CHICAGO — SVN Chicago Commercial has brokered the sale of an approximately 48,000-square-foot flex industrial building in Chicago’s Humboldt Park neighborhood for $3.5 million. The property is located at 1757 N. Kimball Ave., along the 606 Trail. Wayne Caplan of SVN represented the seller. Buyer and seller information was not disclosed.
Much of the national hype surrounding the growth in industrial development, investment and leasing activity in North Texas is centered on Dallas, a national leader in in-migration and employment growth across a variety of industries. The demographic and economic fundamentals of Dallas have made it a highly desirable market for e-commerce and third-party logistics users looking to service an ever-growing last-mile population. But beginning about four years ago, the dwindling supply of quality sites near the Dallas core began to generate rapid rent growth, causing priced-out developers and users to start looking westward. Fort Worth’s transition from a predominantly manufacturing market to a dynamic logistics and distribution hub began with Hillwood’s purchase of 15,000 acres for its AllianceTexas development in the mid 1980s. Since that time, Fort Worth has displayed a more aggressive stance on economic and industrial development. Both cities have long shared access to critical pieces of infrastructure — DFW International Airport, Interstates 20, 30 and 35 — as well as strong availability of land and a quality supply of laborers. But until recently, the growth paths always favored Dallas — the more gentrified of the two cities that was also a preferred destination for corporate relocations and …
NEW YORK CITY — The Collective, a multifamily developer based in London, has unveiled plans to build a $150 million co-living project located at 292 N. 8th St. in Brooklyn’s Williamsburg neighborhood. Co-living is defined as a type of residential development that is a hybrid between apartment housing and hotels. Known as North 8th, the development will feature 242 units, 97 of which are designed for students attending local universities. The remaining 127 studio units are designed for nightly and monthly stays. At full capacity, North 8th is expected to house 321 occupants. “North 8th will be the first project of its kind for New York City,” says Reza Merchant, founder and CEO of The Collective. “It will bring community of all ages together in one holistic environment, designed to promote an intergenerational exchange of knowledge through shared amenities and dynamic programming.” North 8th is The Collective’s fourth co-living project in New York City, joining The Collective Paper Factory that opened in November in Queens’ Long Island City. The Collective has two other Brooklyn projects in the pipeline: 555 Broadway and 1215 Fulton St. All three of The Collective’s Brooklyn projects are expected to open in 2022. The Collective collaborated …
Historically, seniors housing dining services were known for serving simple proteins and side items purchased from an outside distributor, which would be prepared in bulk and served all at once in a communal dining room. But variety and novelty are quickly becoming key selling points for today’s incoming senior population, and communities are scrambling to keep up with the demand. “We have a tsunami of developers and contractors building new facilities across the United States, and full-service dining is one of the most important features that prospective residents look for,” says Victoria Albert, vice president of marketing at Boston-based dining vendor Unidine. “The baby boomers are different from their parents. They are more worldly and experimental, and they want opportunities to try different cuisines.” Newer dining programs allow service teams to think more like an industrial kitchen, planning their menus around seasonal flavors and cross-utilizing the same ingredients for a variety of dishes. The result is a higher quality of food service with a thoughtful application of resources and marketing. “The environment of the business is shifting to operate more like restaurants and market more to friends and families of guests,” says Harris Ader, founder of Senior Dining Association, an …
DILLION, S.C. — Developer Marlboro Development Team Inc. has unveiled plans for a new, 253,800-square-foot industrial project in the I-95 Mega Site in Dillon, seven miles from the South Carolina-North Carolina state line. The 72-acre property within the site is scheduled for delivery in the third quarter of 2020. The facility will be designed for logistics and distribution, featuring cross-dock capabilities, 200-foot truck court depths, 36-foot clear heights, speed bays and expansion capability up to 650,000 square feet. Adjacent to I-95, the facility will be less than one mile from South Carolina Ports Authority’s (SCPA) Inland Port Dillon, which is CSX-railway served. Marlboro Development Team and its parent company, Marlboro Electric Cooperative, own nearly 4,000 acres surrounding Inland Port Dillon.
TAMPA, FLA. — Vesper Holdings has acquired 4050 Lofts, a 722-bed student housing community located at 4050 Rocky Circle, less than a mile from the University of South Florida in Tampa. Built in 2009, the property offers three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include two swimming pools, a tanning dome, fitness center, aqua lounge, coffee bar, clubhouse, outdoor kitchen and a pool table. The new ownership plans to invest $1.4 million in capital improvements, which will include a renovation of unit interiors and shared amenity spaces, as well as extensive enhancements to the property’s exterior and technology upgrades throughout. The seller and terms of the transaction were not disclosed.
LAWRENCEVILLE, GA. — CW Capital has sold Village Shoppes of Sugarloaf, a 149,805-square-foot retail center in Lawrenceville, for $14.8 million. Publix anchors the property, which is located at 3330-3410 Sugarloaf Parkway, 30 miles northeast of downtown Atlanta. Village Shoppes was 63 percent leased at the time of sale. Scott Israel, Adam Sklaver and Phil Kates of CBRE represented the Bethesda, Md.-based seller in the transaction. Atlanta-based Branch Properties acquired the asset at a 5.5 percent cap rate.
ANDERSONVILLE, TENN. — Medical supply distributor HemaSource Inc. has leased 114,800 square feet of a newly developed industrial facility in Andersonville, 18 miles northwest of Knoxville. Built by The Hollingsworth Cos., the building is upfitted for high-volume distribution utilizing tax incentive financing. The remaining 13,100 square feet of the 127,900-square-foot building is office space already leased to metal supplier A&S Building Systems. The Hollingsworth facility has the capacity to expand to 172,600 square feet and features 32-foot clear heights and 12 dock doors.
WASHINGTON, D.C. — Whole Foods Market has signed a 40,000-square-foot retail lease to anchor the Hartley apartment building within The Parks at Walter Reed in northwest Washington, D.C. The Parks is a 3.1 million-square-foot mixed-use development from the partnership of Hines, Urban Atlantic and Triden Development. The Hartley will be the third new construction at the site, alongside two currently underway projects: The Brooks condominiums and the Vale apartments, featuring 18,000 square feet of retail. The Hartley features 323 rental units, including 32 affordable units, and 58,000 square feet of retail space. The apartment building will be part of the project’s Town Center, which will include 100,000 square feet of dining, shopping, and entertainment fronting Georgia Avenue. Construction on The Hartley is expected to begin in early 2020 with completion of the project set for early 2022. Torti Gallas + Partners is the architect for The Hartley, with interior design by Hickok Cole Lifestyle and landscape design by Oehme van Sweden. Retail broker CBRE + Streetsense will lease The Parks. The campus already contains a firehouse and schools, as well as housing for seniors and veterans.
PITTSBURGH — The parent company of First National Bank (FNB) has signed a 160,000-square-foot office lease to open its corporate headquarters at the upcoming FNB Financial Center development in downtown Pittsburgh. The development will feature a 24-story tower with 387,000 square feet of Class A office space, 20,000 square feet of retail space and a two-story parking structure. The FNB headquarters will anchor the tower and its technology branch will occupy 2,000 square feet of retail space. The tower will be situated on the site of the former Civic Arena, home of the Pittsburgh Penguins hockey team, which will comprise multiple structures and over 1 million square feet of office, residential, retail and green space. Buccini/Pollin Group and the Penguins are co-developers of the mixed-use development, which is slated for completion in 2022.
