DENVER — Pinnacle Real Estate Advisors has arranged the sale of an office building located at 1666 S. University Blvd. in Denver. An undisclosed seller sold the asset to 1666 S University LLC for $2.3 million. The building features 7,514 square feet of office space. Darrin Revious of Pinnacle Real Estate Advisors represented the buyer in the deal.
CHICAGO — North Wells Capital, the investment affiliate of Urban Innovations Ltd., has begun expansion of 306 W. Erie, a 45,000-square-foot office building in Chicago’s River North. North Wells Capital acquired the building in May 2017 with plans to more than double its size. The expansion, designed by NORR Architects, integrates the existing brick and timber loft structure with a modern five-story addition, which will include an outdoor terrace and amenity space. Upon completion, the project will span 93,535 square feet. ARCO/Murray is the general contractor and JLL is the leasing agent. Urban Innovations will continue providing property management services.
KANSAS CITY, MO. — Honeywell has signed a 275,000-square-foot industrial lease at the multi-building CenterPoint Intermodal Center in Kansas City. Honeywell joins tenant A4 at a 450,000-square-foot building located at 14901 Andrews Road. It is now fully leased. Joe Accurso and Whitney Kerr Jr. of Cushman & Wakefield represented owner and developer, CenterPoint Development, in the lease with Honeywell.
ELMHURST, ILL. — LMC, a wholly owned subsidiary of Lennar, has broken ground on The Flynn, a 212-unit apartment building in Elmhurst. First move-ins are slated for January 2021. Situated at 183 N. Addison Ave., the eight-story development is less than three miles from interstates 290 and 294. Floor plans will range from 565 to 1,745 square feet. Amenities will include a sky deck terrace, clubroom, dog run, fitness center and bike lounge. This is LMC’s seventh community in the greater Chicago area, joining properties such as The Marlowe and The Emerson.
DES MOINES, IOWA — Marcus & Millichap has brokered the sale of a 2,168-square-foot property net leased to Dunkin’ Donuts in Des Moines for $1.2 million. The building is located at 3611 SE 14th St. Zach Turner, Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap represented the seller, a limited liability company. Ray Germain of Marcus & Millichap’s Las Vegas office secured the buyer, a limited liability company. The sales price represents a cap rate of 6.59 percent.
HARTFORD, WIS. — The Dickman Co./CORFAC International has arranged the sale of a 16,000-square-foot industrial building in Hartford, about 40 miles northwest of Milwaukee. The property is located at 1024-26 Western Drive. Nick Keys and TJ Huenerbein of Dickman represented the seller, WB Investments LLC. Endpoint Group LLC purchased the building. Tenants were not disclosed.
JERSEY CITY, N.J. — CenterPoint Properties has acquired a 315,389-square-foot industrial property in Jersey City, a western suburb of New York City. Situated on 44 acres at 1049 Secaucus Road, the property features 36-foot clear heights, 99 dock doors and 371 trailer parking spots. The location offers close access to the New Jersey Turnpike, New York City and nearby ports. Brian Fiumara of CBRE represented the seller, which was undisclosed.
CARTERET, N.J. — Fitness platform Peloton Interactive has signed a 156,068-square-foot industrial lease in Carteret, a western suburb of New York City. Located at 1500 Blair Road, the property features 36-foot ceilings and close access to Midtown Manhattan, Newark Liberty International Airport and the Ports of Newark and Elizabeth. Peloton began utilizing the space as a warehouse and distribution center starting in October 2019. Scott Belfer and Lou Belfer of CBRE Peloton Interactive represented Peloton in the lease negotiations. Thomas Monahan, Stephen D’Amato, Larry Schiffenhaus, Anastasia Lazarides, Lauren Griffith and Gerard Monahan of CBRE represented the landlord, AEW.
TULSA, OKLA. — Alliant Credit Union has provided a $61.9 million acquisition loan for a seven-property, 1,540-unit multifamily portfolio in Tulsa. The loan was structured with an 80 percent loan-to-value ratio. The borrower was not disclosed. Gershon Friedman of Meridian Capital’s Chicago office placed the debt with Alliant Credit Union.
AUSTIN, TEXAS — Marcus & Millichap has brokered the $36.2 million sale of a portfolio of five Candlewood Suites hotels totaling 517 rooms in Texas and Oklahoma. Two of the assets are located in San Antonio and Midland, and the other three are located in the Oklahoma cities of Lawton, McAlester and Bartlesville. Allan Miller and Chris Gomes of Marcus & Millichap represented the seller, KJ Properties LLC, and procured the buyer, a Texas-based investment firm.
