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Crossroads-Commerce-Center-North-Brunswick-New-Jersey
BohlerDevelopmentIndustrialNew JerseyNortheast

Peak Construction Underway on 191,481 SF Industrial Project in North Brunswick, New Jersey

by Taylor Williams

NORTH BRUNSWICK, N.J. — General contractor Peak Construction is underway on Crossroads Commerce Center, a 191,481-square-foot industrial project located in North Brunswick, about 40 miles south of New York City. Building features will include a clear height of 40 feet, 130-foot truck court depths, 29 dock positions, two drive-in doors, 161 car parking spaces and 31 trailer parking spaces. Principal Asset Management is the developer of the project. Other project partners include construction manager D. Loeffler Consulting, Environetics Group Architects and Bohler Engineering. Completion is slated for May 2023.

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Renaissance-Logitsics-Center-Rialto-CA
AcquisitionsCaliforniaDevelopmentIndustrialWestern

Lovett Industrial Acquires Land in Inland Empire for 114,115 SF Industrial Development

by Amy Works

RIALTO, CALIF. — Houston-based Lovett Industrial has closed on a six-acre parcel in Rialto with plans to develop Renaissance Logistics Center on the site, which is directly on I-210. Construction for the 114,115-square-foot, front-load industrial facility is scheduled to commence in January, with completion slated for September 2023. The building will feature efficient ingress and egress to the adjacent freeway interchange, 36-foot clear heights, a 7-inch reinforced concrete slab, 90 auto stalls, skylights and speculative office space with mezzanine space. HPA is serving as architect, and Westland Engineering is serving as civil engineer of the development. Bill Heim and Alex Heim of Lee & Associates Ontario, Calif., will handle marketing and leasing of the project.

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AcquisitionsNortheastPennsylvaniaRetail

JLL Negotiates $46M Sale of Pittsburgh Shopping Center

by Taylor Williams

PITTSBURGH — JLL Capital Markets has negotiated the $46 million sale of The Mall at Robinson, an 874,553-square-foot shopping center in Pittsburgh. Dick’s Sporting Goods, Macy’s, J.C. Penney and a space formerly occupied by Sears anchor the retail center, which was 92.1 percent leased at the time of sale. Kohan Retail Investment Group purchased the property from an entity doing business as QIC US Management Inc. David Monahan, Claudia Steeb, Cameron Pittman and Emerson Pierce of JLL brokered the sale.

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AcquisitionsConnecticutMultifamilyNortheastSeniors Housing

Blueprint Brokers Sale of 380-Bed Skilled Nursing Portfolio in Metro Hartford

by Taylor Williams

HARTFORD, CONN. — Blueprint Healthcare Real Estate Advisors has brokered the sale of three skilled nursing facilities in Connecticut. Totaling 380 beds, the properties are all located in the northeastern suburbs of Hartford. A joint venture owner sold the assets to a regional buyer for an undisclosed price, with both parties requesting anonymity. The new ownership plans to focus on operational efficiencies, including staffing, and to invest in capital projects at the facilities.

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Data CentersDevelopmentIllinoisIndustrialMidwest

Metro Edge Development Partners to Build $257M Data Center in Illinois Medical District

by Kristin Harlow

CHICAGO — Metro Edge Development Partners has unveiled plans to build a $257 million data center within the Illinois Medical District (IMD) in Chicago. Construction is scheduled to begin in 2023 and be completed in 2024. Metro Edge secured a 75-year ground lease on a nearly two-acre parcel owned by IMD. The data center will rise five stories and span 184,720 square feet. The facility is 50 percent preleased. Corgan is the project architect. Clune Construction is overseeing all construction in partnership with Power Construction and Ujamaa Construction. T5 Data Centers is the project manager.

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IllinoisLeasing ActivityMidwestOffice

NASCAR Opens Office at Chicago’s Prudential Plaza

by Kristin Harlow

CHICAGO — NASCAR has opened an office at Two Prudential Plaza in downtown Chicago. Dubbed “One Two Pru,” the two-building office complex spans 2.3 million square feet and features amenities such as a rooftop terrace, lounge, conferencing facilities and health club with Peloton bikes. NASCAR recently announced that it would be hosting the Chicago Street Race in July. The 2.2-mile race will take place downtown and is expected to have an economic impact of $113.8 million. Clark Evans and Kevin Morgan of JLL represented NASCAR in the three-year lease for 4,250 rentable square feet. The landlord was undisclosed.

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LoansNew YorkNortheastNorthmarqOffice

Northmarq Arranges $20M Loan for Refinancing of Long Island Office Complex

by Taylor Williams

GARDEN CITY, N.Y. — Northmarq has arranged a $20 million loan for the refinancing of a 111,674-square-foot office complex in the Long Island community of Garden City. The complex consists of two sister buildings that are situated on a one-acre lot at 1010 and 1050 Franklin Ave. Ernest DesRochers, Charles Cotsalas and Robert Delitsky of Northmarq arranged the loan, which carried a fixed interest rate, 15-year term and a 30-year amortization schedule, on behalf of the undisclosed borrower. The direct lender was also not disclosed.

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Highland-Green-Apts-Kent-WA
AcquisitionsMultifamilyWashingtonWestern

Kidder Mathews Brokers $23.5M Sale of Highland Green Apartments in Kent, Washington

by Amy Works

KENT, WASH. — Kidder Mathews has arranged the sale of Highland Green Apartments, a garden-style multifamily complex located at 10105 SE 236th St. in Kent. A California-based company acquired the asset from a private family for $23.5 million, or nearly $245,000 per unit. Dylan Simon, Brandon Lawler and Jerrid Anderson of Kidder Mathews’ Simon and Anderson team represented the seller in the deal. Kidder Mathews also sourced the buyer and was the only brokerage firm involved in the transaction. Built in 1991, Highland Green features 96 apartments.

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12318-Ventura-Blvd-Los-Angeles-CA
AcquisitionsCaliforniaRetailWestern

Private Family Sells Sit N Sleep-Occupied Retail Building in Los Angeles’ Studio City for $6.9M

by Amy Works

LOS ANGELES — A private family has completed the disposition of a retail property in the Studio City neighborhood of Los Angeles. A private investor acquired the asset for $6.9 million. Sit N Sleep, a mattress retailer, has occupied the two-story, 15,000-square-foot building at 12318 Ventura Blvd. for 11 years. The tenant’s current lease terminates in 2023, with a six-year option to renew. Tanel Harunzade, Darrell Levonian and Brittney McCarthy of Kidder Mathews represented the seller in the deal.

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DevelopmentIllinoisIndustrialMidwest

Industrial Outdoor Ventures to Develop Two Industrial Service Facilities in Zion, Illinois

by Kristin Harlow

ZION, ILL. — Industrial Outdoor Ventures (IOV) has acquired two parcels totaling 56 acres in Zion, a city in northeast Illinois near the Wisconsin border. Named Trumpet Park Spec Development, the project will consist of a pair of industrial service facilities (ISFs). Project costs are estimated at $35 million. The development will feature up to 1,200 truck trailer parking spaces and more than 26,000 square feet of maintenance and service buildings. ISFs provide supply chain infrastructure solutions to industries such as transportation, bulk material distribution, last-mile logistics, heavy equipment and utilities. The project marks IOV’s first ground-up development in the Chicago market. The design team includes Spaceco, which will provide civil and surveying services, and Arete Design Studio, which will provide architecture, planning and design services. Construction is expected to begin in spring 2023 and be completed in the fourth quarter of 2023. Chris Volkert, Ned Frank and Jeff Devine of Colliers represented the institutional seller in the land sale. Volkert and Frank, along with colleague Pat Hake, will market the project for lease.

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