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AcquisitionsMidwestRetailWisconsin

Boulder Group Arranges $2.3M Sale of Net Leased Piggly Wiggly Store in Wisconsin

by Kristin Harlow

NEW HOLSTEIN, WIS. — The Boulder Group has arranged the $2.3 million sale of a single-tenant property net leased to grocer Piggly Wiggly in New Holstein, about 40 miles south of Green Bay. The 29,651-square-foot building is located at 2243 Calumet Drive. There are more than eight years remaining on Piggly Wiggly’s lease. Randy Blankstein and John Feeney of Boulder represented the seller, a Wisconsin-based partnership. A Midwest-based individual purchased the asset while completing a 1031 tax-deferred exchange.

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AcquisitionsIllinoisMidwestRestaurantRetail

Adelphia Properties Brokers Sale of 5,400 SF Restaurant Building in Metro Chicago

by Kristin Harlow

VILLA PARK, ILL. — Adelphia Properties has brokered the sale of a 5,400-square-foot restaurant building in Villa Park, about 20 miles west of Chicago. The sales price was undisclosed. The vacant property, formerly occupied by Park West Pancake House, is located at 10 E. Roosevelt Road. George Spirrison and Simeon Spirrison of Adelphia represented the seller, a Chicago-based private investor. The buyer was also a Chicago-based private investor.

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AcquisitionsOfficeTexas

Skanska Divests Majority Interest in Downtown Houston’s Bank of America Tower for $373M

by Taylor Williams

HOUSTON — Sweden-based international developer Skanska has divested its 90 percent interest in Bank of America Tower, a 780,000-square-foot office building in downtown Houston, for $373 million. Construction of Bank of America Tower, which houses tenants such as Bank of America, Waste Management, Winston & Strawn LP, Quantum Energy Partners and Skanska, began in 2017 and was completed earlier this year. The property features an open-air community hub that includes a full-service restaurant and a culinary market with seven chef-driven concepts and a cocktail bar. Skanska sold its majority interest to an affiliate of Boston-based Beacon Capital Partners. Eastdil secured arranged a $240 million acquisition loan through PGIM Real Estate Finance for the transaction.

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AcquisitionsIndustrialNew HampshireNortheast

Cushman & Wakefield Brokers $58.5M Sale of Industrial Portfolio in New Hampshire

by Alex Patton

MANCHESTER, HUDSON AND NASHUA, N.H. — Cushman & Wakefield has brokered the $58.5 million sale of a four-building, 593,026-square-foot industrial portfolio in Manchester, located approximately 15 miles south of Concord. The portfolio includes Manchester Air Center, a 145,675-square-foot, single-story building; Brady Sullivan Airport Center, a two-story, 151,484-square-foot manufacturing property; 5 Wentworth Drive, a 139,000-square-foot warehouse and office building in Hudson; and Birch Pond Business Center, a 153,700-square-foot office complex at 22 Cotton Road in Nashua. The portfolio was 96.8 percent leased at the time of sale. Tom Farrelly, Denis Dancoes and Sue Ann Johnson of Cushman & Wakefield’s New Hampshire team partnered with Dave Pergola and Brian Doherty of Cushman & Wakefield’s Boston Capital Markets team to represent the seller, Brady Sullivan Properties, in the transaction. Boston-based Albany Road Real Estate Partners was the buyer.

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AcquisitionsOfficeTexas

JLL Negotiates Sale of 155,047 SF Office Building in Houston’s Energy Corridor

by Taylor Williams

HOUSTON — JLL has negotiated the sale of 1311 Broadfield Boulevard, a 155,047-square-foot office building located in the Energy Corridor area of Houston. Built in 2000, the Class A building is situated on 3.9 acres within the Park 10 Regional Business Center and was 66 percent leased at the time of sale. Kevin McConn, Rudy Hubbard and Rick Goings of JLL represented the seller in the transaction and procured the buyer, an affiliate of Houston-based Rycore Capital LP. Matt Kafka, Cameron Cureton and Michael Johnson of JLL arranged a three-year, floating-rate acquisition loan for the buyer through Boston-based Crossharbor Capital Partners.

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Leasing ActivityNew YorkNortheastOffice

Chegg Signs 24,205 SF Office Lease at 31 Penn Plaza in Manhattan

by Alex Patton

NEW YORK CITY — Education technology company Chegg has signed a 24,205-square-foot office lease at 31 Penn Plaza, an 18-story building in Manhattan. The company is relocating its New York office from 10 East 39th St. to the entire 12th floor of 31 Penn Plaza. The property is located close to 10 subway lines as well as major transportation hubs including Pennsylvania Station, Grand Central Terminal and Port Authority. Scott Brown of Newmark Knight Frank represented Chegg in the lease negotiations. Mitchell Konsker, Matthew Astrachan and Kyle Young of JLL represented the landlord, Vanbarton Group.

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anchor-philly
DevelopmentNortheastPennsylvaniaRetail

Anchor Shops to Open 7,000 SF Store at Fashion District Philadelphia

by Alex Patton

PHILADELPHIA —Anchor Shops plans to open a 7,000-square-foot store at Fashion District Philadelphia, a concept which will accomodate online retailers with a brick-and-mortar location to better compete with legacy retailers. In addition, Anchor Shops has leased a 30,000-square-foot space at Moorestown Mall in New Jersey, which is also owned by PREIT. The company plans to take occupancy of both properties in the second quarter of 2020. A project of ShopFulfill, Anchor Shops was conceived to help digitally native brands by providing online retailers with a turnkey solution that enables them to benefit from a low-cost regional distribution network. Depending on the size and type of space required, brands will have the option to join Anchor Shops and its national distribution network starting at $600 per month. PREIT opened Fashion District Philadelphia in September.

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DevelopmentOfficeTexas

Zydeco Completes Two Office Buildings Totaling 140,000 SF at Austin’s MetCenter

by Taylor Williams

AUSTIN, TEXAS — Locally based Zydeco Development has completed two office buildings totaling 140,000 square feet at MetCenter, the developer’s 550-acre business park in Austin. The campus offers outdoor amenities like food trucks with seating areas, ping pong tables, basketball and tennis courts, hiking and biking trails and a disc golf course. Office users at MetCenter include Arrive Logistics, PHRG, Ascension and Kapsch. JLL handles leasing of the property.

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DevelopmentMultifamilyTexas

Stillwater Capital Underway on Phase I of 750-Unit Apartment Project in Austin

by Taylor Williams

AUSTIN, TEXAS — Dallas-based Stillwater Capital is underway on construction of Phase I of a 750-unit apartment project in Austin. The development will feature a mix of studio, one- and two-bedroom units averaging 830 square feet. Amenities will include a pool, fitness center, outdoor grilling area, resident lounges and a clubhouse. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia secured an overseas institutional family office as Stillwater Capital’s joint venture equity partner for the project.

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LoansMultifamilyORIXTexas

Hunt Provides $12M Fannie Mae Acquisition Loan for Multifamily Asset in Arlington

by Taylor Williams

ARLINGTON, TEXAS — Hunt Real Estate Capital has provided a $12 million Fannie Mae acquisition loan for Cedar Ridge, a 124-unit multifamily asset in Arlington. The property was built in 1980 on 7.8 acres and consists of 31 two-story buildings. The loan carries a 12-year term and two years of interest-only payments. The borrower and previous owner were not disclosed.

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