READING, PA. — Steel packaging manufacturer Can Corp. of America has signed a 114,550-square-foot industrial lease at Route 61 Distribution Center in Reading, about 65 miles northwest of Philadelphia. The building at 184 Tuckerton Road spans 392,030 square feet and is now fully leased. Paul Touhey, Sean Bleiler and Abraham Kromah of CBRE represented the landlord, Endurance Real Estate, in the lease negotiations. The tenant representative was not disclosed.
BENSALEM, PA. — Locally based investment firm Velocity Venture Partners has acquired a 94,280-square-foot industrial property in Bensalem, about 20 miles northeast of Philadelphia. ProCorr Display & Packaging, a manufacturer of corrugated boxes and other packaging materials, occupies the entirety of the building at 2260 State Road, which features a clear height of 20 feet and three drive-in doors. Carl Neilson and Andrew McGhee of Colliers represented the undisclosed seller in the transaction and procured Velocity as the buyer.
MIDDLETON, MASS. — Kenworth Northeast, a New York-based truck dealer, will open a 34,000-square-foot automotive showroom in Middleton, a northern suburb of Boston. The space will feature a full sprinkler system, LED lights, 11 service bays, a fabrication area, component rebuild area and a state inspection bay. Locally based firm Polar Design Build has been tapped as the general contractor for the project, which will be designed by Maugel DeStefano Architects. The opening is scheduled for spring 2024.
MOUNTAIN LAKES, N.J. — NAI James E. Hanson has negotiated a 22,224-square-foot office lease in Mountain Lakes, about 40 miles west of New York City. According to LoopNet Inc., the property at 333 Route 46 was built in 1987 and includes office space within its 147,944-square-foot footprint. Andrew Somple and Justin Allessio of NAI Hanson represented the tenant, integrated marketing firm Phase 3 Media LLC, in the lease negotiations.
CHICAGO — Sterling Bay has topped out construction of 160 N Morgan, the firm’s first residential building in Chicago’s Fulton Market district. The 282-unit apartment building will feature amenities such as an exterior rooftop pool deck, fitness center, training room, outdoor fitness deck, resident lounge, covered outdoor dog run and coworking spaces. Sterling Bay is developing the project in partnership with Ascentris, a Denver-based real estate private equity firm. The project’s capital structure includes senior-secured financing from CIBC Bank USA. Sterling Bay has set aside 28 units for affordable housing. Chicago-based bKL Architecture is the project architect. Walsh Group is leading construction alongside joint venture partner BOWA Construction. Pre-leasing is scheduled to begin in July. The first units are slated for completion in September.
MINNEAPOLIS — Infrastructure design firm HNTB has signed a 15,187-square-foot office lease at 60 South Sixth, an office tower in downtown Minneapolis formerly known as RBC Plaza. KBS Real Estate Investment Trust III owns the 40-story, 710,332-square-foot property. Since purchasing the building in 2015, KBS has invested over $24 million in renovations. In 2022, KBS spent more than $6.5 million on the refurbishment of common areas and the fitness center. KBS also plans to add another tenant lounge. Brent Robertson and Andrea Leon of JLL represented KBS in the lease, while Eddie Rymer of JLL represented HNTB.
GRAND RAPIDS, MICH. — Thompson Thrift has sold The Grove, a 320-unit apartment complex in Grand Rapids, for an undisclosed price. A private real estate investment firm purchased the Class A community. Completed in August 2022, The Grove features floor plans that average 1,200 square feet. Amenities include a resident social lounge, fitness center, heated pool and spa, grilling areas, pickleball courts, dog park and pet spa. Jason Krug of Berkadia brokered the sale on behalf of Thompson Thrift.
CHICAGO — Alma, a provider of aesthetic medical technologies and energy-based solutions for the surgical, medical aesthetics and beauty markets, has opened a 10,605-square-foot office at Fulton East in Chicago’s Fulton Market district. The 12-story, 90,000-square-foot office and retail building, developed by Parkside Realty Inc., is located at 215 N. Peoria St. Alma will also occupy ground-floor retail space in the building beginning in May. The ninth floor of Fulton East will serve as the central location for the North American operation team of Alma, while the 5,025-square-foot retail space will house the company’s first U.S.-based Sisram Wellness Center. Alma will maintain its existing distribution space at 485 Half Day Road in Buffalo Grove, Ill. Jonathan Metzl of Cushman & Wakefield represented Alma in the lease, while Katie Scott and Camille Julmy of Parkside Realty represented ownership.
EXCELSIOR, MINN. — Locally based Red Leaf Partners LLC and Monarch Development Partners LLC are developing One West Drive, a 49-unit apartment building in Excelsior, a western suburb of Minneapolis. The project site is situated near Lake Minnetonka and dozens of restaurants and shops. The development will include a 322-stall parking garage, of which 78 stalls will be dedicated to One West Drive residents. Andy Finn of Northmarq arranged equity and debt financing for the project. Denver-based Brue Baukol Capital Partners is the equity partner, and MidWestOne Bank is providing a construction loan. The loan features a 65 percent leverage on a three-year term with three years of interest-only payments.
LOS ANGELES — Landmark Properties has announced plans to develop a student housing community near the University of Southern California (USC) campus in Los Angeles. Located at the corner of West 39th and South Figueroa streets, the property will offer 435 units in studio through five-bedroom configurations. The development will also include 87 affordably priced units, which will be reserved for students at the low-income level or below. Landmark is still in the planning phase for the project, which is expected to feature more than 1,500 beds. Shared amenities will include a clubhouse; rooftop resort-style swimming pool and grilling area; computer lab; fitness center; on-site parking; and 20,000 square feet of ground-floor retail. Construction is set to begin by the end of 2023, with completion scheduled for fall 2026. Landmark Urban Construction will serve as general contractor for this project. Kevin Shannon, Ken White, Greg Galusha, Bryan Norcott, Ryan Lang, Jack Brett, Chris Benton and Anthony Muhlstein of Newmark, in collaboration with Eric Bergstrom at Bergstrom Capital Advisors, brokered the acquisition of the development site from Ventus Group for an undisclosed price.