HAZELTON, PA. — Montecito Medical, a Nashville-based healthcare real estate investment firm, has acquired a 73,255-square-foot facility in Hazelton that is fully leased to Lehigh Valley Health System. The building houses a 13,500-square-foot ambulatory surgery center, and its specialty providers include cardiology, orthopedics, physical therapy/rehabilitation, neurology, bariatric medicine, diagnostic imaging services, chiropractic and primary care. The seller and sales price were not disclosed.
OLD BRIDGE, N.J. — Locally based brokerage firm Sheldon Gross Realty has arranged the sale of a warehouse located at 3220 Bordentown Ave. in the Northern New Jersey community of Old Bridge. According to LoopNet Inc., the property was built in 1980. The 9.9-acre site includes six acres of outdoor storage space, and the building houses 42,000 square feet of office space and clear heights of 14 to 16 feet. The seller was not disclosed. Brentwood Realty purchased the building for an undisclosed price. Jonathan Glick of Sheldon Gross Realty brokered the deal.
NEW YORK CITY — Mount Sinai Health System has signed a 17,464-square-foot lease for a new cardiology office at 373 Park Avenue South in Manhattan’s Flatiron District. The lease term is 10 years. The 12-story building spans 110,000 square feet and was originally constructed in the early 1900s. Leonard Zimmerman of Hemsley Spear represented the tenant in the lease negotiations. Kate Goodman represented the landlord, ATCO Properties & Management, on an internal basis.
MISSOURI AND ILLINOIS — Berkadia has arranged the sale of The Saint Louis Five, a five-property multifamily portfolio totaling 716 units in Missouri and Illinois. The sales price was undisclosed. The properties include: the 360-unit Norwood Court Redfield Apartments in St. Louis; the 120-unit Delrado Apartments in Florissant, Mo.; the 100-unit Senate Square in St. Louis; the 112-unit Caroline Place Apartments in St. Louis; and the 24-unit Chesapeake Apartments in Marion, Ill. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia represented the seller, Missouri-based Baumann Property Co. Inc. New York-based David Stern Management was the buyer.
ELK GROVE VILLAGE, ILL. — Prologis and Skybox Datacenters have completed a 189,000-square-foot data center at 800 E. Devon Ave. in Elk Grove Village, a suburb of Chicago. Named Skybox Chicago I, the speculative facility sits on a 10-acre site. The project can accommodate a single tenant or several users. Leasing efforts are underway. The project was the conversion of a vacant distribution center.
ST. CHARLES, ILL. — Ready Capital has closed a $24.5 million loan for the acquisition, renovation and stabilization of a 220-unit multifamily property in the Fox River Valley submarket of St. Charles. The undisclosed borrower plans to renovate unit interiors and property exteriors as well as bring in new management. The nonrecourse, floating-rate loan features a three-year term and includes a capital expenditures facility.
SHAKOPEE, MINN. — JLL Capital Markets has brokered the sale of a 164,701-square-foot distribution center in the Minneapolis suburb of Shakopee for an undisclosed price. Logistics Insight Corp. fully leases the facility, which was constructed in 1984 and renovated in 2020. Building features include clear heights ranging from 20 to 21 feet, 19 dock-high doors, one drive-in door, LED lighting and 1.5 acres of outside storage. Colin Ryan and David Berglund of JLL represented the seller, Interstate Development. An affiliate of Boston-based STAG Industrial Inc. was the buyer.
GERMANTOWN, WIS. — Marcus & Millichap has negotiated the $3.8 million sale of a 10,782-square-foot property occupied by KinderCare in Germantown, a northern suburb of Milwaukee. Under corporate guarantor KinderCare Education, the childcare provider has just under 11 years remaining on its net lease. Dominic Sulo of Marcus & Millichap represented the seller, a Michigan-based limited liability company, while Sean Delaney and Jeffrey Herrmann of Marcus & Millichap represented the buyer, a California-based limited liability company. Dean Giannakopoulos and Frank Montalto of Marcus & Millichap Capital Corp. originated acquisition financing.
PORT DEPOSIT, MD. — A joint venture between MRP Industrial and Hillwood Development Co. has announced plans for Bainbridge Logistics Center, a 3.7 million-square-foot industrial development in the town of Port Deposit, located in Maryland’s Eastern Shore region. Bainbridge Naval Training Center formerly occupied the 440-acre site, which is located three miles from Interstate 95, approximately 42 miles from Baltimore and 40 miles from Wilmington, Delaware. The project’s first phase of development will include two single-story, speculative, Class A warehouse and logistics buildings totaling 1 million square feet and 605,280 square feet, respectively. The developers are seeking LEED certification for both buildings, which will include LED lighting and white reflective roofs, among other energy-saving design features. Both assets will offer deep truck courts to support the movement of large tractor trailers; parking fields for both employees and visitors; and large floor plates to accommodate a range of uses, including light manufacturing, warehouse, logistics and last-mile operations. The development will also feature $30 million worth of infrastructure improvements, including expansion of both water and sanitary services to support the logistics center and the surrounding community; the construction of three miles of public roads to connect the park to three highways; and …
While the Birmingham market never fluctuates too heavily in either direction, it typically remains relatively stable compared to national trends. Such has been the case with the effects of COVID-19. Birmingham is well-positioned for a return to the office, thanks in large part to our economy’s heavy makeup of local and regional businesses. Most smaller businesses have been in the office for some time, while large national enterprises still wrestle with what normal operations will look like moving forward. General market information Birmingham saw some positive absorption in 2021, with the occupancy rate holding steady at 81 percent, around the historical average. Birmingham comprises approximately 20 million square feet of office space with five main submarkets. Midtown, comprising mostly mid-size, Class A office buildings, remains the strongest submarket with an occupancy rate over 92 percent and rental rates in the mid to high $20s per square foot ($24.12 per square foot average). The Central Business District has seen companies leave for suburban submarkets like Midtown and Highway 280/Interstate 459, however the occupancy rate of 78 percent has remained relatively stable over the past couple of years, with rents in the low to mid $20s per square foot ($21.07 per square …