Property Type

Gebroe-Hammer Brokers $15.4M Sale of Two Apartment Buildings in Plainfield, New Jersey

by David Cohen June 20, 2018

PLAINFIELD, N.J. — Gebroe-Hammer Associates has brokered the $15.4 million sale of two apartment buildings in Plainfield. Stephen Tragash and Gehane Triarsi of Gebroe-Hammer represented the undisclosed seller of Cornell Arms and Pingry Arms apartments, which are located a half-mile apart at 735 Park Ave. and 606 Crescent Ave., respectively. The buyer was also undisclosed. Comprised of 114 total units, the six-story mid-rise properties each feature a mix of studio and one-, two- and three-bedroom layouts. Amenities include elevators, laundry facilities and paved-surface parking.

June 20, 2018

Acquisitions Northeast Pennsylvania Retail

The Stro Companies Acquires 26,500 SF Retail Building in New Jersey

by David Cohen June 20, 2018

LODI, N.J. — The Stro Companies has acquired 240 Route 17, a 26,500-square-foot retail building in Lodi for $4 million. The property was home to a local party good store for decades but was vacant at the time of the sale. Stro purchased the property from the former owner occupant and has plans to upgrade and reposition the asset. The Bank of New Jersey provided acquisition financing.

June 20, 2018

Acquisitions Industrial Northeast Pennsylvania

MRP Industrial, Cabot Purchase 23-Acre Industrial Development Site in Quakertown, Pennsylvania

by David Cohen June 20, 2018

QUAKERTOWN, PA. — A joint venture of MRP Industrial and Cabot Properties has purchased a nearly 23-acre site in Quakertown for the development of a speculative two-building industrial facility that will total more than 260,000 square feet. Quakertown is approximately 47 miles north of Philadelphia and 14 miles south of Allentown. Known as Park 309, the facility is expected to be completed in late 2018. Brian Knowles and Andrew Komisor of Lee & Associates brokered the transaction on behalf of the joint venture. Building I is a 114,400-square-foot warehouse and building II is 145,800 square feet. Both buildings feature 32-foot clear heights and two drive-in doors.

June 20, 2018

Development Michigan Midwest Office

Ford Unveils Plans for Detroit Train Station Transformation at Public Event

by Kristin Harlow June 20, 2018

DETROIT — Employees of Ford Motor Co., city and state officials and Corktown residents gathered on Tuesday at Michigan Central Station for a celebration during which the auto giant officially announced its plan to breathe new life into the former train depot. Ford plans to transform the long-vacant property into a new Corktown campus for work on autonomous and electric vehicles, as well as design urban mobility services and solutions that includes smart, connected vehicles, roads, parking and public transit. “We at Ford want to help write the next chapter, working together in Corktown with the best startups, the smartest talent, and the thinkers, engineers, and problem-solvers who see things differently — all to shape the future of mobility and transportation,” said Bill Ford, the company’s executive chairman. The acquisition of Michigan Central Station comes alongside the company’s purchase of the former Detroit Public Schools Book Depository, two acres of vacant land, the site of an old brass factory and the recent purchase of a refurbished former factory in Corktown, now home to Ford’s electric vehicle and autonomous vehicle business teams. Ford’s campus will span at least 1.2 million square feet of space in Corktown. Approximately 2,500 Ford employees, most from the mobility team, will call Corktown …

June 20, 2018

Development Midwest Minnesota Multifamily

Doran, CSM Break Ground on $100M Luxury Apartment Project in Downtown Minneapolis

by Kristin Harlow June 20, 2018

MINNEAPOLIS — Doran Cos. and CSM Corp. have broken ground on The Expo, an apartment community in the St. Anthony Falls Historic District of downtown Minneapolis. The $100 million project calls for a 25-story, high-rise building that will include 199 units, and a lower-level building that will feature 157 apartment units and 12 townhome units. Amenities will include a pool, business center, fitness center, spa, game room, bike storage and entertainment suites. Design firm DLR Group will lead the interior design of the project. A grand opening is slated for late spring or early summer 2020.

June 20, 2018

Acquisitions Midwest Missouri Multifamily

Cushman & Wakefield Arranges Sale of 680-Unit Apartment Community in St. Charles, Missouri

by Kristin Harlow June 20, 2018

ST. CHARLES, MO. — Cushman & Wakefield has arranged the sale of Sun Valley Lake in St. Charles, a suburb of St. Louis. Ascent Residential acquired the asset for an undisclosed amount. Built in 1986, the 680-unit apartment community is located along I-70. Amenities include two swimming pools, covered parking and a fitness center. Mike Kemether, Mike Hanrahan and Bobby Mills of Cushman & Wakefield represented the seller, Priderock Capital Partners.

June 20, 2018

Acquisitions Data Centers Industrial Midwest Wisconsin

Carter Validus Sells 59,516 SF Data Center Near Milwaukee for $21M

by Kristin Harlow June 20, 2018

HARTLAND, WIS. — Carter Validus Mission Critical REIT Inc. has sold its Milwaukee Data Center in Hartland, about 30 miles west of Milwaukee, for $21 million. The 59,516-square-foot property sits on nearly eight acres. Landmark Infrastructure Operating Co. LLC purchased the asset. The company also recently sold a data center in Alpharetta, Ga., for $64 million. Carter Validus Mission Critical (CVMC) REIT I owns one remaining data center in Andover, Mass., but CVMC REIT II owns 27 data center properties as of the end of the first quarter.

June 20, 2018

Acquisitions Industrial Kansas Midwest

Colliers Brokers Sale of 119,920 SF Industrial Building in Lenexa, Kansas

by Kristin Harlow June 20, 2018

LENEXA, KAN. — Colliers International has brokered the sale of a 119,920-square-foot industrial building in Lenexa for an undisclosed price. The property is located at 16002 W. 110th St. John Stafford of Colliers represented the seller, Himoinsa Power Systems Inc. NT Realty represented the buyer, 110th Street Lenexa LLC.

June 20, 2018

Civic Development District of Columbia Office Southeast

Joint Venture Breaks Ground on Historic School Renovation Project, Adjacent Office Building in D.C.

by Camren Skelton June 20, 2018

WASHINGTON, D.C. — A joint venture between Akridge, Corporate Office Properties Trust (COPT) and Argos Group has broken ground on the redevelopment of Thaddeus Stevens Elementary School in Washington, D.C. Akridge and D.C. officials have collaborated for 19 years to establish a plan for the historic school, which was one of the District’s first public schools built for the education of African American children. As part of the redevelopment, the joint venture broke ground on a 190,000-square-foot office building, located at 2100 L St., on what previously served as the school’s playground. Designed by Martinez & Johnson Architecture, the building features floor-to-ceiling glass, 20,000-square-foot floor plates, a landscaped rooftop terrace and lounge, penthouse conference center, fitness center and an art gallery with outdoor terraces. The building will feature a rotating art gallery of works from African American artists, as well as a statue outside the building and a feature wall commemorating the property’s namesake, Thaddeus Stevens, who was a U.S. congressman. Law firm Morrison & Foerster LLP has preleased 43 percent of the building. The redevelopment will also include a renovation of the school building, which will reopen as a D.C. public school upon completion. The joint venture expects to …

June 20, 2018

Development Georgia Industrial Southeast

Red Rock Underway on 3 MSF Facility at Shugart Farms Industrial Park in Metro Atlanta

by Camren Skelton June 20, 2018

FAIRBURN, GA. — Red Rock Developments is underway on Shugart Farms Phase II, a three-building industrial campus totaling approximately 3 million square feet. The campus is located within Shugart Farms Industrial Park, which will eventually span 16 million square feet and 2,500 acres. The park is located along the Interstate 85 South industrial corridor in Fairburn, roughly 20 miles southwest of downtown Atlanta. Construction is currently underway on a 982,777-square-foot speculative building at the park. Two additional build-to-suit opportunities in Phase II will total roughly 1.5 million square feet and 485,381 square feet. Red Rock expects to wrap up construction on Phase II in the fourth quarter. The first phase of Shugart Farms Industrial Park was delivered last year and included two buildings totaling roughly 2 million square feet. The buildings are leased to Smucker’s and Duracell.

June 20, 2018

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