BUFFALO GROVE, ILL. — Colliers has arranged the sale of a 226,384-square-foot flex industrial property in the Chicago suburb of Buffalo Grove for an undisclosed price. Constructed in 1985, the building features 90,000 square feet of office space and parking for 600 cars as well as an attached manufacturing facility with a clear height of 21 feet, five interior docks and three exterior docks. Siemens has occupied the property since 1987 and utilizes the space for its U.S. engineering headquarters, which employs more than 800 engineers and manufacturing workers. Jeff Devine and Steve Disse of Colliers represented the seller, a private investor. Lightstone was the buyer.
PERU, ILL. — Associated Bank has provided a $6 million loan for the construction of Diamond Senior Apartments of Peru. The 56-unit seniors housing community will be located at 927 Wenzel Road in Peru, which is situated in North Central Illinois. Developed by 3 Diamond Development, the project will comprise 10 single-story buildings. All units will be restricted to low-income seniors age 55 and older. Twelve of the units will be restricted to residents earning less than 30 percent of the area median income (AMI), while the remaining 44 units will be reserved for those who earn up to 60 percent of AMI. The development will also feature a separate building with an exercise room and community room. Teresa Rubio of Associated Community Development LLC managed the loan and closing.
PLYMOUTH, MINN. — Meritex has completed the redevelopment and lease-up of Building One at Parkers Lake Commerce Center in the Twin Cities suburb of Plymouth. The three-building industrial complex totals 381,349 square feet. Meritex purchased the property in June 2021. Improvements to Building One include new entrances, façade, LED lighting and a new concrete truck court with 24 additional dock-high doors, two drive-in doors and additional parking. Stratasys, a polymer 3D printing solutions company, signed a seven-year lease for the entirety of the building, which spans 168,100 square feet. Jason Meyer and Brent Masica of Cushman & Wakefield represented Meritex in the lease transaction. Jim DePietro of CBRE represented Stratasys.
AUSTIN, TEXAS — Locally based development and investment firm Wayfinder Real Estate has sold Troubadour, a 321-unit apartment community in Austin. The newly built property offers one-, two- and three-bedroom units, with 16 residences reserved for households earning 80 percent or less of the area median income. Amenities include a pool, multiple courtyards, an outdoor movie theater and a rooftop terrace. Preleasing of Troubadour began in January, and Wayfinder expects the property to reach a stabilized occupancy rate of 93 percent by the end of the month. An affiliate of Austin-based Christopher Investment Co. purchased the asset for an undisclosed price in an off-market transaction.
FORT WORTH, TEXAS — Boston-based investment firm TA Realty has purchased The Elm at River Park, a 293-unit apartment community in Fort Worth. The property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances and granite countertops. Amenities include a pool, dog park, fitness center with on-demand programs and a business center with micro-offices and a conference center. San Antonio-based Embrey sold The Elm at River Park for an undisclosed price and will continue to manage the property.
NORTH RICHLAND HILLS, TEXAS — Colliers Mortgage has provided a $17.7 million HUD-insured construction loan for Village Cooperative of Century Hills, a 55-unit active adult project in North Richland Hills, a northern suburb of Fort Worth. The property will be reserved for renters age 62 and above. Units will range in size from 889 to 1,770 square feet, and amenities will include a fitness center, clubroom, arts and crafts room, reading areas and garden plots. The borrower was not disclosed.
DALLAS — Home improvement products provider Riad Tile has signed a 49,000-square-foot industrial lease at 5200 E. Grand Ave., located just east of downtown Dallas. According to LoopNet Inc., the property was built in 1952, renovated in 1986 and spans 344,000 square feet. Josh Barnes and Canon Shoults of Holt Lunsford Commercial represented the landlord, Frontier Equity, in the lease negotiations. Alex Coe of Cresa represented the tenant.
PITTSBURGH — New York City-based Golden East Investors has purchased the former Heinz manufacturing campus in Pittsburgh with plans to redevelop the property. The acquisition includes seven industrial buildings totaling approximately 985,000 square feet that are situated on a 20-acre site along the Allegheny River. Phase I of the redevelopment will center on repositioning two warehouses and cold storage facilities totaling roughly 300,000 square feet to be able to accommodate advanced manufacturing, research and development, life sciences and robotics users. Completion of that initiative is slated for the third quarter of next year. Phase II will feature a renovation of a 375,000-square-foot building into a life sciences facility with an accompanying parking garage that can support up to 500 vehicles. The third and final phase will involve converting of the sites that house the other four buildings into a mixed-use development with multifamily, retail and office and/or life sciences uses. CBRE was the listing broker on the first-time sale of the campus by Riverbend Foods via bankruptcy proceedings.
WAYNE, PA. — JLL has negotiated the sale of a 155,200-square-foot life sciences facility in Wayne, a northwestern suburb of Philadelphia. The property sits on 10 acres and offers amenities such as a fitness center, conference room and a cafeteria. Jim Galbally and Brett Segal of JLL represented the seller, Pennsylvania-based Maguire Hayden Real Estate, in the transaction. The buyer and sales price were not disclosed. At the time of sale, the facility was fully leased to Charles River Laboratories, which conducts pharmaceutical research and development.
DRIPPING SPRINGS, TEXAS — A partnership between two Austin-based firms, Long View Equity and Endeavor Real Estate Group, has acquired 5.6 acres in the western Austin suburb of Dripping Springs for the development of a 27,000-square-foot office and retail project. Branded Sawyer Ranch, the development will comprise 13,000 square feet of office space and 14,000 square feet of retail space. Construction is scheduled to begin in the first quarter of 2023 and to be complete in the fourth quarter of 2023. Sawyer Ranch is 55 percent preleased to date.