RICHLAND, WASH. — Marcus & Millichap has brokered the sale of Starbucks Shopping Strip, a retail asset located in Richland. A developer sold the property to an undisclosed buyer for $1.9 million. Located at 698 Gage Blvd., the property features 7,038 square feet of retail space. Brendan Powell of Marcus & Millichap’s Portland, Ore., office, along with Joe Deis of Marcus & Millichap, represented the seller in the deal.
EAST WINDSOR, N.J. — Dermody Properties has acquired a 615,000-square-foot logistics center in East Windsor, a northern suburb of Trenton. Built in 1998 and expanded in 2003, the 51.5-acre property features a clear height of 36 feet, 41 dock-high doors, 413 automobile parking spots and 28 trailer parking spots. Dermody, an investment firm based in Reno, Nevada, plans to upgrade the building and make the space available for occupancy by 2020. CBRE is handling leasing of the center.
CHICAGO — Skender has completed construction of Chicago’s newest Hyatt House extended-stay hotel. The 14-story, 167,000-square-foot property is located in the heart of Chicago’s Fulton Market neighborhood at 105 N. May St. Amenities include an indoor pool, bar and lounge and green roof features. The hotel also includes a third-floor lobby and first-floor retail space. The pool, workout center and lounge are situated on the 14th floor. The 200 guest rooms are on floors four through 13. Sterling Bay developed the hotel. Eckenhoff Saunders Architects served as the project architect.
MONROE, OHIO — The Kroger Co. and Ocado, a dedicated online grocery retailer, have broken ground on their first customer fulfillment center. Cincinnati-based Kroger is investing $55 million to build the property, which will be situated in the southwest Ohio city of Monroe. The automated warehouse facility will have digital and robotic capabilities and will span 335,000 square feet. The model will be replicated in other locations, as Kroger plans to build 20 such facilities. To date, two additional sites have been selected in the central Florida and Mid-Atlantic regions. The Ohio facility is expected to generate more than 400 new jobs. Ryan Cos. US Inc. is designing and building the property. In May 2018, Kroger and UK-based Ocado announced their partnership in order to provide online ordering, automated fulfillment and home delivery capabilities.
CHERRY HILL, N.J. — JLL has negotiated the $17.4 million sale of Colwick Business Center, a 172,500-square-foot office park located outside Philadelphia in Cherry Hill. The three-building property was 90 percent leased at the time of sale. An undisclosed Brooklyn-based firm acquired the portfolio from a joint venture between Endurance Real Estate Group and Blue Vista Capital Management. Brett Grifo, Jim Galbally, John Plower and Chad Orcutt of JLL brokered the deal.
FRANKLIN, OHIO — Modula, an Italian company that manufactures automated storage systems, has purchased the former Dayton Daily News building in Franklin along I-75. An affiliate of Capital Environmental Risk Transfer Alliance sold the property for nearly $13.2 million, according to the Cincinnati Business Courier. Cox Media Group Ohio previously owned and occupied the 252,000-square-foot building. The company used the facility for the printing of all of its local newspapers. Cox Media Group Ohio announced in July 2017 that company newspapers would be printed at an Indianapolis production facility under an agreement with Gannett Publishing Services. Modula received a Job Creation Tax Credit from the state of Ohio totaling 1.52 percent for seven years. Modula plans to create 100 new jobs at the facility. In partnership with the European American Chamber of Commerce, the project represents ongoing efforts by REDI Cincinnati to attract foreign investment to the greater Cincinnati region. Modula’s investment in southwest Ohio will be its second location in the United States. Chuck Ackerman, Bill Keefer and Todd Cochran of Colliers International brokered the transaction.
LITTLE FERRY, N.J. — NorthMarq Capital has provided $44.4 million in Freddie Mac loans for the refinancing of a three-property multifamily portfolio totaling 516 units in Little Ferry, located across from Upper Manhattan. The properties include Gilbert Manor, North Village I and North Village II. Robert Ranieri of NorthMarq’s White Plains, New York, office arranged the loans, which were structured with seven-year terms, two years of interest-only payments and 30-year amortization schedules on behalf of the undisclosed borrower.
KING OF PRUSSIA, PA. — Marcus & Millichap has relocated its office in the western Philadelphia suburb of Wynnewood to 200 N. Warner Road in King of Prussia. Sean Beuche, regional manager of Marcus & Millichap’s Philadelphia office, will oversee the new operation, which is currently manned by eight agents.
PLEASANT PRAIRIE, WIS. — Lee & Associates has negotiated the sale of a 196,400-square-foot, speculative industrial building within LakeView Corporate Park in Pleasant Prairie for an undisclosed price. The newly completed building features 20 exterior docks and four drive-in doors. Tom Boyle of Lee & Associates represented the buyer, Scannell Properties. John Sharpe of Lee & Associates represented the seller, Lakeview Industrial Development, which is a joint venture between Hunzinger Construction Co. and Wangard Partners. Sharpe and Boyle have been retained by the new owner to market the property for lease.
INDIANAPOLIS — BNSF Logistics has signed a 13,105-square-foot office lease at 141 E. Ohio St. in downtown Indianapolis. Crown Property Management owns the historic building, which dates back to 1913. First-floor tenants at the property include Crown Wine & Spirits and Punch Burger. Kevin O’Donnell of Newmark Knight Frank represented BNSF in the lease transaction. BNSF had outgrown its former office space in Indianapolis, which spans 2,500 square feet.