CHALFONT, PA. — Binswanger has brokered the sale of a 151,220-square-foot industrial building located at 90 Hamilton St. in Chalfont, about 30 miles north of Philadelphia. The sales price was approximately $6 million. The property sits on 13.7 acres and features 23-foot clear heights and 6,000 square feet of office space. Chris Pennington and Tim Pennington of Binswanger represented the seller, specialty gifts maker Harriet Carter, in the transaction. The buyer was not disclosed.
PINE BROOK, N.J. — Newmark Knight Frank (NKF) has negotiated a 65,000-square-foot industrial lease renewal at 19 Chapin Road in Pine Brook, about 30 miles west of New York City. The property offers 20- to 22-foot clear heights, 76 dock-high doors and ample car parking space. Kevin Murphy and Trevor Patterson of NKF represented the tenant, global manufacturer Doosan Machine Tools, in the lease negotiations. The landlord, Cohen Asset Management, was represented internally.
NEW YORK CITY — Real estate investment sales specialist and capital markets advisor Hodges Ward Elliott has signed a 12,692-square-foot office lease at One Vanderbilt Avenue, a 1.7 million-square-foot skyscraper in Manhattan. The company will occupy part of the 50th floor of the 1,400-foot building, which is 70 percent leased to tenants such as TD Securities, The Carlyle Group, KPS Capital Partners and Oak Hill Advisors. Robert Alexander, Ryan Alexander, Emily Jones and Alex D’Amario of CBRE represented the landlord, SL Green Corp., in the lease negotiations.
WEST ALLIS, WIS. — McShane Construction Co. has completed building The West Living, a 177-unit luxury apartment project in West Allis, a western suburb of Milwaukee. McShane constructed the community on behalf of developer, Mandel Group. The first level of the four-story complex is a parking structure. Units consist of studios, one-, two- and three-bedroom floor plans. Amenities include a club area, fitness center, dog park and rooftop patio. Zimmerman Architectural Studios served as architect. Units are currently available for move-ins. Monthly rents start at $909 for studios.
CHICAGO — Industrious will open a 52,000-square-foot flexible office space at Willis Tower in Chicago. Scheduled to open in phases in the first quarter of 2021, the space is now available for lease. It is the latest of more than 100 locations for Industrious. EQ Office, owner of Willis Tower, says the management agreement with Industrious is an opportunity to roll out new flexible layouts and office configurations as well as updated common areas that reflect health and safety standards. The 110-story Willis Tower is currently in the midst of a $500 million renovation project. The revamped office tower will include 125,000 square feet of amenities exclusive to tenants, a 30,000-square-foot outdoor terrace and a 300,000-square-foot retail and dining destination known as Catalog.
AKRON, OHIO — ASW Supply Chain Services LLC has signed an 80,000-square-foot industrial lease at 3111 Gilchrist Road in Akron. The supply chain management company provides integrated warehousing, distribution, fulfillment, asset management and transportation services. Bill Sadataki of NAI Pleasant Valley represented the landlord, Raith Capital Partners LLC.
WAUWATOSA, WIS. — Software company Dematic has opened a 37,330-square-foot office at The Mayfair Collection in Wauwatosa, a suburb of Milwaukee. PREMIER Design + Build Group built out the 27,200 square feet on the first floor and added another 10,130 square feet by constructing a mezzanine level. The space can accommodate up to 200 employees and features seven conference rooms. TOA Architecture/Urban Design provided architectural and interior design services. Dematic is a logistics technology services firm that specializes in supply chain optimization. HSA Commercial is the owner and developer for The Mayfair Collection, a mixed-use project comprising residential, retail and office space.
CHICAGO — Foxtrot Ventures, a food delivery company, has leased 13,000 square feet at The Glass Factory in Chicago’s East Pilsen. Foxtrot will operate a commissary kitchen at the site in order to serve its eight convenience stores throughout Chicago. Commissary kitchens enable foodservice providers to prepare and store food without having to own and maintain the facilities themselves. Brent Burden of Jameson Commercial represented ownership of The Glass Factory. Andrew Becker and Michael Wexler of Canvas Real Estate Collective represented Foxtrot. Located at 900 W. Cermak Road, The Glass Factory is a former glass manufacturing facility. It is currently undergoing renovations and will ultimately consist of four buildings of office and industrial space.
ATLANTA AND SCHIPHOL, NETHERLANDS — Americold Realty Trust (NYSE: COLD) has agreed to acquire Agro Merchants Group, a privately held cold storage warehouse owner based in The Netherlands, for $1.74 billion. Atlanta-based Americold entered into the agreement with Agro Merchants’ owner, an investor group led by funds managed by Los Angeles-based Oaktree Capital Management LP. The move will give Americold its first cold storage properties in Europe. Agro Merchants, which has its North American headquarters in Alpharetta, Ga., owns and operates 46 cold storage properties in 10 countries. The company is the fourth largest cold storage owner in the United States and third largest in Europe. Agro Merchants serves more than 2,900 customers across multiple industries. “We are confident that by joining Americold, we will accelerate our growth and by combining our complementary networks, we will be able to provide a more comprehensive range of solutions to customers around the world,” says Carlos Rodriguez, CEO of Agro Merchants. Americold is the only publicly traded REIT specializing in cold storage, which is seeing an influx of investment and leasing demand since the onset of the pandemic. According to a June report from Vyzn Research, the global cold storage sector is estimated …
By Brad Bailey, first vice president, CBRE; Adam Rabin, associate, CBRE; and Logan Reichle, vice president, CBRE It’s no secret that across the United States, the retail investment community has had to shift and adapt in several ways due to the ongoing pandemic. In addition, retail owners have had to make quick assessments of their strategies for asset management, usually on a property-by-property basis. For the first part of the pandemic, the commercial real estate industry was primarily reactive and in crisis mode. However, seven months into it, the indication is that this is something that will be around for the foreseeable future. As such, investors are moving out of their reactive modes and beginning to implement offensive strategies to identify and secure strong retail real estate investments. There are a number of key reasons that these investors are honing in on Central Texas retail: Suburban vs Downtown Good retail locations are hard to come by in Austin. We estimate that investment demand will rebound for space recently vacated. In high-quality locations, don’t expect too much of a change on rental rates. For some Austin submarkets like Cedar Park and Lakeway, we may see rates adjust slightly as vacancy rises. …