Property Type

Darwin Realty Negotiates Sale of 53,289 SF Office/Industrial Building in Buffalo Grove, Illinois

by Amy Works September 28, 2016

BUFFALO GROVE, ILL. — Darwin Realty has brokered the sale of a 53,289-square-foot office/industrial property located at 1500 Busch Parkway in Buffalo Grove. JJS Properties sold the property to Knipex Tools for an undisclosed price. The buyer, the North American sales and marketing organization for the German hand-tool manufacturer, plans to relocate its operations from Arlington Heights, Ill., to the facility. Dan Predergast and Adam Haefner of Darwin Realty represented the seller, while Brian Hellgeth of Brian Properties represented the buyer in the transaction.

September 28, 2016

Civic Illinois Midwest Retail

Summit Design + Build Starts Construction of 316,650 SF Athletic/Academic Facility in Chicago

by Amy Works September 28, 2016

CHICAGO — Summit Design + Build, serving as general contractor, has broken ground on XS Tennis and Education Foundation’s XS Tennis Village, a state-of-the-art athletic and academic facility in Chicago’s Washington Park neighborhood. Situated on 14 acres at 510 S. State St., the 316,650-square-foot project will feature 110,000 square feet of indoor space, including 12 full-size tennis courts, four mini tennis courts, locker rooms, offices, players’ lounge and an 8,100-square-foot fitness center with a basketball court and sprinting lane. The complex’s 206,650 square feet of outdoor space will feature 15 full-size tennis courts (four clay and 11 hard surface), three stadium courts, two basketball courts and a 150-meter running track. Williams Architects is providing architectural services for the project.

September 28, 2016

Illinois Midwest Retail

Realty Metrix Commercial Brokers Sale of 4,167 SF Car Wash in West Dundee, Illinois

by Amy Works September 28, 2016

WEST DUNDEE, ILL. — Realty Metrix Commercial has arranged the sale of 1 Great Care Wash, located at 555 Willow Lane in West Dundee. LMK LLC sold the asset to Abraham Property Management LLC for an undisclosed price. The 4,167-square-foot, six-bay touchless car wash features two automatic and four service bays. The buyer plans to self manage the family-owned business. Dave Schmidt and Linda Kost of Realty Metrix Commercial represented the seller and buyer in the deal. Wells Fargo Bank provided financing for the acquisition.

September 28, 2016

Midwest Office Wisconsin

Colliers International | Wisconsin Facilitates Two Property Sales, One Lease in Wisconsin

by Amy Works September 28, 2016

WATERTOWN, BROOKFIELD AND DELAVAN, WIS. — Colliers International | Wisconsin has arranged two property sales and one lease in Wisconsin. In the first deal, FAB Leasing Co. acquired a building, located at 1701 Utah St. in Watertown, from an undisclosed seller for $320,000. Steve Sewart and Westin Kane of Colliers arranged the deal. In the second transaction, WLCFS leased 2,665 square feet of office space at 16535 W. Bluemound Road in Brookfield. Sal Strehlow, Matt Fahey, Ben Anderson and Lyle Landowski of Colliers brokered the transaction. In the third deal, Griego Sound Inventions purchased a building located at 1436 Mound Road in Delavan for $350,000. Jim Larkin and Joe Eldredge of Colliers arranged the transaction. The name of the seller was not released.

September 28, 2016

Loans New York Northeast Office

SL Green Closes $1.5B Construction Financing for One Vanderbilt Development in Midtown Manhattan

by Amy Works September 28, 2016

NEW YORK CITY — SL Green Realty Corp. has closed on $1.5 billion in construction financing for One Vanderbilt, a 58-story office tower located adjacent to Grand Central Terminal in Midtown Manhattan. The financing has a term of up to seven years and bears interest at a floating interest rate of 3.5 percent over LIBOR, with the ability to reduce the spread to as low as 3 percent upon achieving certain pre-leasing and completion milestones. Institutions involved in the financing are Wells Fargo Bank as administrative agent; The Bank of New York Melton, JP Morgan Chase Bank, TD Bank N.A. and Bank of China as syndication agents; and Landesbank Baden-Württemberg as documentation agent. Vertical construction is slated to begin in the second quarter of 2017, with completion scheduled for 2020. Tishman Construction is managing the project, which will also include direct connection to Grand Central’s network of mass transit, improved by $220 million in upgrades that SL Green is implementing as part of the project. Designed by Kohn Pederson Fox, the 1.6 million rentable-square-foot tower will be the tallest building in Midtown and the second tallest in New York City. In 2014, TD Bank signed a 20-year, 200,000-square-foot lease at the …

September 28, 2016

Loans Mixed-Use Multifamily New York Northeast Office Retail

Madison Realty Capital Provides $52M Loan for Mixed-Use Development in NYC

by Amy Works September 28, 2016

NEW YORK CITY — Madison Realty Capital has provided a $52 million first mortgage loan for the acquisition of a development site in the East Village and the construction of an approved mixed-use development on the site. Located at 644 E. 14th St., the 76,259-square-foot development will feature 50 residential units, 8,064 square feet of retail space with 200 feet of frontage on 14th Street and Avenue C, and 21,575 square feet of community facility space. The loan proceeds helped the undisclosed borrower close on the site acquisition and will fund further predevelopment activities and construction of the building. The residential units will feature contemporary finishes and large balconies with views of the East River. Additionally, the borrower is finalizing a lease with a major New York hospital to occupy the entire community facility portion of the new building.

September 28, 2016

Industrial New Jersey Northeast

Dermody Properties to Develop 152,200 SF Build-to-Suit Facility in Southern New Jersey

by Amy Works September 28, 2016

LOGAN, N.J. — Greenyard has selected Dermody Properties to develop a 152,200-square-foot build-to-suit facility in Logan. Located within LogistiCenter at Logan, the packing and cold storage facility marks the first expansion of the Fresh division of Greenyard in the United States. Greenyard is a distributor of fresh and prepared fruits, vegetables, flowers, plants and growing media. Currently operating at UNIVEG Logistics America, the company’s name will change to Greenyard Logistics USA upon completion of the new facility. LogistiCenter at Logan is a 5.5 million-square-foot industrial park owned by Dermody Properties and Great Point Investors.

September 28, 2016

New Jersey Northeast Retail

RD Management to Develop 26,016 SF Shopping Center in Marlton, N.J.

by Amy Works September 28, 2016

MARLTON, N.J. — RD Management LLC is developing Sunbird Plaza, a shopping center located at the intersection of Route 73 and Sunbird Drive in Marlton. The shopping center will feature 26,016 square feet of retail space. Additionally, RD Management has signed its first tenant to the to-be-built property. Royal Farms will occupy 5,166 square feet of space at the center, which is slated to open in spring 2017. The Maryland-based chain offers gasoline and diesel fuel, breakfast, lunch, dinner and snacks for customers’ sit-down or take-out convenience. The chain currently operates 167 stores and is expanding to the South Jersey market. The property also offers 19,200- and 1,650-square-foot retail spaces and a potential pad site is available for lease.

September 28, 2016

New Jersey Northeast Office

G3 Communications Leases 6,400 SF of Office Space in Hasbrouck Heights, N.J.

by Amy Works September 28, 2016

HASBROUCK HEIGHTS, N.J. — G3 Communications Inc. has leased office space at Heights Plaza, located at 777 Terrace Ave. in Hasbrouck Heights. The digital media company, which specializes in B2B marketing, will occupy 6,400 square feet at the six-story 200,000-square-foot office building owned by Alfred Sanzari Enterprises. Stephen Jennings provided in-house representation for the landlord, while Joe Tormen of Lee & Associates represented the tenant in the transaction.

September 28, 2016

Multifamily Texas

Post Properties Opens Post at Afton Oaks in Houston

by Haisten Willis September 28, 2016

HOUSTON — Post Properties has opened Post at Afton Oaks in Houston. Located in Houston’s Afton Oaks neighborhood, the property is the Atlanta-based company’s third Houston-area development and offers one- and two-bedroom apartments available for move-in Oct. 1. Rates start at $1,200 per month. Unit interiors feature stainless steel oven ranges, Whirlpool appliances, wood plank flooring, bathrooms with porcelain tile floors and AT&T U-Verse and Comcast Fiber capabilities. Community amenities include a pool and 2,000-square-foot fitness center. The community is pet-friendly, offering a dog run and washing station.

September 28, 2016

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