NEW YORK CITY — Adobe Inc. has signed a 109,296-square-foot office lease renewal and expansion at 1540 Broadway in Manhattan. The company will remain in its 27,323-square-foot office on the entire 17th floor and will expand into an additional 81,972 square feet on the 18th, 19th and 20th floors. The lease carries a 10-year term. The CBRE team of Mary Ann Tighe, Howard Fiddle, Eric Deutsch, Christie Harle, Jason Pollen and Benjamin Joseph represented the landlord, EDGE Fund Advisors, in the lease negotiations. Brian Given, Sheena Gohil, Carter Beim, Kellam Nelson, Jack Senske and Frank Wallach of Colliers International represented Adobe Inc.
NORTH CHELMSFORD, MASS, AND ROCKY HILL, CONN. — LCB Senior Living LLC has acquired Brookdale North Chelmsford in Massachusetts and Brookdale Rocky Hill in Connecticut. The community in North Chelmsford, located approximately 30 miles northwest of Boston, will be renamed The Residence at Freeman Lake. The 73-unit community was built in 1996 and offers assisted living and memory care services. The community in Rocky Hill, approximately 10 miles south of Hartford, will be renamed The Residence at Ferry Park. The 73-unit community was built in 1997 and offers assisted living and memory care services. Both communities will undergo renovations over the next 12 to 18 months. The sales price was undisclosed.
PHILADELPHIA — Cedar Realty Trust is underway on construction of Fishtown Crossing, a retail redevelopment project in the Olde Richmond neighborhood of Philadelphia. The project will convert a shopping center formerly known as Port Richmond Village into an 18,000-square-foot neighborhood center. The property currently houses more than 20 tenants, including grocer IGA, vitamin and supplement retailer GNC and footwear retailer Kicks USA, while tenants that have preleased space at the new center will include Starbucks and ‘50s-themed diner Nifty Fifty’s. Construction of Fishtown Crossing is slated for completion by early 2021.
MINNEAPOLIS — The 307-unit City Club Apartments has opened in downtown Minneapolis. The 17-story apartment building features a sky park with a rooftop pool, outdoor movie theater, bark park and lounge seating. The project has no parking and was designed for young professionals. The majority of the units are designated as affordable for residents earning between $45,000 and $65,000 annually. The project included the preservation of the adjacent Handicraft Guild Building, which was built in 1907. The building has been converted into Eleven Artisans, a 3,500-square-foot, two-story brewery and restaurant. City Club Apartments is an owner, developer and manager of apartment communities with a portfolio of approximately 10,000 units in 30 communities and $2 billion in real estate assets. The company has $500 million under development in Cincinnati, Cleveland, Detroit, Chicago, Pittsburgh, Minneapolis, Kansas City, Louisville and the East Coast.
CHICAGO — Service Properties Trust (SVC) has acquired the 261-room Kimpton Palomar Hotel in Chicago for $55 million. The hotel will be added to SVC’s existing agreement with Intercontinental Hotels Group. Built in 2010, the hotel is located at 505 N. State St. near Michigan Avenue. SVC is a real estate investment trust that owns a portfolio of hotels and retail properties and is managed by the operating subsidiary of The RMR Group Inc.
WEST JEFFERSON, OHIO — Griffin Capital Essential Asset REIT Inc. has sold a 160,410-square-foot industrial building in West Jefferson for $30.3 million. FedEx Freight occupies the Class A property, which is located at 10 Commerce Parkway, about 20 miles west of Columbus. The REIT initially purchased the building in July 2015.
CHICAGO — Three new tenants have signed leases totaling 8,900 square feet at Concourse Chicago, an office property undergoing renovations in Chicago. Blue Water Shipping signed a lease for 3,900 square feet and is relocating from Presidents Plaza across the street. Green Office Partners, a print services company for small and medium businesses, leased 3,700 square feet and is relocating from the central business district. In the final transaction, Elgin-based Great Lakes Technology leased 1,500 square feet for a satellite office. Berger Asset Management acquired Concourse Chicago in 2018. The company is repositioning the 12-building complex. Jake Spinnell and Jon Connor from Colliers International represented Blue Water Shipping, Steve Goldstein of Jameson Commercial represented Green Office Partners and John Cassidy of Lee & Associates represented Great Lakes Technology. Steve Chrastka and Jason Wurtz of NAI Hiffman represented the landlord as the exclusive leasing representatives for the property.
CHICAGO — Marcus & Millichap has brokered the sale of Park Shops, a grocery-anchored retail center in Chicago, for $3.9 million. The 47,069-square-foot property is located at 6400 W. 63rd St. Fair Share Super Market has operated at the location for 27 years and recently extended its lease for 10 years. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a developer. A Chicago-based private investor purchased the asset.
HUMBLE, TEXAS — Dallas-based Hunt Southwest will develop 59 Logistics Center, a 509,600-square-foot speculative industrial facility that will be located near George Bush Intercontinental Airport in the northeastern Houston suburb of Humble. Situated along Highway 59, the cross-dock facility will feature 36-foot clear heights and an ESFR sprinkler system. Completion is slated for the fourth quarter of 2020. CBRE will handle leasing of the facility. Powers Brown is the project architect, and E.E. Reed Construction is the project’s general contractor.
ST PETERSBURG, FLA. — Real estate developer The Kolter Group has acquired the 1.7-acre parking lot of the Hilton St. Petersburg Bayfront Hotel, with plans to construct a 35-story residential tower on the site.