median income. CPP plans to undertake $11.3 million in capital improvements to the property, including upgrades to unit interiors, common areas and building exteriors.
FLORHAM PARK, N.J. — Locally based developer Garden Communities is underway on construction of a two-building, 126-unit multifamily project in the Northern New Jersey community of Florham Park. The site at 147 Columbia Turnpike formerly housed an office building. Units will come in one- and two-bedroom floor plans with an average size of 1,200 square feet, and amenities will include a fitness center, resident lounge and multiple open green spaces. Completion of the first building is slated for the end of the year.
CHICAGO — Law firm Burke, Warren, MacKay & Serritella PC has renewed its 47,000-square-foot office lease across the 21st and 22nd floors of AMA Plaza in Chicago. The firm plans to renovate its space with an interconnected staircase between the two floors as well as new technology, conferencing space and a café. Joe Learner of Savills negotiated the firm’s initial lease at AMA Plaza more than 25 years ago. Rich Dale and Laura Schueren of Savills will oversee project management of the office renovation, which is slated for completion in 2024. AMA Plaza is the last and largest building in the U.S. designed by renowned architect Mies van der Rohe.
CINCINNATI — Rubenstein Partners LP has unveiled a new sky lounge and outdoor rooftop deck on the 14th floor of 312 Elm Street, a 378,000-square-foot office building in downtown Cincinnati. The space features a tenant lounge area, training room and alternative workspace. It is also available for events. Rising 26 stories, 312 Elm Street offers views of the city skyline. Additional amenities at the property include a recently renovated lobby and a large fitness center. Rubenstein purchased 312 Elm Street and the neighboring 312 Plum Street in 2015 and embarked on a renovation plan for both buildings with a focus on common areas, streetscapes and amenities.
SOUTHFIELD, MICH. — Guardian Alarm has sold its 66,000-square-foot office headquarters in Southfield. The company has signed a new lease for 37,111 square feet at 26711 Northwestern Highway in Southfield. The new office will include a state-of-the-art alarm monitoring command center, updated training facilities and an expanded customer care center. The move also enables Guardian Alarm to consolidate its administrative offices, which are currently located in two separate buildings. The company expects to complete the move by late summer. Dan Verderbar of Friedman Real Estate represented Guardian Alarm in the sale and the new lease.
CHICAGO — Kiser Group has arranged the sale of an 85-unit multifamily portfolio in Chicago’s Beverly neighborhood for $8.5 million. The portfolio includes five buildings that are all situated within a two-block radius. John George and Joe Bianchi of Kiser brokered the deal. The seller, the Rubino Family, had owned the properties for about 25 years. Each property was owned by a different family member, making the escrow process longer and more complicated than usual. An entity doing business as Beverly Holdings LLC was the buyer.
CHICAGO — SVN Chicago Commercial has brokered the sale-leaseback of a 9,500-square-foot building located on North Clark Street in Chicago’s Andersonville neighborhood for an undisclosed price. The property features roughly 6,000 square feet of ground-floor commercial space that is occupied by Reza’s Restaurant. The restaurant plans to downsize its space, enabling future development opportunities for the buyer, a partnership between Chicago-based GW Properties and Howard Natinsky. Reza’s Restaurant will continue to lease back space from the new owner. Wayne Caplan of SVN Chicago Commercial brokered the sale.
SOUTH PLAINFIELD, N.J. — A partnership between locally based owner-operator Ridgecut Road and Boston-based investment group Marcus Partners has acquired an industrial building in the Northern New Jersey community of South Plainfield. According to LoopNet Inc., the 11,500-square-foot property at 456 Hollywood Ave. was built on 3.9 acres in 1984. The building was been owned and occupied by a crane rental and equipment business for the last 50 years. The sales price was not disclosed.