OVERLAND PARK, KAN. — StorageMart has opened a self-storage facility in Overland Park. This is the fourth location in the area and the 32nd in metro Kansas City for StorageMart. The property, located at 15415 Metcalf Ave., was constructed in 2017. The facility contains 639 climate-controlled units and nearly 80,000 square feet of rentable space. Special features include an onsite office, video surveillance and keypad access.
CHICAGO — Oberg Medical Products Co. has signed a 60,126-square-foot lease to occupy the entire industrial building in Chicago. The company is consolidating its facilities in Elk Grove Village and Niles at the Chicago-based industrial property, located at 4311 N. Normandy Ave. The facility features a clear height of 25 feet, four exterior docks, one drive-in door and parking for approximately 100 cars. Venture One Real Estate purchased the property in October 2018 and has since conducted interior demolition and renovation work. Chris Volkert and Brendan Green of Colliers represented the tenant. Brett Kroner of Cushman & Wakefield represented the landlord.
FLOSSMOOR, ILL. — Marcus & Millichap has brokered the $3.7 million sale of a 7,098-square-foot retail building in Flossmoor, about 30 miles south of Chicago. AT&T, Jersey Mike’s, Starbucks and Captain Hooks occupy the property, which is located at 3820 Vollmer Road. Meijer shadow-anchors the property. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller. The asset sold to a local buyer completing a 1031 tax-deferred exchange.
TOPEKA, KAN. — Payless ShoeSource will close all 2,100 of its stores in the United States and Puerto Rico as it moves toward liquidation. According to a statement by the company provided to USA Today, which first reported the news on the evening of Friday, Feb. 15, Payless expects all stores to remain open through March. The announcement comes nearly two years after the Topeka-based shoe retailer filed for Chapter 11 bankruptcy protection, a move that coincided with the shuttering of 673 American stores at the time. The company is also in the process of de-commissioning its online sales platform, but it remains unclear whether Payless stores in Latin America will remain open. Payless had undergone an aggressive expansion plan that required taking on a greater debt load. After filing for bankruptcy in April 2017, the company restructured its finances to eliminate $435 million in debt and whittle its store count to 3,500 locations worldwide. According to longtime retail consultant Jeff Green, Payless’ financial woes can be traced in part to the lack of name-brand shoe offerings, a product segment that is especially popular with millennial shoppers. “Even after Payless restructured its debt, the changing nature and growing competition from …
With 3.2 million square feet of new office space under construction, much of it in the city’s urban core, Charlotte’s skyline is in the midst of a significant transformation. Due to strong preleasing activity and solid economic underpinnings, however, the city’s office vacancy rate is projected to remain stable over the coming months as many of those projects deliver. Approximately 60 percent of Charlotte’s construction pipeline has been preleased, according to JLL research, and 2.3 million is concentrated in the city’s central business district. In Uptown Charlotte, the 33-story Legacy Union office tower recently topped out, signaling the end of vertical construction. The 850,000-square-foot development by Lincoln Harris is scheduled to deliver early next year and will be anchored by Bank of America, which has signed a lease for 550,000 square feet. Lincoln Harris recently revealed plans for a second office tower with 388,835 square feet of office space and 22,763 square feet of retail space at the high-profile site, which was once home to The Charlotte Observer. Across the street from Legacy Union, construction is also underway on Ally Charlotte Center, a 26-story, 742,000-square-foot office tower by Crescent Communities. Last year Ally Financial announced that it had leased 400,000 …
HUDSON COUNTY, N.J. — Progress Capital has secured a $60 million acquisition loan for an 18-property multifamily portfolio in Hudson County. The undisclosed borrower acquired the portfolio for $75 million. Brad Domenico of Progress Capital arranged the seven-year loan, which featured a fixed 4.14 percent interest rate, 30-year amortization schedule and two years of interest-only payments. The lender was undisclosed.
CLINTON, CONN. — HFF has arranged the $12.9 million sale of Clinton Plaza, a 100,360-square-foot grocery-anchored shopping center in Clinton. Located at 215 Main St., the property is approximately 22 miles east of New Haven. The 92-percent-leased center is anchored by Stop & Shop supermarket. Additional tenants include T.J. Maxx and Dunkin’ Donuts. Jim Koury of HFF represented the seller, JMH Associates LLC, in the transaction. The buyer was Jerome Properties 215 LLC.
SOMERSET, N.J. — Marcus & Millichap has brokered the $12.2 million sale of Shoppes at Pierce Street, a 37,800-square-foot shopping center in Somerset. Located at 147-151 Pierce St., the newly developed property consists of three buildings, as well as a standalone Investors Bank pad site. Michael Lombardi and Marc Karlin of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was undisclosed.
WIND GAP, PA. — CBRE has arranged the sale of Wind Gap Logistics Center, a 349,012-square-foot distribution facility in Wind Gap, a town in Pennsylvania’s Lehigh Valley region. The sales price was undisclosed. Located at 1380 Jacobsburg Road, the property features 36-foot clear heights with a 600-foot deep loading bay and an ESFR sprinkler system. The property was designed and built by J.G. Petrucci. Brad Ruppel, Michael Hines, Brian Fiumara, and Lauren Dawicki of CBRE Capital Markets’ Institutional Properties team represented the sellers, J.G. Petrucci and The Davis Companies. The buyer was undisclosed.
WESTPORT, CONN. — Vidal Wettenstein LLC has negotiated the $10.5 million sale of a 30,000-square-foot retail plaza in Westport. Located at 877 Post Road East, the two-story property was developed in 1970. The property was 90 percent leased at the time of sale. Robert Lewis of Vidal Wettenstein represented the seller, Rosenfeld Realty & Development, in the transaction. The buyer was undisclosed.