MILFORD, CONN. — Jon Angel of Angel Commercial has arranged a 29,000-square-foot lease expansion for RoadWerx in Milford. RoadWerx, a marketing and promotions agency, has signed a long-term lease to add the space to its headquarters at 60 Research Drive. Angel represented both the tenant and landlord in the transaction.
DETROIT — Kraemer Design Group (KDG) will serve as architect and historic consultant on the Detroit Free Press building renovations. The former newspaper building, located at 321 W. Lafayette Boulevard, will require structural updates, complete masonry restoration, new energy-efficient windows and a fresh interior design. The 271,858-square-foot, 14-story building will be repurposed into a mixed-use property with retail, office and residential space. KDG will work to preserve historic elements and details of the building, while modernizing a structure left vacant for 19 years. KDG will collaborate with Bedrock, the new owners of the building and the real estate arm of Dan Gilbert’s companies, on construction and design initiatives. The new project is slated to open in 2020.
SCHAUMBURG, ILL. — First Western Properties Inc. has arranged the sale of a 15,000-square-foot industrial building in Schaumburg. The sales price was not disclosed. The property is located at 631-653 Morse Ave. The multi-tenant building was 92 percent leased at the time of sale. Bradford Dessy of First Western represented the out-of-state buyer in the transaction. Jeff Schultz of Kinzie Brokerage represented the undisclosed seller.
PEMBROKE PINES, FLA. — Related Development has sold the recently completed Town at Pembroke Pines, a 356-unit apartment community located at 10700 City Center Blvd. in Pembroke Pines, a city in South Florida’s Broward County. Rockpoint Group, a Boston-based real estate private equity firm, purchased the property from the Miami-based developer for $87 million. Built in 2016, Town at Pembroke Pines features 33 units per acre and community amenities such as a resort-style pool deck with personal cabanas and daybeds, outdoor dining area, demonstration kitchen, game room, private movie theater, eight courtyards, dog park, children’s playground and volleyball, tennis and racquetball courts. Over the past 18 months, Related Development has sold three completed multifamily projects totaling over $290 million, not including Town at Pembroke Pines.
NEW BERLIN, WIS. — Ogden & Co. Inc. has brokered the sale of Parc Vue Apartments in New Berlin, about 15 miles southwest of Milwaukee, for $2.5 million. The 30-unit property consists of two buildings and is located at 12415 W. Greenfield Ave. Dave Tighe and Sue Sardina of Ogden represented the seller, Greenfield-124-Needham LLC. Tighe, along with Mike Seramur, represented the buyer, Parc Vue LLC.
SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has negotiated a 9,709-square-foot office lease in Southfield. The building is located at 29777 Telegraph Road. Jordan Friedman, Greggory Kent and Robert Gagniuk of Friedman represented both the landlord, Onyx Southfield LLC, and the tenant, Gill Industries. Headquartered in Grand Rapids, Gill operates 20 manufacturing, development and strategic partner centers across the globe.
NEWNAN, GA. — Variety Wholesalers has signed a 20-year, 1.4 million-square-foot lease for its new distribution center at 60 Herring Road in Newnan. LRC Properties owns and manages the property, which is a former Kmart distribution center. LRC purchased the building last August and made improvements to the facility’s roof and parking lots, as well as refit the building to accommodate multiple tenants. Variety Wholesalers, which is the first tenant to move into the space, operates nearly 400 stores in 17 different states, primarily under the brand names of Roses Discount Store and Roses Express. The company will employ more than 300 full-time employees at the facility and process more than 100 million units of product annually.
CHARLOTTE, N.C. — Grubb Properties has unveiled the design for a 10-story office building the company is renovating on Mockingbird Lane in Charlotte’s Montford Park submarket. Known as 1515 Montford Park, the updated office building will feature a full glass façade with expansive windows, high ceilings, open floor plans, an outdoor terrace and an amenities lounge on the fifth floor featuring table games, bar top, lounge seating, big-screen TV and a stocked kitchen area. Office tenants will have access to a full-service fitness center and bike room at the adjacent 4601 Park Road building. Pfeiffer University Charlotte has pre-leased space at 1515 Montford Park. Space for lease on floors three through six will be available for near-term delivery, with a start on floors seven through 10 projected for the beginning of 2018.
CHICAGO — Vapiano has unveiled plans to open a 9,188-square-foot restaurant inside the AC Hotel Marriott in Chicago. The property is located at 630 N. Rush St. Spread over two floors, the new restaurant will serve Vapiano’s trademark pasta, pizza and salad by chefs from an open kitchen. The company has an established location at 44 S. Wabash Ave. and more than 181 locations in 31 countries. Matt Alexander and John Skalla of Bradford Allen represented Vapiano in the lease transaction. Todd Siegel and Phil Golding of CBRE, along with Bruce Westling of NAI MLG Commercial, represented the landlord. The restaurant is slated to open this fall.
STATESBORO, GA. — Vesper Holdings has acquired The Forum at Statesboro, a 780-bed student housing community located near Georgia Southern University in Statesboro, for $28.5 million. The property comprises 13 three-story residential buildings and a clubhouse, and offers one-, two-, three- and four-bedroom units. Community amenities include a swimming pool, 24-hour fitness center, game room, indoor basketball court, tennis and volleyball courts, tanning beds, a business center and a dog park. Vesper plans to invest $1.3 million in capital expenditures to improve curb appeal, renovate the clubhouse and upgrade amenities. The seller was undisclosed.
