Property Type

Navy-Pier-Chicago-IL

CHICAGO — Navy Pier, a mixed-use destination on Chicago’s lakefront, will start a temporary pier-wide closure on Tuesday, Sept. 8, in an effort to limit the financial burden and impact of the continued coronavirus pandemic on the organization. The closure will stop all operations, including those of Navy Pier’s more than 70 small businesses. Access to the pier’s outdoor space, including Polk Bros Park and North and South Docks, will also be limited or prohibited during the closure. “While this was a very difficult decision for the organization, it was a necessary one to proactively ensure the long-term success of one of Chicago’s most treasured and important civic institutions and the communities it serves,” says Marilynn Gardner, president and CEO of Navy Pier. Per state and city orders, Navy Pier originally closed to the public from March 16 to June 10 and then began a phased reopening with appropriate safety and security measures. Through the reopening, Navy Pier was able to resume partial operations and welcome guests to the pier. However, the destination experienced less than 20 percent of its typical summer attendance. To date, the Centennial Wheel, Chicago Children’s Museum, Chicago Shakespeare Theater and additional Pier Park attractions have …

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CAPE CORAL, FLA. — Stevens Construction has delivered Viscaya-Prado Veterinary Hospital, an 11,630-square-foot animal hospital in Cape Coral. The owner-occupied clinic will be open 24 hours per day and feature 20 exam rooms, an X-ray machine, four operating rooms, treatment area, outdoor run, pharmacy and a lab. Viscaya-Prado Veterinary Hospital also houses separate dog and cat wards. The property is located at 1141 Country Club Blvd., six miles north of downtown Cape Coral. The architect of record is Ronald J. Melvin.

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6821-W-135th-St-Overland-Park-KS

OVERLAND PARK, KAN. — Marcus & Millichap has arranged the sale of a retail property located at 6821 W. 135th St. in Overland Park. A private Overland Park-based developer sold the asset to an out-of-state family trust for $12.1 million. Sprouts Farmers Market and Crowley Furniture occupy the 56,837-square-foot Class A property that was built in 2009. The building is located within Corbin Park, a 1.1 million-square-foot mixed-use development. Ryan Bowlby and Drew Isaac of Marcus & Millichap, in coordination with Colby Haugness of Marcus & Millichap as Kansas broker of record, represented the seller, while Bowlby and Isaac also sourced the buyer in the deal.

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ST. LOUIS — Phoenix-based Alignment Realty Capital has purchased four Sonic Drive-In restaurants located in metro St. Louis. The acquisition price for the sale-leaseback transaction was not released. The company acquired the four drive-in restaurants in a double-escrow transaction where a Sonic franchisee purchased the operations and real estate of a like-sized franchisee and simultaneously spun-off the real estate at closing. Banker’s Trust provided Alignment Realty Capital with a five-year, floating-rate acquisition loan.

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COON RAPIDS, MINN. — Upland Real Estate Group has arranged the $4.7 million sale of an investment property net leased to Caliber Collision in Coon Rapids. The names of the seller and buyer were not released. Caliber Collision has operated at this location in the suburbs of Minneapolis for 20 years and recently signed a new 15-year, triple-net lease with rent increases every 5 years. The property’s lease has a corporate guarantee by WAND NEWCO 3, which operates more than 1,100 stores in 37 states and the District of Columbia. Deb Vannelli, Keith Sturm and Amanda Leathers of Upland Real Estate Group represented the seller in the deal.

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6700-S-Clyde-Ave-Chicago-IL

CHICAGO — Associated Bank has completed a $1.4 million loan for 312 Properties for the purchase of a residential building in Chicago’s South Shore neighborhood. Located at 6700 S. Clyde Ave., the three-story building features 13 apartments. The property was previously subdivided as condominiums but operating as an apartment building. At closing, the buyer acquired all the units from the seller and converted the building to a multifamily designation. Elizabeth Hozian of Associated Bank’s commercial real estate division managed the loan and closing.

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NRP-Group-White-Plains-New-York

WHITE PLAINS, N.Y. — Multifamily developer The NRP Group, in partnership with New York-based owner RPW Group, has broken ground on a 303-unit apartment community in White Plains, located north of New York City. The property is being constructed on part of a 70-acre site that formerly housed the world headquarters of IBM, adjacent to a 620,000-square-foot office building that RPW Group owns and operates. Units will come in a mix of one-, two- and three-bedroom units, and amenities will include a pool, fitness center and small workspaces. Completion is slated for early 2022.

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10-50-Charles-Street-Westwood-New-Jersey

WESTWOOD, N.J. — CBRE has negotiated two industrial leases totaling 67,137 square feet at a 120,000-square-foot industrial facility located at 10-50 Charles St. in Westwood, about 30 miles northwest of New York City. Mavi Jeans signed a lease to occupy 42,507 square feet, and print technology firm Digital Lizard inked a deal for 24,630 square feet. Kevin Dudley, Bill Waxman, Nick Klacik and Elli Klapper of CBRE represented the landlord, Treetop Development, in the lease negotiations. Treetop acquired the property, which features 14- to 22-foot clear heights, 127 car parking spaces and 10,000 square feet of office space, in November 2019.

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UNIONDALE, N.Y. — Marcus & Millichap has brokered the sale of a 60,896-square-foot retail asset in the Long Island city of Uniondale that is net-leased to grocer ShopRite. The sales price was $19.5 million. Barry Wolfe and Glen Kunofsky of Marcus & Millichap’s Manhattan office represented the undisclosed seller in the transaction. Brad Nathanson of Marcus & Millichap’s Institutional Property Advisors (IPA) division in Philadelphia procured the buyer. Michael Helpern and Christopher Marks in Marcus & Millichap Capital Corporation’s (MMCC) Manhattan office arranged acquisition financing for the buyer through a regional bank.

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HOBOKEN, N.J. — New Jersey-based medical marijuana provider Harmony Dispensary will open the first such facility in Hoboken, located across the Hudson River from Manhattan. The dispensary will be located within a 5,000-square-foot building at 95 Hudson St. that previously housed a primary care provider. Jersey City-based Dresdner Robin, the land-use consultant for the project, has completed the revised rezoning requirements for the site. The satellite space is expected to come on line by the end of the year.

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