MORRISTOWN, N.J. — JLL has negotiated two office leases for a total of 47,000 square feet in Morristown, 30 miles west of New York City. Investment bank Morgan Stanley renewed a 37,000-square-foot lease at 1200 Mount Kemble Ave. ANS Continuum Holdco LLC signed a 10,000-square-foot lease at 60 Columbia Road, which was recently renovated with a new roof and lobby. Bob Ryan of JLL represented Morgan Stanley and Tom Reilly of JLL represented ANS Continuum Holdco in the transactions.
GREEN BAY, WIS. — Marcus & Millichap has arranged the sale of the Country Inn & Suites in Green Bay for $4.7 million. Built in 1995, the 75-room hotel is located at 2945 Allied St. Jake Erickson and Jared Plamann of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer.
INDEPENDENCE, MO. — Block & Co. Inc. Realtors has brokered the sale of a 25,490-square-foot office building formerly owned by Commerce Bank in Independence, about 10 miles east of Kansas City. The sales price was not disclosed. The multi-tenant property is located at 300 N. Osage St. Current tenants include Habitat for Humanity and Heritage Physicians Group. Bill Maas of Block & Co. represented the undisclosed buyer. In addition, Maas will handle leasing of the building’s 5,000-square-foot first-floor vacancy. Commerce Bank formerly occupied the space.
PHILADELPHIA — Marcus & Millichap has arranged the sale of Eli Court, an 88-unit workforce housing property in Philadelphia, for $4.3 million. The property offers studio and one-bedroom units and access to public transit. Fred Paisley of Marcus & Millichap represented the seller, a locally based private real estate company, in the transaction, as well as the buyer, a limited liability company.
SCHAUMBURG, ILL. — Cavalry Logistics has signed a 25,253-square-foot industrial lease in Schaumburg. The company, a third-party freight brokerage provider, will occupy the entire building located at 895 American Lane. Cavalry’s dispatch and sales division will occupy the property, which includes 11,000 square feet of newly renovated office space. Cory Kay, Mike DeSerto and Dan Benassi of Entre Commercial Realty LLC represented the landlord, a private investor. Dane Peachee of Compass Real Estate Advisors represented the tenant.
NEW YORK CITY — Luxury department store retailer Barneys New York has voluntarily filed for bankruptcy protection and has disclosed plans to close 15 of its 22 brick-and-mortar stores. The Chapter 11 filing in the U.S. Bankruptcy Court of the Southern District of New York indicated that Barneys had more than $100 million in assets and more than $100 million in debts, according to The Wall Street Journal. Barneys plans to keep five of its flagship locations open, including its famous Madison Avenue store. The retailer will also continue operating its downtown Manhattan, Beverly Hills, San Francisco and Boston stores. The company will also keep two Barneys Warehouse locations open in Woodbury, N.Y., and Livermore, Calif., as well as the Barneys.com and BarneysWarehouse.com websites. Barneys will close all other locations, including flagship stores in Chicago, Seattle, Las Vegas, Brooklyn, Philadelphia, Los Angeles and Santa Monica, Calif. This is the second high-end retail concept to file for bankruptcy this week, the other being luxury movie theater company IPIC Entertainment. Veteran retail consultant Jeff Green says that American shoppers are shying away from uber-luxury retailers like Barneys and IPIC, which saw its same-store sales drop 21.7 percent in first-quarter 2019 compared to …
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Priced Out: Adding Affordable Units to Student Housing
Student loan figures indicate a growing affordability problem in higher education. The Federal Reserve reports that student loan debt in the United States is almost $1.6 trillion today, with 42 percent of people who attended college — which represents 30 percent of all adults — incurring at least some debt from their education. With a focus on technology-based degree programs, the cost to attend college is rising. But it’s not just tuition that’s going up. According to College Board, the cost of housing exceeds the cost of tuition at four-year, public universities. For the 2017-2018 academic year, students paid an average of $9,970 for in-state tuition while room and board ran $10,800. “There’s a real need to get to the middle of the market and to build quality housing that students can afford,” says Joe Coyle, president of Michaels Student Living. Michaels Student Living is a specialized area of expertise within The Michaels Organization, a leading affordable housing developer in the United States. “Housing is a big part of what contributes to the high cost of attending college. We have to work together to find ways to mitigate this. It’s going to become more and more important.” While the student …
BOCA RATON, FLA. — Luxury movie theater company IPIC Entertainment (Nasdaq: IPIC) has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court District of Delaware where it will seek approval of either a sale or financial reorganization plan. In July, the company missed a $10 million interest payment to Retirement System of Alabama (RSA) and notified investors that it might have to file for bankruptcy. IPIC borrowed $204 million from RSA, according to media reports. Hamid Hashemi, founder and CEO of IPIC, says that the company’s movie theaters will remain open and its employees and vendors are being paid. Hashemi notes that issues stemming from IPIC’s expansion plans for building 25 locations in four to five years are the principal culprit behind their missed payment to RSA. “Delays in development cycle combined with the high cost of capital depleted IPIC’s available resources before the company was able to reach critical mass and become self-funded,” says Hashemi. “Importantly, delays related to the Delray Beach location, resulted in unforeseen costs and a significant slowdown in circuit-wide development and new grand openings.” The Boca Raton-based company operates 16 dine-in theaters in nine states with plans to open locations in four more states, including …
FORT MYERS, FLA. — Gates Construction has broken ground on The Lock Up Self Storage building located in Fort Myers. The three-story, 849-unit facility will span 106,016 square feet and offer climate-controlled units ranging from 25 square feet to 300 square feet. The property is located at 12700 University Drive, seven miles south of downtown Fort Myers. Partner in Design Architects designed the building. Completion is slated for this fall.
WASHINGTON, D.C. — A partnership between Network Realty Partners and USAA Real Estate has purchased Union Square, an office complex in Washington, D.C.’s NoMa (North of Massachusetts Avenue) neighborhood. The property comprises a central courtyard and two nine-story office buildings totaling 625,506 square feet. Union Square was originally built in 1969 and renovated in 2012. The complex was 90 percent leased at the time of sale to government and nonprofit tenants. Dek Potts, Jim Meisel, Matt Nicholson and Sean Kraft of JLL represented the buyers in the transaction. The seller and sales price were not disclosed.