SAN ANTONIO — Locally based brokerage firm REOC San Antonio has negotiated a 10,113-square-foot restaurant lease at Building B at Plaza Las Campanas, located on the city’s north side. Andrew Lyles, Brian Harris and Kim Gatley of REOC San Antonio represented the landlord, L&R Huebner Ltd., in the lease negotiations. Charlie Weil of Transwestern represented the tenant, steakhouse concept Blu Prime, which plans to open this summer.
PITTSBURGH — Pittsburgh International Airport has unveiled designs for the next phase of its $1.4 billion redevelopment. The latest stage of the project will center around a passenger tunnel/bridge that connects the existing hub of the airport with the new terminal that is under construction. The development team broke ground on the new, 700,000-square-foot terminal in October 2021 and expects to complete the project in 2025. The new terminal will consolidate ticketing, security checkpoints and baggage claim operations and offer a multi-modal complex with a 3,300-space parking garage, rental car facilities, parking lots and roadways.
CHICAGO — Pebblebrook Hotel Trust (NYSE: PEB) has sold 909 N. Michigan Ave., a 5,860-square-foot retail property in Chicago, for $27.3 million. The asset is fully occupied by three tenants and is situated adjacent to Pebblebrook’s Westin Michigan Avenue Chicago hotel. The sales price reflected a cap rate of 7.7 percent. Proceeds from the sale will be used for general corporate purposes, which may include reducing the company’s outstanding debt and repurchasing the company’s common and preferred shares. A venture of Los Angeles-based Blatteis & Schnur was the buyer, according to Crain’s Chicago Business.
CHICAGO — Owner L3 Capital has secured retail leases with Ever/Body and Brilliant Earth for its development at 1020 W. Randolph St. in Chicago’s Fulton Market district. In January 2022, L3 Capital completed the redevelopment of a former bank and adjacent parking lot. The 35,000-square-foot project is now fully leased. Ever/Body is a New York-based cosmetic dermatology group and Brilliant Earth is a diamond retailer. Other tenants at the property include Lululemon, fine jeweler Mejuri, mini golf concept Puttery and luxury bedding brand Brooklinen.
MERRILLVILLE, IND. — Pure Development has completed a 111,734-square-foot industrial facility for Domino’s Pizza in Merrillville, a city in Northwest Indiana. The development is now open and is utilized for production, storage and distribution of pizza dough in support of Domino’s operations throughout Indiana, Illinois, Michigan and Wisconsin. Pure Development broke ground on the project in August 2021.
WEST DES MOINES, IOWA AND EDMOND, OKLA. — Marcus & Millichap has brokered the sale of a net-leased daycare portfolio in Iowa and Oklahoma for $11.1 million. The KinderCare-occupied properties are in West Des Moines and Edmond. Dominic Sulo marketed the portfolio for sale on behalf of the seller, a Michigan-based limited liability company. The buyer was undisclosed.
BYRON, MINN. — Quantum Real Estate Advisors Inc. has arranged the sale of a freestanding medical office building located at 221 2nd Ave. SW in Byron, about 10 miles west of Rochester. The sales price was undisclosed. Bluestem Center for Autism occupies the property. Seth Gilford of Quantum represented both the seller and buyer, a South African medical acquisition fund. The seller was looking for capital to help fund expansion into new locations.
ONTARIO, CALIF. — SRS Real Estate Partners’ Investment Properties Group has brokered the $54 million sale of New Haven Marketplace in Ontario. Built in 2020, the shopping center totals 95,000 square feet. Stater Bros. anchors the property, which was fully leased at the time of sale. Other tenants include Starbucks Coffee, Chase Bank, Carl’s Jr., Great Clips, Rodeo X Public Market and Brew Haven. Pat Kent and Parker Walter of SRS represented the seller, a California-based developer, in the transaction. Glenn Rudy of Newmark represented the buyer, a California-based family office.
HILLSBORO, ORE. — Newmark has arranged the sale of The Streets of Tanasbourne, a 371,791-square-foot shopping center in Hillsboro. Nicholas Bicardo, Nick Kucha and Cheyne Bloch brokered the sale on behalf of the undisclosed seller. Balboa Retail Partners purchased the property. Macy’s, H&M, REI and Sephora anchor the center, which was 93 percent leased at the time of sale.
PARSIPPANY, N.J. — New Jersey-based developer Accurate has broken ground on a 325-unit apartment community in Parsippany, located in the northern part of the Garden State. The site at 100 Cherry Hill Road spans 26 acres, and the development will feature two four-story buildings with 162 and 163 units. Residences will come in studio, one-, two- and three-bedroom floor plans, and amenities will include a pool, courtyard, fitness center, resident clubhouse and a tech lounge. Twenty percent (65 units) will be subject to income restrictions. Minno & Wasko Architects & Planners is designing the project. Full completion of both buildings is slated for the first quarter of 2024.