LOMBARD, ILL. — Trifecta Transport LLC has signed a 4,300-square-foot office lease in Lombard. The transportation logistics company will occupy the space at 300-350 E. 22nd St. on a 7.5-year lease. The company is relocating from Glen Ellyn. Ryan Moen and John Millner of Bradford Allen represented the undisclosed landlord. Aubrey Van Recken-Englund of NAI Hiffman represented the tenant.
DALLAS — On Wednesday afternoon, 24 hospitals in the Dallas area reported aggregate bed and ventilator capacity numbers to Mayor Eric Johnson’s office, pursuant to emergency regulations set forth in response to the COVID-19 outbreak. According to the data, approximately 54 percent of the hospitals’ total of 5,354 beds are occupied, while roughly 62 percent of intensive care beds are occupied. Of the 900 or so ventilators, about 32 percent are in use. As of Friday, April 10, Dallas County had reported 1,432 cases of COVID-19.
WEST DEPTFORD, N.J. — JLL has brokered the $20.2 million sale-leaseback of a 183,000-square-foot industrial property in West Deptford, a southern suburb of Philadelphia. Located at 100 Friars Blvd., the warehouse and distribution property was 100 percent leased at the time of sale. The property houses the headquarters of the seller, ICS Corp. Inc. The building features 22- to 24-foot clear heights, 19 loading doors and convenient access to the New Jersey Turnpike. John Plower and Jim Cadranell led a JLL team that represented ICS Corp. Inc. in the transaction. Clarion Partners Real Estate Income Fund Inc. was the buyer.
ROCKAWAY, N.J. — Party City Holdco Inc., a party supplies retailer headquartered in Rockaway, has temporarily closed all of its brick-and-mortar stores nationwide in response to the COVID-19 pandemic. The move represents an indefinite extension of the previous closure of its 850 stores, which originally began March 27. The company also furloughed approximately 90 percent of store employees and 70 percent of wholesale, manufacturing and corporate employees. Party City’s e-commerce site remains fully operational, and a number of stores are offering curbside pickup services.
NEW YORK CITY — Newmark Knight Frank (NKF) has negotiated the $10.2 million sale of the leasehold interest in a ground-floor retail property in the Greenwich Village neighborhood of Manhattan. The term of the leasehold is 70 years, and the property is leased to childcare provider Bright Horizons. Brian Segall and Jason Wecker represented the seller, a partnership of 644 Greenwich LLC and Premier Equities. The team also procured the buyer, 27-33 Realty Associates.
VINELAND, N.J. — NAI Mertz has arranged the $1.2 million sale of a 22,920-square-foot industrial property in Vineland, located approximately 40 miles south of Philadelphia. Located at 2732 S. West Blvd., the warehouse was constructed 1967 and features 17-foot clear heights and convenient access to State Routes 55 and 40. Andrew Johnson and Jonathan Klear led an NAI Mertz team that represented the seller, South Jersey Glass & Door, in the transaction. The buyer was undisclosed.
Multifamily developers across the country know that these are unprecedented and uncertain times for nearly everyone due to COVID-19. Houstonians making up our workforce, which many consider “the essential class,” include professionals like teachers, police officers, nurses and firefighters who invest in other peoples’ betterment every day. These are the people who are working day in and day out to provide us with various fundamental needs during this time of mandated quarantine. Many of these individuals are tenants of workforce housing properties, and to the relief of developers, are most essential to the world right now. However, not all jobs can be kept, and with over 3 million people in the United States having lost their jobs in just a week’s time, necessary processes and procedures about how to work with residents who might be in a financial bind due to COVID-19 have become a requirement. In early March, developers including our firm began to work with both the National Apartment Association and the Houston Apartment Association for recommended guidelines to effectively help our tenants who need it most. Additionally, several landlords came together to better understand what other complexes are doing on the ground to best serve our residents. …
When prospective college student residents and their parents first encounter a housing property, be it in person or online, the brand is undoubtedly one of the first things they notice. Along with the name of the property, they’ll notice the logo and color scheme, and gradually the story told by other aspects of the building as well, from amenities to design choices. Returning students will usually have heard about the property one way or another, and will have an idea of what sort of reputation it enjoys around campus. Creating and maintaining a consistent, desirable brand is one of the paramount functions of student housing owners and operators, especially in today’s climate where there are usually many choices and discerning students carry high expectations into property tours. Student housing marketing agencies have in turn spent more and more time perfecting their brands in recent years, hoping to create an entity that aligns with students’ values. “It’s very important to establish your identity, understanding who your target market is, how you are unique and how you want to speak to the audience,” says Barbara Gretsch, co-owner and vice president of MSSmedia. “It’s really about building your perception among the customer base.” …
ST. PETERSBURG, FLA. — Newmark Knight Frank (NKF) has arranged a $16.1 million construction loan for Gallery 3100, a planned 122-unit, four-story multifamily community in St. Petersburg. The borrower, a joint venture between Mosaic Development LLC and The Brookview Cos., plan to complete the project by spring 2021. Gallery 3100 will feature one- and two-bedroom floor plans ranging in size from 663 to 1,098 square feet. The community will also offer 17 workforce housing units. Matthew Williams and James Maynard of NKF arranged the loan through Synovus Bank.
ORLANDO, FLA. — Cedarwood Development has completed a 787-unit, 117,000-square-foot self-storage facility for operator US Storage Centers in Orlando. The property features climate-controlled units, passenger elevators, moving carts, 24-hour video surveillance and moving supplies. The property is situated at 930 Sligh Blvd., a mile south of downtown Orlando. Orange, Calif.-based US Storage Centers, which operates more than 9 million square feet of self-storage space in the U.S., will manage the property. Fairlawn, Ohio-based Cedarwood Development is an affiliate of Cedarwood Cos.