WALKER, MICH. — Lee Contracting has acquired the former Grand Rapids Press printing plant campus at 3100 Walker Ridge Drive in Walker, a suburb of Grand Rapids. The industrial contractor plans to open a new satellite office at the facility. This will be Lee’s first location outside of Pontiac, where the company is headquartered. The Grand Rapids office will start by offering electrical and mechanical services, with rigging and machinery moving and concrete machine foundations to follow. The 235,963-square-foot warehouse includes a 40,000-square-foot office space. The facility closed last year after MLive Media Group announced it would transfer production of eight of its newspapers to Cleveland. Bob Horn of JLL represented Lee in the purchase. MLive sold the facility for $9.7 million, according to local media reports.
CHICAGO — Summit Design + Build has completed construction of 1111 W. Addison in Chicago’s Wrigleyville neighborhood. The four-story, 59,000-square-foot project features retail space on the ground floor and a fitness and bouldering center on the second through fourth floors. The 41,895-square-foot climbing gym is home to Movement Wrigleyville, a climbing, yoga and fitness center. Hirsch/MPG Architecture + Planning was the project architect and Clausen Management Services was the owner’s representative.
HOFFMAN ESTATES, ILL. — Headline Solar has signed a 15,690-square-foot office lease at Bell Works Chicagoland, the redevelopment of the former AT&T campus in Hoffman Estates. The solar panel installation company will make the office its national headquarters. Headline Solar currently operates in Texas and Illinois and plans to expand to Virginia, Florida and the Carolinas by 2023. The company expects to take occupancy of its new space in the first quarter of 2022. Headline Solar joins office tenants Platinum Home Mortgage, CPA Advisors Group, Mosquito Hunters and The Next Unicorn at Bell Works Chicagoland. Somerset Development is the owner and developer.
LONG ISLAND CITY — Locally based developer Tishman Speyer has received a $425 million green bond refinancing for The JACX, a 1.2 million-square-foot office complex in the Long Island City neighborhood of Queens. Built in 2019 and fully leased at the time of closing, The JACX consists of two 26-story office towers connected by a five-story base. According to the developer, the property represents the single largest addition to the supply of office space in Long Island City since the opening of the Citicorp Building in 1990. The development houses more than 50,000 square feet of retail space, including a food hall with nine culinary concepts, a restaurant by chef Dan Kluger and an upscale grocer. Other amenities include a fitness center operated by The Wright Fit, a landscaped public plaza, access to multiple public transit lines and a 175-space bike parking area with showers. MdeAS Architects designed the building to LEED Silver certifications, and environmentally friendly features include a 100,000-gallon stormwater reclamation system and an air filtration system. These assets made the property eligible for the green bond refinancing, which Bank of America originated. The transaction retires existing construction debt with permanent CMBS financing. “Tishman Speyer is dedicated to …
By Robert Flores, Senior Vice President, CBRE Not too long ago, industrial real estate was generally viewed as an obscure and often unpopular subset of commercial real estate. Instead of owning a concrete box, many investors and developers were drawn to the flashier structures in Central Business Districts and hip submarkets. Fast forward a few short years, and industrial has firmly taken center stage for many who might have previously shunned the sector. The Greater Los Angeles area is one of the beneficiaries. The Greater Los Angeles region is the second-largest metro in the U.S. and is home to some of the nation’s most critical infrastructure. With the ports of Los Angeles and Long Beach accounting for more than 40 percent of the country’s inbound container traffic and Los Angeles International Airport serving as a major gateway for passengers and air cargo, the local industrial market is ground zero for industrial users. At the close of the second quarter, the Greater Los Angeles industrial market totaled more than 1 billion square feet of rentable space with a vacancy rate of just above 1.5 percent, according to our CBRE research. Based on current activity levels and leasing velocity in the market, …
MESA, ARIZ. — CRG has purchased a 268-acre site between E. Pecos and E. Germann roads in Mesa for the development of The Cubes at Mesa Gateway, an up-to 4 million-square-foot speculative and build-to-suit industrial project. The project will offer multiple building and size configurations ranging from 250,000 square feet to 1.2 million square feet, with build-to-suit opportunities and options to buy improved lots. Steve Larsen, Pat Harlan and Jason Moore of JLL will handle leasing for the project.
SEATTLE — LPC West and Invesco Real Estate have acquired Cascadian, a nine-story office building located in Seattle’s life sciences corridor. Located at the intersection of South Lake Union, Capitol Hill and the central business district, Cascadian features 211,000 rentable square feet and potential ground-floor retail. The buyers plan to convert the property into a life sciences space. The redeveloped property will also feature a 7,300-square-foot rooftop terrace, on-site parking and transit accessibility. Terms of the acquisition were not released.
PHOENIX — ABI Multifamily has arranged the sale of Cornell Apartments, a multifamily property in Phoenix. An Arizona-based seller sold the property to buyers based in California and Texas for $11 million, or $216,059 per unit. Built in 1968, Cornell Apartments features 51 residences with 34 three-bedroom/two-bath units, 14 two-bedroom/two-bath units and two one-bedroom/one-bath units. All units offer metered electricity, in-suite washers and dryers, stainless steel appliances, stone countertop, new interior fixtures and ceiling fans and vinyl wood flooring in most units. Community amenities include a swimming pool, barbecue grill, central courtyards, outdoor gathering spaces and covered parking. John Klocek and Patrick Burch of ABI Multifamily represented the seller in the deal.
PHOENIX — Cushman & Wakefield has brokered the sale Riverpoint Building 2, a flex office and industrial property in Phoenix. Michael Hsiung of Phoenix Rising Investments acquired the property from BH Properties for $9 million. Located at 3100 E. Broadway Road, the 61,316-square-foot property was vacant at the time of sale. Built in 2002 on 5.3 acres, the single-story building is currently divided into three shell-condition suites of varying sizes and served by a newly constructed lobby. Eric Wichterman, Mike Coover, Larry Downey and Brett Thompson of Cushman & Wakefield represented the seller in the transaction.
CYPRESS, CALIF. — Romeo Power, an energy technology company delivering electrification solutions for complex commercial vehicle applications, has leased a new headquarters and manufacturing facility in Cypress. The facility will support Romeo Power’s expansion of battery development and testing capabilities adjacent to its production line, allowing for faster innovation and time to market. The 215,000-square-foot facility includes 191,000 square feet of industrial space that will be designed to double critical laboratory and testing capacity. The expanded manufacturing capabilities will enhance throughput, quality and cost effectiveness, while the increased office space will also allow for continued organizational investment in scientific engineering and other support resources. Romeo Power will assume occupancy in the near future, with full occupancy expected to be completed over the next six to nine months.