RACINE, WIS. — Budd Van Lines Inc. has leased a 115,823-square-foot industrial building in Racine. The property is located at 6200 Regency West Drive. John Sharpe, Jeff Janda and Reid Bassinger of Lee & Associates represented Budd Van Lines, which is a moving and van company. Todd Hendricks of Darwin Realty represented the owner, Welbic III Racine 6200 LLC.
GENEVA, ILL. — Marcus & Millichap has brokered the sale of Geneva Park Apartments in Geneva, a western suburb of Chicago. The sales price was undisclosed. The 56-unit apartment property is located at 7 Simpson St. All of the community’s units are two-bedroom floor plans. Andrean Angelov and Ryan Engle of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The duo also secured and represented the buyer, a limited liability company.
Wichita has been experiencing a strong downtown revitalization that has brought construction of new and redeveloped office, retail and mixed-use projects throughout its urban core over the past few years. Two years ago, companies began relocating downtown as shifting workplace demographics incorporated close proximity, “live, work, play” amenities in order to grow their businesses as well as attract and retain talent. Today’s businesses are seeking modern Class A finishes within Wichita’s center where these types of environments exist or will be available in the near future as developments continue. Downtown revitalization In the early 2000s, downtown Wichita lost many of its office users to more suburban office developments on the east and west edges of the city, leaving high vacancy rates and rendering many downtown office buildings functionally obsolete. Now this trend has reversed after the Wichita Downtown Development Corp. put together a comprehensive master plan to revitalize the urban core. Developers purchased key catalytic sites and repurposed them into economic drivers for downtown as shifting demographics brought about the need for businesses to attract and retain top talent with both onsite and walkable amenities. As new office projects downtown are beginning construction and being completed, the idea of relocating …
NEW YORK CITY — SL Green Realty Corp. has sold 609 Fifth Avenue, an office and retail condominium in Manhattan, to an affiliate of the Reuben Brothers for $168 million. Beginning in 2018, SL Green undertook an extensive repositioning of the entire building, including vacating the previous tenants in the office condominium portion of the property and relocating the office lobby to increase the retail frontage on Fifth Avenue. Sports apparel brand PUMA has leased a 24,000-square-foot retail space at the building for its three-level flagship store. Luxury apparel retailer Vince has leased a 5,000-square-foot retail space in the building. Darcy Stacom, Doug Middleton and David Fowler of CBRE represented SL Green in the transaction.
NEW YORK CITY — In an unprecedented response to unclean conditions amid the COVID-19 outbreak, New York City has ceased its 24-hour subway system, implementing overnight closures beginning in the early morning on May 6. The system’s 472 stations closed for deep cleaning from 1:00 a.m to 5:00 a.m. and will remain closed during those hours until further notice. New York Gov. Andrew Cuomo ordered the shutdown in response to unsafe conditions, including increased crime and homeless sheltering in the subway, despite the Metropolitan Transportation Authority reporting a 90 percent drop in ridership to less than 500,000 passengers per day. New York City remains the epicenter of the virus, and the state had more than 312,800 cases and 24,700 deaths as of May 5, according to the Centers for Disease Control and Prevention.
ROXBURY, MASS. — A joint venture of Watermark Development Inc. and Horizons for Homeless Children will construct a 140,000-square-foot learning center in Roxbury, a southern suburb of Boston. Located at 1785 Columbus Ave., the center will serve 225 children ranging in age from two months to five years. Horizons, a nonprofit organization dedicated to improving the lives of young homeless children and their families, will use part of the building as its headquarters. The project is expected to bring approximately 400 new jobs to the area. Studio MLA Architects designed the project. Kaplan Construction will serve as the general contractor. Construction is expected to start later this spring and to be completed in early 2021.
Reno’s industrial real estate market has kept a jaw-dropping pace over the winter months. The fourth quarter of 2019 saw record-setting gross absorption numbers for any quarter at 3.34 million square feet with 10 transactions above 100,000 square feet. This amount of activity so late in 2019 typically suggests a slow start to the new year. However, activity seems to have picked up steam, as many users are considering new growth in Reno/Sparks. As a whole, 2019 was a fruitful year for industrial real estate. The market continues to draw attention for its West Coast distribution fundamentals and pro-business environment from tenants, developers and investors. Developers constructed 3.5 million square feet of industrial product, split almost equally between speculative and build-to-suit construction. About 17 million square feet of our 90-million-square-foot market changed hands at market-low cap rates to industrial investment groups. This included many groups that were new to the market, as well as several existing groups doubling down in Northern Nevada. Inventory remains the primary concern for tenants and developers as we come into 2020. With some minor caveats, new construction is getting absorbed as quickly as it is brought to the market. Given the strong start to 2020, …
CARTERSVILLE, GA. — Alston Construction has delivered a 646,380-square-foot distribution center and showroom for Loloi Rugs in Cartersville. Ware Malcomb provided architecture and interior design for the build-to-suit facility, which is located at 840 Cassville White Road, less than one mile from Interstate 75 and 50 miles northwest of downtown Atlanta. The single-story building features tilt-wall construction, 32-foot clear heights, 10,000 square feet of office space and 5,000 square feet of showroom space. Dallas-based Loloi Rugs is family-owned and -led and has been in operation since 2004. The textile company produces rugs, pillows and throws.
WASHINGTON, D.C. — The American Hotel & Lodging Association (AHLA) has released its “Stay Safe” cleaning standards initiative. AHLA rolled out the guidelines to aid hotel chains that are reopening during the COVID-19 pandemic. The Washington, D.C.-based organization created the standards with help from an advisory council comprising industry leaders and public health experts. The initiative encourages the use of cleaning products that have a concentration of bacteria-killing ingredients, in accordance with the Centers for Disease Control and Prevention (CDC). Participating hotel chains will also train staff on safety and sanitation in regard to COVID-19. “Safe Stay was developed specifically to ensure enhanced safety for hotels guests and employees,” says Chip Rogers, president and CEO of AHLA. “While hotels have always employed demanding cleaning standards, this new initiative will ensure greater transparency and confidence throughout the entire hotel experience.” In April, Hilton Hotels and Marriott International unveiled their own protocols for enhancing guest and employee safety.
LAGRANGE, GA. — Capstone Apartment Partners has arranged the $21 million sale of SunRidge Apartment Homes, a 192-unit multifamily community in LaGrange. The property comprises 11 buildings offering one-, two- and three-bedroom floor plans there were 96 percent occupied at the time of sale. Communal amenities include a pool, playground, tennis courts, volleyball court, putting greens, grilling area, fitness center, a car washing station and laundry facilities. The property, which was built in 2001, is situated at 1235 Hogansville Road, three miles east of downtown LaGrange. Alex McDermott, Bryse Toothaker, Austin Green, Sean Henry and Dan McBurney of Capstone represented the seller, Sunny Pak, in the transaction. The buyer was Southwood Realty Group.
