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80-Pine-Street-Manhattan
LoansNew YorkNortheastOffice

Bank of America Provides $100M Loan for Refinancing of 80 Pine Street in Manhattan

by Taylor Williams

NEW YORK CITY — Bank of America has provided a $100 million loan for the refinancing of 80 Pine Street, a 1.2 million-square-foot office tower that occupies a full city block between Pearl and Water streets in Lower Manhattan. The borrower, The Rudin Family, originally constructed the 38-story building in 1960. A portion of the proceeds will be used to fund additional phases of a renovation program that began last year. Rudin has modernized the lobby and entrances and will now construct an indoor and outdoor amenity center on the 22nd and 23rd floors. Fogarty Finger Architects is leading the redesign of the building.  

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DevelopmentIndustrialNortheastPennsylvania

DHL Supply Chain to Open 970,000 SF Distribution Center in Lebanon, Pennsylvania

by Taylor Williams

LEBANON, PA. — Third-party logistics company DHL Supply Chain will open a 970,000-square-foot distribution center in Lebanon, an eastern suburb of Harrisburg. DHL Supply Chain is both the developer and end user of the project, which will be part of a larger, two-building development. The project is expected to generate $88 million in capital investment for the region and add about 200 jobs to the local economy. Construction of the first facility is expected to begin in mid-July and to be complete in the first quarter of 2022.

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Bridge-Point-78-Phillipsburg-New-Jersey
IndustrialLeasing ActivityNew JerseyNortheast

CBRE Negotiates 607,279 SF Industrial Lease in Phillipsburg, New Jersey

by Taylor Williams

PHILLIPSBURG, N.J. — CBRE has negotiated a 607,269-square-foot industrial lease in Phillipsburg, located on the New Jersey-Pennsylvania border. The tenant, Italian logistics form OMLog, will occupy space within Building 3 at Bridge Point 78, a 3.9 million-square-foot master-planned development by Bridge Industrial and PGIM Real Estate. Jake Terkanian, Mindy Lissner and Vincent Ranalli of CBRE represented the landlord in the lease negotiations. Kevin Dudley, also with CBRE, represented the tenant.

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IndustrialLeasing ActivityNew YorkNortheast

City Lumber Signs 73,000 SF Headquarters Lease in Queens

by Taylor Williams

NEW YORK CITY — Building materials supplier City Lumber has signed a 73,000-square-foot headquarters lease at 84-00 73rd Ave. in the Glendale area of Queens. The property includes warehouse and office space, as well as 32,500 square feet of outdoor space for additional storage or parking needs. The lease term is 12 years, and the rental rate equates to $23 per square foot. Josh Berger and Alex Lubin of Norman Bobrow & Co. represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.

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DevelopmentIndustrialMidwestOhio

Pizzuti Breaks Ground on Nearly 1.1 MSF Spec Warehouse in Central Ohio

by Kristin Harlow

WEST JEFFERSON, OHIO — The Pizzuti Cos. and development partner West Jeff Partners LLC have broken ground on a nearly 1.1 million-square-foot speculative warehouse in West Jefferson, a city in central Ohio about 20 miles west of downtown Columbus. The facility will be situated within the larger West Jefferson Logistics Center, which is located off I-70. The project will include dedicated public roadways and utility extensions. The building will feature a clear height of 40 feet, up to 211 dock doors and up to 320 trailer parking spaces. Construction is slated for completion in the second quarter of 2022. Jeff Lyons and Alex Vulic of CBRE will market the project for lease.

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AcquisitionsIllinoisIndustrialMidwest

TriStar Properties Sells 593,094 SF Distribution Center in Edwardsville, Illinois

by Kristin Harlow

EDWARDSVILLE, ILL. — TriStar Properties has sold a 593,094-square-foot distribution center and 54 associated acres in Edwardsville near St. Louis. An institutional buyer purchased the asset for an undisclosed price. The property is located at 3077 Gateway Commerce Center Drive. Constructed in 2018, the facility is part of TriStar’s Gateway Commerce Center, a 2,300-acre regional logistics and bulk distribution park. The building features a clear height of 36 feet and parking for more than 400 vehicles.

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AcquisitionsMidwestRetailWisconsin

Colliers Brokers $18.6M Sale of Grocery-Anchored Shopping Center in Green Bay, Wisconsin

by Kristin Harlow

GREEN BAY, WIS. — Colliers International has brokered the sale of Bayside Marketplace in Green Bay for $18.6 million. Anchored by Fresh Thyme, the 229,572-square-foot shopping center is located on South Oneida Street. Additional tenants include Joann, Dunham’s Sports, Xperience Fitness, Dollar Tree and OfficeMax. Adam Connor and Mark Pucci of Colliers Wisconsin and El Warner and Charley Simpson of Colliers Los Angeles represented the seller, Atlanta-based The Ardent Cos. An Austin, Texas-based private buyer purchased the asset.

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DevelopmentIndianaIndustrialMidwest

Meridian Design Build to Construct 278,148 SF Spec Industrial Building in Plainfield, Indiana

by Kristin Harlow

PLAINFIELD, IND. — Developer HSA Commercial Real Estate has selected Meridian Design Build to construct a 278,148-square-foot speculative industrial building in Plainfield. Located at 915 Airtech Parkway, the project will sit on 25 acres. Precast delivery is scheduled for mid-August. The building will feature a clear height of 32 feet, up to 54 loading docks, four drive-in doors, 400 auto parking spaces and 143 trailer parking stalls. The project marks Meridian’s fifth ground-up development in the Indianapolis area and its third building for HSA. The project team includes Cornerstone Architects, Swift Structural Design and American Structurepoint. Terry Busch and Jared Scaringe of CBRE will market the property for lease.

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AcquisitionsConference CoverageDevelopmentFeaturesLeasing ActivityMultifamilyStudent HousingTexasTexas & Oklahoma Feature Archive

‘Power Panel’ at InterFace Event Provides Positive Outlook for Student Housing Sector Post-COVID-19

by John Nelson

Moving toward the start of a fresh academic year, the outlook for the student housing industry keeps getting brighter. A testament to the industry’s movement out of the pandemic is taking place at the InterFace Student Housing conference in Austin, where nearly 1,300 attendees have been able to gather in-person for the first time since April 2019. This year’s event, which concludes today, is taking place at the JW Marriott downtown. The student housing sector banded together like never before in the face of COVID-19 and truly worked as a team throughout the pandemic, with the ultimate goal of keeping students as safe as possible. The sector’s resilience during the pandemic and optimism regarding the year ahead were the driving discussion points during the conference’s “Power Panel” on Wednesday, July 14, which brought together a consortium of high-level executives to discuss industry trends, their experiences with COVID-19 and the outlook for the upcoming academic year. “The past 18 months have been a whirlwind of uncertainty,” began moderator Peter Katz, executive director at Institutional Property Advisors, a division of Marcus & Millichap. “While our sector has been historically categorized as recession-resilient, we would all now claim it to be pandemic-resistant.” “Student …

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