MINNEAPOLIS — LaSalle Investment Management has acquired T3, a 222,000-square-foot office property in downtown Minneapolis. Neither the purchase price nor the seller was disclosed. Built in 2016, T3 is located within the North Loop submarket. Amazon occupies approximately half of the property under a long-term lease.
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WAUKEGAN, ILL. — PREMIER Design + Build Group LLC has completed an industrial build-to-suit for Visual Pak Cos. in Waukegan. The 197,000-square-foot facility features a clear height of 32 feet, 9,500 square feet of office space, 30 exterior truck docks and 244 car parking spaces. Visual Pak provides solutions in the contract packaging industry. The project team also included Cornerstone Architects Ltd., Manhard Consulting Ltd., Swift Structural Design, MVP Plumbing, MK Industries and Connelly Electric.
CHICAGO — NAI Hiffman has arranged the sale of InterPark Corporate Center in Chicago for an undisclosed price. The 12-building, 165,000-square-foot office complex is situated on seven acres. Jonathan Berger of Berger Asset Management LLC purchased the property from AREI (InterPark) LLC with plans to revitalize and reposition the asset. Plans call for a new fitness center, conference and lounge space and bike share program. The property will be renamed Concourse Chicago and is expected to reopen this fall. John Cash, Art Burrows, David Haigh and Steve Chrastka of NAI Hiffman brokered the transaction.
GARLAND, TEXAS — Bellomy & Co. has arranged the sale of Storage House of Texas, a 480-unit self-storage facility located in the Dallas metro of Garland. The Class A facility is situated on 3.9 acres and consists of 55,000 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Rockwall, Texas-based seller in the transaction. The duo also procured the buyer, Pinnacle Storage Properties. The property will be rebranded as Storage Plus of Garland.
The Pittsburgh industrial market has historically been a relatively small property sector due to several limiting factors, including difficult topography, infrastructure constraints and Pittsburgh’s location between two major industrial markets (Columbus to the west and Pennsylvania’s Central Valley to the east). However, with the emergence of e-commerce fulfillment centers, the growth of the Pittsburgh economy and major infrastructure improvements, we are starting to see strong demand for well-located industrial properties in the region. The size of the industrial market for the greater Pittsburgh metro is 185 million square feet. of which, 23.6 million square feet is flex and 161.1 million square feet is warehouse. Flex vacancy rate is currently 9.4 percent with 98,000 square feet under construction while warehouse vacancy is 5.8 percent with 263,000 square feet under construction. Based upon the tight vacancy and limited new construction in the warehouse space, there is believed to be significant pent-up demand, particularly for Class A users requiring 250,000 to 500,000 square feet. Accordingly, there are a number of planned speculative projects in this size range in the Airport, Butler County and Beaver County submarkets breaking ground in 2018. Lenders in the region are also bullish on the strength of the Pittsburgh …
ROYSE CITY, TEXAS — Bellwether Enterprise Real Estate Capital LLC has provided a $19.6 million loan to complete the acquisition and construction of Cypress Creek Apartment Homes at Parker Boulevard, a 220-unit affordable housing community in Royse City, about 35 miles northeast of Dallas. The property features one-, two-, three- and four-bedroom units and amenities such as a pool, outdoor grilling area, fitness center, computer center and a resident clubhouse. Kevin Bowen and Bob Morton of Bellwether secured the 40-year, non-recourse loan through the U.S. Department. of Agriculture (USDA).
SCHAUMBURG, ILL. — Retail Properties of America Inc. (NYSE: RPAI) has sold Schaumburg Towers in suburban Chicago for $86.6 million. The former Zurich headquarters was the company’s one remaining office complex. American Landmark Properties purchased the 882,071-square-foot asset, which spans two buildings. The property is currently 48 percent leased. Dan Rosenberg and Matt Terpstra of Cohen Financial, a division of SunTrust Bank, secured a $110 million acquisition loan from a dual partnership of lenders, including Prime Finance Partners and Pearlmark Real Estate Partners. Cohen Financial partnered with Steve Roth of CBRE to secure the financing, which closed on June 1. American Landmark will utilize the financing to acquire the asset as well as complete capital improvements and expand tenancy.
WALL TOWNSHIP, N.J. — HFF has arranged the $41.5 million sale of Wall Towne Center, a 99,070-square-foot, grocery-anchored retail center in Wall Township. Jose Cruz, Kevin O’Hearn, Chris Munley Michael Oliver and Stephen Simonelli of HFF represented the seller, AEW Capital Management, on behalf of one of its account clients, in the transaction. The buyer was DWS. The fully leased retail center is anchored by ShopRite. Other tenants include Great Clips, AT&T, GNC, Allstate Insurance, Cherry Blow Dry Bar, OceanFirst Bank, Lubrano’s Trattoria and PetValu. Wall Towne Center was completed in 1997 and underwent renovations in 2017 when ShopRite expanded its space.
BLACKWOOD, N.J. — Colliers International has brokered the $2.5 million sale of a 44,800-square-foot industrial building located at 100 Freeway Drive in Blackwood. The property is situated on 3.7 acres and features 18-foot ceilings as well as 5,000 square feet of office space. Marc Isdaner of Colliers represented the buyer, FLCR LLC, in the transaction. The seller, Colfin Cobalt I-II LLC, was represented by David Ricci and Tony Rod of Flynn Co. Bank of Hope provided acquisition financing.
Marcus & Millichap Negotiates $1.7M Sale of Apartment Building in Bayonne, New Jersey
by David Cohen
BAYONNE, N.J. — Marcus & Millichap has negotiated the $1.7 million sale of a 14-unit apartment building in Bayonne located at 1053-1057 Broadway. Jonathan Zamora of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. Brent Hyldahl, Ben Sgambati and Alan Cafiero of Marcus & Millichap’s New Jersey office represented the buyer, also a private investor. The property, which also includes an attached lot, is located in the uptown neighborhood of Bayonne.