EASTON, PA. — TSW Alloy Wheels, a provider of custom staggered wheels, has purchased a 105,840-square-foot industrial facility situated on a 9.6-acre site in the Lehigh Valley city of Easton from developer J.G. Petrucci & Co. TSW Alloy Wheels will use the newly built property, which features 36-foot clear heights and an ESFR sprinkler system, as a new regional distribution center. Paul Weiss of PF Weiss Realty brokered the deal.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $5.3 million sale of a 33-unit multifamily building in the Pelham Bay area of The Bronx. The property was originally built in 1929 and spans 27,000 square feet. Aaron Jungreis of Rosewood Realty represented the seller, Morgan Group, in the transaction. Jungreis and Alex Fuchs of Rosewood Realty procured the buyer, locally based investment firm Arber Realty LLC. The building consists of 29 one-bedroom units and four two-bedroom units and sold at a cap rate of 5.85 percent.
CHICAGO — A joint venture between Oxford Capital Group LLC and Quadrum Global has sold Essex on the Park, a 56-story, 479-unit apartment tower that it developed and opened on Chicago’s Michigan Avenue in 2019. A West Coast-based investment firm purchased the asset for an undisclosed price. The Oxford-Quadrum venture retains ownership of the adjacent Hotel Essex, which continues to be managed by Oxford Hotels & Resorts LLC. Essex on the Park is the luxury apartment portion of a larger mixed-use development that includes Hotel Essex. Residents of Essex on the Park have convenient access to hotel amenities and services, including Grant Park Bistro and SX Sky Bar. Amenities in the apartment tower include an indoor pool, fitness center, yoga studio, party room, cocktail lounge, game room and private conference room. JLL acted as advisor to Oxford and Quadrum, and also arranged acquisition financing on behalf of the buyer.
HOFFMAN ESTATES, ILL. — The first two tenants have signed leases at Bell Works Chicagoland in Hoffman Estates. CPA Group Advisors is the first office tenant and Fairgrounds Craft Coffee and Tea is the first retail tenant. Bell Works Chicagoland is the redevelopment of the 1.6 million-square-foot former AT&T headquarters from developer Somerset Development. Fairgrounds will operate a kiosk at Bell Works beginning in December with plans to open a permanent location with a full cocktail bar in early 2022. Boutique full-service accounting firm CPA Advisors will occupy one of the property’s “ready-to-wear” office spaces. These pre-built office suites offer immediate occupancy for small- to medium-sized businesses. The $200 million Bell Works Chicagoland mirrors Somerset’s Bell Works New Jersey. Plans call for 1.2 million square feet of office space; 60,000 square feet of conference facilities, storage and amenities; and 60,000 square feet of restaurant and retail space. Despite COVID-19, interior renovations remain on schedule and construction is slated for completion this week. Colliers International and The Garibaldi Group are the leasing teams marketing office space at the property.
URBANDALE, IOWA — DealPoint Merrill LLC has acquired a 103,906-square-foot former Kmart shopping center in Urbandale near Des Moines. The property sits on 12 acres near I-35 and I-235. DealPoint Merrill plans to redevelop the asset into a 131,000-square-foot project with two outparcels. DealPoint Merrill’s CEO David Frank negotiated the transaction and President Sterling McGregor handled the due diligence and financing. The seller and purchase price were undisclosed.
STERLING HEIGHTS, MICH. — Quantum Mold & Engineering has expanded to Sterling Heights with the purchase of a 36,779-square-foot industrial building at 6300 Sterling Drive North in suburban Detroit. The prototype and production plastic injection molding company currently operates out of multiple properties in the area. The new facility will help the company consolidate operations and expand services. Jason Capitani of L. Mason Capitani CORFAC International represented Quantum in the sale. The seller and purchase price were undisclosed.
CHICAGO — Cawley Chicago has brokered the sale of an 18,000-square-foot warehouse located at 3228 S. Wood St. in Chicago for an undisclosed price. Situated near I-55 between Pilsen and the stockyards corridors, the facility sits on 1.5 acres. The property also includes office space and a securely fenced lot. Frank Melchert and Stevan Arandjelovic of Cawley represented the seller, SES Equipment Services, and procured the buyer, Taylor Excavating & Construction Inc.
SL Green Agrees to Sell Amazon-Anchored Office Building Under Redevelopment in Manhattan for $952.5M
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) and its joint venture partners have entered into a contract to sell 410 Tenth Avenue, a 20-story, 636,000-square-foot office tower near Hudson Yards on Manhattan’s west side, for $952.5 million. The transaction marks the largest commercial property sale in the U.S. since March, according to SL Green. Amazon and First Republic Bank anchor the property, which is currently undergoing a redevelopment. Amazon signed its 335,408-square-foot lease in December. The buyer was undisclosed. SL Green is the majority owner of the building, with a 70.9 percent stake. As part of the sale, the sellers will retain a 5 percent interest through completion of the redevelopment, which is slated for the third quarter of 2021. The identities of the minority owners were not disclosed. The transaction is expected to close during the fourth quarter. Brett Herschenfeld, managing director of SL Green, says that the sale is an example of acquiring an undervalued asset, redeveloping it to Class A standards and re-leasing it to high-quality tenants. “While the asset was always intended to be held as a long-term investment, the sale will allow the company to achieve extraordinary profits, substantially reduce consolidated indebtedness …
BIRMINGHAM, ALA. — The Sanders Trust has sold a portfolio of 11 medical office buildings and inpatient rehabilitation facilities for $240 million. The assets total 474,100 square feet and are located across eight states: Texas, Indiana, Ohio, Pennsylvania, Maryland, Georgia, Mississippi and Iowa. The names of the individual properties were not disclosed. Harrison Street was Sanders Trust’s joint venture partner for nine of the 11 properties. The assets were purchased in the past three and a half years and were fully leased at the time of sale. Lincoln Advisors, an affiliate of Dallas-based Lincoln Property Co., purchased the portfolio on behalf of a public pension fund client. Chris Bodnar and Lee Asher of CBRE’s Healthcare and Life Sciences Capital Markets team represented Sanders Trust and Harrison Street in the portfolio transaction.
DULUTH, GA. — Venterra Realty has purchased The Maddox Apartments, a Class A, 372-unit multifamily community located in Duluth. The $75 million acquisition is Venterra Realty’s first since the onset of the COVID-19 pandemic and marks the 60th property in the Houston-based company’s portfolio. The seller was not disclosed. Built in 2007, the property is located at 4370 Satellite Road in metro Atlanta’s Gwinnett County. The Maddox features one-, two- and three-bedroom floor plans ranging from 946 to 1,422 square feet. Rents start at $1,275 per month. Nearly half of the units have been updated with interior finishes including stainless steel appliances, granite countertops and wood-plank flooring. Communal amenities include a saltwater swimming pool, 24-hour fitness center, playground and dog park. Venterra Realty plans to update the remaining units.