TARRYTOWN, N.Y. — Ampacet Corp., a manufacturer of masterbatches, an additive used for coloring plastics, has signed a 35,000-square-foot office lease renewal in the northern New York City suburb of Tarrytown. Jamie Schwartz internally represented the landlord, GHP Office Realty LLC, an affiliate of Houlihan-Parnes Realtors LLC, in the negotiations for the seven-year renewal. The deal brings the property, which GHP acquired in 2017, to full occupancy.
SCHAUMBURG, ILL. — The Equitable Funds has acquired Remington Office Court, a four-building, single-story office campus in Schaumburg. The purchase price was undisclosed. Located on Remington Road, the property totals 83,370 square feet. Upon acquisition, it was approximately 90 percent leased. Tenants enjoy direct entrances from the outdoors, dedicated HVAC systems, operable windows and private restrooms, features that are desirable as a result of COVID-19, according to the buyer. NAI Hiffman will serve as leasing agent. One Story LLC, a property management firm formed by principals of The Equitable Funds, will manage the asset. The acquisition is in line with the firm’s strategy of acquiring, owning and managing single-story office properties throughout Chicagoland. Jonathan Berger and Josh Silvergalde established The Equitable Funds in 1999 and has since completed more than $100 million of real estate acquisitions and dispositions.
CHICAGO — Frozen Assets has signed an 86,000-square-foot cold storage lease in Chicago. The property is located at 4220 S. Kildare Ave. Frozen Assets, a Chicago-based cold storage and logistics provider, is slated to occupy the space beginning in May. Steven Livaditis of CBRE represented the tenant in the lease transaction. The landlord was undisclosed. With the new lease, Frozen Assets will maintain the largest freezer footprint in Chicago, according to CBRE.
PLAINFIELD, IND. — Stan Johnson Co. has brokered the sale of Stafford Crossing in Plainfield for $4.9 million. The 26,000-square-foot shopping center is located at 2230 Stafford Road. It was built in 2007 and sits on nearly four acres. The center was 91 percent leased to nine tenants at the time of sale. Anchor tenant Chicago’s Pizza recently executed a long-term lease extension. Blaise Bennett and BJ Feller of Stan Johnson represented the seller, a locally based developer. An Indiana-based private investor purchased the asset.
SEATTLE — A joint venture between Peak Campus and Blue Vista Capital Management has broken ground on Theory U District, a 441-bed student housing community located near the University of Washington campus in Seattle’s University District. The seven-story development will offer fully furnished units alongside communal amenities including a fitness center, business center, courtyard, rooftop amenity deck, gathering areas, grilling areas and an outdoor kitchen. The Bank of Oklahoma is providing construction financing for the project, set to open in fall 2022.
RIVERSIDE COUNTY, SAN BERNARDINO COUNTY AND TORRANCE, CALIF. — Premier Design + Build, as contractor, is constructing three industrial facilities in Southern California for Black Creek Group, a Denver-based real estate investment management firm. Totaling nearly 696,000 square feet, the projects include Perris DC III in Riverside County, Fontana Logistics Center in San Bernardino County and Gateway Logistics Center in Torrance. Situated on 24.5 acres, Perris DC III will feature a 251,000-square-foot facility with 32-foot clear heights, 37 truck dock positions, a drive-in door and 216 excess trailer stalls. Perris DC III is slated for completion in first-quarter 2021. Located on a vacant 8.9-acre site, Fontana Logistics Center will feature a 193,000-square-foot industrial warehouse offering 36-foot clear heights, 27 truck dock positions, two drive-in doors and office space. Completion is scheduled for first-quarter 2021. Slated for completion in fourth-quarter 2021, Gateway Logistics Center will feature a 252,000-square-foot building with 36-foot clear heights, 42 truck doors, two drive-in doors and 67 trailer parking stalls.
MORGAN HILL, CALIF. — Trammell Crow Co. and CBRE Global Investors have broken ground on Butterfield 5 Technology Park in Morgan Hill, approximately 70 miles southeast of San Francisco. Totaling 410,076 square feet, the park will feature five Class A industrial buildings on 24 acres at the intersection of Butterfield and Sutter boulevards. Completion is scheduled for first-quarter 2021. The buildings will range from 70,280 square feet to 91,738 square feet and are designed to accommodate tenants that require as little as 35,000 square feet of space. The buildings will feature prominent glass entries, extensive landscaping, clear heights ranging from 28 feet to 32 feet, and convenient access to Monterey Road and US 101. CBRE’s Rob Shannon, Chip Sutherland and Brian Matteoni is representing the project.
ISSAQUAH, WASH. — Revel Communities, a division of The Wolff Co., has opened Revel Issaquah, a 146-unit independent living community in the Seattle suburb of Issaquah. As Revel’s third community in Washington State, the property is located less than 20 miles outside Seattle and just outside of downtown Issaquah across from Lake Sammamish, providing residents with easy access to art galleries, shopping and entertainment.
LONG BEACH, CALIF. — Stepp Commercial has arranged the sale of a 22-unit apartment building located at 1315 W. 19th St. in Long Beach. A Chino-based private investor acquired the property from a Long Beach-based seller for $5.2 million, or $236,000 per unit. Built in 1963, the property features two one-bedroom units, 16 two-bedroom units and four three-bedroom units. The building also offers 14 garages, gated access and on-site laundry facilities. Half of the units were renovated to include laminate hardwood flooring, shaker-style cabinets, quartz countertops, stainless steel appliances, new bathroom tile, modern lighting, ceiling fans and fixtures throughout. Robert Stepp and Michael Toveg of Stepp Commercial represented the seller in the transaction.
Nearly three full quarters into the COVID-19 pandemic, no real estate asset class in the Washington, D.C., metro area has shown less macro-level distress than the industrial market. In fact, the industrial market may have actually benefited from the pandemic. Despite the immediate drop in demand and activity that resulted in the second quarter, the metro industrial market has bounced back and posted positive gains in both leasing activity and new construction. No other asset class can claim that in the D.C. area. Much of the industrial activity is centered in Northern Virginia, but Suburban Maryland has remained healthy as well. At the end of the third quarter, the overall vacancy rate for warehouse/logistics space, flex and service center industrial buildings stood at 6.2 percent. Unlike many industrial markets, the Washington, D.C., MSA is a service economy with more than 260 million square feet of space. Early industrial development around the Capital Beltway/Interstate 495 served to support an ever-growing population base driven by the federal government and its contractors. This, however, has changed in the past decade, with high-tech companies entering and dominating the market. Fueling D.C.’s healthy market is its high barrier to entry. Much of the development that …