CHICAGO — GlenStar Properties LLC has acquired 10 acres of land at the Cumberland Avenue interchange in Chicago for an undisclosed price. Chesapeake Hotel Limited Partnership and Host Hotels & Resorts LP sold the land. Upon closing, GlenStar subdivided the property into three parcels. The largest parcel, totaling 3.6 acres, is available immediately for build-to-suit opportunities. The smallest parcel, approximately 2.4 acres, is in the process of being rezoned. An undisclosed buyer purchased the remaining 2.8-acre parcel and subsequently retained the developer to build a new, 150,000-square-foot office building on its behalf.
Marcus & Millichap Brokers $2.5M Sale of Texas Roadhouse Ground Lease in West Chester Township, Ohio
WEST CHESTER TOWNSHIP, OHIO — Marcus & Millichap has brokered the sale of a Texas Roadhouse ground lease in West Chester Township, about 25 miles north of Cincinnati, for $2.5 million. The 7,163-square-foot net leased property is located at 7309 Kingsgate Way and has a 15-year ground lease. Craig Fuller, Erin E. Patton and Scott Wiles of Marcus & Millichap marketed the property on behalf of the seller, a local private developer. An out-of-state buyer completing a 1031 exchange was the purchaser.
KING OF PRUSSIA, PA. — CBRE has arranged the sale and acquisition financing of a 14-building office complex located within Renaissance Park in King of Prussia. Radnor, Pa.-based MLP Ventures acquired the portfolio from Liberty Property Trust for $76.9 million. The 641,325-square-foot portfolio consists of 14 single-story office and flex properties. At the time of sale, the buildings were 87 percent occupied. Major tenants include Marsh & McLennan Cos., IKEA, BB&T, RELX Group and MedRisk. Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE Capital Markets represented the seller, and Nick Harris and Steven Doherty of CBRE Debt & Structured Finance procured the financing for the buyer.
NEW YORK CITY — Delshah Capital has purchased an apartment building located at 138 Ludlow St. in Manhattan’s Lower East Side. Trikupa Realty sold the six-story property for $18.9 million. The six-story property features 27 apartments in a mix of one-, two- and three-bedroom layouts, and retail space that is occupied by two tenants. The buyer plans to renovate the property, including infrastructure improvements, upgraded kitchen appliances, installation of washers, dryers, wine chillers and flooring, and refurbished bathrooms. Michael DeChester of Cushman & Wakefield represented the buyer and seller in the transaction.
BAYONNE, N.J. — AMS Acquisitions has purchased Silk Lofts, a multifamily property located at 154 Avenue E in Bayonne, for $32.1 million. The former Maidenform factory was redeveloped into a residential loft building in 2009 by Doug Stern of Stern Capital and Leon Cohen (CSR Group). The five-story building features 85 studio, one- and two-bedroom apartments with modern finishes, a variety of amenities and views of the New York City skyline and Bayonne Bridge. AMS Acquisitions plans to add an additional 125 apartments to the site and construct at least two new buildings on the parking lots that surround the property. Steven Matovski of Redwood Realty Advisors represented the undisclosed seller, while Matovski and Jeremy Wernick, also of Redwood, co-represented the buyer in the deal.
MARLBOROUGH, MASS. — Kelleher & Sadowsky Associates has brokered the acquisition of two office buildings located at 150 and 200 Donald Lynch Blvd. in Marlborough. The Minardi Limited Partnership purchased the two buildings from Pondview JV Owner LLC for $13.1 million. Super Stars Learning Center occupies the 9,257-square-foot building at 150 Donald Lynch Blvd., while Brookfield Power, Western Digital and ReWalk Robotics, among others, occupy the three-story 116,762-square-foot building at 200 Donald Lynch Blvd. At the time of sale, the property at 200 Donald Lynch Blvd. was 95 percent occupied. William Kelleher IV and James Cozza of Kelleher & Sadowsky Associates represented the buyer, while Newmark Knight Frank represented the seller in the deal.
NEW YORK CITY — Ready Capital Structured Finance has arranged $6 million in financing for the acquisition, renovation and stabilization of a mixed-use property in SoHo. The financing is a non-recourse senior floating-rate bridge loan. The property features 7,500 square feet of retail, office and multifamily space.
SEATTLE — Amazon.com Inc. (NASDAQ: AMZN) has opened the first location of Amazon Go, an 1,800-square-foot mini grocery store in Seattle that allows customers to shop without waiting in checkout lines. The store was open exclusively to Amazon employees for the past year. The store is located at 2131 7th Ave. near the corner of Blanchard Street, less than a mile from Pike Place Market and the e-commerce giant’s headquarters. It offers ready-to-eat meals and snacks prepared by Amazon chefs, as well as grocery staples and artisanal baked goods. The offerings also include chef-designed meal kits. Shoppers must have an Amazon account and the Amazon Go app, the latter of which enables entry into the store. Once inside, customers shop as they normally would and then simply leave. While there are no cashiers, there are employees working in the store who prepare food and check IDs on purchases of alcoholic beverages. The store employs inventory-tracking technologies featuring cameras and motion sensors that automatically detect items being removed or returned to shelves. Shortly after shoppers depart, they receive a digital receipt and charges to their Amazon account. “Amazon has generally been regarded as a threat to conventional retail,” says Kenneth Katz, …
It’s impossible to ignore the ongoing boom of new commercial real estate development in downtown Charlotte. Get a glimpse of the skyline from the Interstate 277 loop and you can see the already-present structures standing tall among the handful of cranes and half-completed construction filling in the gaps. More than a dozen projects are currently underway in Center City, with more expected during the next 12 to 18 months. New and Improved Recently opened towers, like 300 South Tryon and 615 South College, have attracted major corporate relocations to downtown CBD, including Regions Bank and Sitehands. Ally Bank just announced its 400,000-square foot move to Ally Charlotte Center, and Crescent Communities just kicked off development of a new tower in the burgeoning Stonewall corridor for a 2020 completion date. Companies seeking the top-of-market space in the city’s newest downtown office developments want to have a presence in the heart of Charlotte’s energy. There, they can recruit elite talent and build their brand. Of course, that presence comes with the highest rental rates and parking costs, in addition to elevated tenant-buildout budgets in a market where construction costs continue to rise. At the other end of the spectrum, some are finding …
AUSTIN, TEXAS — Chicago-based investment bank Ziegler has secured $94.7 million in bond financing for Longhorn Village, a 310-unit continuing care retirement community (CCRC) in Austin. The alumni association of the University of Texas sponsors the nonprofit community, which is situated on 55 acres and features 214 entrance-fee independent living units, 20 assisted living suites, 16 memory support suites and 60 skilled nursing beds. Proceeds from the bonds will advance refund $85.1 million of Longhorn Village’s 2012 bonds, as well as fund $2 million for routine capital expenditures and a debt service reserve fund.