GRAND RAPIDS, MICH. — Industrial Commercial Properties (ICP) has purchased a Knoll manufacturing facility located at 4300 36th St. in Grand Rapids for an undisclosed price. The 619,165-square-foot building sits on 37 acres adjacent to the Gerald R. Ford International Airport. ICP plans to make a multi-million-dollar investment to update both interior and exterior elements of the property. Bob Horn of JLL brokered the sale. Knoll is a design firm that produces office seating, storage, desks and other accessories.
DULUTH, MINN. — JLL Capital Markets has arranged the $17.4 million sale of Greysolon Plaza in Duluth in eastern Minnesota. The 150-unit affordable housing property features one-bedroom floor plans. Greysolon Plaza is a historic building that formerly housed the Hotel Duluth. Orbach Affordable Housing Solutions (OAHS) purchased the asset from Sherman Associates. Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller. OAHS plans to acquire 2,000 units in Minnesota, New York, New Jersey and Pennsylvania over the next 12 months.
MUNDELEIN, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a 100,562-square-foot industrial building in Mundelein, about 40 miles north of Chicago. The purchase price was undisclosed. The single-tenant building was fully leased at the time of sale. Built in 1973, the property sits on four acres at 111 Washington Blvd. It features a clear height of 18 feet, 10 docks and one drive-in door. Marc Samuels of Cushman & Wakefield represented the undisclosed seller in the transaction. VK Industrial V LP is a partnership between Venture One and Kovitz Investment Group.
TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of a 70,000-square-foot office building located at 550 Stephenson Highway in Troy. The sales price was undisclosed. The multi-tenant property was 97 percent leased at the time of sale. Mason L. Capitani, a principal with the brokerage firm, represented the buyer, California-based LREH Michigan LLC. L. Mason Capitani will oversee leasing efforts moving forward while the company’s affiliate, Liberty Property & Asset Management, will serve as property manager.
By Kurt Strasmann, Executive Managing Director, CBRE Industrial properties have been in high demand in recent years both nationally and, particularly, in Southern California and the Greater Los Angeles area. Our region is a strategic hub for goods coming from all over the world, especially Asia, and boasts the necessary infrastructure to store and deliver product regionally and throughout the nation. Greater LA is also a major consumer hub. About 50 percent of product coming through the LA and Long Beach ports remains in the region. Our first-quarter numbers emphasize LA’s strong industrial fundamentals prior to COVID-19 taking effect. These numbers have put the market in a strong position to weather the recession, which we expect to be short. The 1.7 percent overall vacancy rate in the first quarter represented the limited supply and high demand for industrial space within the region. The diverse tenant base has created further market resiliency with occupiers in logistics, food and beverage, entertainment, manufacturing and a broad array of other industries. Going forward during these extraordinary times, we do anticipate an increase in vacancies and decreasing tenant leasing activity through at least the fourth quarter. Until we return to a more normalized state, we need …
PHILADELPHIA — Independence Blue Cross has acquired 1901 Market Street, a Class A office tower in Center City Philadelphia, for $360 million. The 45-story, 800,000-square-foot building has served as the health insurance company’s headquarters since construction was completed in 1989. Atlanta-based Piedmont Office Realty Trust (NYSE: PDM) was the seller. The property has received more than $110 million in capital improvements over the last eight years. Upgrades included a new lobby, outdoor plaza and mechanical systems, as well as renovations throughout the interiors for a more modern look. The building is the eighth-tallest office tower in Philadelphia and houses nearly 2,500 Independence associates. Independence is the sole occupant of the building. In addition to 1901 Market Street, Independence’s campus includes a customer service call center and Independence LIVE, a customer experience center. Both connect to the company’s headquarters via a courtyard that is open to the public. Prior to the purchase, Independence was in a long-term lease. But the company found the purchase attractive because low interest rates enabled Independence to lower its annual cost of occupancy, according to Donna Farrell, vice president of corporate communications. Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE Capital Markets marketed …
Facility managers across the nation are sorting through information about the coronavirus and looking at building modifications that can prevent the spread. Owners and tenants alike in the office and retail sectors have turned to facility management professionals to help their businesses thrive under rapidly evolving circumstances. REBusinessOnline recently spoke with three facility management professionals from Lee & Associates via video conference about their company’s approach to facility management during the coronavirus pandemic. Teresa Gascho, Director of Management Services, Indianapolis; Frances Smith, Senior Vice President, Property Manager, Cincinnati; and John Rickert, President-Executive Managing Director, Cincinnati, spoke about how facility managers communicate with tenants, encourage healthy behaviors and support businesses in compassionate and creative ways. Communicating with Tenants About COVID-19 Regulations Early in the pandemic, facility managers were charged with limiting access to properties as buildings shut down. Now that occupants are returning to retail and office buildings, the team at Lee & Associates sees themselves as “facilitators and accommodators” for their tenants. Working to reopen buildings under the guidance and recommendations from state health departments and the Centers for Disease Control & Prevention (CDC) is a lot more involved than closing buildings — and it can be frustrating for all involved. However, Rickert notes, “We’re …
COMMERCE, GA. — SK innovation, a developer and manufacturer of lithium-ion batteries for hybrid electric vehicles, will invest an additional $940 million and create another 600 jobs at its business park in Commerce. The most recent investment plans will include a 430,000-square-foot plant at the property. A timeline for construction was not disclosed. The South Korean-based company originally announced in November 2018 that it would build two plants worth $1.67 billion and create 2,000 jobs in Commerce. SK innovation broke ground on the first plant in March 2019, and will begin construction on the second plant this July. Customers for SK innovation’s battery business include Volkswagen, Mercedes-Benz, Hyundai-Kia Motors and Ford Motor Co.
WASHINGTON, D.C. — Freddie Mac and Fannie Mae have updated their multifamily forbearance programs for borrowers still being affected by the COVID-19 pandemic. In late March, Freddie Mac and Fannie Mae enacted 90-day relief plans for borrowers. With that period ending soon and several borrowers still struggling to fulfill their mortgage payments in the midst of the outbreak, the two government-sponsored enterprises (GSEs) have extended deadlines and terms of their respective forbearance programs. Under Fannie Mae’s guidelines, borrowers will have up to 24 months following its forbearance period to repay any missed payments. While in forbearance, a borrower may not evict any resident for missed payments. Borrowers with loans from both Freddie Mac and Fannie Mae with a forbearance agreement in place may not charge tenants late fees or penalties solely because of the nonpayment of rent during the forbearance period or the borrowers’ repayment period. The forbearance program also requires borrowers to provide flexibility to tenants, allowing the repayment of back rent over time and not in a lump sum. The borrower must also give tenants a 30-day notice to vacate prior to any evictions taking place.
VALDOSTA, GA. — Ambling has sold a 20-property affordable housing multifamily portfolio spanning Georgia, North Carolina and South Carolina for $106 million. The portfolio totals 1,763 units and sold to three separate buyers. Preservation Partners Development purchased 12 communities in Georgia. Six of the communities are currently undergoing substantial rehabilitation that will include updated interiors, as well as updated and improved community spaces. Infinity Real Estate Advisors LLC acquired two North Carolina properties and five South Carolina communities. Jonathan Rose Cos. acquired a property in Savannah, Ga. Doug Childers, Michael Fox and Ryan Clutter of JLL represented the Valdosta-based seller in the transaction.