WALTHAM, MASS. — Dallas-based Lincoln Property Co. has broken ground on a 139,000-square-foot life sciences project that will be located at 300 Third Ave. in the western Boston suburb of Waltham. Designed by local architecture firm DiMella Shaffer, the building will offer traditional office and lab space, as well as five levels of parking. Callahan Construction Managers is the general contractor for the project, which is expected to be complete in January 2022.
NEW YORK CITY — The Home Depot (NYSE: HD) has signed a 120,000-square-foot lease extension at its retail space at 28-40 W. 23rd St. in between Fifth and Sixth avenues in Manhattan’s Flatiron District. The lease keeps the Atlanta-based retailer in its location for at least 15 more years. Williams Equities owns the two-building, 561,000-square-foot property that houses the store. Michael Cohen, Andrew Roos, and Mac Roos of Colliers International represented Williams Equities in the lease negotiations. Peter Ripka of Ripco Real Estate represented Home Depot, which also signed a 20-year lease in late October to open a 120,000-square-foot store at 401 E. 61st St.
CLIFTON, N.J. — New Jersey-based Prism Capital Partners has received final site plan approval for the development of an 80,000-square-foot medical office building in Clifton, about 20 miles west of New York City. Gensler designed the four-story building, which will be located at the corner of Metro Boulevard and Route 3 on Prism’s ON3 healthcare and life sciences campus. Construction of the project, which is slated to begin in the first quarter of 2021 and to be complete in mid-2022, will include a 400-space parking garage. The project is a build-to-suit for Hackensack Meridian Health.
SACRAMENTO, CALIF. — San Rafael, Calif.-based Oakmont Properties has purchased Alira Luxury Apartments, a multifamily property in the Natomas submarket of Sacramento. Stockton-based AG Spanos Cos. sold the asset for $92.3 million in an off-market transaction. Marc Ross of CBRE’s Sacramento office brokered the sale. Andrew Behrens of CBRE Capital Markets’ Debt & Structured Finance group in San Francisco arranged financing on behalf of the buyer. Located at 4100 Innovator Drive, the 293-unit property features a rooftop deck, heated swimming pool and spa, barbecue areas, fitness center, yoga studio with on-demand fitness, hammock garden, gaming room and movie theater. The community offers a unit mix of studio, one-, two- and three-bedroom layouts.
FLAGSTAFF, ARIZ. — KeyBank Real Estate Capital (KBREC) has secured $41.6 million in fixed-rate Freddie Mac financing for Centerville, Utah-based Keller Investment Properties. The borrower will use the loan proceeds to refinance The Lodge Luxury Apartment Homes in Flagstaff. Built in 2004, The Lodge Luxury Apartment Homes features 252 garden-style units spread across 18 three-story buildings on 16 acres. Community amenities include a clubhouse, fitness center, spa, playground, picnic area and bike trail. Brian Caudel of KBREC’s Commercial Mortgage Group and Chris Jewett of KBREC’s Income Property Group structured the financing with a 10-year term featuring five years of interest-only payments and a 30-year amortization schedule.
TEMPE, ARIZ. — Tempe Hotel Group has completed the disposition of a Days Inn-branded hotel, situated on a 2.4-acre site in Tempe’s General Industrial District. Elliot West Hospitality acquired the asset for more than $8 million. Due to the terms of the transaction, the property’s ownership may not officially transfer for a couple of years. The hotel, which was constructed in 1987, is slated to undergo renovations and rebranding over the next couple years. The 139-room hotel features a resort-style pool, full-service elevator, laundry facilities, vending and ice machines, a business center, large atrium/continental breakfast room and meeting room. Zack Mishkin of ORION Investment Real Estate represented the buyer and seller in the transaction.
THORNTON, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a single-tenant, net-leased asset located at 16255 Washington St. in Thornton. WashCo LLC sold the retail property for $5.1 million, or $669.41 per square foot. The name of the buyer was not released. Cory Sandberg of Pinnacle Real Estate Advisors represented the seller in the deal .
SELMA, CALIF. — Flocke & Avoyer Commercial Real Estate has arranged the sale of a retail property located in Selma. Astrolabe Enterprises acquired the asset from Selma High Street LLC for $2.3 million. Citibank occupies the property, which is located at 2121 High St. Brian Quinn of Flocke & Avoyer and David Malloy of Colliers International represented the seller, while Peter Svidler, Dario Svidler and Lee Mintz of Compass represented the buyer in the deal.
INDIANAPOLIS — Elanco Animal Health Inc. (NYSE: ELAN), a pharmaceutical company that produces medicines and vaccinations for pets and livestock, has selected Indianapolis for its new $100 million global headquarters. Elanco is currently headquartered in Greenfield, approximately 25 miles east of Indianapolis. The company’s new headquarters campus will be located on a 45-acre site on the southwestern side of downtown Indianapolis that formerly served as a stamping plant for General Motors. The plant closed in 2011, and developer Ambrose purchased the site with plans to build a mixed-use community, according to The Indianapolis Star. Ambrose officially canceled those plans in September 2019. Project planning will begin immediately, with construction anticipated to last two to three years. Elanco’s new facility is expected to add as many as 570 permanent new jobs to the local economy. The move represents an effort to cut costs while consolidating Elanco’s global footprint after the company’s August acquisition of Bayer’s animal health business. The Star reports that the acquisition was valued at roughly $6.9 billion. Elanco’s new campus will feature a smaller, more flexible design as a result of COVID-19. The company says it envisions a more efficient campus with at least 25 percent less office space than its …
We’ve all seen the depressing commercial real estate news stories about the state of the office market, with words like “bleak,” “hazy” or “obsolete” in the headlines. Questions surround every major market, including Atlanta — a metro market known for its dependable economy and robust demand. Admittedly, Atlanta has had its struggles during the pandemic, like slow leasing activity and rising rental rates, but not everything is doom and gloom. New City Properties, in the middle of breaking ground on Mailchimp’s new headquarters, announced it was upping the budget to prepare for future pandemics, including setting money aside for technology that is not even available yet. Other developers are choosing to prioritize private green space over expensive machinery. Midtown’s new Norfolk Southern headquarters, opening by the third quarter of 2021, takes advantage of its 3.4-acre lot by developing a campus-style hub filled with parks and a rooftop garden. Employees who utilize these outdoor spaces decrease the risk of airborne transmissions, as well as promote healthy habits. Not every office building has the room for large outdoor forums, so other owners are doing away with cubicles and building out private offices. Or if they have cubes, they’re advised to choose bigger …
