Property Type

Janus Property Co. Completes $700M Life Sciences Project in Harlem

by Taylor Williams March 3, 2022

NEW YORK CITY — Locally based developer Janus Property Co., in partnership with J.P. Morgan Asset Management, has completed the Taystee Lab Building, a $700 million life sciences project in Harlem. The 11-story, 350,000-square-foot building anchors the Manhattanville Factory District, Janus Property’s 1 million-square-foot life sciences campus that stretches from West 125th to West 128th streets. The property, which is a redevelopment of the former Taystee bread bakery, features traditional office, lab, manufacturing and retail space, as well as 20,000 square feet of outdoor amenity space. Construction began in May 2019.

March 3, 2022

Acquisitions Healthcare Midwest Ohio

SRS Negotiates $56.5M Sale of Fresenius Medical Care Portfolio Across States

by Kristin Harlow March 3, 2022

DALLAS — Dallas-based SRS Real Estate Partners has negotiated the sale of a portfolio of eight single-tenant properties occupied by Fresenius Medical Care for $56.5 million. The properties, which total more than 94,000 square feet, are located in Virginia, New York, Ohio, Texas, Georgia and Missouri. Matthew Mousavi, Patrick Luther and Stephen Sullivan of SRS represented the seller, Kingsbarn Realty Capital. The buyer was undisclosed. Fresenius provides products and services for individuals with renal diseases.

March 3, 2022

Development Mixed-Use Northeast Pennsylvania

Tishman Speyer to Undertake 178-Acre Mixed-Use Redevelopment in Pittsburgh

by Taylor Williams March 3, 2022

PITTSBURGH — New York City-based developer Tishman Speyer will undertake a project to redevelop a 178-acre former steel mill site in Pittsburgh into a mixed-use destination that will be branded Hazelwood Green. Tishman Speyer will redevelop the site in partnership with a joint venture between the Richard King Mellon Foundation, The Heinz Endowments and the Claude Worthington Benedum Foundation. Preliminary plans call for millions of square feet of residential and commercial development to be delivered over the next decade. These uses will include market-rate and affordable apartments, retail and restaurant space, parks and open green space and office and life sciences facilities. Regarding the latter component, Tishman Speyer is partnering with Carnegie Mellon University to develop a robotics innovation center that is expected to open in 2024.

March 3, 2022

Acquisitions Midwest Minnesota Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Arranges Sale of Five-Property Seniors Housing Portfolio in Minneapolis

by Kristin Harlow March 3, 2022

MINNEAPOLIS — Walker & Dunlop has arranged the sale of five Class A seniors housing communities in Minneapolis. Minnetonka-based Roers Cos. developed the communities, which Walker Methodist and Jaybird Senior Living operate. The communities opened between 2018 and 2021. The portfolio consists of 567 independent living, assisted living and memory care units. The buyer, an affiliate of Lone Star Funds, will utilize Grace Management to oversee daily operational responsibilities. The sales price was not disclosed. Alex Vice, Joshua Jandris, Brett Gardner and Mark Myers of Walker & Dunlop provided advisory services and facilitated the disposition of the portfolio.

March 3, 2022

Acquisitions Midwest Ohio Retail

Mid-America Brokers Sale of 116,707 SF Shopping Center in Columbus

by Kristin Harlow March 3, 2022

COLUMBUS, OHIO — Mid-America Real Estate Corp. has brokered the sale of Market at Stelzer in Columbus for an undisclosed price. Giant Eagle anchors the 116,707-square-foot shopping center. Other tenants include Subway, Wingstop, WellNow Hometown Urgent Care, El Rodeo Mexican restaurant, The UPS Store and Marco’s Pizza. Joe Girardi and Emily Gadomski of Mid-America, along with Andrew Montooth of Newmark, represented the seller, Continental Real Estate Cos. The asset sold to a private buyer.

March 3, 2022

Illinois Leasing Activity Midwest Office

Axiom Consulting Partners Expands Office Lease in Chicago

by Kristin Harlow March 3, 2022

CHICAGO — Axiom Consulting Partners has expanded its office lease at 200 West Adams in Chicago’s central business district. The firm committed to a 19,954-square-foot lease, which marks a 10,000-square-foot expansion from the current space. Tony Karmin of Colliers and Michael Marrion of Cresa represented Axiom, which advises senior leaders of Fortune 500 and major professional firms on revenue growth opportunities and strategies. Completed in 1985 and renovated in 2017, 200 West Adams is a 30-story office tower.

March 3, 2022

Kansas Leasing Activity Midwest Retail

Topcoat Nail Bar Opens 2,000 SF Nail Salon in Lenexa City Center

by Kristin Harlow March 3, 2022

LENEXA, KAN. — Topcoat Nail Bar has opened at The District at Lenexa City Center in Kansas. Topcoat’s new space spans 2,000 square feet and is located on the south side of City Center Drive. Topcoat provides a full suite of nail and waxing services. Erin Johnston of Copaken Brooks represented ownership on an internal basis. When fully developed, Lenexa City Center will consist of more than 2 million square feet, including civic components for the City of Lenexa; nearly 1 million square feet of office and retail space; and 375 residential units.

March 3, 2022

Valley-National-Bank-Morristown-New-Jersey

Development New Jersey Northeast Office

SJP, Scotto Underway on 120,000 SF Headquarters Project for Valley National Bank in Morristown, New Jersey

by Taylor Williams March 3, 2022

MORRISTOWN, N.J. — A partnership between New York City-based SJP Properties and locally based developer Scotto Properties is underway on a new headquarters project for Valley National Bank in the Northern New Jersey community of Morristown. The development team has commenced demolition work of the existing structures on the site, and vertical construction will begin later this spring. Upon completion, which is slated for May 2023, Valley National Bank will relocate from Wayne, N.J. The company ultimately plans to employ about 660 people at its new campus, which will also house 14,500 square feet of retail space. Gensler designed the project.

March 3, 2022

Acquisitions Industrial New Jersey Northeast

Oxford Properties, EverWest Buy 113,079 SF Warehouse in Edison, New Jersey

by Taylor Williams March 3, 2022

EDISON, N.J. — A joint venture between global asset manager Oxford Properties Group and Denver-based EverWest Real Estate Investors has purchased a 113,079-square-foot warehouse in Edison, about 35 miles south of Manhattan. The sales price was $21 million. Building features include clear heights of 20 to 24 feet, 11 dock-high doors and 100-foot truck court depths. The joint venture acquired the property via a sale-leaseback with the seller/tenant, food products supplier ISC Gums.

March 3, 2022

Acquisitions Massachusetts Northeast Retail

Linear Retail Acquires Two Buildings Totaling 17,000 SF in Wellesley, Massachusetts

by Taylor Williams March 3, 2022

WELLESLEY, MASS. — Linear Retail Properties LLC has acquired two buildings totaling 17,000 square feet in Wellesley, located west of Boston in Norfolk County, for a combined price of $12.2 million. The two-story building at 25-35 Central St. houses 8,500 square feet of retail space that is leased to Footstock, Laurel Grove, Marika’s Salon, Skinscapes and Winston Flowers, as well as 2,500 square feet of residential space. The building at 53-61 Central St. spans 6,000 square feet of retail space that is leased to Cocobeet, Eileen Fisher, Lacrosse Unlimited, O’Neil Jewelers and Wellesley Toy Shop. Marilyn Santiago of SVN | Parsons Commercial Group represented the undisclosed sellers in the transactions.

March 3, 2022

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