ATHENS, OHIO — Triad Real Estate Partners has negotiated the sale of Carriage Hill Apartments near Ohio University in Athens for an undisclosed price. Built in two phases between 1967 and 1970, the student housing property features 536 beds within 337 units. The buyer, Emet Capital Management, plans to complete a substantial renovation and rebranding of the property. Columbus-based Wallick Communities was the seller.
CHICAGO — Interra Realty has brokered the sale of a 33-unit multifamily building in Chicago for $3.2 million. The property, located at 5001 S. Drexel Blvd., features a mix of one-, two-, three- and four-bedroom units. The buyer, EquityBuild, plans to rehab the property, which was built in 1906. Brad Feldman and Adam Saxon of Interra represented the buyer. Brian DiBasilio, along with Feldman and Saxon, represented the seller, Cedar Street.
MOUNT PLEASANT, IOWA — Colliers International has arranged the sale of a 4,159-square-foot building occupied by Hardee’s in Mount Pleasant for $1.8 million. The property is located at 905 E. Washington St., about 50 miles south of Iowa City. Jon Busse, Joe Crotty and Josh McFadyen of Colliers represented the buyer, Kuhn Family Trust. Justin Zahn of Commercial Investment Advisors represented the seller, 4 G Properties LLC. Westar Food, a Hardee’s franchise with 36 locations, leases the property.
NEW YORK CITY — JPMorgan Chase (NYSE: JPM) plans to build a new 2.5 million-square-foot skyscraper that will replace its existing 50-story office building at 270 Park Ave. in Midtown Manhattan. The company plans to consolidate its global headquarters from various locations at the new tower, which some media outlets are reporting would rise 70 stories. “We are recommitting ourselves to New York City while also ensuring that we operate in a highly efficient and world-class environment for the 21st century,” says Jaime Dimon, chairman and CEO of JPMorgan Chase. The new headquarters building would house about 15,000 employees, replacing the existing facility that was designed in the late 1950s for about 3,500 employees. JPMorgan Chase plans to pursue LEED certification for the new facility, which would come on line in 2024 at the earliest. Most employees currently located at 270 Park Ave. would be relocated nearby during the development period. Dimon and New York City Mayor Bill de Blasio jointly announced JPMorgan Chase’s new headquarters, which would be the first major project under New York City’s Midtown East Rezoning plan that was passed last year by the New York City Council. “This is our plan for East Midtown in …
With what appears to be a never-ending stream of construction, the biggest source for excitement coming into 2018 for the St. Louis industrial market is new, speculative development. According to research from Colliers International, construction completions exceeded 4 million square feet in 2017. This is the second-highest year of recorded construction volume for the market due to last year’s Goliath delivery of 6 million square feet. Currently, over 2 million square feet is under construction, with more slated for groundbreaking in 2018. One of the larger projects recently announced is NorthPoint Development’s proposed 300-acre industrial park in Hazelwood, situated in North St. Louis County. According to the St. Louis Post-Dispatch, NorthPoint plans to develop over 3 million square feet focused on logistics and light industrial warehouse space. The big question, it seems, is how long can developers continue to find new tenants for their large, modern bulk developments in St. Louis? Even with high, positive absorption in both 2016 and 2017, expectations for continued growth may be tempered as we move forward in 2018. Looking back at 2017, we see the industrial vacancy rate for metro St. Louis dropped to 6.7 percent at the end of the year. This rate …
SALT LAKE CITY — NWQ LLC, a joint venture between Colmena Group, Wadsworth Development Group and Stokes Partners, has launched Phase I of SLC Port Global Logistics Center, a 7.5 million-square-foot industrial development in Salt Lake City. The 3,000-acre logistics park located in Salt Lake City’s Northwest Quadrant. SLC Port Global Logistics Center has capacity to accommodate up to 50 million square feet of Class A speculative and build-to-suit buildings, combined with owner-occupied and mega-site land for sale. Phase I of the development consists of 10 buildings totaling about 7.5 million square feet of bulk distribution and manufacturing industrial space. Building 2, consisting of 532,000 square feet, and Building 3, consisting of 170,000 square feet, are scheduled for delivery in spring 2019. CBRE’s Tom Dischmann, Jeff Richards, Matt McAfee and Chris Liddell will oversee listing on behalf of NWQ LLC.
TEMPE, ARIZ. — Western Wealth Capital has acquired the 150-unit Villatree apartments in Tempe for $17.3 million. The community is located at 1750 S. Price Road. Villatree was built in the 1980s, providing the new owner with a value-add opportunity. Steve Gebing and Cliff David represented both the buyer and the seller, PEM Real Estate Group, in this transaction.
HENDERSON, NEV. — Cypress West Partners has acquired Parkway Medical Plaza, an 88,958-square-foot medical office building in the Las Vegas submarket of Henderson for an undisclosed sum. The building is located at 100 N. Green Valley Parkway. Parkway Medical Plaza is 95 percent occupied with tenants including Healthcare Partners, Parkway Surgery Center and CareMore. It was built in 1997. The firm acquired the asset with Virtus Real Estate Capital. This marks the first joint venture for the two firms.
LONG BEACH, CALIF. — Keely Partners has acquired the 22-unit Anaheim Road Apartments in Long Beach for $8 million. The community is located at 5401 E. Anaheim Road. It was built in 1987. The community contains 22 two-bedroom/two-bathroom units. Robert Stepp and Michael Toveg of Stepp Commercial represented both buyer and the seller, a private trust, in this transaction.
PHOENIX — Pilkington North America has renewed its lease for 200,000 square feet at a distribution center in Phoenix. Buckeye 75 Distribution Park is located at 7375 W. Buckeye Road. Buckeye 75 Distribution Park totals three buildings with up to 30-foot clear height, ESFR sprinklers, T-5 lighting, evaporative cooling, skylights and on-site trailer storage for large warehouse and distribution operations. It is fully leased. Michael Haenel of Cushman & Wakefield represented Pilkington in its lease negotiations. Lincoln Property Co. owns the center.
