GLENDALE HEIGHTS, ILL. — ML Realty Partners will develop Army Trail Trade Center, a two-building industrial project located along Army Trail Road in Glendale Heights, a western suburb of Chicago. The developer expects to break ground this summer on the buildings, which will total 292,500 square feet. In addition to a clear height of 32 feet, the project will feature ample car parking and 72 exterior docks. Completion of the 21-acre development is slated for spring 2022.
INDIANAPOLIS — Triad Real Estate Partners has arranged the sale of three multifamily properties in Indianapolis for an undisclosed price. The Delaware Apartments, built in 2016, features 47 units and 8,920 square feet of fully leased commercial space. It is situated just north of downtown Indianapolis in the Fall Creek Place neighborhood. The second property is 632 MLK. The four-story asset, built in 2016, features 30 units with 42 beds. It is situated near the Indiana University-Purdue University Indianapolis (IUPUI) campus. The third asset is The California Townhomes. The four contiguous townhomes are also located near the IUPUI campus. The seller for all three assets was Cedarview Management, a private owner and operator based in Bloomington, Ind. The buyers included a local group, a Miami-based investment group and a California-based private investor.
PARSIPPANY, N.J. — Onyx Equities has begun the renovation of 4 and 6 Campus Drive, a two-building, 300,000-square-foot office complex located in the Northern New Jersey city of Parsippany. Onyx will upgrade the lobbies and exteriors and expand amenity spaces. Renovations will also include a new conference center and cafeteria, as well as upgraded outdoor space. Cushman & Wakefield leases the complex. Onyx Equities acquired 4 & 6 Campus Drive in 2020. The buildings are located in The Arbors @ Parsippany office park. Tenants can utilize the amenities located throughout the campus, including new fitness centers, a golf simulator, game room, conference centers, training rooms and a cafeteria.
WILMINGTON, MASS. — Homans Associates, a distributor of HVAC supplies and equipment, has signed a 202,435-square-foot industrial lease at 613 Main St. in Wilmington, a northern suburb of Boston. Tony Coskren, Ed Jarosz, Richard Ruggiero, Torin Taylor, Rick Schuhwerk, Brian Pinch, and Lizzie Kusbit of Newmark represented the landlord, a joint venture between The Seyon Group and Connecticut-based Wheelock Street Capital, in the lease negotiations. The representative of the tenant was not disclosed.
BELMONT, MASS. — A partnership between two development firms, Pennsylvania-based Toll Brothers Inc. (NYSE: TOL) and Boston-based Davis Cos., has opened The Bradford, a 112-unit apartment building in the western Boston suburb of Belmont. The property offers studio, one- and two-bedroom floor plans with keyless entry systems, quartz countertops, stainless steel appliances and individual washers and dryers. Balconies are also available in select units. Amenities include a private courtyard with grilling stations, a roof deck and a resident lounge. Rents start at $2,000 per month for a studio unit, according to Apartments.com.
LEVITTOWN, PA. — JLL has negotiated the $21.3 million sale of a 149,180-square-foot industrial property in the northern Philadelphia suburb of Levittown. The Philadelphia Business Journal reports that the last-mile distribution center is leased to Amazon. The property was originally built in 1963 and renovated in 2018-2019. John Plower, Ryan Cottone, Larry Maister and Jeff Lockard of JLL represented the seller, Alliance HP, in the transaction. The buyer was an undisclosed, publicly traded REIT.
WELLS, MAINE — Alliant Credit Union has provided a $16.5 million acquisition loan for a pair of adjacent RV parks in Wells, a suburb of Portland. The properties were fully occupied at the time of sale and feature shared amenities such as a clubhouse, pool, fitness center and a basketball court. Matt Gentile of Monroe & Giordano placed the loan, which was structured with a five-year term and a 30-year amortization schedule, with Alliant. The borrower was not disclosed.
Student housing demonstrated its resilience in the face of COVID-19 challenges, but what can the industry expect going forward? Timothy S. Bradley, founder, TSB Capital Advisors, and principal, TSB Realty, sat down with Finance Insight to discuss financing and expectations for student housing in the fall of 2021 and beyond. Finance Insight: How was 2020 for TSB? Bradley: We were fortunate. Many observers assumed the student housing industry would be devastated by COVID-19-forced school closures and campus clusters. Instead, thanks in large part to the rational and institutional nature of our major operators, investors and lenders, the industry proved its resiliency once again. We were affected by the pandemic, of course, and had to adjust some of our early year projections, but TSB companies still closed on a total transaction volume of approximately $4 billion, including construction loans, stabilized term loans and interim loans, as well as sales, and joint venture partnership consultations. There will be other challenges our industry faces in the years to come, but it’s difficult to imagine a more challenging singular event than the one we experienced this year with COVID-19. All things considered, we felt very good about 2020, and we’re even more optimistic about 2021. …
SAN FRANCISCO — Kilroy Realty Corp. (NYSE: KRC) has agreed to sell The Exchange on Sixteenth, a 750,000-square-foot office campus located at 1800 Owens St. in San Francisco’s Mission Bay neighborhood. The buyer was not disclosed, but the San Francisco Chronicle reported it was KKR, a private equity firm based in New York. The agreed purchase price is a little more than $1 billion, equating to approximately $1,440 per square foot. Kilroy Realty says this is the highest per-square-foot sales price for a “major property” in the history of San Francisco’s commercial real estate market. The Chronicle reports the sale represents the second largest transaction for a single property in the city’s history. “This transaction demonstrates that quality assets in quality locations remain highly attractive to buyers, and in this case generated a record price,” says John Kilroy, chairman and CEO of Kilroy Realty. Software storage giant Dropbox Inc. (NASDAQ: DBX) signed a 15-year lease for its corporate headquarters at the campus in 2017. The San Francisco Business Times reported last summer that the company listed 270,000 square feet of its space at the campus for sublease as the COVID-19 pandemic caused most of its staff to work remotely. Kilroy …
SANDY SPRINGS, GA. — Legacy Ventures has opened Hyatt House Atlanta Perimeter Center located in Sandy Springs’ “Pill Hill” medical district a full two months ahead of schedule. The extended-stay hotel has 186 rooms and seeks to bring hospitality to patients and professionals visiting the area. The Hyatt House’s location benefits from The Simpson Organization’s redevelopment of Peachtree Dunwoody Pavilion, newly renamed Altmore, into a more mixed-use and walkable environment. The development features a pedestrian bridge directly to MARTA’s Medical Center Station, and Simpson also plans to add multifamily housing and a multi-use trail in a later phase of the development. The project team included Bohler, a landscape consultant and tech design services engineering firm based in Warren, N.J., as well as Atlanta-based firms Choate Construction and Cooper Carry. Bohler helped bring the project to completion ahead of schedule by looking beyond design to consider constructability and identifying potential risks and creative solutions. Hyatt House Atlanta Perimeter Center is Legacy Ventures’ fourth ground-up hotel developed in the greater Atlanta area. Ameris Bank provided the construction financing for the project.
