ARLINGTON HEIGHTS, ILL. — SVN | Chicago Commercial has brokered the sale of The Esplanade at Arlington Heights for $4.4 million. The 18,419-square-foot retail property is located at 2920-2964 W. Euclid Ave. in Arlington Heights. Subway and Starbucks are the anchor tenants. Tim Franz and John Livaditis of SVN represented the seller, a private real estate investment group. The buyer was not disclosed.
CHAMPAIGN URBANA AND NORMAL, ILL. — Ready Capital has provided an $11.9 million loan for the acquisition and renovation of a 79-unit, 276-bed student housing portfolio at the University of Illinois at Urbana-Champaign and Illinois State University. The borrower plans to extensively renovate the unit interiors. The nonrecourse, fixed-rate loan features a three-year term.
CHICAGO — Intelligent Medical Objects (IMO), a medical technology company, has signed a 13,424-square-foot office lease at the Inland Steel Building in Chicago. IMO will move from its current WeWork space at 100 S. State St. to the new location this summer. Approximately 75 employees will work in the space, which encompasses the entire 18th floor. Jon Azulay, Robert Sevim and Adam Southard of Savills represented IMO in the lease transaction. Mark Buth and Kelsey Morgan of MBRE represented the owner, Capital Properties. IMO is headquartered in Rosemont, Illinois.
SPRINGBORO, OHIO — NorthMarq Capital has arranged a $4.3 million loan for the refinancing of South Pioneer Industrial, a 131,000-square-foot industrial building in Springboro. MCM Electronics occupies the facility, which is located at 405 S. Pioneer Blvd. Noah Juran of NorthMarq arranged the five-year loan, which features a 25-year amortization schedule. A local bank provided the loan.
SAN JOSE, CALIF. — Mori Trust Co. Ltd. has acquired three office buildings totaling 603,666 square feet in San Jose through its subsidiary MORI America LLC. The purchase price was not disclosed, but The Mercury News reports the portfolio sold for $429 million. The properties are situated on approximately 9.7 acres and are fully leased to Idaho-based computer chip giant Micron Technology. The area is expected to undergo further development under San Jose’s master plan for urban development. Located on Holger Way, the buildings are LEED Gold certified. All three properties, built in 2010, are fully occupied. One of the buildings rises four floors, while the other two are seven floors. The sale also includes a 1,687-space parking garage. The seller on the transaction was Lane Partners, which acquired the campus for $225.5 million in 2017, according to The Mercury News report. The Mori Trust Group is a Japan-based owner and developer with a focus on real estate, hotel management and investment operations. The company previously acquired two office buildings in Boston’s Back Bay district in 2017, and has announced plans to greatly increase its overseas investments. — Kristin Hiller
In 1987, Austin was a relatively quiet market where the major industries were higher education and state government, along with some large technology companies like IBM. Fast forward to 2019 where Austin continues to make national headlines, receiving high accolades as a top place to live and a leading city for millennial growth. This transformation — coupled with an increasing number of companies choosing to move or expand in Austin — begs the question: Why Austin? How did the Texas capital go from a fairly sleepy town to one of the hottest markets in the country? What really accounts for this seismic shift and what does the future hold? The Office Boom Begins In 2004, after the dot-com bust hit Austin, a group of private business leaders felt compelled to take the destiny of the city into their own hands with the creation of Opportunity Austin within the Greater Austin Chamber of Commerce. Opportunity Austin was launched with the goal of creating 72,000 regional jobs and increasing regional payrolls by $2.9 billion within five years. To do this, the regional business community invested $14.4 million in the program. These funds allowed the Austin Chamber to increase initiatives for corporate recruitment …
PARSIPPANY, N.J. — HFF has brokered the $66 million sale of an office building in Parsippany. Located at 300 Kimball Drive, the five-story property was originally built in 2001 and is LEED Silver certified. The building is currently 78 percent occupied by a tenant roster that includes FM Global, Fiserv, Langan Engineering and Western World Insurance. Kevin O’Hearn, Jose Cruz, Stephen Simonelli and Michael Oliver represented the seller, a large national insurance company, in the transaction. The buyer was a private investor.
STONEHAM, MASS. — CBRE has arranged the sale of Mave Apartments, a 298-unit apartment community in Stoneham. The sales price was undisclosed. The community opened in 2017 and completed construction in 2018. Amenities include a clubhouse, pool, fitness center, outdoor pavilion area and numerous grilling stations. Simon Butler and Biria St. John of CBRE represented the seller, Fairfield Stoneham Limited Partnership, in the transaction. The buyer was Stoneham Mave LLC.
STAMFORD, CONN. — Media and entertainment company WWE has signed a 415,000-square-foot office lease in Stamford. Located at 677 Washington Blvd., the three-building complex will serve as the new global headquarters for WWE. Drew Saunders, Robert Ageloff, Allison Melichar and Joe Messina of JLL represented WWE in securing the lease with property owners George Comfort & Sons and AVG Partners. Additional tenants at the 12-acre property include KPMG and Perkins Eastman.
NEW YORK CITY — Cronheim Mortgage has arranged a $5 million loan to refinance a 12-story office building in Midtown, Manhattan. Located at 32 E. 31st St., the 52,000-square-foot property also includes ground-floor retail. The tenant roster includes a fitness studio, hair salon, media company and real estate developer. Cronheim secured a 20-year loan amortized over 30 years on behalf of the borrower, 32 E. 31 Street Corp. The lender was CMFG Life Insurance Co.
