TETERBORO, N.J. — Madison Marquette has added Teterboro Landing, a 383,000-square-foot retail power center in Teterboro, about 20 miles northwest of New York City, to its leasing portfolio. The property was built in 2015 and was fully leased at the time of sale to tenants such as Panera Bread, BJ’s Brewhouse, Chick-fil-A, Habit Burger, European Wax and T-Mobile. BIT Teterboro Landing Shops Urban Renewal LLC owns the center.
ROCHESTER, N.Y. — Developer WinnCos. has completed Liberty Lofts at Sibley Square, a $23.6 million workforce housing project in Rochester. The property, which is a redevelopment of a historic 1.1 million-square-foot building, adds 104 units to the local supply. Fifty-three units are available at rents of up to 60 percent of the area median income (AMI); three units are available at rents up to 100 percent of AMI; and 48 units are available at rents of up to 110 percent of AMI. The Architectural Team of Chelsea, Mass. designed the project, and DiMarco Constructors served as the general contractor.
MALDEN, MASS. — JLL has negotiated the $7.3 million sale of a 50,000-square-foot industrial property in the northern Boston suburb of Malden. The property is located on 1.8 acres at 60 Winter St. in a Qualified Opportunity Zone and was fully leased at the time of sale of sale to aerospace and defense contractor Enjet Aero. Michael Restivo and Matthew Sherry of JLL represented the seller, a private family, in the transaction. Eastern Real Estate acquired the asset in an off-market transaction.
ALBANY, N.Y. — Berkadia has arranged a $5.2 million bridge loan for Albany Apartments. The undisclosed borrower will use the proceeds to acquire and convert the building, which was originally constructed as a townhouse-style hotel, into a 112-unit multifamily community with studio, one- and two-bedroom floor plans. John Sigeti of Berkadia arranged the nonrecourse, interest-only loan, which was structured with a 24-month term and a 75 percent loan-to-value ratio.
MASON, OHIO — Vanderlande Industries has signed an office lease at Governor’s Pointe Office Park in Mason, about 25 miles northeast of Cincinnati. Amsterdam-based Vanderlande, a material handling and logistics automation company, will occupy the 4705 Duke Drive building beginning in October. The 141,000-square-foot building features a marketplace and break area on the first floor as well as outdoor seating and a walking trail. Scott Abernethy and Michelle Klingenberg of Cushman & Wakefield represented the landlord, Smith/Hallemann Partners. Jeff Bender and Seattle Stein of Cushman & Wakefield represented Vanderlande.
BOLINGBROOK AND WOODRIDGE, ILL. — Lee & Associates has negotiated three industrial transactions in Chicago’s I-55 corridor. In the first transaction, Tom Condon of Lee & Associates represented the buyer, Provender Partners, in the purchase of an 81,000-square-foot building located at 525 W. Crossroads Parkway in Bolingbrook. Vern Schultz of Colliers International represented the seller, West Liberty Foods. Second, Jeff Galante of Lee & Associates represented Champion Packaging in its 283,436-square-foot lease renewal and expansion at 2501 Internationale Parkway in Woodridge. Prologis owns the building. Last, Galante, along with colleagues Terry Grapenthin and Ryan Earley, represented owner Pritzker Realty Group on a 406,777-square-foot lease renewal at 555 Saint James Gate in Bolingbrook. The tenant was undisclosed.
WAUKESHA, WIS. — New Perspective has opened New Perspective Waukesha, a 128-unit independent living, assisted living and memory care community in the Milwaukee suburb of Waukesha. Amenities include a pool, dance hall, fitness center, café, movie theater and enclosed courtyard. This is the second community that the owner-operator has opened in the past two months. New Perspective’s portfolio consists of 24 communities in Minnesota, North Dakota, Wisconsin and Illinois.
FOND DU LAC, WIS. — Caliber Collision has leased 9,071 square feet at 356 N. Peters Ave. in Fond du Lac, about 68 miles northwest of Milwaukee. The auto repair shop will occupy space at the former Forest Mall, which closed in January and is undergoing demolition. David Baker of Mid-America Real Estate-Wisconsin LLC represented the landlord, ATR Corinth Forest LLC. Tenant representation was undisclosed.
DES PLAINES, ILL. — Marcus & Millichap has brokered the sale of a 1,914-square-foot property occupied by Starbucks in Des Plaines for $1.6 million. The net-leased asset is located at 1427 Lee St. next to Aldi. Starbucks has seven years remaining on its lease. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the building on behalf of the seller, a limited liability company. A local investor purchased the property.
As companies extend their work-from-home policies for many traditional office jobs, office leasing in general is undergoing re-evaluation and leasing is slowing. But one sector of office space continues growing as space remains essential: life sciences office, laboratory and manufacturing space. Nowhere does this hold truer than in the Research Triangle in North Carolina. The Triangle occupies a position of power as one of the top five major life sciences centers in the United States. STEM-oriented institutions including Duke, the University of North Carolina at Chapel Hill and North Carolina State University provide education, research opportunities and employment for the area’s highly educated workforce. Large life sciences companies (including giants such as Glaxo Smith Kline, Biogen, Lilly and Pfizer) have taken advantage of the area’s lower cost of living to set up research labs and manufacturing space to support technology and healthcare work. A tenant and buyer representative for life sciences, technology and healthcare clients, Marlene Spritzer, Vice President of Lee & Associates Raleigh Durham, has witnessed firms from around the country relocate to the Triangle for years. Even before the pandemic, the area was attractive to businesses due to its wealth of resources and mild climate as well as …