LISLE, ILL. — SVN | Chicago Commercial has brokered the $1.4 million sale of a 22,839-square-foot industrial building in Lisle. The property is located at 1958 University Lane. John McDermott and Aidan Bowe of SVN represented the buyer, a Michigan-based electrical motor seller.
CINCINNATI — iFLY Indoor Skydiving has unveiled plans to open its first location in Ohio at Liberty Center in Cincinnati. The entertainment company will occupy 5,175 square feet upon its opening in the fall. iFLY has 67 facilities worldwide with 28 wholly owned in the United States. Liberty Center is a $350 million mixed-use property from developer Steiner + Associates.
SOUTH ELGIN, ILL. — Realty Metrix Commercial has negotiated a five-year lease for Girl Scouts of Northern Illinois in South Elgin, about 40 miles west of Chicago. The Savannah, Ga.-based organization will occupy 4,500 square feet at a Jewel-Osco-anchored shopping center located at 353 Randall Road. The space formerly housed a Hallmark store. Girl Scouts will use the location as a retail store, as well as office and meeting space. FGM Architects designed the space, and Extreme Remodeling will serve as the general contractor. Completion is slated for May. Linda Kost and Dave Schmidt of Realty Metrix represented both the tenant and the landlord, Stony Creek LAD LLC, in the lease transaction. Girl Scouts of Northern Illinois recently leased another location in Lake Zurich.
GILBERT, ARIZ. — Arch Street Capital Advisors, on behalf of an institutional client, has purchased El Dorado Tech Center in Gilbert for an undisclosed price. Scottsdale, Ariz.-based GoDaddy.com fully occupies the 180,480-square-foot office property. The name of the seller was not released.
PHOENIX — High Street Residential and MetLife Investment Management have started construction of The Osborn Residences, a five-story residential building located at Seventh Avenue and Osborn Road in midtown Phoenix. The project will feature 190 apartments ranging in size from 583 square feet to 1,358 square feet, as well as a five-story parking garage. On-site amenities will include a club room with buffet kitchen, lounge spaces, gaming area, Wi-Fi access throughout the common areas, fitness room, bike storage, dog spa, valet trash service and guest suite for visitors. Additionally, the community will feature a resort-style pool, courtyard, shaded lounge areas, fire pits, outdoor kitchen and grills, hammocks and a yoga lawn. The project team includes Chasse Building Team, ESG Architects, Kimley Horn and Meyer/Borgman/Johnson. The project is scheduled to open in August 2019.
SANTA MONICA, CALIF. — Madison Partners has arranged the sale of a creative office building located at 1522 Second St. in downtown Santa Monica. The Hertz Investment Group sold the property to HQ Creative Office for $13.2 million, or $864 per square foot. The asset consists of two interconnected buildings totaling 15,329 rentable square feet. HQ Creative Office, a subsidiary of The HQ Group, plans to redesign and renovate the property, which was vacant at closing. Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller in the transaction.
SAN BERNARDINO, CALIF. — SRS Real Estate Partners has arranged the sale of a newly constructed, single-tenant retail property located at the intersection of University Parkway and North State Street in San Bernardino. A local private 1031 exchange buyer purchased the property from an Orange County, Calif.-based real estate investment and development firm for $5.3 million. Built in 2017 on 1.15 acres, Starbucks Coffee occupies the 3,000-square-foot drive-thru property. Michael Walseth of SRS represented the seller, while Chris Nikchevich of TNG Real Estate Services represented the buyer in the deal.
AVONDALE, ARIZ. — Brixton Capital has purchased Palmilla Center, a grocery-anchored shopping center located at S.E. Dysart and McDowell roads in Avondale, a suburb of Phoenix. Weingarten Realty sold the property for an undisclosed price. Fry’s Food & Drug, PetSmart, OfficeMax, Dollar Tree, Ono Hawaiian BBQ and H&R Block occupy the 103,568-square-foot property, which was fully leased at the time of sale. Additionally, the acquisition included the Chase Bank and Arizona Federal Credit Union pad buildings at the site. Bryan Ley of HFF represented the seller, while Brixton represented itself in the transaction.
NEW YORK CITY — Blackstone Real Estate Income Trust Inc. (NYSE: BX) has acquired the Canyon Industrial Portfolio, a 22 million-square-foot portfolio of industrial assets, for approximately $1.8 billion. The portfolio consists of 146 last-mile, infill warehouses and distribution buildings with major concentrations in Chicago; Dallas; Baltimore; Washington, D.C.; Los Angeles; the Inland Empire region of southern California; and south and central Florida. The portfolio was 90 percent occupied at the time of sale by tenants including Amazon, FedEx, DHL, Coca-Cola, Fiat Chrysler and the U.S. Government. The seller in the transaction was undisclosed. With the closing of this acquisition, New York City-based Blackstone’s portfolio totals $7 billion in gross asset value across 272 assets, primarily concentrated in 33 million square feet of industrial assets and 17,200 multifamily apartments. The company seeks to invest in stabilized, income-generating U.S. commercial real estate across property types including multifamily, industrial, retail and hotel. Blackstone stock closed on Monday, March 12, at $34.43 per share, up from $27.95 one year ago. — Katie Sloan
WASHINGTON, D.C. — More than 149 million U.S. adults are expected to celebrate St. Patrick’s Day on Saturday, spending a record $5.9 billion on items related to the holiday, according to a survey by the National Retail Federation (NRF) and Proper Insights & Analytics. The annual survey, conduced Feb. 2 to 13, asked 7,657 consumers ages 18 and up about their St. Patrick’s Day plans. The 2018 figure is the highest level in the survey’s 14-year history, up from last year’s previous record of $5.3 billion. “The holiday falls on a Saturday this year, so Americans will have more time to splurge a little as they get together with friends and loved ones for a day of festivities,” says Matthew Shay, president and CEO of NRF, a Washington, D.C.-based retail trade association. According to the survey, consumers are expected to spend an average of $39.65 per person, up from last year’s total of $37.92. The holiday is most popular among individuals 18 to 24 years old, with 77 percent celebrating, but those 35 to 44 will be the biggest spenders at an average of $45.76 each. Celebrants plan to make the majority of their St. Paddy’s purchases from grocery stores (38 …
