SOUTHINGTON, CONN. — Tony Valenti and Ralph Calabrese of R. Calabrese Agency have brokered the sale of three acres of vacant commercial property in Southington to AVA Development LLC. The property is located on the West Street (Route 229) corridor near I-84. The new owner will commence construction on a Courtyard by Marriott Hotel, with groundbreaking scheduled for this spring. S&G LLC was the seller and R. Calabrese Agency was the sole broker involved in the transaction.
EDEN PRAIRIE, MINN. — CBRE has arranged the sale of Crosstown Corporate Center in Eden Prairie, 12 miles southwest of Minneapolis, for $8.2 million. The 59,487-square-foot building is located at 6385 Old Shady Oak Road. Built in 1999, the Class A building consists of two stories. Altus Property Investments LLC was the buyer. Ryan Watts, Judd Welliver, Sonja Dusil and Tom Holtz of CBRE arranged the sale on behalf of the seller, a Boston-based commercial real estate private equity fund manager.
CHICAGO — CenterPoint Properties has been selected by CRRC Sifang America Inc. to develop a 380,944-square-foot industrial building for the rail car manufacturer in Chicago. Located on 45 acres at 13535 S. Torrence Ave., the facility will include warehouse, office and rail car assembly and testing space. The building footprint also incorporates room for future growth and expansion of CRRC’s North American production capabilities. The Chicago assembly facility will serve initially to fulfill a contract between CRRC and the Chicago Transit Authority (CTA) for new rail cars. CRRC will assemble, test and deliver the CTA’s new, modern 7000 Series transit cars, with the first cars expected by 2019. The building will achieve a LEED certification upon completion and feature LED lighting for internal production lighting, skylights for natural lighting, water-efficient fixtures, natural landscaping and storm water management. A groundbreaking ceremony took place on March 16.
ROSEMONT, ILL. — Money360 has provided a $16.2 million bridge loan for a 71,132-square-foot office property in Rosemont. Constructed in 2006, the single-tenant building includes a central break room, executive suite, conference room, large meeting room, computer training room, fitness center and locker rooms. The borrower was a single-purpose entity.
CHICAGO — Dayton Street Partners has sold its 43,000-square-foot distribution facility at 920 W. Pershing Road in Chicago to a private investor for $4.1 million. Originally acquired in 2015, Dayton Street transformed the manufacturing building into a modern warehouse/distribution facility. Last year, Trane U.S. signed a 25,000-square-foot lease at the property and Stanley Steemer signed an 18,000-square-foot lease.
GRAND RAPIDS, MICH. — Grand Rapids Surgical Suites has signed a 6,936-square-foot lease for its ambulatory surgical center in Grand Rapids. The building is located at 2505 East Paris Ave. along the East Paris medical corridor. Grand Rapids Surgical Suites is a partner of SurgCenter Development, a corporation that partners with local surgeons to create physician-owned and operated ambulatory surgical centers. Mary Anne Wisinski-Rosely and Jason Makowski of NAI Wisinski brokered the lease transaction.
MENLO PARK, CALIF. — Square Mile Capital Management LLC has provided a $145 million construction loan for the development of the first phase of Menlo Gateway, a 16-acre, master-planned project in the Menlo Park area of Silicon Valley. Located on Independence Drive near the Marsh Road exit of U.S. Route 101, the development will consist of approximately 705,000 square feet of office space across three eight-story buildings. The 16-acre parcel, located roughly two miles from Facebook’s headquarters, was previously zoned for industrial use. The Marriott Autograph Collection Hotel, a 250-room hotel currently under construction, will also reside on the land. The 11-story hotel offers a pool with cabanas and poolside bar, a spa, a lobby restaurant and coffee market, as well as 20,000 square feet of indoor and outdoor meeting space. Delivery is slated for late 2017. The Bohannon Development Co., which is based in northern California, is serving as the project developer. San Francisco-based Heller Manus Architects designed the project. Phase I of Menlo Gateway will include an eight-story, approximately 210,000-square-foot building located at 100 Independence Drive, as well as a 1,040-space parking deck. Phase I also includes delivery of The Bay Club, a 41,000-square foot fitness center with …
The Raleigh and overall Triangle retail markets ended 2016 in a very healthy position. The Triangle vacancy rate is currently at 6.09 percent, nearing 10-year lows dating back pre-recession and includes retail absorption nearing 900,000 square feet over the past four quarters. The region’s diverse economic engine driven by technology, university systems, heathcare and Raleigh as a state capital, combined with a relatively low cost of living and temperate climate, continue to push population growth and related retail expansion. With fierce grocery competition, a natural evolution of inward growth and urbanization and several large mixed-use development projects, the Triangle retail market is thriving. However, e-commerce, rightsizing and store closures continue to challenge the broader U.S. retail market and the Triangle has not been spared. Grocery Competition With several homegrown grocery brands, North Carolina and the Triangle region have historically been one of the most competitive areas for grocers in the United States. Regional players like Harris Teeter (now owned by Kroger), Lowes Foods, Food Lion, The Fresh Market, Ingles and Earth Fare (all based in North Carolina) have competed for years with out-of-state supermarkets Kroger, Whole Foods Market, Trader Joe’s and even Walmart. This year brought a new level of …
DALLAS — Hunt Mortgage Group has arranged a $21.5 million first mortgage bridge loan on behalf of Iliad Realty Group for the acquisition and renovation of two multifamily properties in Dallas. The first property, North Park Terrace, is a 309-unit, garden-style complex located at 8662 Park Lane. The second property, Pecan Tree Apartments, is 174-unit, garden-style complex located at 3001 Kendale Drive. At the time of sale, the assets were 76 percent and 95 percent occupied, respectively.
HOUSTON — The Houston Housing Authority (HHA), a provider of homes for low-income Houstonians, will break ground on a 154-unit multifamily property located at 302 Crosstimbers St. on Monday, March 20. The project for mixed-income residents represents HHA’s first multifamily development in the Independence Heights neighborhood, located slightly northwest of downtown, in more than a decade.