PHILADELPHIA — PIDC, in partnership with Ensemble Real Estate Investments and Mosaic Development Partners, will build a 220,000-square-foot life sciences project at the Philadelphia Navy Yard. The two-building project is part of the $400 million Phase I of a $2.5 billion expansion at the 7.5 million-square-foot mixed-use development. The building at 1201 Normandy Place will span 100,000 square feet of lab, office and research and development space. The building at 33 Rouse Blvd. will total 120,000 square feet and will house similar uses, along with manufacturing and warehousing space. Both buildings are slated for completion by the end of 2022. PIDC is the public-private partnership behind and master developer of the Philadelphia Navy Yard.
WOODLAND PARK, N.J. — A partnership between two New Jersey-based firms, Kushner Real Estate Group and The STRO Cos., has acquired land for the development of a 205,000-square-foot industrial building in Woodland Park, located in the northern part of the state. The cross-dock building will feature a clear height of 36 feet and is scheduled for completion early next year. Construction is scheduled to begin soon with the demolition of the existing 220,000-square-foot building, which formerly served as the headquarters of Kearfott Guidance & Navigation. Vertical construction is set to begin over the summer.
CLEVELAND — Compass Self Storage has acquired several self-storage centers that in total added over 183,000 net rentable square feet to the firm’s portfolio. The newest storage units are located at 9085 SW State Road 200 in Ocala, Fla.; 3300 Jodeco Road and 3497 Jodeco Road in McDonough, Ga.; and 5A Estate Drive in Bluffton, S.C. These three acquisitions bring Compass’ total property count to 98. Compass Self Storage has plans to upgrade all three properties, including upgraded security by offering smart locks, high definition video, lighting and individual access control. Compass Self Storage will also offer onsite truck rental services. These Compass Self Storage locations, as well as all Compass Self Storage centers nationwide, now offer contactless rentals. Compass Self Storage is a member of Cleveland-based Amsdell Cos. The three Southeast acquisitions were made by separate affiliates of Amsdell Group LLC and Compass Self Storage LLC. The sellers and sales prices were not disclosed.
GARNER, N.C. — Wigeon Capital has broken ground on a new flex and warehouse construction project at Greenfield Business Park in the Raleigh suburb of Garner. Construction on the first building, a 58,000-square-foot facility, is underway at 3300 Waterfield Drive. The site is located at the intersection of US Highway 70 and Interstate 40. During the second quarter of this year, Wigeon Capital plans to break ground on a 96,000-square-foot shallow bay industrial facility that will feature tilt wall concrete walls and 32-foot clear heights. The Raleigh-based firm is also planning a three-building project on an adjacent parcel that will offer a 150,000-square-foot bulk distribution facility and two additional shallow bay industrial buildings of 58,000 and 48,000 square feet in size. Jimmy Barnes of Tri Properties | NAI Carolantic is overseeing leasing efforts at Greenfield Business Park.
ORANGE, CONN. — Locally based firm HK Group has brokered the $16 million sale of a 162,036-square-foot warehouse and distribution building in Orange, located in the southern coastal part of the state. The building was constructed on 15.1 acres in 1992 and was fully leased to Restaurant Depot and British paper goods company Bunzl at the time of sale. A seller based in Westchester County, New York, sold the asset to an undisclosed institutional investor. Matthew Keefe and Franco Fellah of HK Group brokered the deal.
NORWALK, IOWA AND OMAHA, NEB. — NorthMarq has arranged $73.2 million in FHA debt for the refinancing of a three-property, 721-unit multifamily portfolio in Norwalk, Iowa, and Omaha. Torrey Pines and Old Market Lofts are both located in Omaha. Built in 1998, Torrey Pines features 264 units. Old Market Lofts was originally constructed in 1901 as a warehouse but was redeveloped into 265 apartments in 2002. High Pointe is situated in Norwalk, just south of Des Moines. The 192-unit property was built in 2000. All three communities were eligible for HUD’s 223(a)(7) refinance program. Loan amounts range from $16.5 million to $34.8 million, and each loan features a 35-year term and amortization period. Brett Hood of NorthMarq’s Chicago office arranged the loans on behalf of Monitor Finance.
GRAND RAPIDS, MICH. — Time Equities Inc. (TEI) has acquired The Brix in Grand Rapids for $68.2 million. Located at 414 Benson Ave. and built in 2018, the two-building apartment complex offers one- to three-bedroom floor plans. It is currently 93 percent occupied. Amenities include a heated swimming pool, two-story fitness center, tenant lounge, golf simulator, covered parking and pet park. Brad Gordon and Robert Cohan of TEI managed the acquisition on an internal basis and will also manage the property. Evan Riggle of Triad RE Partneres represented the undisclosed seller. The purchase marks TEI’s 13th acquisition in the state of Michigan and its third multifamily property in Grand Rapids.
KENOSHA, WIS. — Peak Construction Corp. has been selected by NorthPoint Development to construct Heartland 94 Logistics Center Building 1 in Kenosha. Construction is scheduled to begin this spring with completion slated for January 2022. The 757,281-square-foot industrial building, located at 8311 38th St., will feature a clear height of 40 feet, 76 dock doors, four drive-in doors, 234 trailer parking spaces and 414 car parking spaces. The project team includes studioNorth Architecture and Pinnacle Engineering Group.
COLUMBUS, OHIO — Olshan Properties, together with Easton’s master developer The Georgetown Co., has opened a 136-room Aloft Hotel at Easton Town Center in Columbus. The new hotel is the fourth to open at Easton, a shopping and entertainment destination, in recent years. The hotel features a 7,500-square-foot restaurant, a fitness center, pool and designated event space. The Aloft brand is a business boutique hotel concept from Marriott. There are 140 Aloft locations worldwide.
ITASCA, ILL. — Lee & Associates of Illinois has brokered the sale of a 116,800-square-foot industrial building located at 921 Ardmore Ave. in Itasca. Exeter Property Group purchased the asset from a private investor for an undisclosed price. Mark Baumhart and Jeff Janda of Lee & Associates brokered the transaction. Shortly before the sale, the duo negotiated a lease renewal for tenant 4C Logistics LLC.