ITASCA, ILL. — Raging Wire Data Centers has purchased 19 acres of land at Hamilton Lakes Business Park in Itasca. Patrick McKillen of Hamilton Partners represented ownership in the transaction. Recent development activity at the business park includes the 183,000-square-foot headquarters for American Academy of Pediatrics. Hamilton Lakes has approximately 3.5 million square feet of office space and 35 acres of additional development land remaining.
KANSAS CITY, MO. — Copaken Brooks has completed the lease-up of the retail space at its Town Pavilion office building in Kansas City. The property totals 840,642 square feet with 30,372 square feet of first-floor retail space. Three new tenants — Johnny C’s Deli & Pasta, Chick N Pie and Ruby Jean’s Juicery — have signed leases at the property. Johnny C’s is a local Italian deli that serves pastas, sandwiches and salads. Chick N Pie will occupy the space formerly home to Pizza Hut and KFC Express. The quick-service concept, from the same owners of Plowboys BBQ, serves chicken, burgers, pizza and salads. Ruby Jean’s Juicery specializes in smoothies, juices, performance shakes and snacks. The company has five other locations.
SCHILLER PARK, ILL. — NAI Hiffman has arranged the sale of a 17,600-square-foot industrial park in Schiller Park near the Chicago O’Hare International Airport. The sales price was not disclosed. The property, located at 9525 River St., includes 3,000 square feet of office space. Murat Cable LLC, an independent manufacturer of automotive and battery cables based in Turkey, purchased the property in an effort to expand its North American customer base. Joe Bronson, Jay Maher and Josh Will of NAI Hiffman represented the seller, Spell Capital Partners LLC. Thomas Gath of Newmark Knight Frank represented the buyer.
IRVING, TEXAS — 7-Eleven Inc. has closed on the acquisition of approximately 1,030 Sunoco (NYSE: SUN) convenience stores across 17 states. The sales price was $3.3 billion, according to local media reports. The acquisition brings 7-Eleven’s portfolio to approximately 9,700 convenience store locations in the United States and Canada. Japan-based Seven & i Holdings Co. Ltd., the parent company of Irving-based 7‑Eleven, operates more than 65,000 stores in 18 countries across the globe. Sunoco’s sub-brands — APlus, Laredo Taco, Ladson Grill and Stripes — will see no immediate changes during the ownership transition. Despite overall uncertainty on the performance of retail properties today, there seems to be a strong case for the success of single-tenant assets occupied by convenience stores. In a convenience store report issued by Quantum Real Estate Advisors Inc. at the close of 2017, the top 10 convenience stores accounted for nearly 64.3 percent of the top 100 ranked stores in the country. 7-Eleven and Alimentation Couche-Tard, the parent company of Circle-K and Kangaroo Express, dominated the rankings in the top two spots. Sunoco’s stock price closed at $31.97 per share on Thursday, Jan. 25, up from $28.37 per share one year ago. — Kristin Hiller
In recent months, a renaissance in the Houston’s urban core, paired with a flight to quality and focus on sustainable design, has created a perfect storm for the metro’s office sector. This revival has been combined with a renewed focus on living and working in Houston’s Central Business District (CBD), which has simultaneously driven a resurgence in both retail and mixed-use developments. Downtown Houston’s burgeoning multifamily market is one of the key drivers in Class A office development. Since 2013, downtown Houston has seen 3,355 new multifamily units hit the market. And according to industry estimates from the midway point of 2017, the multifamily market will continue to grow significantly — as much as 40 percent — by the end of this year. These trends, paired with a 6 percent increase in construction of new hotels, have created greater demand in the marketplace for mixed-use developments that offer diverse tenant mixes, including high-end retail and dining options. A Flight to Quality These shifting preferences among residents and employees within the city’s urban core has prompted a flight to high-quality, modern and energy-efficient buildings, as more tenants look for office space in Class A developments that boast top-of-the-line amenities. Over the …
BOGOTA, N.J. — River Development has completed the disposition of The River Club, a proposed multifamily development site located on the former Hess Oil Terminal and an adjacent parcel that was the former Sifford Pontiac site in Bogota. Jonathan Stein of PCD Capital acquired the development for $17 million. Situated on 13 acres, the proposed development will feature five multifamily buildings including 421 apartments, a clubhouse, secured parking, resort-style pool, a Riverwalk and retail space. Construction is slated to begin this spring. Kathy Anderson of Progress Capital brokered the transaction for the seller. Mike Bruno of Giordano, Halleran, Ciesla provided legal representation for River Development, while Chris Otteau of Otteau Realty Advisors provided legal counsel for the buyer in the deal.
LONG ISLAND, N.Y. — Fairfield Properties has purchased two multifamily buildings located in Rockville Centre in Long Island. Suburban Associates at Grand and Maple LLC, a family developer that constructed the buildings in the 1970s, sold the properties for $16 million. Totaling 83 units, the two buildings are located at 145 Maple Ave. and 91-99 Grand Ave. The buildings are 100-percent rent stabilized and within walking distance of Rockville Centre village and the Long Island Rail Road. Corey Gluckstal and Guy Canzoneri of Five Point Real Estate represented the seller and buyer in the transaction.
BOSTON — The Davis Cos. has acquired a redevelopment site located at 1515 Commonwealth Ave. in Boston’s Brighton neighborhood. Curahealth/Nautic Partners sold the property for $15.7 million. Christoper Sower, Scott Dragos and Doug Jacoby of Colliers International represented the seller in the deal. Formerly operating as a long-term acute care hospital, the property is a 2.12-acre redevelopment site currently improved with a 58,000-square-foot structure.
NEW YORK CITY — Monticello Asset Management has provided $8 million in financing for the acquisition of a 140-bed skilled nursing facility in New York City.The facility was built in 1979 and currently has a five-star Center for Medicare & Medicaid Services rating. In addition to skilled nursing services, the facility contains a 40-bed, non-secure memory unit and a 28-bed short-term or subacute therapy unit. The property totals 45,888 square feet on an 8.2-acre plot. The financing is a bridge loan, which the undisclosed borrower plans to convert to HUD financing in the future.
NORWALK, CONN. — Angel Commercial has arranged the sale of a retail and warehouse building located at 173 Main St. in Norwalk. Servpro acquired the property from Brandman Realty LP for $1.9 million. The property features 17,500 square feet of retail and warehouse space. Headsquartered in Gallatin, Tenn., Servpro is a franchisor of fire and water cleanup and restoration franchises in the United States and Canada. Lester Fradkoff of Angel Commercial represented the seller, while Brett Sherman, also of Angel Commercial, represented the buyer in the deal.