LEXINGTON, MASS. — DiMella Shaffer, a Boston-based architecture and design firm, has completed its second expansion project for the 26-acre Brookhaven at Lexington seniors housing community located north of Boston. The project featured renovations to all common areas, and expansion and improvements to the assisted care and long-term care facility. A four-story wing that houses new amenities has also been added. Brookhaven Senior Living owns the property.
ELIZABETH, N.J. — NAI James Hanson has negotiated a 28,900-square-foot industrial lease at 475 Division St. in Elizabeth, located just south of Newark. The 175,000-square-foot building features 18-foot ceiling heights, five loading docks, 10 trailer parking spaces and 2,000 square feet of office space. Barry Cohorsky and John Koch of NAI James Hanson represented the landlord, Tree Realty, in the lease negotiations. Robin Ritter-Ceriello of Cushman & Wakefield represented the tenant, locally owned trucking company Motion Express.
Despite the negative impact of the pandemic on many areas within commercial real estate, industrial assets continue to attract interest as a favored sector of many lenders and investors. The industrial market is outperforming others throughout this period of disruption. E-commerce growth has resulted in growth in the industrial sector as the need for last-mile delivery and third-party logistics space increases. Similarly, urban infill demand has grown in supply-constrained markets. Finally, the supercharging the industrial sector has created a need for new construction in this asset class, and construction lenders are finding new opportunities to earn higher returns. View higher resolution version of chart above here. Industrial Market Trends In major urban markets — New York City included — residents increasingly expect two-day delivery, next-day delivery and even same-day delivery. As a result of these shrinking delivery windows, the need for local distribution centers and last-mile facilities has increased significantly. The way people purchase and receive products has changed drastically, and the industrial sector must adjust to meet the demand. The nation-wide stay-at-home orders implemented at the outset of the pandemic caused e-commerce to experience exponential growth. People who had never shopped online began adapting to this trend. This created …
GRAND PRAIRIE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Destino, a 192-unit apartment community located in the central metroplex city of Grand Prairie. Built on 11 acres in 2000, the garden-style property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, playground and a dog park. Drew Kile, Will Balthrope, Joey Tumminello, Grant Raymond and Asher Hall of IPA, along with Al Silva of Marcus & Millichap, represented the seller, MBP Capital, in the transaction. The team also procured Capital Vision Management LLC as the buyer.
IRVING, TEXAS — A partnership between Story Senior Ltd. and MPH Partners LLC is underway on construction of The Luxe at Las Colinas, a 140-unit active adult project that will be located at the intersection of State Highway 161 and North Belt Line Road in Irving. The community will span approximately 149,000 square feet and offer one- and two-bedroom units ranging in size from 644 to 1,112 square feet. Amenities will include a pool, fitness center, library, medical clinic, wellness café, activity center and media room. Moss Construction is the general contractor for the project, which is expected to be complete in November 2021. Active adult communities are age-targeted or an age-restricted developments designed for people 55 or older that typically feature single-family, detached residences.
ABILENE AND BROWNWOOD, TEXAS — Tennessee-based healthcare provider Community Health Systems Inc. (NYSE: CYH) has sold two hospitals totaling 419 beds in West Texas. Abilene Regional Medical Center totals 231 beds, and Brownwood Regional Medical Center totals 188 beds. The buyer was a subsidiary of Hendrick Health System, a locally based nonprofit provider. As part of the transaction, Hendrick has secured the assignment for the long-term lease and operations of Brownwood Regional Medical Center from the Brownwood County Hospital Authority. Community Health Systems owns, leases or operates 89 hospitals totaling approximately 15,000 beds in 16 states. The hospitals involved in this transaction are among the planned divestitures discussed on the company’s second-quarter 2020 earnings call.
DALLAS — Lee & Associates has negotiated a 70,200-square-foot industrial lease at 8401 John W. Carpenter Freeway in Dallas. According to LoopNet Inc., the property was built in 1956 and totals 84,400 square feet. Stephen Williamson and Adam Graham of Lee & Associates represented the landlord, Stonelake Capital Partners, in the lease negotiations. The representative of the tenant, TDU Tires, was not disclosed.
DALLAS — Law firm Thompson Coburn LLP has signed a 23,117-square-foot office lease at 2100 Ross Ave., a 33-story, 843,728-square-foot building in the Dallas Central Business District. The firm now has six offices across the country, including in Chicago, Los Angeles, St. Louis, Southern Illinois and Washington, D.C. Mike Dement, Sam Meginnis and Jon Altschuler of Altschuler & Co. represented the landlord, 2100 Ross LP, in the lease negotiations. Andy Leatherman of JLL represented the tenant.
CHICAGO — Chicago-based developer Sterling Bay has sold the 575,000-square-foot corporate headquarters for McDonald’s in Chicago’s Fulton Market. Pittsburgh-based investment firm Normandy Properties purchased the asset for $412.5 million, according to the Chicago Sun Times. The building, located at 110 N. Carpenter St., features a 700-person conference center, fitness center, onsite parking, collaboration space and outdoor terraces. It was completed in 2018. Ground-floor retail tenants include Walgreens and Federal Express. Jaime Fink, Jeffrey Bramson, Bruce Miller, Patrick Shields and Sam DiFrancesca of JLL represented Sterling Bay. Keith Largay and Tim Joyce of JLL arranged acquisition financing. McDonald’s previously was headquartered in the suburbs in Oak Brook.
DETROIT — Moceri Cos. and 400 Monroe Associates have acquired the UAW-GM Center for Human Resources in Detroit for an undisclosed price. The 420,000-square-foot office campus is located at 200 Walker St. along the Detroit River Walk. Built in the early 2000s, the property features 900 underground parking spaces, a full-service kitchen, 375-person auditorium, conference center, fitness center and an eighth-floor outdoor terrace. Brendan George and Jasper Hanifi of CBRE represented the seller, a joint venture between the United Auto Workers and General Motors. Lino and Michael Scamardella of Lino Realty represented the buyer. Red Oak Financial provided a $21.7 million bridge loan for the acquisition.