TOLEDO, OHIO — Reichle Klein Group has arranged the sale of a 65,200-square-foot industrial facility in Toledo for $1.8 million. The property sits on 2.7 acres at 0 Water St. Jerry Malek of Reichle Klein represented the seller, Norfolk Southern Railway Co. Downtown Toledo Development Corp. purchased the asset.
NEW YORK CITY — Owners Rosemark Management and Levin Management have unveiled the redevelopment of the 850,000-square-foot Paramount Building, located at 1501 Broadway in Manhattan. MKDA designed the redevelopment of the 32-story office building, which was originally constructed in 1926 as the East Coast headquarters for Paramount Pictures. The property now offers prebuilt suites ranging in size from 1,000 to 45,000 square feet with various health and wellness features integrated throughout the workspaces and common areas. Rosemark and Levin began a $50 million capital improvement program at the Paramount Building in 2018, upgrading mechanical systems and corridors and adding new food and beverage uses. Newmark has been tapped to lease the office space.
JERSEY CITY, N.J. — New Jersey-based REIT Mack-Cali Corp. has sold a 203,335-square-foot office building located at 581 Main St. in the Northern New Jersey city of Woodbridge for $61 million. The property recently underwent a capital improvement program that featured a renovated lobby and a new café and conference center. A subsidiary of Plymouth Rock Group Cos. purchased the asset and will use the building as its New Jersey headquarters. Cushman & Wakefield brokered the deal. The transaction comes as part of Mack-Cali’s stated effort to divest its suburban office assets and follows the company’s $12.7 million sale of 7 Campus Drive in Morristown two weeks ago.
WALTHAM, MASS. — Dallas-based Lincoln Property Co. has broken ground on a 139,000-square-foot life sciences project that will be located at 300 Third Ave. in the western Boston suburb of Waltham. Designed by local architecture firm DiMella Shaffer, the building will offer traditional office and lab space, as well as five levels of parking. Callahan Construction Managers is the general contractor for the project, which is expected to be complete in January 2022.
NEW YORK CITY — The Home Depot (NYSE: HD) has signed a 120,000-square-foot lease extension at its retail space at 28-40 W. 23rd St. in between Fifth and Sixth avenues in Manhattan’s Flatiron District. The lease keeps the Atlanta-based retailer in its location for at least 15 more years. Williams Equities owns the two-building, 561,000-square-foot property that houses the store. Michael Cohen, Andrew Roos, and Mac Roos of Colliers International represented Williams Equities in the lease negotiations. Peter Ripka of Ripco Real Estate represented Home Depot, which also signed a 20-year lease in late October to open a 120,000-square-foot store at 401 E. 61st St.
CLIFTON, N.J. — New Jersey-based Prism Capital Partners has received final site plan approval for the development of an 80,000-square-foot medical office building in Clifton, about 20 miles west of New York City. Gensler designed the four-story building, which will be located at the corner of Metro Boulevard and Route 3 on Prism’s ON3 healthcare and life sciences campus. Construction of the project, which is slated to begin in the first quarter of 2021 and to be complete in mid-2022, will include a 400-space parking garage. The project is a build-to-suit for Hackensack Meridian Health.
SACRAMENTO, CALIF. — San Rafael, Calif.-based Oakmont Properties has purchased Alira Luxury Apartments, a multifamily property in the Natomas submarket of Sacramento. Stockton-based AG Spanos Cos. sold the asset for $92.3 million in an off-market transaction. Marc Ross of CBRE’s Sacramento office brokered the sale. Andrew Behrens of CBRE Capital Markets’ Debt & Structured Finance group in San Francisco arranged financing on behalf of the buyer. Located at 4100 Innovator Drive, the 293-unit property features a rooftop deck, heated swimming pool and spa, barbecue areas, fitness center, yoga studio with on-demand fitness, hammock garden, gaming room and movie theater. The community offers a unit mix of studio, one-, two- and three-bedroom layouts.
FLAGSTAFF, ARIZ. — KeyBank Real Estate Capital (KBREC) has secured $41.6 million in fixed-rate Freddie Mac financing for Centerville, Utah-based Keller Investment Properties. The borrower will use the loan proceeds to refinance The Lodge Luxury Apartment Homes in Flagstaff. Built in 2004, The Lodge Luxury Apartment Homes features 252 garden-style units spread across 18 three-story buildings on 16 acres. Community amenities include a clubhouse, fitness center, spa, playground, picnic area and bike trail. Brian Caudel of KBREC’s Commercial Mortgage Group and Chris Jewett of KBREC’s Income Property Group structured the financing with a 10-year term featuring five years of interest-only payments and a 30-year amortization schedule.
TEMPE, ARIZ. — Tempe Hotel Group has completed the disposition of a Days Inn-branded hotel, situated on a 2.4-acre site in Tempe’s General Industrial District. Elliot West Hospitality acquired the asset for more than $8 million. Due to the terms of the transaction, the property’s ownership may not officially transfer for a couple of years. The hotel, which was constructed in 1987, is slated to undergo renovations and rebranding over the next couple years. The 139-room hotel features a resort-style pool, full-service elevator, laundry facilities, vending and ice machines, a business center, large atrium/continental breakfast room and meeting room. Zack Mishkin of ORION Investment Real Estate represented the buyer and seller in the transaction.
THORNTON, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a single-tenant, net-leased asset located at 16255 Washington St. in Thornton. WashCo LLC sold the retail property for $5.1 million, or $669.41 per square foot. The name of the buyer was not released. Cory Sandberg of Pinnacle Real Estate Advisors represented the seller in the deal .