MCHENRY, ILL. — CBRE has negotiated the sale of a 99,448-square-foot retail center in McHenry, approximately 55 miles northwest of Chicago, for $5.4 million. First Midwest Group purchased the property, located at 2000 N. Richmond Road, from Regency Centers Corp. and Global Retail Investors LLC. McHenry Commons is 91 percent occupied and is anchored by Hobby Lobby. Other tenants at the shopping center include Goodwill, OneMain Financial and Rent-A-Center. Derrick Almassy and Richard Frolik of CBRE represented the seller in the transaction.
MCCOOK, ILL. — Bridge Development Partners LLC has signed up three new tenants for a combined 194,000 square feet of space at Bridge Point McCook II. The leases bring the facility located at 8401 W. 47th St. in McCook, approximately 15 miles southwest of Chicago, to 86 percent occupancy. DHL Express USA Inc., a postal and logistics company, signed a deal for 36,440 square feet. Mark Baumhart and Jeanne Rogers of Arthur J. Rogers & Co. represented DHL. In the second deal, Video Equipment Rentals LLC, an AV, audio, broadcast and computer equipment rental company, inked a deal for 94,152 square feet and was represented by Sam Durkin of JLL. In the last transaction, an undisclosed international tire manufacturer signed a lease to occupy a 64,057-square-foot space. Vern Schultz of Colliers International represented Bridge Development in all three transactions.
FREDERICKSBURG, VA. — NorthPoint Capital Funding Inc. has arranged an $8.3 million loan to refinance The Jefferson Building, a 73,000-square-foot office building in Fredericksburg. Built in 2005, the three-story property is located at 150 Riverside Parkway and was 90 percent leased at the time of financing. Mark Perkowski of NorthPoint Capital Funding arranged the long-term, fixed-rate loan with a 25-year amortization schedule through Kansas City Life Insurance Co. According to NorthPoint Capital Funding, the loan represents 72 percent of The Jefferson Building’s value.
BOLINGBROOK, ILL. — Transwestern has arranged a 13,816-square-foot industrial lease in Bolingbrook, approximately 30 miles southwest of Chicago. Cope Plastics will occupy space at the 55,480-square-foot building. The property, 4 Territorial Court, was built in 2002 and is one of five buildings located in the Territorial Business Center. Cope Plastics, which makes and distributes plastic sheet, rod and tubing products, previously leased 10,700 square feet of space within the same business center. Scott Mueller of Transwestern represented the tenant in the transaction.
LOS ANGELES — George Smith Partners (GSP) has secured financing on behalf of Canadian retail investment firm CormackHill LP for the $43 million acquisition of the Fred Segal retail property at 8100 Melrose Ave. in Hollywood. George Smith Partners’ Principal David Rifkind and his team arranged the sub-3 percent, floating-rate loan with prepayment flexibility.
VISTA, CALIF. — Lee & Associates has arranged the sale of a 4.6-acre land parcel located on E. Vista Way and Monte Mar Road in Vista. J&T Business Management purchased the site for $3 million. The buyer has plans to build and operate a gas station and additional retail on the site. Matt Weaver, Al Alpuzzo and Patrick Miller of Lee & Associates – North San Diego County represented the sellers, Monte Mar Land LLC and ALB Land LLC, while Brian Bielatowicz of Lee & Associates – Temecula represented the buyer in the deal.
LOS ANGELES — A local family trust has acquired a single-tenant, net-leased Del Taco property located at 2060 S. La Cienega Blvd. in Los Angeles. An Orange County, Calif.-based private investor sold the 1,804-square-foot property for $2.5 million, or $1,386 per square foot. Built in 1965, the 24-hour Del Taco features a drive-thru lane and was remodeled in 2004. Jeremy McChesney of Hanley Investment Group represented the seller, while Shah Noorvash of Coldwell Banker Commercial represented the buyer in the all-cash transaction.
PHOENIX — Presidio has leased 2,915 square feet of office space at 24th at Camelback, a Class A office building in Phoenix. The building is also home to Cisco Systems, Presidio’s largest vendor. Other notable tenants in the building include AAA Arizona, Greenberg Traurig and Regus Business Centre. Presidio has been in the Phoenix market for seven years. It will open its newest office with 12 local employees. Peter Menna of Cushman & Wakefield represented the IT services provider. Jeff Hartland and Scott Boardman of the same firm represented the landlord, Hines, in this transaction.
In 2016, uncertainty in the oil and gas industry has made a major impact on the Fort Worth commercial real estate market. While each submarket is affected differently, the need for relocations and renovations will lead to a rising demand for quality office and retail spaces across the area. Development of Fort Worth real estate is expected to remain strong in 2016, with growing opportunities that create a strong and healthy market. Office Opportunity Downtown Fort Worth has become a hub for major players in the oil and gas industry, such as Holland Services, Forestar Oil & Gas and FTS International. Within the last 180 days, these tenants have put over 125,000 square feet of office space up on the market for sublease. However, the rest of the office sector has been consistently absorbing large blocks of space, proving healthy despite oil and gas concerns. We have seen at least six transactions totaling over 385,000 square feet within the last six months. Transactions included Charles Schwab’s 130,000-square-foot lease at Circle T in Westlake, and Teague Nall & Perkins’ 42,000-square-foot lease of the former Everest College building at the Mercantile Center in Fort Worth. The consistently strong demand for quality office …
NEW YORK CITY — Construction is underway on Dock 72, a $380 million project that will bring 675,000 square feet of tech and innovation space to the Brooklyn Navy Yard. The 16-story building is currently slated for delivery in late 2017. Dock 72 is part of Mayor Bill de Blasio’s commitment to spur job growth around Navy Yard, a 300-acre modern industrial and office park. With this project, Navy Yard has over $700 million of construction activity underway or in the planning stages. The new projects at the Brooklyn Navy Yard are expected to increase the number of permanent jobs at the Navy Yard from 7,000 to 16,000 by 2020. Boston Properties Inc. and an affiliate of Rudin Management Company Inc. (Rudin Development) are developing the building in conjunction with Brooklyn Navy Yard Development Corp. (BNYDC). S9 Architecture designed the building, which is centrally located within the Yard on a 60,000-square-foot strip of land that juts out into the East River between two active dry-docks. WeWork, a provider of collaborative co-working office spaces, is also involved in the development process and will anchor Dock 72. WeWork will occupy 222,000 square feet, and the remaining floor plates will range from 40,000 …