COMPTON, CALIF. — United Parcel Service (UPS) has signed a 10-year lease for 521,816 square feet at the Brickyard in Compton. The Brickyard is a 1 million-square-foot industrial development on the site of a former brick manufacturing facility. JLL’s Mike Fowler and Tim O’Rourke represented UPS. CBRE’s Bret Quinlan is acting as the leasing agent for the landlord, Trammell Crow.
COLORADO SPRINGS, COLO. — Koelsch Communities is developing Springs Ranch Memory Care Community, a 72-unit memory care community in Colorado Springs, approximately 65 miles south of Denver. Development costs are estimated at $18.4 million. Koelsch expects to open the community in spring 2017. The 72 units are divided into 12-resident cottages in a neighborhood setting. Development Partners include Madrona Point Development, RJ Development and Koelsch Construction. Koelsch Communities is an Olympia, Wash.-based seniors housing operator with 22 locations in six states. Springs Ranch will mark the company’s first entry into Colorado.
SCOTTSDALE — Alvarado Realty has purchased a 50,789-square-foot office building in the master-planned community of McCormick Ranch for $7.7 million. The building is located at 8700 E. Via de Ventura within the Phoenix suburb of Scottsdale. The space is 92.6 percent occupied. It was built in 1986. Bob Buckley, Tracy Cartledge, Steve Lindley and Ben Geelan of Cushman & Wakefield represented the seller, TA Realty, in this transaction.
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.
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.
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.
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.
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 …
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.
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.