FAIRVIEW, N.J. — Global investment management firm Realterm has acquired a 66,504-square-foot warehouse located at 83 Broad Ave. in the Northern New Jersey community of Fairview. The property sits on 4.7 acres and features 10 dock-high doors. Torsten Thaler, Tom Tucci and Steve Shoemaker of Cushman & Wakefield brokered the deal, the seller of which was not disclosed.
TOLEDO, OHIO — NorthPoint Development has broken ground on Toledo Trade Center, a three-building industrial project totaling more than 853,000 square feet in Toledo. The speculative project is being built on the site that was formerly home to North Towne Mall, which closed in 2005. NorthPoint estimates that the $84.6 million investment, excluding tenant improvements, will create more than 564 direct and indirect jobs and generate over $11.8 million in annual permanent wages for the local community. Rudolph Libbe Inc. is the general contractor. The first building is slated for completion next summer. Reichle Klein Group will serve as the leasing agent.
KANSAS CITY, MO. — Blue Cross and Blue Shield of Kansas City is relocating its headquarters from 2301 Main St. to 1400 Baltimore Ave. in Kansas City. The company signed a long-term lease for 260,000 square feet. Bryan Johnson, Tom Volini and Sven Sykes of Colliers Kansas City represented the tenant in the lease transaction. The landlord was undisclosed.
MINNEAPOLIS — JLL Capital Markets has brokered the $13 million sale of an 18-property industrial portfolio totaling 105,500 square feet across four Midwest states. The majority of the buildings are in Minnesota, while three are in Iowa, two are in Wisconsin and one is in North Dakota. The properties were constructed between 2007 and 2021 as build-to-suit facilities for Frito-Lay, a subsidiary of PepsiCo. Matt Hazelton and Cory Villaume of JLL represented the seller, Ebert Construction. Essjay Investment Co. was the buyer.
MILWAUKEE — USG Realty Capital has begun construction of Elevation 1659, a 76-unit apartment community in Milwaukee. The opportunity zone project is being developed in partnership with Ogden & Co. Inc. Completion is slated for September 2023. Elevation 1659 will offer a lower carbon footprint than neighboring properties, according to the development team. USG is utilizing its Investors Choice OZ fund, which launched in June 2021. Since that time, the qualified opportunity zone fund has invested in four projects.
OMAHA, NEB. — Marcus & Millichap has arranged the sale of a 66,474-square-foot retail property occupied by Family Fare Supermarket in Omaha for $4.4 million. The building is located at 5110 S. 108th St. Brennan Clegg, Chris Lind and Mark Ruble of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided. Family Fare operates more than 80 locations in seven states.
NORTHAMPTON, MASS. — A partnership between Live Give Play and Spiritos Properties will develop a 70-unit active adult project at 79 King Street in Northampton, a suburb of Springfield. The property is located downtown on a walking/biking path and is steps from Smith College. Designed by BKSK Architects, the building will rise five stories and total 110,000 square feet. The community is designed to achieve Passive House certification. Completion is slated for late 2024.
NEW YORK CITY — Carlyle has signed a 40,542-square-foot office lease at 340 Madison Avenue in Midtown Manhattan. The global investment and financial services firm has leased the entire eighth floor of the 745,312-square-foot building, which was originally constructed in 1928, for 10 years. Steve Rotter and Joe Messina of JLL represented the tenant in the lease negotiations. Paul Glickman, Matthew Astrachan, Cynthia Wasserberger and Dan Turkewitz, also with JLL, represented the landlord, RXR.
SAN YSIDRO, CALIF. — KeyBank Community Development Lending and Investment has provided $49.3 million in construction financing to 4132 Beyer L.P., a collaboration between nonprofit affordable housing Metropolitan Area Committee on Anti-Poverty of San Diego County and Riverside-based Kingdom Development. The partnership will use the funds to develop Ventana al Sur, an affordable seniors housing community in San Ysidro, just across the Mexican border from Tijuana. Ventana al Sur will include 100 one- and two-bedroom apartments for seniors, as well as a manager unit. The units will include roll-in showers, balconies, appliances, heating and air conditioning. The property will offer three laundry rooms, two elevators, secure parking and a rooftop terrace. The units will be restricted to seniors 62 and older making 20 percent to 50 percent of area median income, with 25 units for seniors experiencing chronic homelessness, supported by vouchers from San Diego Commission. Matthew Haas and Keven Ruf of KeyBank arranged the financing for the borrower. In addition to the funds from KeyBank, the project received $4.4 million from San Diego Housing Commission, $5 million from San Diego Economic Development, $20 million from California State Multifamily Housing Program and $30.4 million from California Housing Accelerator funds as …
LAS VEGAS — Gerrity Group has sold Craig Marketplace, a 119,280-square-foot retail center in Las Vegas, for $41.2 million. Gleb Lvovich and Daniel Tyner of JLL Capital Markets represented both Gerrity and the California-based buyer in the 1031-exchange transaction. John Marshall, Jordan Leake and Carl Beardsley, also of JLL, secured acquisition financing on behalf of the buyer. Anchored by Albertsons, the center was 94.5 percent leased at the time of sale to tenants including Jack in the Box, Popeyes Louisiana Kitchen, Starbucks Coffee and Subway. Situated at 7101-7181 W. Craig Road, the property was built in 2002.
