WEST DES MOINES, IOWA — R&R Realty Group has unveiled plans to renovate Buildings 7 and 8 at its Regency West Office Park in West Des Moines. The pandemic spurred the renovation, according to R&R. “As our customers are returning to their offices, they’re telling us that amenities are still very important in order to entice the workforce back to the office and to retain the workforce working in the office,” says Mark Ruprpecht, president of R&R. New amenities at Regency West will include collaborative spaces with germ-resistant materials and space for social distancing. A fitness center will be equipped with treadmills, elliptical machines and Peloton bikes. A space known as the Veranda at Regency West will include large windows that can open to the outdoors. An automated coffee shop and a grab-and-go market will provide food and beverage options. These amenities will be available to all Regency West tenants, regardless of which building they occupy at the 623,000-square-foot complex. R&R plans to invest more than $1 million over the next 12 months for the new amenities.
NEW YORK CITY — Columbia Pacific Advisors has provided a $39.1 million, 36-month bridge loan for 68-70 Spring Street, a 24,357-square-foot multifamily and retail asset in Manhattan’s SoHo neighborhood. The undisclosed borrower will use the funds to support lease-up of the eight-story building, which includes 10 apartments with two- and three-bedroom floor plans.
ELK GROVE VILLAGE, ILL. — Colliers International Chicago has brokered the sale of a 146,029-square-foot industrial building in Elk Grove Village, a northwest suburb of Chicago. The sales price was undisclosed. Completed in 2020 and located at 500 E. Devon Ave., the property features a clear height of 32 feet. The facility was 71 percent leased to three tenants at the time of sale. Colliers will continue to represent the new ownership in marketing the vacancy for lease. Jeff Devine and Steve Disse of Colliers represented the seller, CA Ventures. A fund managed by Goldman Sachs was the buyer.
NORWOOD, MASS. — JLL has brokered the $7.4 million sale of a 44,406-square-foot industrial property in Norwood, a southern suburb of Boston. The facility was built in 1980 and was fully leased to computer hardware manufacturer Source Code at the time of sale. Matthew Sherry and Michael Restivo of JLL represented the seller, Arris Partners LLC, in the transaction. The buyer was locally based investment firm Berkeley Partners.
CHICAGO — Interra Realty has negotiated the sale of a 12-unit apartment building in Chicago’s Wrigleyville neighborhood for $5.4 million. The property is located at 915 W. Addison St., just steps from Wrigley Field. The building was originally constructed in 1920, but recently underwent an extensive capital improvement program by the seller. The property was fully leased by the time of sale. Joe Smazal of Interra represented the private local buyer. Craig Martin of Interra represented the seller, Horizon Realty Group.
TOLEDO, OHIO — Reichle Klein Group has arranged the sale of a 26,112-square-foot office building in Toledo for $1.5 million. The property sits on slightly less than a quarter acre at 6629 W. Central Ave., near I-475. Ryan Miller of Reichle Klein represented the buyer, 6629 W. Central Ave. LLC. The seller was undisclosed.
DALLAS — Hillwood Urban, a division of Fort Worth-based industrial giant Hillwood, plans to develop Field Street Tower, a 38-story office building that will be located at 1201 Field St. at the crossroads of Uptown and downtown Dallas. A total price tag for the project was not disclosed. The site of Field Street Tower is adjacent to Klyde Warren Park and across from the Perot Museum of Nature and Science. The 520,000-square-foot property will rise 600 feet, making it the tallest office building developed in downtown Dallas in the last three decades, according to the development team. Field Street Tower will feature amenities such as a tenant lounge, coffee bar, conference facilities, a 9,000-square-foot fitness center and a half-acre of outdoor green space with views of Klyde Warren Park. The building will also house retail and restaurant space with outdoor seating. In addition, the HVAC system will be equipped with an ultraviolet air purification system to protect tenants from airborne contagions. Pickard-Chilton is designing the project, while BOKA Powell is the architect of record. The Office of James Burnett is handling landscape design. Construction is set to begin in June. The development team believes the building could be available for …
ALEXANDRIA, VA. — Aventon Cos. has broken ground on Aventon Huntington, a new apartment development located adjacent to the Huntington Metro station in Alexandria that is valued at more than $100 million. The 366-unit property will be situated just south of Washington, D.C., and within a few miles of Old Town Alexandria, the Capital Beltway, Ronald Reagan Washington National Airport and Amazon’s HQ2 in National Landing. The project is slated to be complete in the spring of 2023. Located on approximately four acres at 5919 N. Kings Highway, Aventon Huntington will offer studio, one-, two- and three-bedroom apartments that include smart home technology. The seven-story property will have over 15,000 square feet of indoor amenity space including remote-working lounges with private offices, fitness and yoga studios, gaming and media lounges, a podcast studio, video conference studio, rooftop deck and indoor sky lounge with private dining space, pet spa, automated package delivery, bike storage and repair shop and covered parking. Outdoor community amenities will include a private resort-style pool, summer kitchen, outdoor media lounge and outdoor remote-working courtyard. The building will be certified Silver under the National Green Building Standard for sustainability. In January 2020, Aventon began construction on Aventon Crown, …
JACKSONVILLE, FLA. — CT Realty, in a joint venture with Diamond Realty Investments, has purchased 250 acres of industrial-zoned land in Jacksonville for the development of an eight-building, 3.2 million-square-foot logistics park. The buyers have begun developing the first phase, which spans 1.7 million square feet across three buildings, and is projected to be completed in 2022. Southeast Toyota Distributors, an independent Toyota automotive distributor, sold the site for $300 million. Guy Preston and Seda Preston of Colliers International represented both Southeast Toyota Distributors and the buyers in the land sale. The site is situated off Pritchard Road, approximately three miles west of Interstate 295 and close to Jacksonville Port Authority (JAXPORT), which handles the highest container volume of Florida’s four major seaports. JAXPORT is in the midst of a major dredging project that, upon completion in 2022, will create the deepest port on the East Coast, capable of serving high-capacity post-Panamax container ships.
NASHVILLE, TENN. — LRC Properties has bought 2 Dell Parkway, a 288,860-square-foot property comprising mostly warehouse and office space adjacent to Nashville International Airport. LRC Properties co-purchased the property with Machine Investment Group for $36.2 million. Randy Wolcott of Northstar represented the undisclosed seller in the transaction, and Melissa Alexander of Foundry Commercial represented the buyers. The property is currently 100 percent leased to Averitt Express and Amazon, which operates its Amazon flex business line from the location. The new ownership group plans to reposition the property by creating a shallow bay, last-mile warehouse and distribution space. Plans include expanding the property’s warehouse capabilities by removing the office and converting the building’s first floor to industrial warehouse space for smaller users in a 20,000- to 40,000-square-foot space. In addition, LRC will also develop an additional estimated 120,000 square feet of shallow bay warehouse space and add trailer parking. 2 Dell Parkway is LRC’s second investment in Tennessee in the past six months. In December, the New York City-based company purchased the 640,000-square-foot Technicolor Building in Memphis. With this purchase, LRC owns approximately 5 million square feet of commercial properties in the Southeast.