ELGIN, ILL. — Millennium Properties Real Estate has brokered the $1.1 million sale of a 51,230-square-foot office building in Elgin, about 35 miles northwest of Chicago. The property, located at 164 Division St., is 83 percent occupied by a variety of doctor offices, law firms and design firms. Brad Thompson and Daniel Hyman of Millennium brokered the sale. A partnership sold the property to a private investor.
ALTOONA, IOWA — Four national retailers are opening at Outlets of Des Moines this spring. American Eagle and Christopher & Banks are slated to open this month, followed by Michael Kors Outlet and Lucky Brand in May. The open-air outlet center, developed by New England Development and located at 801 Bass Pro Drive, opened last fall. The property will be home to approximately 42 retailers after these new additions.
NEW YORK CITY — Tishman Speyer, a New York-based owner and developer of trophy office assets around the world, plans to break ground in June on The Spiral, a $3.7 billion office tower that will rise 65 stories at 66 Hudson Blvd. in Manhattan. Global pharmaceutical company Pfizer recently signed an 800,000-square-foot, 20-year lease at The Spiral, which is slated for completion in 2022. Pfizer will occupy floors seven through 21, as well as some lobby space. The Spiral will serve as Pfizer’s new home, replacing its existing global headquarters at 235 E. 42nd St. in Manhattan. Blackstone Mortgage Trust Inc. (NYSE: BXMT) recently provided a $1.8 billion construction loan for the project. Tishman Speyer will finance the remaining $1.9 billion of development costs with its own equity, as well as financing from more than a dozen other institutional, pension fund and individual investors. Designed by BIG-Bjarke Ingels Group, each floor of The Spiral’s façade will feature landscaped terraces and hanging gardens that will be accessible to tenants. At one outdoor terrace per floor, the tower’s façade will be wrapped around by green space in a swirling pattern that serves as the tower’s signature element. The trophy office tower will …
LINCOLN, R.I. — CBRE New England has negotiated the sale of Albion Crossing, a 280,982-square-foot flex building in Lincoln. The sales price was not disclosed. CBRE represented the seller in the transaction, Albion Crossing LLC. The buyer was an affiliate of FoxRock Properties LLC. Located at One Albion Road in Lincoln, the property was originally developed as the global headquarters for A.T. Cross Co., a manufacturer of high-quality ballpoint and fountain pens. In 2007, Cross sold the building and it was converted to a mixed-use flex office building. Current tenants include United Natural Foods, Zebra Technologies, Granite Telecommunications and Vicor Technologies Inc.
BOSTON — Colliers | Boston has secured a $38 million refinancing for two office buildings at 155 Federal and 10 High streets in Boston’s financial district. Farley White Interests owns and manages the two adjacent buildings, which total 294,000 square feet. The two properties are currently 98 percent leased and feature ground-floor retail and more than 60 tenants. Nationwide Life Insurance Co. provided the long-term, fixed-rate financing on an interest-only basis. Colliers | Boston will service the loan until maturity.
EDISON, N.J. — HREC has arranged the sale of the Sheraton Edison Raritan Center in Edison, about 33 miles south of Manhattan. The sales price for the 276-room hotel was not disclosed. The hotel is located in the Raritan Center business park, which is home to local cable television station News 12 New Jersey and the regional operations for both UPS and FedEx. Kevin Hanley, Ketan Patel, Mark von Dwingelo and Bill Schoenenberger of HREC represented the undisclosed seller in the transaction. The buyer was also not disclosed. Edison has recently attracted a large amount of commercial business to the area, according to HREC.
FAIRFIELD, CONN. — RHYS has arranged the sale of 1 Eliot Place, a 25,000-square-foot office building in Fairfield, approximately 25 miles southwest of New Haven. Rockwest Real Estate Partners purchased the three-story property, which was constructed in 1985, for $5 million. The building is fully leased. The seller was FNL Enterprises. Alex Haendler, Ted Grogan and Greg Romano of RHYS were the sole brokers in the transaction. An office of Northwestern Mutual Insurance Co. is the building’s largest tenant. The Fairfield office market has recorded 15 percent rent growth since 2015, according to RHYS.
NEW YORK CITY — KeyBank Real Estate Capital has provided $30 million in first-mortgage financing through Freddie Mac for The Lanes, a seven-story apartment complex in Long Island City. The 57-unit, Class A complex was built in 2017 and totals 83,000 square feet with 11,000 square feet of ground-floor retail space. Tom Peloquin of KeyBank arranged the fixed-rate financing. The loan includes a 10-year term with five years of interest-only payments and a 30-year amortization schedule. The loan was used to refinance existing debt.
PHARR, TEXAS — Private developer and investor Carlos Canales has begun work on Pharr Bridge Business Park, a 330,000-square-foot warehousing development located near the Pharr-Reynosa International Bridge in the Rio Grande Valley (RGV) metro of Pharr. The property will include three 100,000-square-foot facilities and one 30,000-square-foot facility, all of which will be designed as build-to-suits for firms specializing in storage of dry and frozen goods, according to local newspaper Rio Grande Guardian. Local media sources also report that the project is expected to create about 130 new jobs, and that Canales has provided about $25 million in development financing while the Pharr Economic Development Corp. has provided about $1.3 million.
DALLAS — MSD Capital LP, a private investment firm that manages the capital of computer magnate Michael Dell and his family, has acquired shares of the Knox District, a mixed-use development located in the Oak Lawn area of Dallas. The acquisition totals approximately 11 acres, including 170,000 square feet of retail space and 165 multifamily units. Current retail tenants include Crate & Barrel, Trader Joe’s and Pottery Barn. Other terms of sale were not disclosed, but The Dallas Morning News reports that the acquired properties are valued as high as $250 million.