Property Type

CBRE Brokers Sale of 230-Unit Multifamily Community in Metro Boston

by David Cohen October 3, 2018

REVERE, MASS. — CBRE/New England has brokered the sale of Ocean 650, a 230-unit multifamily community in Revere. The sales price was undisclosed. Opened in 2017, the community consists of a seven-story building with amenity space and a parking garage on the first two stories. Amenities include two elevated courtyards, a resort-style pool deck, fire pit lounge area and roof deck. CBRE represented the seller, a fund advised by Boston-based TA Realty, in the transaction. The buyer was a fund advised by Greystar.

October 3, 2018

Loans Mixed-Use Northeast Pennsylvania

UC Funds Provides $20.5M Construction Loan for Mixed-Use Project in Philadelphia

by David Cohen October 3, 2018

PHILADELPHIA — UC Funds has provided a $20.5 million construction loan for Phase II of Liberty Square, a mixed-use project in Philadelphia. Located at 236 W. Thompson St., the full build-out will include 191 residential units and 6,700 square feet of ground-floor retail space. The loan will fund the construction of 89 of the residential units and all of the retail space. Amenities will include an underground parking garage, fitness center and a landscaped plaza with dog park. The borrower was undisclosed.

October 3, 2018

Acquisitions Massachusetts Multifamily Northeast

John M. Corcoran & Co. Acquires Apartment Community Near Boston

by David Cohen October 3, 2018

CHELSEA, MASS. — Property management firm John M. Corcoran & Co. has acquired Chelsea Place, an apartment community located four miles northeast of Boston in Chelsea. Built in 2013, the community is currently 98 percent occupied and offers units that average 909 square feet each. Amenities include a resident lounge, coffee bar, fitness center, garage parking, stainless steel appliances, walk-in closets and en-suite laundry. Adam Dunn and Chris Phaneuf of HFF represented the seller, Federal Realty Investment Trust, in the transaction.

October 3, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Arranges $3.9M Sale of Retail Asset Leased to AutoZone Near Newark

by David Cohen October 3, 2018

IRVINGTON, N.J. — Marcus & Millichap has arranged the $3.9 million sale of an 8,000-square-foot retail asset net-leased to AutoZone. The property is located at 1128 Springfield Ave. in Irvington, a western suburb of Newark. Alan Cafiero, Ben Sgambati, David Cafiero and Michael DeVita of Marcus & Millichap represented the seller, a developer, in the transaction. The group also procured the buyer, a private investor. Both parties requested anonymity.

October 3, 2018

Industrial Leasing Activity New Jersey Northeast

Cushman & Wakefield Negotiates Two Industrial Leases Totaling 331,794 SF in New Jersey

by David Cohen October 3, 2018

SWEDESBORO AND LOGAN TOWNSHIP, N.J. — Cushman & Wakefield has negotiated a pair of industrial leases totaling 331,794 square feet in New Jersey. In the first deal, UPS renewed its 251,044-square-foot lease at 200 Birch Creek Road in Swedesboro. In the second transaction, Ryder Logistics signed an 80,750-square-foot lease at 395 Pedricktown Road in Logan Township. Both cities are located about 30 miles south of Philadelphia on the western part of the state. A brokerage team led by John Gartland of Cushman & Wakefield represented the landlords, both of which were undisclosed, in each of the lease negotiations.

October 3, 2018

Development Indiana Industrial Midwest

Pitney Bowes Opens 450,000 SF Fulfillment Center in Greenwood, Indiana

by Kristin Harlow October 3, 2018

GREENWOOD, IND. — Pitney Bowes (NYSE: PBI) has opened a new 450,000-square-foot fulfillment, delivery and returns super center in Greenwood. Pitney Bowes is a global technology company that provides commerce solutions. The facility has automated parcel sortation equipment and fulfillment solutions powered by robotics to fulfill e-commerce orders, enable deliveries and process returns for both consumers and e-commerce retailers. Building features include 80 dock doors and parking for 144 trailers. Pitney Bowes plans to grow its presence to more than 300 full-time employees in the coming year.

October 3, 2018

Acquisitions Iowa Midwest Multifamily

Mandel Group Acquires 160-Unit Apartment Community in West Des Moines

by Kristin Harlow October 3, 2018

WEST DES MOINES, IOWA — Mandel Group Inc. has acquired Springs at Jordan Creek in West Des Moines for an undisclosed price. The 160-unit apartment community is situated on 12 acres at 8655 Bridgewood Blvd. Amenities include a pool, fitness center, clubhouse, business center and coffee bar. The garden-style property was 96 percent occupied at the time of sale. David Gaines, Sean Fogarty and Jules Sherwood of HFF represented the seller, Continental Properties.

October 3, 2018

Development Illinois Industrial Midwest

Meridian Breaks Ground on 174,536 SF Industrial Facility in Chicago

by Kristin Harlow October 3, 2018

CHICAGO — Meridian Design Build has broken ground on a 174,536-square-foot speculative industrial facility on behalf of Venture One Real Estate and USAA Real Estate Co. in the Southwest Pilsen neighborhood of Chicago. Known as Rockwell Logistics Center, the property will feature a clear height of 32 feet, 32 trailer parking stalls and two drive-in doors. Forum Studio is the project architect, while Jacob & Hefner Associates is the civil engineer. Terry Grapenthin and Tim McCahill of Lee & Associates will market the property for lease.

October 3, 2018

Industrial Leasing Activity Midwest Wisconsin

Ariens Renews 130,000 SF Industrial Lease in Brillion, Wisconsin

by Kristin Harlow October 3, 2018

BRILLION, WIS. — AriensCo has renewed its 130,000-square-foot industrial lease at 200 Park Ave. in Brillion, about 25 miles south of Green Bay. The company manufactures equipment such as snow blowers, lawn tractors and lawn mowers. Jim Larkin of Colliers International brokered the lease transaction. The landlord was not disclosed.

October 3, 2018

Leasing Activity Midwest Missouri Retail

Fields Foods to Open at Multifamily Development in St. Louis

by Kristin Harlow October 3, 2018

ST. LOUIS — Fields Foods is opening a store at the Lofts@Euclid in St. Louis. The grocer will occupy the remaining 8,186 square feet of commercial space on the ground floor of the 87-unit loft development, which opened in 2016. Fields Foods plans to be open for business later this year. The property originally opened in 1910 and served as the headquarters for the Langan & Taylor Co.

October 3, 2018

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