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DevelopmentHospitalityKansasMidwest

Brinkmann Constructors Breaks Ground on 100-Room, Dual-Branded Hotel in North Kansas City

by Kristin Harlow

KANSAS CITY, KAN. — Brinkmann Constructors has broken ground on a new dual-branded hotel in north Kansas City. The hotel will feature the brands Aloft and Element, both of which are owned by Starwood. KMG Hotels is developing the 135,000-square-foot project, which will consist of approximately 100 rooms connected to a 15,000-square-foot convention center. The project is within the One North development. Completion is slated for September 2020. US Bank is providing financing. Hoefer Wysocki is the project architect.

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AcquisitionsIllinoisMidwestRetail

Hanley Investment Group Brokers Sale of Retail Building in Rockford, Illinois

by Kristin Harlow

ROCKFORD, ILL. — Hanley Investment Group Real Estate Advisors has brokered the sale of a retail building shadow-anchored by Walmart in Rockford for an undisclosed price. The three-tenant property is home to Aspen Dental, Sleep Number and Fastsigns. Built in 2008, the 9,000-square-foot building is situated on one acre at 7310 Walton St. Jeff Lefko and Bill Asher of Hanley represented the seller, Texas-based N3 Real Estate. Ronald Shunia of BOSC Realty Advisors represented the buyer, a California-based private investor. The cap rate was 7.23 percent.

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AcquisitionsIndustrialMidwestOhio

Reichle Klein Group Arranges Sale of 86,640 SF Industrial Building in Dayton, Ohio

by Kristin Harlow

DAYTON, OHIO — Reichle Klein Group has arranged the sale of an 86,640-square-foot industrial building in Dayton for $1 million. The property is located at 535 E. Third St. Ryan Miller of Reichle Klein represented the buyer, Northbrook, Ill.-based Platform III-Third LLC. The seller, 535 Dayton LLC, was not actively marketing the building and was self-represented in the transaction.

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Google-Cambridge-Massachusetts
DevelopmentMassachusettsNortheastOffice

Boston Properties to Develop 417,000 SF Office Project for Google in Cambridge, Massachusetts

by Taylor Williams

CAMBRIDGE, MASS. — Boston Properties will develop a 417,000-square-foot, build-to-suit office building at 325 Main St. in the Kendall Square area of Cambridge for Google, which has signed a 362,000-square-foot lease. Construction of the 16-story property, which will be built at the current site of 3 Cambridge Center, will begin later this year. Completion of the building, which will also house 42,000 square feet of retail space and serve as the tech giant’s new Cambridge headquarters, is slated for 2022. Pickard Chilton has been tapped to handle design of the project. Following completion, Google’s footprint in the area will exceed 800,000 square feet.

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Clay-South-Center-Liverpool-New-York
AcquisitionsNew YorkNortheastRetail

SRS Brokers Sale of 195,972 SF Retail Power Center in Upstate New York

by Taylor Williams

LIVERPOOL, N.Y. — SRS Real Estate Partners, a Dallas-based retail brokerage firm, has closed the sale of Clay South Center, a 195,972-square-foot power center in Liverpool, located northwest of Syracuse. Shadow-anchored by Target and anchored by Hobby Lobby and Lowe’s, the property was fully leased at the time of sale to other national tenants such as Chipotle and Verizon Wireless. Kyle Stonis, Pierce Mayson and Jonathan Lapat of SRS represented the seller, a partnership between South Clay Development Co. LLC and Clay Route 31 Development Co. LLC, in the transaction. Kyle Fant and Britt Raymond, also with SRS, represented the buyer, Wilson Development Group, which acquired the asset for roughly $14.7 million. The average household income within a three-mile radius of the retail center exceeds $103,000.

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AcquisitionsMassachusettsNortheastOffice

R.W. Holmes Arranges Sale of 63,000 SF Office Building Near Boston

by Taylor Williams

NATICK, MASS. — Locally based brokerage firm R.W. Holmes Commercial Real Estate has arranged the sale of Natick Office Park, a 63,000-square-foot building located about 20 miles west of Boston. The property is situated on 2.9 acres near the West Natick commuter train station and the Massachusetts Turnpike. Garry Holmes of R.W. Holmes represented the seller, 209 W. Central Street LP, and procured the buyer, an affiliate of Legacy Real Estate Ventures LLC that purchased the asset for $6.8 million. Camden National Bank provided acquisition financing for the deal.

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7279-William-Barry-Boulevard-Syracuse
AcquisitionsIndustrialNew YorkNortheastOffice

NAS Investment Solutions Acquires 55,000 SF Flex Property in Syracuse

by Taylor Williams

SYRACUSE, N.Y. — NAS Investment Solutions, a national investment firm, has acquired a 55,000-square-foot flex building in Syracuse. The property, which was built in 2008 and expanded in 2015, consists of 40,000 square feet of office space and 15,000 square feet of light manufacturing and warehousing space. The building is located adjacent to Syracuse Hancock International Airport and was 100 percent leased at the time of sale to Jadak, a healthcare technology firm that uses the space as its corporate headquarters. John Rotunno of Stan Johnson Co. represented the seller, New York-based Mercer Street Partners, in the transaction.

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Leasing ActivityNew YorkNortheastOffice

Savills Negotiates 13,116 SF Office Lease in Manhattan for Marketing Firm’s Relocation

by Taylor Williams

NEW YORK CITY — Savills Inc. has negotiated a 13,116-square-foot office lease at 25 West 39th Street, a 205,000-square-foot office building in Midtown Manhattan, for the relocation of Converge Marketing’s headquarters. Converge, which offers media planning, branding and ad campaign managing services, will take occupancy of the new space this fall. Ken Ruderman, Andrew Zang and Pete Cento of Savills represented Converge Marketing in its site selection and lease negotiations. The property was built in 1907 as a gift to three large engineering groups (The American Institute of Electrical Engineers, The American Society of Mechanical Engineers and The American Institute of Mining Engineers) from steel magnate Andrew Carnegie.

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AcquisitionsMarylandMultifamilySoutheastTop Stories

Star Real Estate Ventures Acquires 2,566-Unit Multifamily Portfolio in Maryland for $500M

by Kristin Harlow

MARYLAND — Star Real Estate Ventures LLC has acquired a five-property multifamily portfolio totaling 2,566 units in Maryland for approximately $500 million. Most of the communities are located in suburban Baltimore. The properties include Charleston Place in Ellicott City, Morningside Heights in Owings Mills, Top Field in Cockeysville, Tamarron in Olney and Village Square in Glen Burnie. All of the communities feature pools and playgrounds, while four of the five have tennis courts. Home Properties recently operated all five communities. Financing for the transaction included five separate Fannie Mae loans for a total of $320 million, as well as equity from Related Fund Management. David Webb, Maxi Leachman, Brynn Wendel and Robert LaChapelle of CBRE arranged the financing. Bill Roohan, Michael Muldowney, Robert Dean and Malcolm McComb of CBRE represented the seller, a global private equity firm. Star Real Estate Ventures is a real estate investment and management firm that owns and manages 14,500 apartment units in 11 states. The company is headquartered in New York City with offices in Boca Raton, Fla. and Okemos, Mich. This is the firm’s second acquisition of 2019, following the purchase of an 852-unit portfolio in Cincinnati in February. Star is actively looking for …

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IndustrialMarket ReportsNew JerseyNortheastNortheast Market Reports

Cold Storage Demand Grows as Consumers Expect More From Their Grocers

by Kristin Harlow

We all know that e-commerce has become a significant driver of the industrial market. It now fuels activity that moves beyond clothes and books to the food supply chain, and the associated complexities of meeting consumer demand for food preparation and delivery. Increasing numbers of consumers have shifted to buying prepackaged meals, shopping for organic foods or ordering groceries and meal kits online. This expansion is translating into significant demand for industrial warehouse and distribution space to accommodate the food industry. One sector of this robust market is facing challenges, however, as demand for cold storage warehouses has skyrocketed in recent years. These facilities are used to store fresh and organic produce and to create and distribute processed foods. Food businesses are typically looking for spaces near large population centers as they seek to tap into demand for last-mile delivery. The cold storage shortage is playing out in many markets across the country, but is particularly problematic in New Jersey due to a low vacancy rate and the construction challenges in this sector. Driving Location Decisions Food businesses are looking for spaces near their customer bases to reduce travel times, so they often choose infill locations. The scarcity of land …

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