GREENWOOD, IND. — Herman & Kittle Properties have sold Copper Chase at Stones Crossing in Greenwood, south of Indianapolis. Copper Chase Apartments LLC purchased the 296-unit multifamily community for an undisclosed price. Built in 2010, the property is located at 2345 Thorium Drive. It features a pool, coffee café, business center, car care center and dog park. Steve LaMotte Jr. and Dane Wilson of CBRE represented the seller.
MOUNT PLEASANT, WIS. — Hillwood, a Perot company, has acquired a newly constructed industrial building spanning 307,850 square feet in Mount Pleasant, about 30 miles south of Milwaukee. Located at 11905 Meridian Drive, the property features a clear height of 32 feet, rear loading and 140-foot truck courts. The purchase price and seller were not disclosed.
MAPLE GROVE, MINN. — Upland Real Estate Group Inc. has negotiated the sale of an 18,027-square-foot property net leased to Caliber Collision in Maple Grove for $4.5 million. The collision repair company has a 15-year lease at the building. A developer sold the asset to an undisclosed buyer as part of a 1031 tax-deferred exchange.
ST. LOUIS — NorthMarq has arranged a $3 million loan for the acquisition of the Fort Dearborn Co. building in St. Louis. The manufacturing facility spans 87,507 square feet and is located on 5.8 acres at 6880 Heege Road. Fort Dearborn Co. is a label manufacturer for food and household products. Jeffrey Chaney of NorthMarq arranged the 10-year loan, which features a 20-year amortization schedule. A life insurance company provided the loan. White Co. was the borrower.
HARRISBURG, PA. — Realterm Logistics, a Maryland-based investment firm, has acquired a 311,000-square-foot distribution facility in Harrisburg. Built on 52 acres in 2004, the property features 37-foot clear heights, 99 dock-high doors, six drive-in doors and immediate access to I-76, I-83 and I-81. Brandon Moghimi and Brad Feller of Stan Johnson Co. represented the undisclosed seller in the transaction. The property was fully leased at the time of sale.
PLAINSBORO, N.J. — Colliers International has secured a 90,000-square-foot office headquarters lease in Plainsboro, located just east of Princeton University, for global biotechnology company Genmab. The company will move its research and office space into two floors of the property, which is located at 777 Scudders Mill Road. Charlie Hatfield and Brett Incollingo of Colliers, along with Tom Romano of JLL, represented the property owner, Trawler Capital Management, in the transaction. Dan Spero and Craig Eisenhardt of JLL represented Genmab.
TOTOWA, N.J. — Lee & Associates has negotiated a 60,000-square-foot medical office lease for St. Joseph’s Health in Totowa, located in northwestern New Jersey. The space is housed within a two-building, 120,000-square-foot Medical Arts Complex that CHA Partners is developing. The property is on the corner of Minnisink and Vreeland roads, in close proximity to state routes 80, 46 and 23. Construction is underway and the facility is slated to open in early 2021. Brian Lynch, Peter Rasmusson, Jason Lynch and Joe Torman of Lee & Associates represented St. Joseph’s in the transaction.
NEW YORK CITY — ABS Real Estate Partners has arranged the $37.2 million sale of 62 West 45th Street, a 55,000-square-foot office property in Manhattan. The building rises 12 stories and includes ground-floor retail space, 11 office units and a newly renovated lobby and elevators. The site is expandable by an additional 4,000 square feet. Alan Cohen, Jay Caseley, Steven Hornstock and Alex Warner of ABS represented the seller, 62 West 45th Street Associates LLC, in the transaction. Cohen and Casely will also head up leasing efforts. The buyer was New Jersey-based Renaissance Properties.
MARLBOROUGH, MASS. — JLL has brokered the $33.2 million sale of a 206,000-square-foot data center in Marlborough, located northeast of Worcester. The property, which also offers some flex space, is located at 34 St. Martin Drive. At the time of sale, the center was 95 percent leased. Data center tenants TierPoint and Crown Castle lease 85 percent of the property’s rentable square footage with a weighted average lease term of well over 10 years. Frank Petz, Matt Sherry and Tom Ragno of JLL represented the seller, Lincoln Property Co., in the transaction. The buyer was California-based Menlo Equities.
PITTSBURGH — The vitamin and health supplement niche of the brick-and-mortar retail market continues to experience intense competitive pressure, observes veteran retail consultant Jeff Green. So it came as no surprise to Green when GNC Holdings Inc. (NYSE: GNC) officials revealed in a second-quarter earnings call earlier this week that it will shutter up to 900 stores in North America by the end of 2020. “It used to be that specialty health supplements were only found in specialty stores such as GNC, Vitamin Shoppe and other regional chains,” says Green, a partner at Phoenix-based Hoffman Strategy Group. “Now you can find the same products sold at traditional supermarkets, specialty food stores and discount department stores.” Citing a decrease in mall traffic over time, Tricia Tolivar, CFO of Pittsburgh-based GNC, said during the earnings call Monday that the company could close up to 500 of its 800 stores that are currently located in malls across the United States and Canada. Ken Martindale, CEO of GNC, added that 28 percent of the company’s stores are situated in malls, while 61 percent are in strip centers. “The negative trends in traffic that we’ve seen in mall stores over the past several years have accelerated …
