OAK BROOK, ILL. — Cawley Chicago has arranged the sale of a 57,832-square-foot office building in Oak Brook for $5.7 million. The three-story property is located at 2021 Midwest Road. Ryan Freed and Rawly Lantz of Cawley represented the seller, Chesapeake Associates Limited. Dan McKay of McKay Investments represented the buyer, BBI Property Management Inc., which will occupy a portion of the building.
WESTMINSTER, COLO. — New York-based The Praedium Group purchased Legacy on the Promenade, an apartment community located in Westminster, for an undisclosed price. Additional terms of the transaction were not released. The buyer plans to rebrand the property and make several enhancements to the amenity areas. Constructed in 2018, the 300-unit Legacy on the Promenade comprises an elevated four-story building with interior conditioned hallways and a six-level central parking garage. Additionally, the property features 24 townhome units with attached two-car garages. In a mix of one-, two- and three-bedroom layouts, the units range in size from 641 square feet to 1,888 square feet and feature nine- to 20-foot ceilings, lakefront views, granite countertops and stainless steel appliances. Community amenities include an outdoor lounge, pool and spa; outdoor grill and fire pit station; a two-story fitness center with a spin and yoga studio; and resident clubhouse and game room.
ALBUQUERQUE, N.M. — Seattle-based Thayer Manca Residential has purchased Mirabella Heights, an apartment property located in Albuquerque, for an undisclosed price. The buyer plans to implement a $4.7 million renovation and repositioning plan that includes a reinvented clubhouse, modernized 24-hour fitness center, upgraded pool area, a new pet park, additional package lockers, interior unit renovations, property rebranding and additional capital upgrades. Situated on 13 acres at 701 Stephen Moody St. SE, Mirabella Heights features 280 units and is the only post 2000-built garden-style apartment community in the surrounding market, according to Thayer Manca. The acquisition marks the buyer’s third multifamily purchase in Albuquerque. Combined with renovation costs, the company has invested more than $100 million investment in the Albuquerque multifamily market in the last two years.
NEW YORK CITY — Apparel and shoe retailer Kith has signed a 57,679-square-foot industrial lease at 25 Kent, a building in Brooklyn with both office and manufacturing space. Kith will occupy approximately two thirds of the building’s 87,000 square feet of manufacturing space. A partnership of Rubenstein Partners and Heritage Equity Partners developed the building, and Hollwich Kushner and Gensler designed it. Michael Yadgard of Compass represented Kith in the lease negotiations. A team from Lee & Associates in collaboration with JLL represented Rubenstein Partners.
WEST DEPTFORD, N.J. — Novaya Foxfield Industrial LLC has completed construction of a 122,000-square-foot industrial project in West Deptford, a southern suburb of Philadelphia. Located at 301 Grove Road, the Class A property offers 32-foot clear heights, 10 loading docks, two drive-in doors and office space. NAI Mertz is handling leasing efforts on behalf of Novaya Real Estate Ventures.
MOUNT LAUREL, N.J. — NAI Mertz has brokered the sale of East Gate Business Center, a 116,000-square-foot office complex in Mount Laurel, an eastern suburb of Philadelphia. The complex comprises eight buildings that were 94 percent leased at the time of sale. Tenants include NJ Default Group LLC, pest control company Terminix International Co. and employee recruitment firm The McSweeney Agency. Scott Mertz, John Adderly, Rebecca Ting and Julie Kronfeld of NAI Mertz represented the seller, Eastgate Business Center LLC, in the transaction. The buyer was Strategic Funding Alternatives LLC. The sales price was undisclosed.
PORTLAND, MAINE — Cardente Real Estate has negotiated an 8,443-square-foot retail lease for Work Out Anytime fitness center in Portland, located approximately 60 miles southwest of Augusta. The property is situated at 511 Congress St. within the Ocean Gate Plaza retail center. Tenants include Living Room Dance Collective, Northwestern Mutual and nonprofit organization EqualityMaine. Matthew Cardente of Cardente represented the landlord, Ocean Gate LLC, in the lease negotiations. Sylas Hatch of The Dunham Group represented Work Out Anytime.
CHICAGO — A partnership between Riverside Investment & Development and Convexity Properties has broken ground on BMO Tower, also known as Union Station Tower. The 50-story office building is part of the Union Station redevelopment project in Chicago. Global architecture firm Goettsch Partners (GP) designed the property, which will be situated on 2.2 acres directly south of the Union Station headhouse building. The office tower will feature 1.4 million square feet of office space. The tower and new public space are part of the larger redevelopment of Chicago Union Station, which originally opened in 1925. Riverside and Complexity unveiled plans for the $1 billion project in September 2018, beginning with the demolition of a 404-unit apartment building and the design of a 1.5-acre plaza and park. “This project will activate a prime site that has been largely underutilized next to Chicago’s busiest commuter station,” says James Goettsch, chairman and co-CEO at GP. “The office tower and park will bring vibrant, complementary additions to the city.” As the name indicates, Montreal-based BMO Financial Group will be the building’s anchor tenant. Construction is scheduled for completion in 2022. Although development costs were not disclosed, the Chicago Tribune reports that the developers received $476 million …
As online shopping and a stack of newly delivered boxes by the door have become common in many American households, the behind-the-scenes institutional supports that make these habits possible have transformed the country’s real estate markets. The booming demand for data centers and last-mile staging for e-commerce is driving steady interest in industrial spaces, which shows no sign of waning. Since 2009, the industrial market has experienced 767 percent growth across the United States, surpassing retail to become the third ranked commercial real estate product type by sales volume. This sustained demand is outpacing limited availability, compressing capitalization rates to historic lows. In the metro Washington, D.C., area, there are a number of unique factors that contribute to this trend. High urban property values in the District itself have led to the conversion of a significant percentage of available warehouse space to other uses over the last decade, pushing industrial development into neighboring areas of Northern Virginia and Prince George’s County, Maryland. Many of the sites most easily suited for industrial purposes have already been developed, leaving higher barriers to entry and very few new options. As commercial businesses and government agencies adopt increasingly sophisticated technologies — like cloud computing, …
As one of the premier global tourist destinations in the world, the Hawaii market is dominated by condos and hotels. It is also home to mega investment deals. A review of Hawaii’s investment market over the past three years shows that the hotel industry has made up the following percentage of the top 10 deals for each year: • 91 percent in 2017 • 55 percent in 2018 • 23 percent in 2019 The total sales volume for these deals has also seen a decline from more than $1.5 billion in 2017 to less than $926 million in 2019 as a result of a decline in foreign investors. In case you’re wondering, yes, there are multifamily properties in Hawaii. In fact, apartment sales represented 37 percent of the total sales volume for the top 10 deals in 2018. The largest investment deal was the $540 million portfolio recapitalization of Project Europa on Ewa Beach in Oahu. This was larger than the $505 million Global Hyatt Portfolio sale, which included the Grand Wailea in Maui. Institutional sales in 2018 were in the range of $371,000 per unit to $395,000 per unit, with cap rates in the 4.5 percent to 5 percent …