Property Type

Endeavor Development, Calibogue Capital Break Ground on 172,224 SF Spec Distribution Center in Suburban Minneapolis

by Kristin Harlow August 3, 2021

MAPLE GROVE, MINN. — Endeavor Development and joint venture partner Calibogue Capital have broken ground on Zachary Distribution Center, a 172,224-square-foot speculative distribution center in Maple Grove. Located on Zachary Lane, the project will feature a clear height of 32 feet, 17 loading docks, two drive-in doors and 52 trailer parking stalls. Jon Yanta, Jason Meyer and Brent Masica of Cushman & Wakefield are handling leasing and marketing efforts for the property. Zachary Distribution Center is situated within the Northwest submarket, which is the most active industrial corridor within the Twin Cities, according to Cushman & Wakefield. A timeline for completion was not disclosed.

August 3, 2021

Acquisitions Illinois Midwest Multifamily

Kiser Group Arranges $1.7M Condo Deconversion Sale in Chicago’s Albany Park

by Kristin Harlow August 3, 2021

CHICAGO — Kiser Group has arranged the $1.7 million deconversion sale of 4944 N. Harding Ave. in Chicago’s Albany Park neighborhood. The property includes 13 units, 11 of which are two-bedroom floor plans and two of which are three-bedrooms. The building was renovated and converted to condominiums in 2005. Andy Friedman and Jake Parker of Kiser represented the seller, the condominium association, as well as the buyer, Block & Key. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

August 3, 2021

Acquisitions Massachusetts Northeast Retail

IPA Negotiates $54.5M Sale of Grocery-Anchored Shopping Center in Metro Boston

by Taylor Williams August 3, 2021

BEDFORD, MASS. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $54.5 million sale of Bedford Marketplace, a 153,000-square-foot shopping center in the northwestern Boston suburb of Bedford. The sales price equates to $355 per square foot. Whole Foods Market anchors the center, which also houses tenants such as Marshalls, Cambridge Savings Bank, Bank of America, Brookline Bank, U.S. Post Office, AFC Urgent Care and Lincoln Liquors. Jim Koury of IPA represented the seller, RFPS 181 Owner LLC, and procured the buyer, Ramco Property Acquisitions LLC. Bedford Marketplace was 97 percent leased at the time of sale.

August 3, 2021

Development Massachusetts Multifamily Northeast

Nauset Construction Completes 93-Unit Multifamily Project in Cambridge, Massachusetts

by Taylor Williams August 3, 2021

CAMBRIDGE, MASS. — Nauset Construction, a locally based design-build firm, has completed 77 Park, a 93-unit multifamily project located in the Alewife area of Cambridge. Designed by Piatt Architects, the transit-served property rises four stories and spans 96,000 square feet. Units feature studio, one- and two-bedroom floor plans ranging in size from 595 to 1,265 square feet. Amenities include a terrace with grilling stations, a café with a full kitchen, multimedia room, sky lounge, fitness center and a dog washing and grooming station. Rents start at $2,200 per month for a studio unit.

August 3, 2021

Acquisitions Industrial New Jersey Northeast Retail

Neuman Commercial Brokers $8.6M Sale of Retail, Industrial Building in Ewing, New Jersey

by Taylor Williams August 3, 2021

EWING, N.J. — Neuman Commercial Group LLC has brokered the $8.6 million sale of a 98,005-square-foot retail and industrial building in Ewing, a suburb of Trenton. Built in 1955 on 6.7 acres, the property was 98 percent occupied at the time of sale by tenants such as Dollar General, Dunkin’ and the State of New Jersey Department of Motor Vehicles. Gil Neuman of Neuman Commercial represented the seller, Black Oak Associates, and procured the undisclosed, locally based buyer.

August 3, 2021

Leasing Activity New York Northeast Retail

X-Golf Signs 6,200 SF Lease at Samanea Mall in Westbury, New York

by Taylor Williams August 3, 2021

WESTBURY, N.Y. — X-Golf, an entertainment concept that features golf simulations and food and beverage offerings, has signed a 6,200-square-foot lease at Samanea Mall in the Long Island village of Westbury. Matthew Kucker, Jordan Baruch and Herb Agin of Colliers International, along with internal agent Dominic Coluccio, represented the landlord, Lesso Mall Development, in the lease negotiations. Bradley Diamond of Parallel Realty represented the tenant, which will backfill a space previously occupied by David’s Bridal. Other entertainment concepts at Samanea Mall include Dave & Buster’s and Empire Adventure Park.

August 3, 2021

Leasing Activity New York Northeast Retail

CycleBar, Pure Barre to Open Fitness Studios on Manhattan’s Upper East Side

by Taylor Williams August 3, 2021

NEW YORK CITY — CycleBar and Pure Barre, two concepts owned by Xponential Fitness, have signed 10-year leases to open exercise studios at 1151 Third Avenue, a 14,820-square-foot building on Manhattan’s Upper East Side. The fitness users will share a 5,300-square-foot space that spans the entire second and third floors. The Feil Organization owns 1151 Third Avenue, which was originally built in 1910. With these leases, the property is now fully leased. The fitness studios opened on July 28.

August 3, 2021

Arizona Development Industrial Western

GO Industrial Buys Site for 1.2 MSF Development Project in Phoenix

by Amy Works August 3, 2021

PHOENIX — Phoenix-based GO Industrial has purchased 77 acres of land in the West Valley submarket of Phoenix for the development of GO | 99, a three-building, 1.2 milion-square-foot industrial project. An undisclosed seller sold the site, located at the southeast corner of Buckeye Road and 99th Avenue, for $23.5 million. Buildings 1 and 2 will provide rear-loaded, mid-bay configurations and will total 246,997 square feet and 272,456 square feet, respectively. Totaling 763,410 square feet, Building 3 will feature a 600-foot-deep, cross-dock configuration, nearly 1,000 auto parking stalls and up to 314 off-dock locations. Clear heights will range from 32 feet to 40 feet. All buildings will offer dock-high and ground-level loading and heavy power. Additionally, the park will be fully secured and each truck court will have dedicated access. DLR Group is serving as architect, Willmeng Construction as general contractor and Arcadia Management Group as property manager.

August 3, 2021

Acquisitions Colorado Office Western

TerraCap Acquires 193,000 SF Denver Corporate Center Office Building for $31.1M

by Amy Works August 3, 2021

DENVER — TerraCap Management has purchased Denver Corporate Center I, formerly known as The Office at DTC, in Denver. Origin Investments and Hamilton-Titan Partners sold the asset for $31.1 million. Situated within the Denver Tech Center submarket, the 11-story building features 193,000 rentable square feet of Class A office space. The property was built in 1980. TerraCap acquired two sister buildings at this location in August 2019 for $71 million and holds the three buildings under one ownership. Tim Richey, Charley Will, Chad Flynn and Jenny Knowlton of CBRE represented the sellers in the deal. Brightspire Capital provided debt financing for TerraCap with assistance from C.J. Kelly and Jeff Halsey of CBRE’s debt team. TerraCap hired JLL to handle leasing of the property and DPC as property manager.

August 3, 2021

Acquisitions Arizona Retail Western

Armstrong Capital Purchases Shopping Center Portfolio in Arizona for $18.3M

by Amy Works August 3, 2021

CHANDLER, ARIZ. — Armstrong Capital Development has acquired The Plant Shops North and South, two adjacent shopping centers in Chandler, for $18.3 million. The name of the seller was not released. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark facilitated the transaction. Situated at 4205 and 4225 S. Gilbert Road, the properties were developed in 2018. Totaling 30,820 square feet, the portfolio was 92 percent leased at the time of sale. Current tenants include Barre3, AT&T, Zoyo Yogurt, Tryst Café and Dunkin Donuts.

August 3, 2021

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