Property Type

RAL Underway on 240,000 SF Zero Irving Office Building in Manhattan

by Alex Patton October 25, 2019

NEW YORK CITY — RAL Development Services (RAL) is underway on Zero Irving, a 240,000-square-foot Class A office building in the Midtown South neighborhood of Manhattan. The 21-story building features 176,000 square feet of office space across 14 floors, plus a street-level food hall, coworking spaces, event space and a technology training center designed to improve the skills of tenant employees. Bank OZK provided $120 million of construction financing to RAL and the developer entered a long-term ground lease with NYCEDC. RAL broke ground on the project this summer.

October 25, 2019

Acquisitions Industrial New Jersey Northeast

NAI Mertz Arranges Sale of 80,300 SF Industrial Building in Logan, New Jersey

by Alex Patton October 25, 2019

LOGAN, N.J. — NAI Mertz has arranged the sale of an 80,300-square-foot industrial building in Logan, a southwestern suburb of Philadelphia. Zoned for food processing, the building offers cooler and freezer space as well as 30-foot clear ceiling heights, 19 dock doors and 10,403 square feet of office space. The facility is part of the six-acre Pureland Industrial Complex, which is home to tenants including Amazon, Mitsubishi, Mercedes-Benz and Home Depot. Jonathan Klear of NAI Mertz represented the buyer, Burton Real Estate, in the transaction. The seller and sales price were undisclosed.

October 25, 2019

Development New York Northeast Retail

Wegmans to Open 74,000 SF Grocery Store in Brooklyn

by Alex Patton October 25, 2019

NEW YORK CITY — Wegmans Food Markets will open a 74,000-square-foot grocery store at the Brooklyn Navy Yard mixed-use development. The chain has garnered a cult following in the Northeast since it expanded from its original Rochester location in 1968 and now operates 100 stores, including 46 in New York. Eater New York reports that the new store will feature 350 varieties of cheese, a full-service bar and made-to-order meals at several hot and cold bars. The store is slated to open this weekend on Sunday, Oct. 27.

October 25, 2019

Acquisitions Kansas Midwest Missouri Retail

Academy Bank Completes Merger with KCB Bank, Expands to 25 Kansas City-Area Locations

by Kristin Harlow October 25, 2019

KANSAS CITY, MO. — Academy Bank, a full-service community bank and wholly owned subsidiary of Dickinson Financial Corp., has completed its merger with Kearney, Mo.-based KCB Bank. The merger bolsters Academy Bank’s presence in Kansas City’s Northland communities, including Kearney, Liberty and Gladstone, Mo. It also expands the bank’s presence in Bonner Springs, Kan. Clients will now have access to 25 Academy Bank locations throughout the Kansas City metro area. The five KCB Bank locations will be officially transitioned to Academy Bank by Monday, Oct. 21.

October 25, 2019

Acquisitions Northeast Office Pennsylvania

Colliers Brokers Sale of 67,219 SF One Summit Square Office Building in Langhorne, Pennsylvania

by Alex Patton October 25, 2019

LANGHORNE, PA. — Colliers International has brokered the sale of One Summit Square, a 67,219-square-foot office building in Langhorne, a western suburb of Trenton. The building is leased by tenants including Comcast, electronics company Ricoh and U.S. Congressman Brian Fitzpatrick. The buyer, an affiliate of Phoenix Nexus Enterprises, will relocate its headquarters to an approximately 13,000-square-foot space at the property. Matthew Shanahan and Carl Neilson of Colliers represented the buyer as well as the seller, Country Life Insurance Co., in the transaction.

October 25, 2019

Acquisitions Industrial Midwest Wisconsin

NKF Arranges Sale of 350,274 SF Industrial Property in Wisconsin

by Kristin Harlow October 25, 2019

STURTEVANT, WIS. — Newmark Knight Frank (NKF) has arranged the sale of a 350,274-square-foot industrial property located at 7601 Durand Ave. in Sturtevant. Neither the sales price nor the buyer were disclosed. Michael Prost, Sergio Chapa and Corey Chase of NKF represented the seller, Venture One Real Estate. NKF represented Venture One in January 2018 when the company acquired the property. Since then, Venture One implemented improvements such as a new roof, parking lot, lighting, façade and offices. The building features 24,000 square feet of office space and 30 dock doors.

October 25, 2019

Hospitality Loans Midwest Missouri

Petros PACE Finance Provides $8M C-PACE Construction Financing for Hyatt House Hotel in Kansas City

by Kristin Harlow October 25, 2019

KANSAS CITY, MO. — Petros PACE Finance LLC has provided an $8 million Commercial Property Assessed Clean Energy (C-PACE) loan on behalf of Pedersen Development Co. to finance energy-efficiency measures in the construction of a 13-story Hyatt House hotel in downtown Kansas City. Pedersen will use the funds to incorporate sustainable design features, including energy-efficient roofing, windows, HVAC equipment, hot water heaters and LED lighting. The 153-room hotel will be located at the southwest corner of Ninth and Broadway streets. C-PACE is a relatively new financing tool for energy- and water-efficiency projects. It is a low-cost, long-term financing product secured as a property tax assessment. Over the 20-year life of the loan, energy-conserving features are expected to generate more than $7 million in utility and maintenance savings as well as a carbon dioxide reduction of 1,159 metric tons. Completion of the hotel is slated for January 2021. Brinkmann Constructors is the general contractor.

October 25, 2019

Acquisitions Illinois Midwest Retail

Premier Commercial Realty Brokers $1.8M Sale of Building Formerly Occupied by Sports Authority in Illinois

by Kristin Harlow October 25, 2019

CRYSTAL LAKE, ILL. — Premier Commercial Realty has brokered the sale of a 56,310-square-foot building formerly occupied by Sports Authority in Crystal Lake for $1.8 million. The property sits on 5.2 acres at 800 Cog Circle, about 45 miles northwest of Chicago. Heather Schweitzer and Heide Casciaro of Premier represented the seller. Steve Pilafas of Great Street Realty represented the buyer, a Chicago-based investor and developer. The new owner has secured an undisclosed tenant for the property.

October 25, 2019

Industrial Leasing Activity Midwest Wisconsin

Hanes Signs 25,000 SF Industrial Lease in Menomonee Falls, Wisconsin

by Kristin Harlow October 25, 2019

MENOMONEE FALLS, WIS. — Hanes Cos. has signed a 25,000-square-foot industrial lease in Menomonee Falls. The property is located on Old Orchard Road. TJ Huenerbein, Samuel M. Dickman Jr. and Samuel D. Dickman of Dickman Co. Inc. represented the landlord, House 10 LLC, in the lease transaction. Bill Langhoff of Colliers International represented Hanes.

October 25, 2019

Connecticut Leasing Activity Northeast Office

Mental Health Connecticut Signs 3,020 SF Office Lease in Bridgeport

by Alex Patton October 25, 2019

BRIDGEPORT, CONN. — Mental Health Connecticut Inc. (MHC) has signed a 3,020-square-foot office lease at 4920 Main Street in Bridgeport, located approximately 20 miles southwest of New Haven. The lease term is for 5 years. Alan Fischer of Fischer Commercial Real Estate represented MHC in the lease negotiations. Ciara McConn of Bayberry Property Management & Leasing represented the landlord, 4920 Main Street Associates LLC.

October 25, 2019

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