NORTH BRUNSWICK, N.J. — CBRE has secured a 300,000-square-foot lease for logistics and fulfillment solutions company Capacity LLC at 1601 Livingston Ave. in North Brunswick. The built-to-suit facility is currently under construction and is slated for occupancy in February 2020. The property will include 40-foot clear heights as well as 10,000 square feet of office space, which will serve as the new headquarters for Capacity LLC. John Maloney of CBRE represented Capacity LLC in the transaction. The property owner, 1600 Building C LLC, was represented in-house during negotiations.
OLD BRIDGE, N.J. — Sheldon Gross Realty has brokered the sale of a 30,000-square-foot warehouse in Old Bridge. The sales price was undisclosed. Located at 395 Route 34, the property was formerly a site for the production of steel building materials. Glen Jaffe, Matthew Leonelli Jr. and Jonathan Glick of Sheldon Gross Realty represented the seller, OEG Building Materials, in the transaction. The buyer was V&S Brothers Inc., which will utilize the facility to transition its auction and dealer purchases for shipment overseas.
CHICAGO — Summit Design + Build LLC has completed renovations at the House of Blues and the Aragon Ballroom, two Chicago music venues. Summit remodeled the VIP areas at each venue. At the Aragon Ballroom, Summit renovated the first-floor staff offices and expanded the restrooms. At the House of Blues, Summit remodeled the third-floor Foundation Dining Room. The project also included a new bar with custom windows, new flooring and lighting and the addition of a small stage. RLE Partners and Valerio Dewalt Train & Associates made up the project team. Live Nation owns both venues.
GRAND LEDGE, MICH. — Greystone Bel Real Estate Advisors has arranged the $3.2 million sale of a 50-unit apartment property in Grand Ledge, about 12 miles west of Lansing. The building, constructed in 1906 and renovated in 1988, is located at 115 Perry St. Buyer and seller info was not disclosed, but the asset traded at a cap rate of 7.1 percent.
CHICAGO — TBI Inc. has signed a 27,484-square-foot, full-floor lease at International Tower in Chicago. The 300,000-square-foot office building is located at 8550 W. Bryn Mawr Ave. In conjunction with the lease, landlord Golub & Co. will begin a revitalization of the building with new amenities, including a fitness center, yoga room, conference center and tenant lounge. The renovations are expected to be completed this year. TBI, a technology distributor, is moving from its previous office at 8770 W. Bryn Mawr Ave. Steve Degodny of Golub represented Golub in the lease transaction. Alex Smith, Brad Frank and Jordan Rovito of Cushman & Wakefield represented TBI.
MISSION, KAN. — Colliers International has brokered the sale of Silverwood Apartments in Mission, about eight miles south of Kansas City. The sales price was not disclosed. The multifamily community includes 280 units. Will Mathews, Gabe Tovar and Bob Galamba of Colliers represented the seller, Nuveen Real Estate. Canyon View Capital purchased the asset.
MIDDLETOWN, IND. — Stan Johnson Co. has negotiated the sale of a 3,800-square-foot medical office building occupied by St. Vincent Medical Group in Middletown, about 15 miles southwest of Muncie. The sales price was not disclosed. The property is located at 602 N. 5th St. Toby Scrivner, Jeff Matulis and Becca Kirby of Stan Johnson represented the seller, a private investor. A Nevada-based private investor purchased the asset.
PHOENIX— Best Western Hotels & Resorts has acquired global hotel brand WorldHotels from Associated Luxury Hotels for an undisclosed price. The brand consists of approximately 300 specialty hotels and resorts around the world and 31 in the United States. WorldHotels will maintain its distinct personality while benefiting from Best Western’s e-commerce platform, partnerships, loyalty program and global distribution network. The acquisition marks another move by Best Western into soft-brand hotels, an affiliation in which a hotel relies primarily on its individual identity rather than that of the larger hotel chain. A number of global hotel chains have launched soft brands in recent years, including the Ascend Collection by Choice Hotels International and Marriott International’s Autograph Collection. Best Western isn’t the only hotelier that recently purchased a luxury brand. InterContinental Hotels Group acquired Six Senses Hotels Resorts Spas for $300 million on Feb. 13. “There is tremendous synergy between Best Western and WorldHotels,” says David Kong, CEO of Best Western Hotels & Resorts. “By joining forces in this new partnership, we will create competitive advantages for both companies.” The acquisition of WorldHotels was completed last week. The move expands Best Western’s portfolio of offerings to include upscale and luxury segments. Phoenix-based Best Western Hotels & …
The multifamily investment activity in Metro Phoenix remains extremely strong. This is driven by the employment and population growth in these markets, as well as by the affordability of rental housing compared to other parts of the nation. The employment growth has occurred in many segments, including technology, medical and finance. Technology companies are focused on cities where universities provide an abundant supply of skilled labor for these types of jobs. Arizona State University (ASU) in Metro Phoenix is one of the largest universities in the country with more than 87,000 students. It is working hand in hand with technology companies and other expanding employers to provide the education their students will need to fulfill openings in the market. A skilled workforce and affordable housing have been strong pulls for companies looking to relocate, expand or get off the ground. The increases in jobs and population have led to further increases in rent, occupancy, construction and absorption. The public’s changing perception about home ownership and the freedom that renting allows — along with the amenities provided in many of today’s apartment communities — has propelled multifamily demand in Metro Phoenix. The area’s overall vacancy rate for the third quarter was …
HUDSON AND BERGEN COUNTY, N.J. — Gebroe-Hammer Associates has arranged the $75 million sale of a 487-unit multifamily portfolio in Union City, Bergenfield and Lodi. The 18-building portfolio includes a mix of one-, two-, three- and four-bedroom units as well as three ground-floor retail units. Nicholas Nicolaou and Greg Pine of Gebroe-Hammer represented the seller, Madison Hill Properties, in the transaction. The buyer was a private investor.