OKLAHOMA CITY — Hobby Lobby is in the midst of expanding its Florida footprint with three new 55,000-square-foot stores. The Oklahoma City-based arts and crafts retailer opened a location in Panama City Beach on July 6, a store within Terra’s Pines City Center in Pembroke Pines on Aug. 8 and will open a store in Urban-X Group’s River Landing project in Miami on Sept. 8. Hobby Lobby locations are typically single-story stores in suburban areas. The location in River Landing will be the first multi-level Hobby Lobby. David Emihovich of Katz & Associates represented Hobby Lobby in the lease negotiations.
ATTLEBORO, MASS. — MassHousing, an independent public agency that funds affordable housing properties in Massachusetts, has provided a $17.2 million loan for the acquisition and rehabilitation of three multifamily assets in the northern Boston suburb of Attleboro. The properties include the 83-unit Hebronville Mill, the 92-unit Gardner Terrace I and the 52-unit Gardner Terrace II. Each of the communities includes units that are reserved for renters earning less than the area median income. The borrower was Preservation of Affordable Housing, a locally based nonprofit organization.
GRAYSON, KY. — JLL has arranged the $6.2 million sale of a new 25,000-square-foot industrial property double-net leased to Flowserve in Grayson. The seller, Houston-based Investment & Development Ventures LLC, delivered the asset as a build-to-suit for the company, which produces engineered and industrial pumps, seals and valves, as well as a range of related flow management services. The facility sits on three acres within EastPark, a 1,000-acre industrial park located approximately 25 miles from the Kentucky-Ohio-West Virginia border. Alex Sharrin, Trent Agnew, Brian Shanfeld, Jason DeWitt and Alex Geanakos of JLL represented the seller in the transaction. B.J. Feller, Isaiah Harf and Andy Gatchell of Stan Johnson Co. represented the buyer, an undisclosed family partnership based in Tulsa, Okla.
TEANECK, N.J — Multinational corporation Cognizant has signed a 36,000-square-foot office lease at Glenpointe Center East in Teaneck, located northwest of New York City, for its new office headquarters. Glenpointe Center East features a 26,000-square-foot spa and fitness center, as well as a restaurant, wine bar and a lounge. Gregg Najarian and Nate Brzozowski of Savills represented the tenant in the lease negotiations. The landlord, Alfred Sanzari Enterprises, was represented internally.
NORTH HAVEN, CONN. — Locally based brokerage firm Pearce Commercial has negotiated a 4,500-square-foot industrial lease at 355 Sackett Point Road in North Haven. According to LoopNet Inc., the property was built in 1988 and totals 64,000 square feet. Dave Melillo of Pearce Commercial represented the tenant, Greenskies Renewable Energy LLC, and the landlord, 355 Sackett Point Road LLC.
OVERLAND PARK, KAN. — Block Real Estate Services LLC has begun development of a $60 million apartment complex in Overland Park, an upscale suburb of Kansas City. Designed by Hoefer Wysocki, The Residences at Galleria is part of the first phase of the larger $350 million project known as Galleria. Phase I includes two apartment buildings, office space, retail and entertainment space and parking. The Residences at Galleria will rise four stories with 322 units, which will surround a 43,000-square-foot courtyard equipped with a pool, bar, hot tub, cabanas, fire pits and lounge areas. Additional amenities will include a game room, golf lounge, dog park and outdoor cinema. Completion is slated for 2022. Titan Built is the general contractor.
MINNEAPOLIS — Best Buy Co. Inc. (NYSE: BBY) reported that its online sales increased 242 percent for the 13-week quarter that ended Aug. 1 compared with the same time period last year. Products that help people work, cook and learn at home such as computing, appliances and tablets were the largest drivers of sales growth for the second quarter, according to Corie Barry, CEO of the Minneapolis-based retailer. Sales at open stores grew by 5.8 percent. However, growth is not likely to continue at the same pace and the retailer will have higher expenses once all of its stores are reopened, according to CFO Matt Bilunas. “As we plan for the back half of the year, we continue to weigh many factors, including potential future government stimulus actions, the current shift in personal consumption expenditures from areas like travel and dining out, the possible depth and duration of the pandemic, the risk of higher unemployment over time and the availability of inventory to match customer demand,” says Bilunas. There are more than 900 Best Buy stores nationwide. Best Buy’s stock price closed at $117.36 per share Monday, Aug. 24, up from $67.65 per share one year ago.
JANESVILLE, WIS. — Coldwell Banker Commercial has brokered the $7.9 million sale of a 305,000-square-foot manufacturing facility in Janesville, approximately 40 miles southeast of Madison. The building is located at 2101 Kennedy Road within the Kennedy Road Industrial Park. Constructed in the 1960s, the facility features a clear height of 24 feet, six exterior docks, three drive-in doors and 65,000 square feet of office space. The building is leased to Hufcor, which designs and manufactures operable partitions. Borden Family Trust sold the building to Badger Property Investors. Bill Mears of Coldwell Banker Commercial McGuire Mears brokered the sale on behalf of both parties.
PLEASANT PRAIRIE, WIS. — Principle Construction Corp. has completed construction of a new 205,732-square-foot warehouse at 8500 116th St. in Pleasant Prairie, about 37 miles south of Milwaukee. Originally developed as a speculative project, the building received a tenant late last autumn. Principle accommodated the needs of the new tenant, which will use the space for large coil storage. The project features 23 dock doors, two drive-in doors and a clear height of 32 feet. The building sits on a 12.8-acre site. Partners in Design served as project architect.
HASTINGS, MICH. — Jaqua Realtors has opened a new office at the corner of Jefferson and State streets in Hastings, about 38 miles southeast of Grand Rapids. This is Jaqua’s 10th office location. Three new team members have joined the brokerage at the Hastings office. Jaqua focuses on residential and commercial real estate, as well as vacation rentals and property management.