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Core Industrial Portfolio
AcquisitionsFloridaIndustrialSoutheast

Cushman & Wakefield Arranges Sale of Five-Building Industrial Portfolio in Jacksonville Totaling 1.4 MSF

by Julia Sanders

JACKSONVILLE, FLA. — Cushman & Wakefield has arranged the sale of a five-building industrial portfolio totaling 1.4 million square feet in Jacksonville. The sales price was not disclosed. Mike Davis, Rick Brugge, Rick Colon, Zach Eicholtz, Chloe Strada and Dominic Montazemi of Cushman & Wakefield represented the undisclosed seller in the transaction. Tyler Newman and Jacob Horsley of Cushman & Wakefield assisted in the sale and have been retained to lease the portfolio on behalf of the buyer, Hartz Mountain Industries.

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DevelopmentIndustrialLife SciencesNortheastPennsylvania

DHL Supply Chain Begins Work on 970,000 SF Warehouse in Lebanon, Pennsylvania, Will Create 200 Jobs

by Taylor Williams

LEBANON, PA. — Logistics firm DHL Supply Chain has begun construction on a 970,000- square-foot warehouse in Lebanon, a suburb of Harrisburg. The project will house manufacturing, storage and distribution space that will serve the healthcare and life sciences industries. DHL Supply Chain is constructing another building at the site as part of an initiative to invest $88 million in the regional economy and create about 200 new jobs. The first building is scheduled to be complete in the first quarter of next year.

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DevelopmentMidwestOhioRestaurantRetail

Wendy’s, REEF to Develop 700 Delivery Kitchens Across North America, Europe by 2025

by Kristin Harlow

DUBLIN, OHIO AND MIAMI — The Wendy’s Co. and REEF have unveiled plans to open and operate 700 delivery kitchens over the next five years across the U.S., Canada and the United Kingdom. Miami-based REEF is a mobility, logistics hubs and kitchen operator. The development commitment builds upon the successful test of eight delivery kitchens in Canada beginning in late 2020, according to a news release. Through this commitment, REEF will become the first Wendy’s franchisee in the United Kingdom. Dublin-based Wendy’s and REEF expect to open roughly 50 delivery kitchens this year, with the remainder to be launched by 2025. “The demand for convenient delivery solutions means we must look for opportunities beyond our traditional restaurant formats, especially in dense urban areas,” says Abigail Pringle, president, international and chief development officer with Wendy’s. With 5,000 locations across 30 cities, REEF is the largest operator of parking real estate and delivery kitchens in North America. Wendy’s and its franchisees employ hundreds of thousands of people across more than 6,800 restaurants worldwide.

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IllinoisLoansMidwestMixed-Use

Associated Bank Structures $43.8M in Financing for Redevelopment of Historic Bank Building in Chicago

by Kristin Harlow

CHICAGO — Associated Bank has structured a $43.8 million financing package for the redevelopment of the historic Bridgeview Bank building in Chicago. CEDARst was the borrower. Associated Bank is acting as lead arranger for a $35.4 million construction loan as well as a federal historic tax credit bridge loan in the amount of $3.4 million. Associated Community Development is providing $5 million in federal historic tax credit equity. The existing retail and office building rises 12 stories. The first eight floors were built in 1924 and four stories were added in 1928. Redevelopment plans call for 176 apartment units, 20,484 square feet of traditional office space and 21,184 square feet of shared office space. Amenities will include a lobby, fitness center, roof deck and resident lounge. There will also be 45 surface parking spaces. No changes are planned for the existing 15,195 square feet of ground-floor retail space and offices on floors two through four. Phase I construction of the office redesign is slated for completion in the second quarter of 2022. Phase II, the residential portion, is slated for completion in the first quarter of 2023. In 2019, Associated Bank provided CEDARst with a $13.1 million loan to acquire …

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Crossings-at-Raritan-Station
DevelopmentMultifamilyNew JerseyNortheast

Accurate Builders & Developers Completes 256-Unit Apartment Complex in Raritan, New Jersey

by Taylor Williams

RARITAN, N.J. — New Jersey-based Accurate Builders & Developers has completed Crossings at Raritan Station, a 256-unit apartment complex in Raritan, located in the northern-central part of the Garden State. Designed by Devereaux and Associates, the transit-oriented property features studio, one- and two-bedroom units with quartz countertops, stainless steel appliances, tile backsplashes and modern espresso cabinets. Private balconies are also available in select residences. Amenities include a coffee bar, fitness center, tennis court, basketball court, dog park, meditation garden, outdoor grilling areas and Amazon package lockers. Monthly rental rates start at $1,892 for a studio unit. Leasing of the initial 113-unit phase began in May.

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AcquisitionsIllinoisIndustrialMidwest

Conor Commercial Real Estate Sells North Avenue Commerce Center in Winfield, Illinois

by Kristin Harlow

WINFIELD, ILL. — Conor Commercial Real Estate has sold North Avenue Commerce Center in Winfield, about 30 miles west of Chicago. The 265,550-square-foot industrial building was 82 percent leased by an e-commerce tenant and a furniture manufacturer at the time of sale. The newly developed facility sits on a 17-acre site. Building features include a clear height of 32 feet, 56 truck docks and four drive-in doors. McShane Construction Co. and Ware Malcomb provided construction and design services for the development. Cushman & Wakefield represented Conor in the sale. The buyer was undisclosed.

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DevelopmentIndustrialIowaMidwest

Opus Breaks Ground on 195,500 SF Spec Industrial Project Near Des Moines

by Kristin Harlow

BONDURANT, IOWA — The Opus Group has broken ground on a 195,500-square-foot speculative industrial development in Bondurant, about 14 miles northeast of Des Moines. Known as Commerce Crossings, the project will have convenient access to I-80 and I-35. The building will feature a clear height of 28 feet, 16 drive-in doors, 18 dock doors and 165 vehicle parking stalls. Completion is scheduled for November. The developer and owner, Signature Commercial Real Estate, plans to also build an adjacent building. Opus is serving as design-builder, interior designer, architect and structural engineer. Shive Hattery is the civil engineer.

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AcquisitionsIllinoisMidwestOffice

North Wells Capital, Skydeck Capital Acquire Five-Story Office Building in Chicago’s River North

by Kristin Harlow

CHICAGO — North Wells Capital LLC and Skydeck Capital have formed a joint venture to acquire a five-story, 47,000-square-foot building at 720 N. Franklin St. in Chicago’s River North neighborhood. The purchase price was undisclosed. The building was originally constructed in 1925 for industrial use and later renovated into retail and office use. The seller, McCaffery Interests, had owned and managed the property since 1999. North Wells Capital has hired Urban Innovations to provide property management and leasing services for the building.

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Shippan-Landing-Stamford
ConnecticutLeasing ActivityNortheastOffice

Encompass Digital Media Signs 136,366 SF Office Lease in Stamford, Connecticut

by Taylor Williams

STAMFORD, CONN. — Encompass Digital Media has signed a 136,366-square-foot office lease at Shippan Landing, a six-building waterfront office campus that is located on a 17-acre site in Stamford. David Block, Steven Greenbush and Joe Coleman of CBRE represented the tenant in the lease negotiations. Trip Hoffman, Adam Klimek and Mike Norris of Cushman & Wakefield represented the owner, a joint venture between developers George Comfort & Sons and Rubenstein Partners LP. Peter Duncan and Dana Pike of George Comfort & Sons also worked on the deal on an internal basis. Encompass Digital Media has occupied space at the campus since 1994, and this transaction extends its commitment term for six more years.

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LoansMultifamilyNew YorkNortheastSeniors Housing

Axiom Capital Arranges $17.4M Loan for Refinancing of Independent Living Property in Upstate New York

by Taylor Williams

SARATOGA SPRINGS, N.Y. — Axiom Capital LLC has arranged a $17.4 million loan for the refinancing of a 178-unit independent living community located in the Upstate New York city of Saratoga Springs. Units at the property, which was built on 14 acres in the late 1990s, feature stainless steel appliances and enclosed balconies. Amenities include a bank branch, a full-service restaurant, library, fitness facility with steam and sauna, health spa and unisex salon, lounges, putting green and an arts and crafts studio. An undisclosed life insurance company provided the nonrecourse loan, which was structured with a 10-year term and a fixed interest rate. The locally based borrower has owned and operated the facility since its construction.

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