Property Type

JLL Arranges $65M Construction Loan for Jersey City Multifamily Project

by Taylor Williams December 16, 2021

JERSEY CITY, N.J. — JLL has arranged a $65 million construction loan for 49 Fisk Street, a 337-unit multifamily project in Jersey City. The six-story community will be a redevelopment of an industrial building and will include 143 parking spaces. Units will come in studio, one- and two-bedroom floor plans, average 612 square feet and feature stainless steel appliances, quartz countertops and individual washers and dryers. Amenities will include a fitness center, game room, an 18,000-square-foot rooftop deck with grilling stations, community garden, coworking spaces, a 14,000-square-foot green park, a speakeasy-style bar and shuttle service to a nearby public transit station. Mike Tepedino, Michael Gigliotti, Thomas Didio Jr., Max Custer and Carlos Silva of JLL arranged the four-year, floating-rate loan through Bank OZK on behalf of the borrower, Halpern Real Estate Ventures. Completion is slated for late 2023.

December 16, 2021

Acquisitions Industrial Oregon Western

Trammell Crow Sells 195,546 SF Industrial Building in Hillsboro, Oregon

by Amy Works December 16, 2021

HILLSBORO, ORE. — Trammell Crow Co. (TCC) has completed the sale of an industrial facility located at 3600 NE Huffman St. in Hillsboro. Principal Real Estate Investors acquired the 195,546-square-foot property for an undisclosed price. Hitachi High-Tech America (HTA) plans to occupy the asset, which is known as Hitachi Center of Excellence in Portland, and will utilize the building for semiconductor engineering. HTA plans to be fully operational at the new facility in 2023. The 18-acre site offers additional land that can accommodate an expansion of 100,000 square feet to 130,000 square feet. HTA is an affiliate company that operates within Hitachi Group Cos. to sell and service semiconductor manufacturing equipment, analytical instrumentation, scientific instruments and bio-related products, as well as industrial equipment, electronic devices, and electronic and industrial materials. Paige Morgan, Charles Safley, Tom Pehl, Lou Senini and Chais Lowell of CBRE represented TCC in the sale. Kristin Hammond and David Saad, also of CBRE, represented HTA in the lease negotiations. The project team included Mildren Design Group and Perlo Construction. David Etchart of CBRE Project Management led the tenant project management team, and Lauren Peng of CBRE Property Management acted as the property manager on behalf of the …

December 16, 2021

Development Midwest Mixed-Use Wisconsin

Irgens to Redevelop Former United Healthcare Property Near Milwaukee

by Kristin Harlow December 16, 2021

WAUWATOSA, WIS. — Irgens has received approval from the Milwaukee Regional Innovation Center Inc. for its redevelopment of the former United Healthcare office building located at 10701 Research Drive in Wauwatosa near Milwaukee. Irgens will transform the nearly 14-acre site into a mixed-use development fronting Mayfair Road at the entrance to the Milwaukee County Research Park. In addition to significant renovations to the current office building on the site, the revitalization will include new retail, medical office and residential components. The United Healthcare office building was the inaugural project at the Milwaukee County Research Park in 1995, according to Irgens. Construction inside the five-story, 130,000-square-foot building is scheduled to commence in January. Interior improvements will include a new lobby, renovated restrooms, new building amenities and updated finishes. Exterior improvements will start in late spring and will include new and reconfigured parking areas as well as extensive landscape upgrades. Irgens plans to subdivide the remaining land. The retail component will consist of an 8,000-square-foot, single-story building. A planned medical office building will rise two stories and span 43,000 square feet. Lastly, the multifamily component will include 185 apartment units. Municipal approval is still required and a timeframe for that is yet …

December 16, 2021

Acquisitions Illinois Midwest Office

JLL Brokers $21.7M Sale of Oakmont Point Office Building in Westmont, Illinois

by Kristin Harlow December 16, 2021

WESTMONT, ILL. — JLL Capital Markets has brokered the sale of Oakmont Point in the western Chicago suburb of Westmont for $21.7 million. The Class A office building spans 92,553 square feet and rises three stories. Completed in 2019, Oakmont Point is 91 percent leased to two tenants, JLL and Ryan Cos. US Inc. Sam DiFrancesca, Patrick Shields, Jaime Fink, Jeffrey Bramson and Bruce Miller of JLL represented the seller, Ryan Cos. Sidra Capital, which previously owned the property in a joint venture partnership with Ryan Cos., was the buyer. Lucas Borges, Claudio Sgobba and Christopher Carroll of JLL arranged a 10-year, fixed-rate acquisition loan through a multinational investment bank.

December 16, 2021

Illinois Leasing Activity Midwest Office

One Six Solutions Inks Lease as First Tenant at Mural Park Redevelopment in Chicago

by Kristin Harlow December 16, 2021

CHICAGO — One Six Solutions, a full-service IT consulting firm, has signed a lease for 4,647 square feet on the second floor of Mural Park, a creative office and commercial redevelopment at 924 W. 19th Place in Chicago’s Pilsen neighborhood. One Six Solutions is the first tenant at the two-building, 100,000-square-foot project. Konstantine Sepsis, Danny Nikitas, Matt Ward and Melissa Hemberger of Avison Young represented the tenant.

December 16, 2021

Acquisitions California Retail Western

SRS Real Estate Partners Negotiates $10.9M Sale of Grocery Outlet-Anchored Retail Center in San Gabriel, California

by Amy Works December 16, 2021

SAN GABRIEL, CALIF. — SRS Real Estate Partners has arranged the sale of a grocery-anchored retail center located at 7260 Rosemead Blvd. in San Gabriel. A West Coast-based owner and operator sold the property to a Hong Kong-based buyer for $10.9 million. Situated on 1.8 acres, the three-tenant center was built in 1960 and renovated in 2017 and 2018. Grocery Outlet, Bank of America and Wingstop occupy the 25,510-square-foot property. Matthew Mousavi and Patrick Luther of SRS’ Investment Properties Group represented the seller in the deal.

December 16, 2021

600-E.-Crescent-Ave.-Upper-Saddle-River-New-Jersey

Acquisitions New Jersey Northeast Office

Wellington Negotiates Sale of 75,000 SF Office Building in Northern New Jersey

by Taylor Williams December 16, 2021

UPPER SADDLE RIVER, N.J. — New Jersey-based brokerage firm Wellington Real Estate has negotiated the sale of Sherbrooke Office Center, a 75,000-square-foot building in Upper Saddle River, located near the New York-New Jersey border. The four-story building is located at 600 E. Crescent Ave. Wellington represented the seller, Sherbrooke Holding Co. LLC, in the transaction. Additional terms of sale were not disclosed.

December 16, 2021

Acquisitions Multifamily New York Northeast

Fimida Enterprises Acquires Multifamily Portfolio in Queens for $7M

by Taylor Williams December 16, 2021

NEW YORK CITY — Locally based investment and management firm Fimida Enterprises, in partnership with a private investor, has acquired a portfolio of four multifamily properties totaling 13 units and 17,000 square feet that are located in various neighborhoods of Queens. The sales price was $7 million. Ben Normatov and Lev Mavashev of Alpha Realty represented the seller, Portela Realty, and Fimida Enterprises in the off-market transaction. ConnectOne Bank provided $4.9 million in acquisition financing. Jake Gluck of Fortune Capital Group arranged the debt.

December 16, 2021

Leasing Activity New York Northeast Office

Compass Group Signs 8,000 SF Office Lease at 590 Madison Avenue in Manhattan

by Taylor Williams December 16, 2021

NEW YORK CITY — Compass Group, an asset management firm focused on Latin American markets, has signed an 8,000-square-foot office lease at 590 Madison Avenue in Manhattan’s Midtown Plaza District. The 43-story, 1 million-square-foot building offers a gym, golf simulator and onsite parking and houses users such as IBM, Morgan Stanley and Aspen Insurance. David Kaplansky of Colliers represented the tenant in the lease negotiations. Stephen Siegel, Evan Haskell, James Ackerson, Taylor Scheinman and Brett Shannon of CBRE, along with internal agent Jeff Sussman, represented the landlord, Edward J. Minskoff Equities Inc.

December 16, 2021

Connecticut Industrial Northeast Top Stories

AXA Investment Managers Acquires $2B U.S. Industrial Portfolio

by Katie Sloan December 16, 2021

GREENWICH, CONN. — AXA Investment Managers Alternatives has acquired a 23-property portfolio of industrial assets from Dermody Properties Industrial Fund II for $1.2 billion. The company is also under contract to acquire nine industrial properties currently under development by Dermody for $850 million upon completion in 2022 and 2023. The combined 32-property portfolio spans 8.5 million square feet across California’s Inland Empire; Northern California; Seattle; Portland, Ore.; Las Vegas; Chicago; Louisville, Ky.; Atlanta; Eastern Pennsylvania; Northern New Jersey; and Wilmington, N.C. Dermody Properties will continue to manage the portfolio upon completion of both transactions, which CBRE brokered. The average age and size of each property in the portfolio is eight years old and 208,000 square feet, with the majority of assets ranging between 150,000 and 400,000 square feet. The initial 23-property portfolio was 77 percent leased at the time of sale. “The quality and scale of the Dermody Properties portfolio, together with its resilient income profile and attractive geographical diversification, made it stand out as a particularly compelling investment opportunity,” says Steve McCarthy, head of North America at AXA. “Logistics remains one of [our] long-term conviction calls as demand for prime space shows no sign of abating thanks to structural …

December 16, 2021

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