HOUSTON — Poynter Commercial Properties Group has negotiated a 20,270-square-foot office lease expansion at 11700 Katy Freeway in Houston. The 14-story property spans 325,000 square feet. Kevin Poynter and Peyton Poynter of Poynter Commercial represented the landlord, an affiliate of ATCAP Partners, in the lease negotiations. David Bale and Don Foster of JLL represented the tenant, human resource consulting firm Robert Half International.
ROANOKE, TEXAS — Marcus & Millichap has arranged the sale of Roanoke Corners, a 14,218-square-foot retail center in Roanoke, located north of Fort Worth. The property was fully leased at the time of sale to tenants such as AT&T, Donut Paradise and Cinch Cleaners. Philip Levy of Marcus & Millichap represented the seller, a partnership, in the transaction. Levy also procured the buyer, a private investor. Both parties requested anonymity.
SPRINGFIELD, MASS. — MGM Resorts International (NYSE: MGM) has reopened its casino in the western Massachusetts city of Springfield at 25 percent of its original capacity due to the COVID-19 pandemic. As of July 13, there were 112,000 confirmed coronavirus cases in the state of Massachusetts and 8,330 deaths. At this time, the resort’s 240-room hotel and spa remain closed, limiting the amenity options for guests to the 125,000-square-foot casino and three of the property’s food and beverage establishments, which will also operate at limited occupancies. Valet parking is also unavailable at this time. Employees and guests are required to wear masks in public settings, and plexiglass barriers have been installed in certain areas where social distancing is difficult to maintain. MGM has also set up handwashing stations throughout casino floor and will use digital menus as its restaurants to minimize sharing of surfaces.
BOSTON AND CHICAGO — Investcorp, a global private equity firm based in Bahrain, has sold a 1.8 million-square-foot portfolio of industrial buildings located in the Boston and Chicago areas for $200 million. The Boston component of the portfolio includes a warehouse, distribution center and flex building totaling roughly 1.1 million square feet. The Chicago component features three cold storage properties totaling approximately 700,000 square feet. Investcorp initially acquired the portfolio, which was 98 percent leased at the time of sale, in 2017. The buyer was not disclosed.
NEW YORK CITY — PGIM Real Estate has provided a $100 million loan for the refinancing of 52 Broadway, a 19-story, 426,000-square-foot office building located two blocks from the New York Stock Exchange in Manhattan. The borrower was a joint venture between Jack Resnick & Sons and Ruben Cos. Resnick acquired the building, which was originally constructed in 1898, in 1978 and implemented an extensive renovation and expansion to add six more floors. Today, the building is net leased on a long-term basis to the United Federation of Teachers.
NEW YORK CITY — Locally based developer HAP Investments is nearing completion of Maverick, , a 199-unit residential tower located at 215 and 225 W. 28th St. in the Chelsea neighborhood of Manhattan. Also known as Hap 8, the development consists of two 20-story towers spanning 312,500 square feet and offering a mix of 87 condominium residences and 112 rental units. The two buildings will share amenities such as a parking garage, pool, sauna, fitness center, children’s playroom and a roof deck with outdoor grilling stations. DXA studio designed the project, which is expected to be officially complete in early 2021.
BROOKFIELD, WIS. — Milliman Inc., an international actuarial and consulting firm, has unveiled plans to move its Brookfield office to Golf Parkway Corporate Center, which is currently in the pre-development phase. The company will occupy 118,300 square feet within a six-story, 186,000-square-foot building. Milliman’s space will feature flexible floor plates, floor-to-ceiling windows, healthy design and exclusive amenities, according to the developer, Irgens. Construction is scheduled to begin this fall with initial occupancy slated for summer 2022. Golf Parkway Corporate Center will consist of two Class A office buildings totaling 231,000 rentable square feet. Common areas will include a conference room, tenant lounge, outdoor patio, bike storage and fitness center. Kahler Slater is the architect and CG Schmidt is the general contractor. William Bonifas of CBRE represented Milliman in the lease transaction.
CHICAGO — Marcus & Millichap has brokered the sale of a 38,747-square-foot office property occupied by the Illinois Department of Human Services in Chicago for $3.4 million. The single-tenant building is located at 1642 W. 59th St. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a fund manager. A Chicago-based private investor purchased the asset. The Illinois Department of Human Services is one of the state’s largest agencies with more than 13,000 employees.
BENSENVILLE, ILL. — Clear Height Properties has purchased a 30,000-square-foot industrial building located at 464-480 Country Club Drive in Bensenville for an undisclosed price. Built in 1973, the property was vacant at the time of sale. It has primarily been used for warehouse distribution and light manufacturing purposes. Clear Height plans to make capital improvements such as new landscaping, sidewalks, parking lot, dock staircase and overhead doors. Justin Lerner of Transwestern represented Clear Height in the transaction. Marcus & Millichap represented the seller, Aspen Industries.
EAST PEORIA, ILL. — Chicken Salad Chick has opened today at The Levee District in East Peoria. The restaurant, which specializes in homemade chicken salad, occupies 2,718 square feet between Jersey Mike’s Subs and Xfinity. The first 100 guests on opening day will receive one large serving of chicken salad per month for an entire year. The restaurant will open at limited capacity with social distancing measures in place for COVID-19. This will be the farthest north restaurant of Chicken Salad Chick’s 157 locations. Chicken Salad Chick currently operates in 17 states and is rapidly expanding with both franchise and company locations. Owned and managed by Cullinan Properties Ltd., The Levee District encompasses 650,000 square feet of retail and restaurant space, as well as office, hotel and civic components.