MIDLOTHIAN, ILL. — Quantum Real Estate Advisors Inc. has brokered the $6.2 million sale of Mid-Oak Plaza in Midlothian, a southwestern suburb of Chicago. Walgreens and Charter Fitness anchor the 73,284-square-foot retail center, which is located at 14702-14740 S. Cicero Ave. Chad Firsel of Quantum represented the seller, a metro Chicago-based acquisition and development company. A private real estate owner based in southern suburban Chicago was the buyer.
BOSTON — CommonWealth Partners has acquired the Pier 4 office building in Boston’s seaport district from developer Tishman Speyer for $450 million. The 372,372-square-foot property sold for $1,208 per square foot, the highest ever for a Boston office property, according to Tishman Speyer. Located at 200 Pier 4 Blvd., the building was designed by Elkus Manfredi Architects of Boston and completed in May 2018. Pier 4 currently serves as the global headquarters for the Boston Consulting Group, educational content and technology services company Cengage Learning, and equity manager Man Numeric. “From the beginning, the Pier 4 site presented Tishman Speyer with a unique opportunity to create Boston’s finest modern mixed-use development,” says Jessica Hughes, managing director of Tishman Speyer. “We thank the City of Boston, the Commonwealth of Massachusetts, and the very dedicated waterfront community for sharing our vision for this property and working with us to bring that vision to full realization.” Amenities at Pier 4 include harbor views, a roof terrace, fitness center, bicycle storage and three levels of parking. Tishman Speyer is currently developing the final phases of the Pier 4 project, which will include a nine-story condominium building and one-acre public waterfront park. The Pier 4 …
As industrial development ramps up across the country in an effort to keep pace with demand, developers are eyeing Dallas-Fort Worth (DFW) for new projects, forcing existing players to get more creative with their site selections and design elements. The DFW metroplex has experienced millions of square feet of industrial development over the past year. The market currently has more than 27.9 million square feet of space under construction. If DFW continues to expand at this pace, year-over-year industrial growth will outpace that of 2017. As infill sites become more scarce, developers revisit land that was once looked over for previous projects. Some of these sites include closed landfills, shuttered golf courses and tracts that may have had unusual hurdles such as drainage, utility or environmental issues. Going South Of all the submarkets that comprise the metroplex, South Dallas enjoys the largest share of development. Over 7 million square feet of product is currently under construction in this submarket, which may puzzle those familiar with the area, as it has historically been less attractive to smaller, more regional tenants. Location is partly to blame for this pattern. South Dallas can be quite a drive for local business owners. In addition, …
NEW YORK CITY — The Manhates Group has negotiated the $9.3 million sale of a 10-unit multifamily building in the Chelsea neighborhood of Manhattan. The 9,375-square-foot property is located at 445 W. 21st St. Michael Sherman of The Manhates Group represented the buyer, ECA New York Real Estate Advisors, in the transaction. Houlihan-Parnes Realtors represented the undisclosed sellers.
EDISON, N.J. — Avanath Capital Management has acquired Menlo Manor, a 240-unit affordable senior housing community in Edison. Avanath acquired the property through its institutional fund, Avanath Affordable Housing III. The five-story property was built in 1980 and features a community room, exterior courtyard, library, dining area, community kitchen and automatic front doors. Located at 161 Inman Ave., the community includes a mix of studios, one-, and two-bedroom units. Alex Medeiros of CBRE represented the seller, Jeff Spragens.
SOUTH BRUNSWICK, N.J. — Cushman & Wakefield has secured a 450,000-square-foot, full-building lease for moving services provider Clutter at 1065 Cranbury South River Road in South Brunswick. The newly constructed facility is a speculative development by IDI Logistics. Andrew Stypa and Daniel Badenhausen of Cushman & Wakefield represented Clutter in the transaction. Cushman & Wakefield’s Jason Goldman, Andrew Siemsen and Marc Petrella represented IDI Logistics. Clutter will move into the facility by the end of Summer 2018.
ATLANTA — HFF has brokered the sale of Buckhead Tower, a 19-story office tower located at 3399 Peachtree Road N.E. in Atlanta’s Buckhead district. Richard Reid, Ed Coco, Ryan Clutter, Dek Potts and Ralph Smalley of HFF arranged the transaction on behalf of the seller, a joint venture led by Parmenter Realty Partners Fund IV. The team also procured the undisclosed buyer. Other terms of the deal were not disclosed, but the Atlanta Business Chronicle reports an affiliate of TPA Group acquired the asset for $96.5 million. Additionally, the HFF team arranged a floating-rate acquisition loan through MetLife Real Estate on behalf of the buyer. The 348,000-square-foot Buckhead Tower is directly connected to Lenox Square Mall and the JW Marriott Hotel and is located adjacent to the Buckhead MARTA station. The building features a full-service café, fitness center, structured parking and 24/7 controlled access. Buckhead Tower is home to tenants such as State Bank, Gables Residential, Applied Systems, Networx Systems and Crowe Hogarth.
LAKELAND, FLA. — Ridge, the industrial development arm of Transwestern Development Co., has sold Lakeland Logistics Center, a 490,000-square-foot industrial campus located at 2015-2025 W. Memorial Blvd. in the Tampa Bay community of Lakeland. Boston-based Cabot Properties acquired the two-building campus for an undisclosed price. Chris Riley and David Murphy of CBRE brokered the transaction. Each building at Lakeland Logistics Center totals 245,000 square feet and is divisible to 44,000 square feet. The buildings each feature front-load or cross-dock capability, 74 dock doors, 32-foot clear heights, 45 trailer parking spaces and a 3.5-acre staging base. Ridge broke ground on Lakeland Logistics Center in 2015 and fully delivered the facilities in early 2017. The project was 50 percent leased at the time of sale to Parksite Inc. and Recleim Nova LLC. Julia Silva Rettig and Jared Bonshire of Cushman & Wakefield are handling the property’s leasing assignment.
ATLANTA — Avison Young has arranged a 41,288-square-foot sublease for Instacart, an on-demand grocery service, at Ponce City Market in Atlanta. Phil Barry, Hilton Barry, Steve Cook and Jack Kerrigan of Avison Young represented the sub-landlord, Athenahealth, in the five-year lease transaction. Sam Pruitt of Site Selection Group, along with Michelle Galvani and Shan Morris of Wildmor Advisors, represented Instacart. The creative loft office space is located on the eighth floor and includes an outdoor deck area. The 2 million-square-foot Ponce City Market is an adaptive reuse of the 1920s-era Sears, Roebuck & Co. building on Ponce de Leon Avenue, which is located along the Atlanta Beltline’s Eastside Trail in Atlanta’s Old Fourth Ward district. In addition to creative office space, the mixed-use development includes a food hall, loft apartments and retail space. Founded in 2012, San Francisco-based Instacart operates as a same-day grocery delivery service. Customers select groceries through a web application from various retailers and the order is delivered by a personal shopper.
MELBOURNE, FLA. — CBRE has arranged the $13.1 million sale of Rialto Place, a 150,962-square-foot office building located at 100 Rialto Place in Melbourne, a city on Florida’s Space Coast. Ron Rogg and Chip Wooten of CBRE brokered the transaction on behalf of the undisclosed seller. The name of the buyer was not disclosed. The 10-story office building is home to tenants including Apple, Northrop Grumman, Thales and Leidos. The property is located adjacent to a 240-room Hilton hotel, which features a full-service restaurant and bar and a conference facility.
