Property Type

StreetLights Residential, Hunt Cos. to Develop 134-Unit Apartment Complex in Houston

by Taylor Williams May 5, 2022

HOUSTON — Dallas-based StreetLights Residential, in partnership with El Paso-based Hunt Cos., will develop The Langley, a 134-unit apartment complex that will be located at 1717 Bissonet St. in Houston. The location is near Rice University on the city’s southwest side. The Langley will feature two- and three-bedroom units. Amenities will include a pool, fitness center, coworking spaces, a coffee lounge, 24-hour concierge and valet services and a full resident bar. Construction slated to begin in November and to be complete in 2025.

May 5, 2022

Leasing Activity Office Texas

Grant Thornton Signs 24,600 SF Office Lease at Ross Tower in Downtown Dallas

by Taylor Williams May 5, 2022

DALLAS — Tax advisory firm Grant Thornton has signed a 24,600-square-foot office lease at Ross Tower in downtown Dallas. The 45-story building houses a food hall, fine dining restaurant Dakota’s Steakhouse and a Starbucks, as well as built-in conference facilities and a tenant lounge. Travis Boothe and Robbie Baty of Cushman & Wakefield represented Grant Thornton in the lease negotiations. Hunter Lee, Ben Cuzen and Luke Aviles represented the landlord, HPI Real Estate Services & Investments, on an internal basis.

May 5, 2022

Middlebrook-Crossroads-Bridgewater-New-Jersey

Acquisitions Industrial New Jersey Northeast

Lovett Industrial Acquires 580,277 SF Industrial Park in Bridgewater, New Jersey

by Taylor Williams May 5, 2022

BRIDGEWATER, N.J. — Houston-based investment firm Lovett Industrial, in partnership with an undisclosed capital source, has acquired Middlebrook Crossroads, a 580,277-square-foot industrial park in the Northern New Jersey community of Bridgewater. The development comprises 18 buildings with an average size of 32,000 square feet on a 38.6-acre site. At the time of sale, Middlebrook Crossroads was close to fully leased to 28 tenants including UPS, Lexus and SCP Distributors. Gary Gabriel, Kyle Schmitt, David Bernhaut and Ryan Larkin of Cushman & Wakefield brokered the deal. The seller was not disclosed.

May 5, 2022

Leasing Activity New York Northeast Office

HSBC Bank Signs 265,000 SF Office Headquarters Lease at The Spiral in Manhattan

by Taylor Williams May 5, 2022

NEW YORK CITY — HSBC Bank has signed a 265,000-square-foot office lease for its new U.S. headquarters at The Spiral, a 65-story tower located at 66 Hudson Blvd. in Manhattan. The lease term is 20 years. Tishman Speyer is developing The Spiral, which is nearing completion. Peter Riguardi, Matt Astrachan, Ken Siegel, Mitch Konsker and Will McGarry of JLL represented HSBC Bank in the lease negotiations. Tishman Speyer was represented internally. HSBC Bank plans to relocate from its current space in Midtown in January 2024. Following this transaction, the 2.8 million-square-foot building is now roughly 70 percent leased, with pharmaceutical giant Pfizer and law firm Debevoise & Plimpton set to anchor The Spiral with 14- and 13-floor commitments, respectively.

May 5, 2022

Development Multifamily New Jersey Northeast Seniors Housing

Kaplan Cos. Opens 222-Unit Active Adult Community in North Brunswick, New Jersey

by Taylor Williams May 5, 2022

NORTH BRUNSWICK, N.J. — Kaplan Cos. has opened Amaranth at North Brunswick, a 222-unit active adult community located approximately midway between New York City and Philadelphia. Apartments range in size from 823 to 1,397 square feet. Amenities include a resident lounge, demonstration kitchen, card room, doggie day spa, yoga studio with interactive mirrors and a package room. Kaplan is also underway on its second Amaranth development in nearby East Windsor. Information on starting rents was not disclosed.

May 5, 2022

Acquisitions Net Lease New Jersey Northeast Retail

SRS Negotiates $17M Sale of Southern New Jersey Retail Property Leased to Best Buy

by Taylor Williams May 5, 2022

DEPTFORD, N.J. — SRS Real Estate Partners has negotiated the $17 million sale of a 60,750-square-foot retail property in the Southern New Jersey community of Deptford that is fully leased to Best Buy on a triple-net basis. The electronics retailer has occupied the six-acre site for more than 25 years. Andrew Fallon and Rick Fernandez of SRS represented the seller, a Chicago-based private investment firm, in the transaction. The buyer was Michigan-based REIT Agree Realty Corp. (NYSE: ADC).

May 5, 2022

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $10.4M Sale of Multifamily Building in Poughkeepsie, New York

by Taylor Williams May 5, 2022

POUGHKEEPSIE, N.Y. — Marcus & Millichap has brokered the $10.4 million sale of 40 Cannon, a multifamily building located about 85 miles north of Manhattan in Poughkeepsie. According to LoopNet Inc., the property, which includes retail space, was originally built as a hotel in 1957. Joseph French Jr., Kodi Traver and Matthew Gault of Marcus & Millichap represented the seller, an undisclosed private investor, in the deal. Steven Rock of Marcus & Millichap Capital Corp. arranged acquisition financing on behalf of the buyer. The property was fully leased at the time of sale.

May 5, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $82.5M Sale of Luxury Apartment Tower in Chicago’s South Loop

by Kristin Harlow May 5, 2022

CHICAGO — Interra Realty has brokered the sale of Astoria Tower in Chicago’s South Loop for $82.5 million. The luxury apartment tower rises 30 stories with 248 units. Built in 2009, Astoria Tower features one-, two- and three-bedroom floor plans. Amenities include a fitness center, indoor pool, sauna, spa treatment room, billiards room, movie room, business center and two rooftop decks. The seller, Miami-based Crescent Heights, converted the property from condominiums into apartment units in phases completed in 2010 and 2019. Brad Feldman of Interra represented the buyer, Chicago-based 3L Real Estate, which plans to add additional amenities and offerings to increase rents.

May 5, 2022

Development Hospitality Illinois Midwest

Park Hyatt Chicago Scheduled to Reopen This Summer Following $60M Renovation

by Kristin Harlow May 5, 2022

CHICAGO — The Park Hyatt Chicago hotel at 800 N. Michigan Ave. is scheduled to reopen this summer following a $60 million renovation that began early this year. Reservations are now available to book for stays beginning July 1. The renovation project included 23 new suite additions, reimagined guestrooms, enhancements to the lobby and library, new art selections, and updates to the food and beverage programs as well as the spa. Design firm Anderson/Miller Ltd. worked on the modernization of the guestrooms and suites. Sheedy DeLaRosa Interiors designed the lobby and library on the ground floor to complement the new art selections. NoMI Kitchen will reopen with Executive Chef Terence Zubieta at the helm.

May 5, 2022

Illinois Industrial Leasing Activity Midwest

CEVA Logistics, Expeditors International Sign Industrial Leases at Bridge Point Melrose Park

by Kristin Harlow May 5, 2022

MELROSE PARK, ILL. — CEVA Logistics and Expeditors International have signed leases at Bridge Point Melrose Park, an industrial property currently under development in the Chicago suburb of Melrose Park. Bridge Industrial owns the property. CEVA, a supply chain management firm, signed a long-term lease agreement for a 707,953-square-foot warehouse. Expeditors, a logistics and freight forwarding firm, will occupy a 669,914-square-foot facility. The project team includes architecture firm Cornerstone, general contractor ARCO Murray and civil engineer SPACECO Inc. CIBC provided project financing last year. Bridge plans to construct one final building that will span 225,009 square feet. Dan McGillicuddy, Charlie Kenning and Brian Carroll of JLL represented Bridge in the lease transactions. Jason Lev and Jimmy Kowalczyk of CBRE, along with Jeffrey Kernochan and Andrew Mager of Fischer, represented the tenants.

May 5, 2022

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