GRAIN VALLEY, MO. — Block & Co. Inc. Realtors has arranged the $9.2 million sale of a 60,000-square-foot shopping center in Grain Valley, about 25 miles east of Kansas City. Price Chopper and Starbucks occupy the property, which is situated on 7.3 acres on McQuerry Road. William Glasgow of Block & Co. represented the undisclosed buyer as well as the seller, Star Development Corp., which constructed the building in 2017.
ST. LOUIS — Avison Young has brokered the sale of 9221 Minnesota Ave., a 22,259-square-foot, historic school building in St. Louis, for an undisclosed price. Known as Carondelet School, the property was built in 1871 and is listed on the National Register of Historic Places. It underwent a $4.8 million renovation in 2009. The buyer, goBrandgo, is a marketing and brand management firm. Steve Stradal of Avison Young represented the seller, Carondelet Holdings LLC. Gershman Commercial Real Estate represented the buyer.
CHICAGO — Hometown America LLC has signed a 9,443-square-foot office lease at the new Bank of America Tower under development at 110 N. Wacker Drive in Chicago. The privately held company, which owns and operates more than 120 residential land-lease communities across the United States and Australia, will relocate to the 45th floor of the tower in May 2021 from its current space at 150 N. Wacker Drive. Michael Marrion of Colliers International represented the tenant in the lease transaction.
MOORESTOWN, N.J. — Private equity investment firm Tryko Partners has acquired Lutheran Crossings at Moorestown, a seniors housing community in Moorestown, an eastern suburb of Philadelphia. Situated on 14 acres, the property features 201 beds of skilled nursing and a 63-unit assisted living campus. The new ownership will implement a two-phase, $12 million capital improvement campaign and will rebrand the property as Cambridge Rehabilitation & Healthcare Center and Cambridge Enhanced Senior Living. Immediate improvements, valued at approximately $4 million, will include the modernization and reintroduction of two units housing 81 skilled nursing beds. Further improvements will include the incorporation of a therapy gym, renovations to the facility’s lobby and common areas and upgrades to mechanical systems and roofs. Marquis Health Services, Tryko Partners’ healthcare affiliate, will manage the community. The sales price was undisclosed.
HOLTSVILLE, N.Y. — Dallas-based sports and entertainment company Topgolf will open a $25 million driving range and restaurant facility in Holtsville, a city located on the eastern part of Long Island. The facility will feature three levels of entertainment and dining space on a 26.6-acre site. The facility will be Topgolf’s first venue in New York and is expected to bring 500 new full-time jobs to the state. Construction is slated for completion in early 2021.
GARNET VALLEY, PENN. — CBRE has arranged the sale of a 172,071-square-foot industrial facility in Garnet Valley, located approximately 25 miles southwest of Philadelphia. Situated at 1515 Garnet Mine Road, the property comprises 48,000 square feet of office space and 124,071 square feet of manufacturing and warehouse space, with ceiling heights ranging from 16 to 24 feet. Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki of CBRE represented the seller, Evergreen Private Finance, in the transaction. Steve Italiano of Italiano Commercial Real Estate Services LLC also assisted with the sale. BHN Associates LLC acquired the property for an undisclosed price.
NEW YORK CITY — Lexington Partners LP, a manager of secondary acquisition and co-investment funds, has signed a 48,000-square-foot office lease at 399 Park Avenue, a Class A office building in Manhattan. Lexington Partners will occupy the entire 20th and 21st floors at the 1.7 million-square-foot building on a 15-year lease. The company is relocating from its previous office at 660 Madison Avenue. Martin Horner, Jim Wenk and Kirill Azovtsev of JLL represented Lexington Partners in the lease negotiations. Peter Turchin, Gregg Rothkin and Arkady Smolyansky led a CBRE team that represented the building owner, Boston Properties.
NEW YORK CITY — Ariel Property Advisors has brokered the $10.5 million sale of 100 Livingston Street, an office building in downtown Brooklyn. The property comprises 12,681 square feet and houses five office units, three of which are leased by medical tenants. The location offers convenient access to the Court Street commercial corridor and Barclays Center. Sean Kelly, David Khukhashvili and Jiani Zhou of Ariel Property Advisors represented the seller, ACHS Management, in the transaction. The team also procured the buyer, Ecorise Development.
BROOMFIELD, COLO. — The Denver office of United Properties and Brue Baukol Capital Partners have completed the disposition of Interpark Industrial Center, a two-building industrial property located at 11325 Main St. and 11380 Reed Way in Broomfield. San Francisco-based Stockbridge Real Estate purchased the asset for $47.8 million. Completed in 2018 and situated on 16.1 acres, the property offers a total of 239,816 square feet of industrial space. The asset features ESFR sprinklers, 24-foot clear heights, modern column spacing, dock-high and drive-in loading, and ample parking. Additionally, Interpark Industrial Center includes a 220-foot shared truck court and 60-foot concrete loading pads. The property is currently 89.7 percent leased to three tenants: Swisslog Healthcare, MKS Instruments and GC Imports. Tyler Carner, Jeremy Ballenger, Jim Bolt, Jessica Osternick and Frank Kelley of CBRE’s Denver offices, along with Jeremy Kroner of CBRE’s Boulder office, represented the seller in the transaction.
PORTLAND, ORE. — Portland-based Libertas Cos. has received $41.4 million in financing for the purchase of Harrison Square, an office building in Portland’s South Central Business District. The company used loan proceeds to acquire the building and provide a portion of future leasing costs. Located at 1800 SW First Ave., Harrison Square features 187,000 square feet of office space and a 265-space below-grade parking garage. Renovated in 2019, the property consists of two six-story buildings connected on each level via a sky bridge. At the time of sale, the property was 93 percent leased. Zachary Kersten and Casey Davidson of JLL Capital Markets secured the six-year, floating-rate loan with a national money-center bank for the borrower.
