HUMBLE, TEXAS — Locally based brokerage firm Cypressbrook Co. has negotiated a 55,826-square-foot industrial lease at 8575 Volta Drive in Humble, a northern suburb of Houston. According to LoopNet Inc., the property was built in 2016 and totals 168,400 square feet. John Hornbuckle of Cypressbrook represented the landlord, Nuveen Real Estate, in the transaction. Jim Stark of CBRE represented the tenant, Neutron Holdings Inc., the company behind Lime electric scooters.
PITTSBURGH — Amazon will construct a 1 million-square-foot distribution center in Pittsburgh, a move that will create 800 new full-time jobs. The property will be Amazon’s 15th operations facility in Pennsylvania. The Pittsburgh Post-Gazette reports that Amazon will invest $30 million in the facility and that once the jobs are in place, Amazon will receive $1.6 million in job creation tax credits from the state Department of Community and Economic Development. Hillwood, a Fort Worth-based industrial firm, will lead the development of the project, a construction timeline for which has not yet been established.
BOSTON — Foundation Medicine Inc., a manufacturer of medical tests and supplies, has signed a 580,000-square-foot lease for laboratory and office space at 400 Summer Street in Boston. Massachusetts-based WS Development is currently developing the 16-story building, which will total 625,000 square feet, including 30,000 square feet of ground-floor retail. Foundation Medicine will move its headquarters to the building and occupy all of the laboratory and office space. WS Development expects to begin construction later this year and for tenants to move in by 2023. New York-based Morris Adjimi Architects and the Boston office of Stantec are the architects.
MONTVALE, N.J. — Cushman & Wakefield Markets has arranged $26.5 million of institutional equity capital from a private equity fund for the development of a 203-unit seniors housing project in Montvale, about 30 miles north of New York City. The community will feature a four-story building on an 11.5-acre site. Cushman & Wakefield acted as exclusive advisor to a joint venture between Pike Properties, Thrive Senior Living and Gallium Real Estate. Construction debt financing of $54.6 million has been secured an undisclosed seniors housing lender and is expected to close in late August. Richard Swartz, Jay Wagner and Jim Dooley of Cushman & Wakefield handled the debt placement.
Northeast Private Client Group Brokers $14.2M Sale of Multifamily Property in Stratford, Connecticut
STRATFORD, CONN. — Northeast Private Client Group (NPCG) has brokered the $14.2 million sale of Sherwood and Shakespeare Apartments, a 128-unit multifamily property in Stratford. The property consists of three adjacent buildings at 112 Stratford Ave. Brad Balletto of NPCG represented the seller, Stratford-based Stratcon Properties LLC, in the transaction, and procured the buyer, a Bridgeport-based private investor.
NEW YORK CITY — Meridian Capital Group has arranged $5.7 million in acquisition financing for three multifamily properties in Queens. The three properties are located at 84-47 Lefferts Blvd., 83-35 Lefferts Blvd. and 84-10 120th Street. A balanced sheet lender provided the five-year loan, which features an interest rate of 3.88 percent and two years of interest-only payments followed by a 30-year amortization schedule. Gandolfo DiFiore of MDM Development is the borrower. Aaron Lerman and Sam Shifer of Meridian handled the transaction.
LOMBARD, ILL. — McShane Construction Co. has completed Elan Yorktown, a 295-unit apartment community in Lombard. Greystar is the developer and owner. The property offers studio, one-, two- and three-bedroom units ranging in size from 626 to 2,471 square feet. The four-story development includes an attached four-story parking garage. Amenities include a fitness center, golf simulator room, theater room, library, clubroom, conference rooms, pool, walking path and dog park. ESG Architects served as the architect. Monthly rental rates start at $1,490.
MINNEAPOLIS — Ryan Cos. Real Estate Management is undertaking a $3 million renovation of City Center, which is comprised of nearly two city blocks in the center of Minneapolis. It includes the 51-story skyscraper, 33 South Sixth Street; a 381,630-square-foot mall; a 687-stall parking garage; and the Minneapolis Marriott. Renovation plans call for the replacement of precast concrete panels with updated structural materials, additional lighting, new signage and a second-floor covered patio space. Sussner has undertaken the brand repositioning of the property, which will include a new City Center logo and colorful graphics. Ryan Cos. will oversee the construction, which will be completed by RJM Construction.
TOLEDO, OHIO — Dakkota Integrated Systems has signed a 66,603-square-foot industrial lease in Toledo. The supplier of Jeep parts is expanding and doubling its size at the facility, which spans 1.1 million square feet and is situated on 46 acres at 315 Matzinger Road. The lease term is for five years and five months. Ron Jurgenson of Reichle Klein Group and Rob Hughes of Newmark Knight Frank negotiated the lease. I.B.C. Inc. is the landlord.
CHICAGO — PerkSpot has signed a 14,020-square-foot office expansion at 320 W. Ohio St. in Chicago. The customized employee discount firm now occupies more than 27,000 square feet at the building. It is the company’s second expansion in the last 13 months. Allen Rogoway of Cresa Chicago represented the tenant in the lease transaction. PerkSpot offers a perk program where employees can gain rewards and exclusive discounts for their performance. PerkSpot also offers discounted merchandise and services and receives a commission on the value of items sold through its platform by merchants.