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325-Hudson-St.-Manhattan
AcquisitionsNew YorkNortheastOffice

DivcoWest Acquires Flexible Office Building at 325 Hudson St. in Manhattan for $135M

by Taylor Williams

NEW YORK CITY — San Francisco-based developer DivcoWest has acquired a 220,000-square-foot building at 325 Hudson St. in Lower Manhattan that can support office, data center and life sciences users. According to multiple news outlets, including the New York Business Journal, the sales price was $135 million. The property is located adjacent to Disney’s 1.2 million-square-foot headquarters building and is surrounded on three sides by Google’s campus. Building amenities include a conference center, tenant meeting rooms and storage space. The seller was not disclosed.

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DevelopmentMultifamilyNortheastPennsylvania

National Real Estate, KRE to Develop 355-Unit Multifamily Project in Philadelphia

by Taylor Williams

PHILADELPHIA — A partnership between National Real Estate Development LLC and The KRE Group will develop 200 Spring Garden, a 355-unit multifamily project that will be located in the East Callowhill Overlay District of Philadelphia. The project represents the first phase of a larger master-planned community. Amenities will include a pool, multiple grilling stations, community gardens and a private outdoor dog run. Construction is expected to begin in the second quarter of next year and to last 24 to 28 months.

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Affordable HousingConnecticutLoansMultifamilyNortheastSeniors Housing

KeyBank Provides $37.5M in Financing for Affordable Seniors Housing Property in Connecticut

by Taylor Williams

NEW HAVEN, CONN. — KeyBank has provided $37.5 million in financing to Community Preservation Partners (CPP) and Hampstead Development Partners for the acquisition and renovation of an affordable seniors housing property in New Haven. Originally built in 1973, Fairbank Apartments, a Section 8 property situated on one acre of land, consists of 121 units (106 one-bedroom and 15 two-bedroom) and one ground-level retail bay in a nine-story building. KeyBank operates a branch out of the retail space. KeyBank’s Community Development Lending and Investment (CDLI) and KeyBank Real Estate Capital’s (KBREC’s) Commercial Mortgage Group (CMG) worked together to provide $12.5 million of low-income housing tax credit equity, a $6 million equity bridge loan, an approximately $19 million public bond offering and $19 million of Fannie Mae tax-exempt bond collateral. Robbie Lynn of KBREC’s CMG team, and Victoria O’Brien and John-Paul Vachon of Key Community Development Corp. structured the financing.

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DevelopmentIllinoisIndustrialMidwest

Invert Chicago Plans to Build 140-Acre Subsurface Business Complex

by Kristin Harlow

CHICAGO — The Invert Chicago LLC has unveiled plans to build Chicago’s first subsurface business complex on 140 acres on the city’s southeast side that was vacated decades ago by the steel industry. Over the course of 13 years, Invert will develop nearly 6 million net square feet of climate-controlled space 250 to 350 feet below the surface at 11118 S. Buffalo Ave. The project site currently functions as a marine, rail and truck terminal. Initial subsurface space is expected to be available for occupancy by 2024. Invert anticipates making a formal filing with the City of Chicago later this summer.

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IndustrialLoansNew JerseyNortheastPennsylvania

JLL Arranges Two Loans Totaling $16.8M for Refinancing of Mid-Atlantic Industrial Portfolio

by Taylor Williams

MORRISTOWN, N.J. — JLL has arranged two loans totaling $16.8 million for the refinancing of a portfolio of three industrial properties that are located in the Lehigh Valley cities of Upper Macungie and Allentown and the coastal New Jersey city of Toms River. The portfolio totals 258,123 square feet across six buildings. Jon Mikula, Michael Klein, Michael Pagniucci and Carlos Silva of JLL placed the nonrecourse, fixed-rate loans with Minnesota Life Insurance Co. on behalf of the borrower, Denholtz Properties.

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IndianaIndustrialLeasing ActivityMidwest

Kroger Health Signs 57,317 SF Industrial Lease in Jeffersonville, Indiana

by Kristin Harlow

JEFFERSONVILLE, IND. — Kroger Health has signed a 57,317-square-foot industrial lease at 301 Logistics Ave. within River Ridge Commerce Center in Jeffersonville, just north of Louisville. Robert Walker and Stephan Gray of Cushman & Wakefield | Commercial Kentucky represented the landlord, Tratt Properties LLC. Walker, along with Doug Altemuehle of Newmark Cincinnati, represented Kroger Health, which is a division of The Kroger Co. The tenant expects to create 60 new jobs at the facility.

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AcquisitionsIllinoisMidwestMultifamily

Marcus & Millichap Brokers $5.3M Sale of Apartment Building in Chicago’s Logan Square

by Kristin Harlow

CHICAGO — Marcus & Millichap has brokered the sale of a 23-unit apartment building in Chicago’s Logan Square neighborhood for $5.3 million. The property, located at 2865 W. Shakespeare Ave., was fully occupied at the time of sale. James Ziegler and Kyle Stengle of Marcus & Millichap marketed the property on behalf of the seller, JAB Real Estate. The duo also secured and represented the buyer, a limited liability company.

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IllinoisIndustrialLeasing ActivityMidwest

Global eParcel Solutions Inks 32,000 SF Industrial Lease in Metro Chicago

by Kristin Harlow

CAROL STREAM, ILL. — Global eParcel Solutions LLC has inked a 32,000-square-foot industrial lease at 835-845 Carol Court in Carol Stream. The company, which provides domestic and international shipping for e-commerce companies via trucking, sea freight and air freight, has expanded its space by 29,000 square feet through multiple leases over the past five years. The 32,000-square-foot space features seven exterior docks, two drive-in doors and 3,217 square feet of office space. The facility is located within Carol Point Business Center. Mason Hezner of Brown Commercial Group represented the tenant in the lease transaction. Al Caruana of Cushman & Wakefield represented the owner, MP Carol Point Business Center LLC.

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Leasing ActivityNew YorkNortheastOffice

Norman Bobrow Negotiates 9,200 SF Office Lease at 40 Wall Street in Manhattan

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Norman Bobrow & Co. has negotiated a 9,200-square-foot office lease at 40 Wall Street in Manhattan’s Financial District for law firm KI Legal. Josh Berger of Norman Bobrow represented the law firm, which specializes in business litigation, in the negotiations for the 10-year lease. The deal represents an expansion from the firm’s previous 4,000-square-foot space at 90 Broad Street. The Trump Organization owns 40 Wall Street.

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AcquisitionsMidwestOhioRetail

SVN Arranges Sale of 30,000 SF Retail Center in Ohio for $1.4M

by Kristin Harlow

MUNROE FALLS, OHIO — SVN Summit Commercial Real Estate Advisors has arranged the sale of Silver Valley Plaza in Munroe Falls, about 35 miles southeast of Cleveland. The sales price was $1.4 million. The 30,000-square-foot retail center sits on 4.1 acres at 265-297 N. Main St. The property was fully leased at the time of sale. Nichole Booker of SVN brokered the sale. Munroe Falls Center LLC, a Texas-based investment group, was the buyer.

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