PLANO, TEXAS — Aimbridge Hospitality has extended its 248,861-square-foot office lease in Plano. The third-party hotel management firm will remain the sole occupant of HQ53, a four-story building that was developed by locally based firm Cawley Partners, for the next five years. Drawbridge Realty is the current owner of HQ53, having purchased the property from Cawley Partners in mid-2022. No third-party brokers were involved in the lease negotiations. Aimbridge first committed to being the anchor tenant at HQ53 in March 2019 via a 75,000-square-foot lease that was subsequently expanded upon.
WHITE PLAINS, N.Y. — A partnership between The Cappelli Organization, RXR and Korman Communities has topped out AVE Hamilton Green, a $650 million mixed-use redevelopment project in White Plains, a northern suburb of New York City. The project team is converting the former White Plains Mall into a destination that will feature 860 residential units across four buildings, as well as 55,000 square feet of open public space and 39,000 square feet of commercial space. Residential units will come in one-, two- and three-bedroom floor plans, and amenities will include an indoor pool, fitness center, coworking spaces, a golf simulator, gaming lounge, outdoor grilling stations and a pet spa. The development, which will also have 78 affordable housing units and onsite parking, will be completed in phases over the remainder of 2024 and 2025.
NANUET, N.Y. — Regional brokerage firm Katz & Associates has arranged the $7.6 million sale of two retail properties in Nanuet, located near the New York-New Jersey border. Built in 1973, the properties comprise a 2,500-square-foot single-tenant building and a 30,000-square-foot multi-tenant building. Chase Bank occupies the single-tenant building, and the multi-tenant building is leased to Tile Shop, Carpet One and Hudson Valley Integrated Medicine. Donny Moskovic of Katz represented both the buyer and seller, both of which requested anonymity, in the transaction.
PARSIPPANY, N.J. — Day Pitney LLP has signed a 56,000-square-foot office lease in the Northern New Jersey community of Parsippany. The law firm is relocating from the nearby building at 1 Jefferson Road to the entire second and third floors of 8 Sylvan Way, a 176,062-square-foot building that was originally constructed in 2009 to house the operations of pharmaceutical corporation Novartis. Tim Greiner, David Stifelman and Noah Stewart of JLL represented the landlord, Orion Office REIT, in the lease negotiations. Greiner also represented the tenant along with JLL’s Mike Pietrowicz, Dan Loughlin, Kimberly Smith, Brendan McBride and Jonathan Ortiz.
EXTON, PA. — Locally based pharmaceutical development company Frontage Laboratories has inked a 46,300-square-foot life sciences lease expansion in Exton, a western suburb of Philadelphia. Frontage Labs joins Switzerland-based Fruh Packaging to bring occupancy of the new, 113,000-square-foot building at 240 Sierra Drive to 100 percent. Frontage’s total footprint in Exton now spans about 200,000 square feet, and the expansion is expected to create about 100 new employment opportunities. No third-party brokers were involved in the lease negotiations.
READING, MASS. — Locally based brokerage firm Atlantic Capital Partners has arranged the sale of a 30,000-square-foot retail building in Reading, a northern suburb of Boston. HomeGoods occupies the entirety of the freestanding building, which sold for $5.6 million. Justin Smith, Chris Peterson, Sam Koonce and Matt Austin of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.
TUCSON, ARIZ. — First Washington Realty has completed the disposition of Casas Adobes Plaza, a shopping center located 7001-7139 N. Oracle Road in Tucson, to an undisclosed buyer for $51 million. Situated on 9.5 acres, the 92,300-square-foot Casas Adobes Plaza was originally built in 1953 and remodeled in 2014. At the time of sale, the retail center was 97 percent occupied by a variety of tenants including Whole Foods Market, Starbucks Coffee, Pure Barre, Orangetheory Fitness and Chico’s. Patrick Dempsey and Geoff Tranchina of JLL Capital Markets Investment Advisory handled the transaction. Greg Brown and Jason Carlos of JLL Debt Advisory facilitated acquisition financing through a correspondent life insurance company for the buyer. Quin Madden of JLL assisted with the sale and financing.
GLENDALE, ARIZ. — IndiCap and Invesco Real Estate have completed Phase I of Virgin Industrial Park, an industrial development at 15748 W. Hatcher Road in the Phoenix suburb of Glendale. Totaling more than 1 million square feet, Virgin Industrial Park Phase I features Building A, a 564,320-square-foot, cross-dock facility; Building B, a 212,160-square-foot, rear-loading asset; and Building C, a 243,360-square-foot, rear-load space. All buildings offer divisibility options down to 75,000 square feet. Buildings feature 32- to 36-foot clear heights, dock-high and grade-level doors, generous power, extensive car and trailer parking, up to 70-foot speed bays and fully secured concrete truck courts. Make-ready improvements include speculative office space, LED lighting, warehouse HVAC and mechanical pit levelers. The project team includes Graycor Construction Co. as general contractor and Deutsch Architecture as project architect. Anthony Lydon, Marc Hertzberg, Riley Gilbert and Kelly Royle of JLL are handling leasing of the property. At full build-out, Virgin Industrial Park will add 1.5 million square feet of industrial space spread across five Class A buildings to metro Phoenix’s Loop 303 Corridor.
CHICAGO — Lendlease is nearing the lease-up of The Reed at Southbank, a 41-story apartment tower located at 234 W. Polk St. in Chicago’s South Loop. The rental units are now 95 percent occupied. Located along the Chicago River immediately south of the Loop, The Reed is the second high-rise completed in the seven-acre Southbank master plan. The property includes 226 units in a mix of studio, one-, two- and three-bedroom floor plans in addition to 214 condominiums on the upper floors. The tower’s eighth-floor amenity suite includes a 15,000-square-foot outdoor deck with a resort-style pool and cabanas, sunning lawn, fire pits, kitchens and dining areas. Additional amenities include a wet lounge adjacent to the pool deck, indoor-outdoor fitness center, show kitchen, lounge room, virtual sports simulation room, salon, massage room and media room. The Reed is immediately adjacent to Southbank Park, a two-acre green space privately developed by Lendlease as a public amenity. Designed by Hoerr Schaudt, whose plan was implemented by Confluence, the park features a central lawn, natural stone amphitheater and meandering walkways that connect to a new riverwalk. The Reed holds LEED Gold, Fitwel and Energy Star certifications. Green initiatives at the property include the use …
ENGLEWOOD, COLO. — BlueScope Properties Group has completed the sale of Dove Valley Logistics Centre II, a Class A warehouse located at 7800 S. Fairplay St. in the Denver suburb of Englewood, to LBA Realty for an undisclosed price. Sean Devaney and Rob Key of JLL Investment Sales and Advisory represented the seller in the deal. Built in 2023, the 304,620-square-foot cross-dock warehouse offers 89 dock-high doors, 36-foot clear heights, 60-foot column spacing and ESFR sprinklers. Additionally, the property offers 6,700 square feet of office space, including an employee break area, wellness room, conference room and security station. At the time of sale, the asset was fully leased by an e-commerce giant.