Property Type

$9M Spec Industrial Project Nears Completion in Middleburg Heights, Ohio

by Kristin Harlow March 16, 2021

MIDDLEBURG HEIGHTS, OHIO — Owner and developer The Dickman Co. Inc. is nearing completion of a $9 million speculative industrial project in Middleburg Heights, a southern suburb of Cleveland. Terry Coyne of Newmark is representing Milwaukee-based Dickman in leasing efforts. The 125,500-square-foot project is now 90 percent pre-leased. Forward Air has leased 52,500 square feet and Lasership has signed for 63,000 square feet. There are 10,000 square feet remaining available for lease. Completion of the project is slated for the end of the second quarter. Building features include a clear height of 28 feet, multiple docks and drive-in doors, and ample employee and trailer parking.

March 16, 2021

Leasing Activity Midwest Office Ohio

Northwest Bank to Become Anchor Tenant at 3 Easton Oval in Columbus

by Kristin Harlow March 16, 2021

COLUMBUS, OHIO — Northwest Bank has leased the top floor at 3 Easton Oval in Columbus and will have building signage. The owner of the office building, Alterra Real Estate Advisors, recently completed a renovation with new common areas, LED lighting, HVAC units with improved air quality, a new roof and solar panels. Northwest Bank joins accounting firm Brady Ware, which has leased half of a floor in the building. Alterra acquired the asset in December 2019.

March 16, 2021

Acquisitions Indiana Midwest Retail

Marcus & Millichap’s Klink Group Arranges $3.7M Sale of Walgreens-Occupied Property in Indianapolis

by Kristin Harlow March 16, 2021

INDIANAPOLIS — The Klink Group of Marcus & Millichap has arranged the sale of a Walgreens-occupied property in the Nora submarket of Indianapolis for $3.7 million. The single-tenant building is located at 1505 E. 86th St. Jordan Klink of the brokerage marketed the property on behalf of the seller, Indianapolis-based Westfield Pointe LLC. The Klink Group also sourced the buyers, Nora LLC and PP Nora LLC. Both are based in Indiana.

March 16, 2021

Industrial Leasing Activity Northeast Pennsylvania

J.G. Petrucci Signs Wholesale Redistribution User to 160,000 SF Lease in Lehigh Valley

by Taylor Williams March 16, 2021

HANOVER TOWNSHIP, PA. — Locally based developer J.G. Petrucci has signed wholesale redistribution firm RJ Schinner to a 160,000-square-foot, full-building industrial lease at Lehigh Valley Flex Center campus in Hanover Township. The tenant will relocate from an 80,000-square-foot space in nearby Bethlehem. Van Martin Brokerage represented RJ Schinner in the lease negotiations.

March 16, 2021

Acquisitions Industrial Massachusetts Northeast Self-Storage

SkyView Advisors Arranges Sale of 470-Unit Self-Storage Facility in Andover, Massachusetts

by Taylor Williams March 16, 2021

ANDOVER, MASS. — Tampa-based SkyView Advisors has arranged the sale of a 470-unit self-storage facility located at 17 Dundee Park Drive in Andover, a northern suburb of Boston. The property is situated on 1.5 acres and spans 65,836 net rentable square feet. Richard Riddle and Ryan Clark of SkyView Advisors represented the seller in the transaction. Additional terms of sale were not disclosed.

March 16, 2021

Civic Development New York Northeast

Hellenic Classical Charter to Open 36,000 SF School in Staten Island

by Taylor Williams March 16, 2021

NEW YORK CITY — Hellenic Classical Charter School (HCCS) will open a 36,000-square-foot academic institution for students in grades 3-8 at 1641 Richmond Ave. in Staten Island. HCCS has entered into a ground lease with the owner of the land, Holy Trinity Greek Orthodox Community, to develop the project. Marty Cottingham, Michael Gottlieb and Patrick Steffens of Avison Young represented HCCS in the ground lease negotiations. HCCS also secured $44 million in bond financing from youth empowerment organization Build NYC to help finance construction of the new building.

March 16, 2021

Leasing Activity New Jersey Northeast Retail

R.J. Brunelli Negotiates Two Retail Leases Totaling 18,660 SF for Dollar Tree in New Jersey

by Taylor Williams March 16, 2021

RIVERDALE AND MANASQUAN, N.J. — R.J. Brunelli & Co. LLC has negotiated two retail leases for Dollar Tree in New Jersey. In the first deal, the discount retailer leased 9,200 square feet at Riverdale Crossing, a Walmart-anchored power center in Morris County. Dollar Tree will backfill a space formerly occupied by Pier 1 Imports. In the second transaction, Dollar Tree committed to a 9,460-square-foot endcap space at The Orchards at Wall, a 22,504-square-foot center in Manasquan that was also formerly occupied by Pier 1. Both stores are slated to open in the second quarter. Danielle Brunelli and Pete Nicholson of R.J. Brunelli represented Dollar Tree in both sets of lease negotiations. Ryan Starkman of Pierson Real Estate represented the landlord in the Riverdale Crossing deal.

March 16, 2021

Acquisitions California Multifamily Western

JRK Property Holdings Buys Harrison Glendale Apartment Property in California for $90.7M

by Amy Works March 16, 2021

GLENDALE, CALIF. — JRK Property Holdings has acquired The Harrison Glendale, an apartment community located at 318 W. Wilson Ave. in downtown Glendale. A Las Vegas-based developer sold the asset for $90.7 million in an off-market transaction. Built in 2018, The Harrison Glendale features 164 apartments in a mix of studio, one- and two-bedroom layouts spread across two five-story LEED-certified buildings. The community offers a central courtyard with a resort-style pool, park and barbecue area. Additionally, the property features 15,100 square feet of ground-floor retail space occupied by CVS/pharmacy; a two-level, 239-stall subterranean garage; a two-level fitness center; yoga studio; club room; and dog run. The property also offers a rooftop deck with fire pits, barbecues and bar. At the time of sale, the asset was 96 percent leased. Dean Zander, Stewart Wilson and Chris Tresp of CBRE Los Angeles represented the seller in the deal. Robert Falese of Berkadia arranged acquisition financing with agency debt through Freddie Mac’s Green Advantage program for the buyer.

March 16, 2021

Affordable Housing California Development Multifamily Seniors Housing Western

USA Properties Starts Construction of Two Adjacent Multifamily Communities in Simi Valley

by Amy Works March 16, 2021

SIMI VALLEY, CALIF. — USA Properties Fund has commenced construction on two apartment projects in Simi Valley. Totaling $114 million, the combined communities will offer a total of 311 mixed-income, multi-generational units to the area. Situated on nearly 13 acres, the projects are The Landing at Arroyo, a market-rate community, and Vintage at Sycamore, an affordable seniors housing community for residents at least 62 years old. The project is located on the former Rancho Simi Recreation and Park District’s headquarters at 1692 Sycamore Drive. Vintage at Sycamore will feature 99 apartments for seniors earning 50 percent to 70 percent of the area’s median household income. The property will offer one-bedroom units featuring energy-efficient appliances, a patio or balcony and laundry rooms on each of the three floors. The $32 million community will feature a clubroom, fitness center, computer center with WiFi and printers, swimming pool, an outdoor seating area with barbecues and a pet area. Completion of Vintage at Sycamore is slated for late 2021. County of Ventura, Calif., contributed a $3.5 million subsidy for the project. The Landing at Arroyo will offer 212 one-, two-, and three-bedroom apartments with stainless steel appliances, a kitchen island, in-unit washers/dryers, high-end flooring …

March 16, 2021

Acquisitions Colorado Multifamily Western

Cityview Acquires Interest in 350-Unit DECO Apartments in Denver

by Amy Works March 16, 2021

DENVER — Cityview has purchased Dinerstein Cos.’ interest in DECO, an apartment community located in the University Park region of Denver. A transit-oriented property with immediate access to light rail, the five-story development offers 350 units in a range of open floor plans. The property originally opened for leasing in fourth-quarter 2019. Westhome, Cityview’s property management division, manages the asset. Terms of the acquisition were not released. Situated on 3.5 acres, the property features a mix of studio, one-, two- and three-bedroom floor plans with to up 11-foot ceilings, vinyl wood flooring, stainless steel appliances, in-unit washers/dryers, designer cabinetry, quartz countertops, dual vanity baths, walk-in closets and keyless door entry. Community amenities include an on-site ski simulator and gear lounge equipped with ski and boot lockers, as well as space for snowboards, mountain bikes and kayaks; and a rooftop deck with outdoor seating, a fireplace, television, drink ledge and ski gondola. Additional amenities include a dog park and spa; business center with coffee bar and two-sided fireplace; co-working area with individual conference rooms; workstations; a library; mail room with automated package retrieval system; club room with commercial kitchen; and a fitness center with cardio and weight equipment, massage room and …

March 16, 2021

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