Property Type

Bedrock Reveals New Renderings for Hudson’s Site Project in Detroit

by Kristin Harlow May 13, 2022

DETROIT — Detroit-based developer Bedrock has revealed new renderings for its development on the site of the former Hudson’s department store in downtown Detroit. The renderings showcase the office, retail, event spaces, public rooftop amenities and public plaza spaces of the 1.5 million-square-foot mixed-use project. The second and third floors of the office portion have been designed to incorporate a 126,000-square-foot events and meeting venue. Overall, the development will include more than 400,000 square feet of office space. Pophouse, a Detroit-based commercial interior design studio, is designing the common areas of the office spaces. Office leasing is underway. New York-based SHoP Architects and Detroit-based Hamilton Anderson worked with Bedrock on the public spaces and streetscape. Construction on the development has been ongoing since Bedrock broke ground in 2017. In April of this year, the project team completed construction of 220 feet. When it reaches its anticipated height of 685 feet, the building will be the second tallest both in Detroit and the state of Michigan. Bedrock has yet to reveal how many stories the skyscraper will rise. Completion is slated for 2024.

May 13, 2022

Illinois Leasing Activity Midwest Office

Ace Hardware to Occupy Former McDonald’s Campus in Suburban Chicago

by Kristin Harlow May 13, 2022

OAK BROOK, ILL. — Oak Brook-based Ace Hardware is relocating its headquarters to The Reserve, the former McDonald’s campus in the Chicago suburb of Oak Brook. Ace has been headquartered in Oak Brook since 1974. Ace plans an extensive interior renovation of the space before it takes occupancy in summer 2023. The lease was for 250,000 square feet, according to Crain’s Chicago Business. For the first time, Ace’s more than 1,100 Oak Brook-based employees will be housed in a single building. Employees will enjoy amenities such as an onsite cafeteria, fitness center, outdoor terraces, access to walking trails and an indoor, heated parking garage. There are more than 5,500 locally owned and operated Ace stores in roughly 65 countries.

May 13, 2022

Acquisitions Multifamily New York Northeast

JT Tai & Co. Sells Manhattan Multifamily Portfolio for $41.5M

by Taylor Williams May 13, 2022

NEW YORK CITY — Locally based nonprofit JT Tai & Co. Foundation has sold a portfolio of two multifamily buildings totaling 105 residential and commercial spaces in Manhattan’s East Midtown neighborhood. The four-story building at 959-961 Second Ave. consists of 10 apartments and two commercial units, and the six-story property at 246 E. 46th St. comprises 81 residential units and 12 commercial spaces. Bob Knakal, Clint Olsen, Jonathan Hageman, Eddie Shuai, Stephen Godnick and Jacob Russell of JLL represented JT Tai & Co. in the transaction. The buyer was a locally based private investor who plans to renovate the properties.

May 13, 2022

Acquisitions Midwest Missouri Retail

Rainier Cos. Acquires 545,204 SF Shopping Center in Lee’s Summit, Missouri

by Kristin Harlow May 13, 2022

LEE’S SUMMIT, MO. — The Rainier Cos. has acquired SummitWoods Crossing in Lee’s Summit within metro Kansas City for an undisclosed price. The 545,204-square-foot, Class A shopping center opened in 2001. Some of the tenants include T.J. Maxx, Bed Bath & Beyond, Old Navy, Kohl’s, Petco and Ulta. The transaction marks Rainier’s 13th shopping center acquisition in the last five years and grows its retail portfolio to more than 5 million square feet nationally. Sunny Sajnani of Institutional Property Advisors, a division of Marcus & Millichap, arranged a five-year acquisition loan. Rainier will provide property management and leasing services for SummitWoods Crossing.

May 13, 2022

Acquisitions Healthcare Midwest Ohio

Davis Sells Medical Office Building in Suburban Columbus for $27.7M

by Kristin Harlow May 13, 2022

NEW ALBANY, OHIO — Minneapolis-based healthcare real estate firm Davis has sold New Albany Medical Building II on the Mount Carmel Surgical Hospital campus for $27.7 million. The 59,233-square-foot medical office building is located in the Columbus suburb of New Albany. Davis acquired the asset in late 2019. The building is now 95 percent leased to tenants such as New Albany Surgery Center, OrthoNeuro, 161 Dental Studio, Ohio Skin, Capitol Pain and Stephen Webster Endodontics. Milwaukee-based Physicians Realty Trust was the buyer.

May 13, 2022

Acquisitions Industrial Iowa Midwest

Matthews Real Estate Brokers $17.5M Sale of Amazon-Occupied Distribution Center Near Des Moines

by Kristin Harlow May 13, 2022

GRIMES, IOWA — Matthews Real Estate Investment Services has brokered the $17.5 million sale of an Amazon-occupied distribution center in Grimes, about 16 miles northwest of Des Moines. Built in 2019 and located at 1301 Southeast Gateway Drive, the property spans 109,786 square feet. Alexander Harrold of Matthews represented the buyer, a Los Angeles-based family office completing a 1031 exchange. The buyer was seeking an investment opportunity in the Midwest that would provide higher yields compared with California, according to Matthews. Matt Berres, Samer Khalil, Karick Brown and Jeffrey Miller of Newmark represented the seller, Briar Capital Management.

May 13, 2022

Acquisitions New Jersey Northeast Retail

IPA Brokers Sale of 109,828 SF Shopping Center in Union, New Jersey

by Taylor Williams May 13, 2022

UNION, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Greenleaf at Union, a 109,828-square-foot shopping center in Northern New Jersey. Built in 2017 and anchored by LA Fitness and Bob’s Discount Furniture, the property was fully leased at the time of sale. Other tenants include Sleep Number, First Watch, Red Wing Shoes and Crumbl Cookies. Brad Nathanson and Steven Siegel of IPA represented the seller, Sun Equity Partners LLC, in the transaction. The duo also procured the buyer, Prestige Properties.

May 13, 2022

Acquisitions Multifamily New York Northeast

GFI Realty Services Negotiates $19.9M Sale of Bronx Multifamily Building

by Taylor Williams May 13, 2022

NEW YORK CITY — Locally based brokerage firm GFI Realty Services has negotiated the $19.9 million sale of a 143-unit multifamily building located in the Westchester Village area of The Bronx. The six-story building at 2501 Tratman Ave. was originally constructed in 1928 and houses 39 studios, 54 one-bedroom apartments, 45 two-bedroom units and five three-bedroom apartments. Zachary Fuchs and Matt Sparks of GFI represented the seller, the Sacchetti Family, in the transaction. Moshe Gelbstein and Joseph Landau, also of GFI Realty, represented the buyer, an undisclosed local investor.

May 13, 2022

Leasing Activity New York Northeast Office

Mulligan Security Signs 9,087 SF Office Lease at 7 Penn Plaza in Manhattan

by Taylor Williams May 13, 2022

NEW YORK CITY — Mulligan Security, a provider of technology-based security services, has signed a 9,087-square-foot office lease at 7 Penn Plaza in Manhattan. The lease term is 10 years. Originally constructed in 1921, the 17-story, 411,000-square-foot building sits at the nexus of the Chelsea and Hell’s Kitchen neighborhoods. David Hollander and David Katz of CBRE represented Mulligan Security in the lease negotiations. David Turino represented the landlord, The Feil Organization, on an internal basis. Mulligan plans to relocate from its current space at 2 Penn Plaza in August.

May 13, 2022

Acquisitions Arizona Office Western

Time Equities Acquires 268,516 SF Paradise Village Office Park in Phoenix

by Amy Works May 13, 2022

PHOENIX — New York-based Time Equities has purchased Paradise Village Office Park in Phoenix from Sterling Equities and Lincoln Property Co. for an undisclosed price. Located at 11811 N. Tatum Blvd., the five-story property offers 268,516 square feet of Class A office space. The building features an extensive glass façade, a five-story atrium lobby, tenant lounge, conference and training center and a yoga/fitness room. At the time of sale, the asset was 72 percent leased to a mix of national, regional and local tenants. Barry Gabel and Chris Marchildon of CBRE represented the sellers, which co-owned the property for more than 13 years. CBRE’s Sean Spellman and Corey Hawley, leasing agents for the site, also assisted in the sale.

May 13, 2022

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