Property Type

Kroger Opens First Customer Fulfillment Center Nationwide

by Kristin Harlow April 19, 2021

MONROE, OHIO — The Kroger Co. (NYSE: KR) has opened its first customer fulfillment center (CFC) in the country. The 375,000-square-foot facility is located in Monroe, a city north of Cincinnati. The CFC can fulfill thousands of orders per day and has the capability to support fulfillment of pickup orders. Powered by Ocado Group, a grocery e-commerce company, the CFC combines vertical integration, machine learning and robotics with affordable and fast delivery service for fresh food, according to Kroger. Onsite associates will support delivery operations and help process, package and load orders. The Monroe CFC will employ nearly 400 associates. After placing an order via Kroger’s website or app, customers in regions where there is a CFC will have their groceries delivered by a Kroger delivery associate in a temperature-controlled van. The Kroger delivery network will also continue to leverage stores and third-party partners to deliver certain orders. In May 2018, Kroger and Ocado formed an exclusive partnership for the rollout of CFCs across the country. The companies also plan to roll out components of the software solutions into Kroger stores in order to support fulfillment of curbside pickup orders. A CFC in Groveland, Fla. near Orlando is scheduled to …

April 19, 2021

Acquisitions Illinois Industrial Midwest

IRG Acquires 1.5 MSF Former Caterpillar Facility in Rockdale, Illinois

by Kristin Harlow April 19, 2021

ROCKDALE, ILL. — Industrial Realty Group LLC (IRG) has acquired a 1.5 million-square-foot industrial facility formerly occupied by Caterpillar in Rockdale near Joliet. The purchase price was undisclosed. The 69-acre property includes several buildings along the Des Plaines River. The largest building is 1.3 million square feet and includes 65,384 square feet of office space. Caterpillar used the site for its hydraulic manufacturing operations. IRG’s CEO John Mase says the company intends to convert the single-tenant manufacturing facility into a multi-tenant complex capable of accommodating warehouse, distribution and manufacturing users. IRG plans to immediately begin renovations and marketing the space for lease.

April 19, 2021

Illinois Industrial Midwest

Bridge Development Partners Rebrands as Bridge Industrial

by Kristin Harlow April 19, 2021

CHICAGO — Chicago-based Bridge Development Partners LLC has rebranded and changed its name to Bridge Industrial. The privately owned industrial real estate operating company and investment manager also launched a new website. The new name represents Bridge’s evolution over the past 20 years, according to the company. Bridge is also prioritizing the growth of its investment management business. The company hired Sean Zasche as CFO in September to lead all capital markets efforts.

April 19, 2021

Healthcare Leasing Activity Life Sciences Massachusetts Northeast Office

Bristol Myers Squibb Signs 113,000 SF Life Sciences Lease Expansion in Boston

by Taylor Williams April 19, 2021

BOSTON — Bristol Myers Squibb has signed a 113,000-square-foot life sciences lease expansion at 250 Water St. at Cambridge Crossing, a 43-acre mixed-use project at the intersection of Cambridge, Somerville and Boston. The global pharmaceutical company is adding the remaining available space to its initial lease, which was announced in August of last year. Developer DivcoWest recently topped off the 480,000-square-foot building and expects to deliver it in 2022.

April 19, 2021

Healthcare Illinois Midwest

Blueprint Expands Platform into Medical Office Brokerage

by Kristin Harlow April 19, 2021

CHICAGO — Chicago-based Blueprint Healthcare Real Estate Advisors has expanded its platform into medical office brokerage. Coinciding with the announcement is the addition of medical office veterans Eric Lee and Chris Lashmet to lead the practice. Known for its activity in the seniors housing and care space, Blueprint says the expansion is an effort to provide innovative advisory services to the healthcare sector while also best serving its core senior living clients. Blueprint’s medical office practice will include services such as investment sales; sale-leaseback structuring for physician groups; strategic real estate advisory for health systems and investors; joint venture structuring with developers; and capital raising for ground-up development.

April 19, 2021

Loans Midwest Multifamily Ohio

NorthMarq Arranges $7.5M Loan for Refinancing of Apartment Community in Cincinnati

by Kristin Harlow April 19, 2021

CINCINNATI — NorthMarq has arranged a $7.5 million loan for the refinancing of River Bend Apartments in Cincinnati. The 120-unit apartment community is located at 163-181 Anderson Ferry Road. The property was built in 1971 and renovated from 2016 to 2020. Noah Juran of NorthMarq arranged the 15-year loan with one year of interest-only payments followed by a 30-year amortization schedule. A life insurance company provided the loan for the undisclosed borrower.

April 19, 2021

Acquisitions Kentucky Retail Southeast

NAI Isaac Brokers Sale of 17,649 SF Ruccio Pavilion Shopping Center in Lexington, Kentucky

by Julia Sanders April 19, 2021

LEXINGTON, KY. — NAI Isaac has brokered the sale of Ruccio Pavilion, a 17,649-square-foot shopping center located at 220 Ruccio Way in Lexington. Al Isaac and Jim Holbrook of NAI Isaac represented the seller, Legacy Investments LLC in the transaction. John Bunch of SVN Stone represented the buyer, an entity doing business as Ruccio Shoppes LLC. The sales price was not disclosed. Ruccio Pavilion is situated close to Fayette Mall, Target, The Mall at Lexington Green and Embassy Suites Hotel. The center’s tenants include Mr. Brews Taphouse, Commonwealth Dentistry, Aqua-Tots Swim School, Thomas Sewing Center and Cuts & Paste Craft Studio. Meijer shadow-anchors Ruccio Pavilion.

April 19, 2021

Acquisitions Affordable Housing Multifamily New Jersey Northeast Seniors Housing

Standard Communities Buys 169-Unit Affordable Seniors Housing Property in Atlantic City

by Taylor Williams April 19, 2021

ATLANTIC CITY — Standard Communities has purchased Baltic Plaza Apartments, a 169-unit affordable seniors housing property in Atlantic City. The new ownership plans to invest about $10 million in capital improvements to the property, which was originally built in 1982. Standard Communities completed this transaction in partnership with the U.S. Department of Housing & Urban Development and the New Jersey Housing & Mortgage Finance Agency. The transaction was financed with Low-Income Housing Tax Credits arranged in partnership with PNC Bank, with additional financing provided by Citibank.

April 19, 2021

Loans Massachusetts Multifamily Northeast

Berkadia Provides $42.9M Agency Loan for Refinancing of Metro Boston Apartments

by Taylor Williams April 19, 2021

CHESTNUT HILL, MASS. — Berkadia has provided a $42.9 million Freddie Mac loan for the refinancing of Hancock Estates, a garden-style apartment community located in the western Boston suburb of Chestnut Hill. The property totals 88 units, according to Apartments.com. Hancock Estates offers one- and two-bedroom floor plans and amenities such as a community garden, resident lounge, fitness center and outdoor picnic areas. Robert Lipson of Berkadia originated the 15-year loan on behalf of the borrower, Massachusetts-based Chestnut Hill Realty.

April 19, 2021

Loans Multifamily New York Northeast Retail

Ariel Property Advisors Arranges $6.9M Loan for Refinancing of NYC Commercial Portfolio

by Taylor Williams April 19, 2021

NEW YORK CITY — Ariel Property Advisors has arranged a $6.9 million loan for the refinancing of a 20-unit portfolio of multifamily and retail properties in Brooklyn and Queens. Dime Community Bank provided the loan, which carried a 3.65 percent interest rate with $3 million in cash-out proceeds. Matt Dzbanek and Matt Swerdlow of Ariel Property Advisors arranged the financing on behalf of the undisclosed borrower. The names and addresses of the properties were also not disclosed.

April 19, 2021

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