BARTLETT, ILL. — Meridian Design Build has broken ground on a 100,560-square-foot industrial build-to-suit for Cathay Industries in Bartlett. The property will be situated on a 6.8-acre site within Abbott Land & Investment’s Blue Heron Business Park. The building will feature a clear height of 30 feet, eight loading docks, two drive-in doors, 70 car parking spaces and 4,000 square feet of office space. It will be the fourth building within Blue Heron Business Park. Cathay is an iron oxide manufacturer. Harris Architects and Mackie Consultants make up the project team. A timeline for completion was not disclosed.ggg
INDIANAPOLIS — eHealth Inc. has signed an 81,515-square-foot office lease in Indianapolis for its eastern U.S. headquarters. The private online health insurance exchange will utilize the entire Lakefront 15 building within Lakefront at Keystone. Initially, eHealth will sublease two floors from current tenant Home Point Financial Corp. The sublease runs through October 2022 followed by a long-term arrangement for the 81,515 square feet of space. Tammy Fault and John Robinson of JLL represented ownership, Rubenstein Partners LP and Strategic Capital Partners LLC. Matt Kiger of Newmark Knight Frank represented eHealth. Rubenstein and Strategic Capital acquired the 1.1 million-square-foot office park in 2017.
LA VISTA, NEB. — HREC Investment Advisors has arranged the sale of the 120-room Hampton Inn & Suites in La Vista near Omaha. The hotel is located just south of I-80 near the Werner Natatorium Sports Complex that is currently under development. Mike Cahill, Mike Dubè, Scott Kaniewski and Jeff Preston of HREC represented the seller, Wisconsin-based North Central Group. The buyer group was led by Mike Works, the managing member of Nightcap Hospitality LLC, which has developed 20 hotels in Nebraska.
ST. LOUIS — Plymouth Industrial REIT Inc. (NYSE: PLYM) has acquired a Class B industrial building in St. Louis for $5.4 million. Located in the Hazelwood/Airport submarket with convenient access to I-70, the 129,000-square-foot building is fully leased to two tenants. Motor Service Inc. is an industrial equipment supplier, specialized trucking and airfreight hauler, and warehousing and materials handler. Wellfit Parts International Co. is a customer service collision parts and accessory parts distributor, specializing in parts for luxury vehicles. Boston-based Plymouth focuses on the acquisition and operation of single- and multi-tenant industrial properties.
EAST ORANGE, NEWARK, ASBURY PARK AND TRENTON, N.J. — CBRE has brokered the sale of a 1,035-unit multifamily workforce housing portfolio in New Jersey for $146 million. The portfolio benefits from high occupancy, 4.1 percent average annual rent growth and high resident retention. “The market demand for this type of property is as strong as we have experienced,” said Jeffrey Dunne of CBRE. ” Renter demand for well-maintained Class B apartments is also at historic levels and expected to continue for years ahead.” The sale included a generational collection of seven multifamily high-rise and garden properties, for a total of 1,035 units in the following locations: In East Orange, Washington Towers is a 14-story building with 197 units; Executive House is a 23-story building with 228 units; Ambassador Towers is a nine-story building with 161 units; Munn Heritage is a seven-story building with 75 units. In Newark, Parkview Gardens is a four-story building with 24 units. In Asbury Park, Munroe Towers is a 15-story building with 261 units. In Trenton, Lafayette House is a 12-story building with 89 units. Dunne, Gene Pride, Eric Apfel, Nat Gambuzza, John Veniero and John McFadden of CBRE represented the owner, Murnick Property Group, in …
STAMFORD, CONN. — Colliers International has arranged two office leases in Stamford, for a total 15,320 square feet. Law firm McCarter & English LLP has renewed a long-term lease for 11,058 square feet in the Canterbury Green building. Spruce Investment Advisors has renewed a five-year lease for 4,262 square feet in the 1 Stamford Plaza building. Jeffrey Williams and Hollis Pugh of Colliers arranged both leases. RFR Realty owns both properties.
PLANO, TEXAS — 3650 REIT, a Miami-based balance-sheet lender, has provided a $90 million, 10-year loan for the refinancing of Renaissance Dallas at Plano Legacy West, a 304-room hotel in Plano. Completed in 2017 by borrower and developer Sam Moon Group, the property offers 26,000 square feet of conference and meeting space, as well as a pool deck and bar, spa and a fitness center. Specific loan terms were not disclosed.
BOSTON — Fortis Property Group has received an $87.5 million construction loan for LaGrange Street Residential Development, a 170-unit multifamily property in Boston. The project will include street-level retail. Apollo Global Management provided the loan. The property will offer studio, one- and two-bedroom apartments, 22 of which will be rented at below-market rates. Construction is underway, slated for completion in late 2021. Stantec is the architect of the project and Zarifi is the interior designer.
FRIENDSWOOD, TEXAS — Locally based developer Virgata Property Co. will build Virgata Commons, a 14-acre retail and office project in Friendswood, located south of Houston. Phase I will deliver 20,000 square feet of retail space that is currently 85 percent preleased to tenants such as Orangetheory Fitness, MOD Pizza, Chipotle Mexican Grill and Chick-fil-A. Construction of Phase II is scheduled to begin in early 2020 and will feature an additional 30,000 square feet of retail and office space.
DALLAS AND FORT WORTH, TEXAS — Cohen-Esrey Apartment Investors has acquired two apartment communities totaling 630 units in Dallas and Fort Worth. South Pointe Apartments in Dallas features 372 units and amenities such as a pool, fitness center, spa, playground and a racquetball court. Lofton Place in Fort Worth totals 258 units and offers amenities such as a pool, fitness center, playground and a tennis court. Both properties were built in the 1980s and subsequently renovated. The seller(s) was not disclosed.