PHOENIXVILLE, PA. — HFF has arranged the sale of a single-tenant office building located at 1140 Valley Forge Road in Phoenixville, a suburb of Philadelphia. A Philadelphia-based family office sold the building for $6.6 million. Constructed as a build-to-suit in 1994 for Environmental Standards Inc., the property features 30,588 square feet of office space, including a 10,000-square-foot expansion that was added in 2013. Brett Segal and Doug Rodio of HFF represented the seller in the deal.
LISLE, ILL. — A venture between GFH Financial Group BSC, Lincoln Property Co. and Crestlight Capital has acquired Central Park of Lisle I and II in Lisle. The sales price was $129 million, according to Crain’s Chicago Business. The two-building office property totals 693,546 square feet. Completed in 1991, Central Park of Lisle I is a seven-story building featuring 381,634 square feet. Central Park of Lisle II, built in 2001, features eight stories of office space totaling 311,912 square feet. Combined, the properties are 86 percent leased to tenants such as Armour-Eckrich Meats LLC, CA Technologies, Millward Brown (Kantar), EMC Corp. and Kone. Amenities include an on-site athletic club, childcare, cafeteria, conference facility and executive parking. The transaction included the 7.5-acre development parcel to the east of the site fronting I-88. Bryan Rosenberg, Patrick Shields, Jaime Fink, Jeff Bramson and Mark Katz of HFF marketed the property on behalf of the undisclosed seller and procured the buyer. Eric Tupler and Trent Niederberger of HFF arranged financing for the borrower through Citigroup.
DETROIT — City Club Apartments has broken ground on a 288-unit apartment property in Detroit. Located at the corner of Washington Boulevard and Park Avenue facing Grand Circus Park, the site was once home to the 18-floor, 800-room Statler Hotel, which was built in 1915. In addition to apartments and penthouses, the property, known as City Club Apartments-CBD, will also feature 13,000 square feet of street-level space, including a pet store, restaurant and gourmet market. Amenities will include wellness and exercise rooms, valet parking and concierge services. The first residents are expected to begin moving into the community in November 2018 with project completion set for the second quarter of 2019. Wolverine Building Group is the general contractor, while BKV Group and Damon Farber are providing architectural services. Huntington Bank, Bank of Ann Arbor and Comerica Bank provided construction financing for the $70 million project.
CHICAGO — Crate & Barrel has signed a 117,000-square-foot lease for office and production space at The Fields in Chicago. Crate & Barrel plans to use the space for photo and video production. The Fields is a 22-acre, 1.5 million-square-foot redevelopment of the former Marshall Field’s campus located at 4000 West Diversey St., and is part of the Logan Square neighborhood. In 1965, Marshall Field and Co. acquired the six-story loft building, which was constructed in 1928. After going vacant in 2008, 4K Diversey Partners LLC, a partnership of Louis Silver, Aaron Paris and Paul Fishbein, acquired the complex. Developer Merit Partners began a mixed-use redevelopment at the site in January 2014. The project now comprises 300,000 square feet of office space; 123 residential rental lofts; 100,000 square feet of retail space, including the flagship Cermak Fresh Market; a 125,000-square-foot Cubesmart Self Storage business; and a 400,000-square-foot warehouse anchored by Studio 41. Cushman & Wakefield’s Barbara Schenberg and Teddy Walsh represented ownership in the lease transaction, while Steve Schneider and Andy Heymann, also of Cushman & Wakefield, represented Crate & Barrel.
FRIDLEY, MINN. — Resolution Medical has signed a 35,781-square-foot industrial lease at Northern Stacks in Fridley. The Fridley-based medical device engineering and manufacturing firm will occupy the space at the 133,200-square-foot Stacks III, which is now fully leased. Jack Tornquist of CBRE represented the tenant in the lease transaction. Eric Batiza and John Simek of Colliers International represented ownership, a joint venture between Hyde Development and M.A. Mortenson Co. Upon completion, Northern Stacks will encompass a total of seven buildings. To date, five buildings have been constructed and four are fully leased.
TROTWOOD, OHIO — Marcus & Millichap has brokered the sale of a retail building net leased to Walgreens in Trotwood, about 10 miles northwest of Dayton, for $3.8 million. The 14,866-square-foot property is located at 5271 Salem Ave. Walgreens has more than 11 years remaining on its lease. Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Medi Vakili of Investment Property Group represented the buyer, a private trust.
ST. PETERSBURG, FLA. — Camden Property Trust (NYSE: CPT), a Houston-based multifamily REIT, has acquired Camden Pier District, a 358-unit apartment community in the Tampa suburb of St. Petersburg, for $127 million. The community is located at 330 3rd St., less than a mile from the waterfront and within close proximity to Tropicana Field and the University of South Florida St. Petersburg. Patrick Dufour and Richard Donnellan of ARA Newmark arranged the transaction on behalf of the sellers, Miami-based American Land Ventures LLC and global equity partner Barings Real Estate — part of Barings LLC — on behalf of an institutional investor. American Land Ventures developed the property — originally known as AER Luxury Apartments — in 2016. “AER was an especially important assignment for us as we represented the land owner in the sale of the site to the developer, sourced the equity for the development of the project, monitored the asset closely through lease up and ultimately secured an institutional buyer in the sale of the asset.” says Dufour. The sales price, which equates to about $354,745 per unit, makes this transaction the largest apartment deal in the history of the Tampa Bay area on a per-unit basis, according …
December of this year will mark the 30th anniversary of the movie “Wall Street” and the introduction of the antihero, Gordon Gekko. In that movie, Gordon delivers the iconic “Greed is Good” speech to the shareholders of a besieged paper company. While things in the end did not turn out well for Gekko due in large part to his greed, the undertones of that speech are uncontentious: Performance and adaptation will come about when there are strong incentives to evolve. The evolutionary spirit of retail real estate is taking shape here in Hampton Roads and great things are happening. Grocers Take Battle Positions The Hampton Roads grocery industry has evolved over the years in large part due to fierce competition from Aldi and Lidl. These two German-based competitors will collectively bring over 20 new locations to the region, and bring with them a new no-frills experience with staple grocery items at a lower price point. Additional grocer announcements in the market include the first Wegmans that committed to a site near Town Center of Virginia Beach, Kroger’s four new developments throughout the region (although a recent freeze in capital projects have stalled those) and Walmart’s recently opened store in Virginia …
SACRAMENTO, CALIF. — A fund sponsored by Shorenstein Properties has purchased U.S. Bank Tower, a 366,000-square-foot office building in Sacramento, for an undisclosed sum. The 25-story tower is located at 621 Capitol Mall. U.S. Bank Tower is situated immediately south of the Golden One Center, which opened in late 2016, and three blocks west of the state capitol. The property also features more than 23,000 square feet of fully occupied retail and restaurant space, including Morton’s the Steakhouse, and a large parking structure that services both the property and the Golden One Center. JLL represented the sellers, David S. Taylor Interests and Britannia Pacific Properties, in this transaction.
CAMPBELL, CALIF. — Vista Investment Group has acquired Vasona Technology Park, a 314,256-square-foot office campus in the Silicon Valley submarket of Campbell, for $113 million. The campus is situated on an 18.5-acre site bordered by Winchester Boulevard, East Hacienda Avenue and Dell Avenue. Vasona Technology Park is fully leased to tenants like the Kaiser Foundation Health Plan and ChargePoint. Vista plans to reposition the older buildings at the park into a more creative office standard, using the expansive campus setting featuring one of the largest contiguous land sites in the area.
