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.
THORNTON, COLO. — Hamilton Zanze has completed the disposition of Highpointe Park, a multifamily property located at 9701 Pearl St. in Thornton. An undisclosed buyer acquired the property for $53.6 million. Built in 2013, Highpointe Park features eight buildings offering a total of 220 apartments in a mix of one-, two- and three-bedroom layouts. Situated on 7.9 acres and offering 206,896 rentable square feet, the community also offers a clubhouse, fitness center, yoga room, and swimming pool and spa, as well as open parking, carport and garage options for residents. David Potarf, Dan Woodward, Matt Barnett and Jake Young of CBRE Capital Markets in Denver represented the seller in the deal.
CITY OF INDUSTRY, CALIF. — Los Angeles Regional Food Bank has purchased an industrial facility located at 2300 Pellissier Place in City of Industry, a suburb of Los Angeles. Haralambos Leasing Co. sold the asset for $52.1 million. The 255,878-square-foot property features a large fenced yard, ample parking, freeway frontage and a 24,836-square-foot office mezzanine. Situated in the heart of Los Angeles County, the building is located a half mile south of the intersection of the 60 and 605 freeways. John McMillan, Jeff Sanita, Danny Williams and Greg Stumm of Newmark Knight Frank represented the buyer, while an outside firm represented the seller in the transaction.
DEER VALLEY, ARIZ. — Seefried Industrial Properties, along with a private equity real estate fund advised by Crow Holdings Capital, has acquired a 35-acre land site with plans to develop Project Andale, a last-mile delivery station in Deer Valley. Located at northeast corner Seventh Avenue and Pinnacle Peak Road, the project will include a 145,470-square-foot standalone package delivery facility used to complement Amazon’s larger fulfillment center in west Phoenix. The property will feature more than 13,000 square feet of office and break room space, as well as parking for 780 delivery vans and 305 employee vehicles. Shell completion is slated for fourth-quarter 2021. Layton Construction is serving general contractor, Ware Malcomb is serving as architect and Hunter Engineering is serving as civil engineer.