NAPERVILLE, ILL. — Phillips Edison & Co. Inc. (PECO) has purchased Naperville Crossings, a 146,591-square-foot shopping center in Naperville. The purchase price was $49.9 million, according to Crain’s Chicago Business. A newly constructed, 21,820-square-foot Aldi grocery store anchors the property. Other tenants at the retail center, which is 92 percent leased, include AT&T, Biaggi’s Ristorante Italiano, Massage Envy, Nothing Bundt Cakes, Orangetheory Fitness, Panera Bread and Starbucks. Evan Halkias and Michael Marks of Cushman & Wakefield represented the undisclosed seller in the transaction.
JOLIET, ILL. — Accuride Corp. has fully leased a 291,728-square-foot industrial building at Rock Run Business Park in Joliet. The speculative building was completed in the fourth quarter of 2018. It features a clear height of 36 feet, 38 dock doors, 234 parking spaces and build-to-suit office options. Accuride, a manufacturer of premium automotive parts, will consolidate two of its Chicago-area facilities in Batavia and Naperville. Mike Fonda, Chris Lydon, Chris Tecu and Brian Pomorski of Avison Young represented the developer, IDI Logistics, in the lease transaction. Mark Urbanowicz and Matt Burton of Mohr Partners represented the tenant.
ABERDEEN, S.D. — Dougherty Mortgage LLC has provided a $5.1 million Fannie Mae loan for the refinancing of Dakota Estates II in Aberdeen. The 72-unit apartment property was constructed in 2018 and offers studio, one- and two-bedroom units within a three-story building. Amenities include common areas for entertaining and two fitness areas. The 12-year loan features a 30-year amortization schedule. Dakota Estates II LLC was the borrower.
BLOOMINGTON, MINN. — KW Commercial has brokered the sale of Amsden Ridge Shopping Center in Bloomington for $3.9 million. The two-building, 27,559-square-foot retail center is located on Ensign Avenue South. The shopping center includes retail, restaurant and office tenants. Matthew Klein of KW Commercial represented the seller, Amsden LLC, and secured the buyer, Hoss Bros. LLC.
EATONTON, N.J. — A joint venture between New York-based investment firm Devli Group and Connecticut-based Aspen Realty has acquired a two-building office complex totaling 129,632 square feet in Eatonton. The property, which comprises a 100,272-square-foot building and a 29,360-square-foot building, is situated on eight acres at 260 and 270 Industrial Way near the oceanfront city of Long Branch. The property was fully leased at the time of sale. The seller and sales price were not disclosed. The joint venture officially acquired the note on the property in November 2018 at a foreclosure auction and has now officially taken title of the property.
NEW YORK CITY — Rochester, New York-based grocer Wegmans will open a 74,000-square-foot store within the Admirals Row redevelopment project located on Flushing Avenue in Brooklyn. The grand opening is scheduled for Sunday, Oct. 27. The store, which will be the company’s first location in New York City, is expected to create about 350 full- and part-time jobs. Wegmans Brooklyn will carry more than 60,000 individual products and offer second-floor mezzanine space with a bar serving food, wine, beer and spirits.
NEW YORK CITY — Global investment management firm Bardin Hill Investment Partners has signed a 28,045-square-foot office lease at 299 Park Avenue in Midtown Manhattan. The firm, which is relocating from 477 Madison Avenue, will occupy the entire 24th floor of the 42-story building beginning in November. The lease term is 12 years. Chris Corrinet and Neil King of CBRE represented Bardin Hill in the lease negotiations. Marc Packman, Clark Briffel, Peter Shimkin, Andrew Sachs, Eric Cagner and David Falk of Newmark Knight Frank represented the landlord, Fisher Bros. 299 Park Avenue is a 1.2 million-square-foot office building located between 48th and 49th streets next to the Waldorf-Astoria Hotel and Grand Central Terminal. Other tenants at the property include Capital One and UBS.
NEW YORK CITY — CBRE has brokered the $8.7 million sale of a 4,340-square-foot multifamily building located at 66 Clinton St. on the Lower East Side. The sale included an adjacent lot. The buyer, a partnership between Vault Development and TLM Equities, plans to redevelop the existing building and adjacent parcel into a new, 16,348-square-foot residential building. Daniel Kaplan and Justin Arzi of CBRE represented the seller, New Life of New York City, a nonprofit youth enrichment organization, in the transaction.
LYNN, MASS. — NorthMarq Capital has arranged a $3.7 million construction loan for Andrew Street Apartments, a 32-unit project that will be located in the northern Boston suburb of Lynn. The financing was structured with a 25-year term, a 25-year amortization schedule and interest-only payments throughout the construction period, the duration of which was not released. A local bank provided the loan to the undisclosed borrower.
POWAY, CALIF. — Ryan Cos. and DWS Group have broken ground on Vantage Point, an infill speculative logistics/distribution development located in Poway. The two-building Vantage Point will consist of 533,950 square feet of Class A space and is the largest speculative development of its kind in mid-San Diego County in 20 years, according to the developers. The property will feature 36-foot minimum clear heights, an ESFR fire suppression system with K22 heads, up to 113 dock-high doors, 12 drive-in doors, a 180-foot-wide concrete truck court, eight-inch warehouse concrete slabs with 4,000 PSI and 4,000 amps of 277-480 volt power. Additional on-site amenities will include two large outdoor break areas, an indoor bicycle storage room and six electric vehicle charging stations. Ryan Cos. and DWS Group retained Mickey Morera and James Duncan of Kidder Mathews as leasing agents for the project.