Property Type

VREP Launches Repositioning of 27-Acre Montville Office Campus

by Amy Works September 1, 2015

MONTVILLE, N.J. — Vision Real Estate Partners (VREP) has launched the repositioning of Montville Corporate Campus, an office campus located at 340-342 Changebridge Road in Montville. VREP plans to convert one of the twin 100,000-square-foot office buildings into a multi-tenant building and rezone half the campus for residential use. The company plans to replace the front of the three-story travertine marble office building with a stone and glass curtain wall system. Interior renovations will include a two-story atrium lobby featuring stone, millwork, upgraded lighting and lounge seating with a coffee bar, as well as a town hall-style conference area in extended third-floor space. Additional renovations include refinished elevators, bathrooms and other common area upgrades throughout the building. The company has partnered with Mill Creek, a high-end multifamily specialist, for the residential development.

September 1, 2015

New York Northeast Office

Cushman & Wakefield Arranges $5.3M Sale of Office Building in Brooklyn

by Amy Works September 1, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of an office building located at 1713 Eighth Ave. in Brooklyn’s Greenwood Heights neighborhood. The four-story, 12,800-square-foot building sold for $5.3 million, or $418 per square foot, in an all-cash transaction. The property consists of 47 small units set up as creative artist or office spaces. Aaron Warkov and Richard Velotta of Cushman & Wakefield handled the transaction. The names of the buyer and seller were not disclosed.

September 1, 2015

New Jersey Northeast Retail

The Goldstein Group Brokers Four 7-Eleven Deals Throughout New Jersey

by Amy Works September 1, 2015

WEST NEW YORK, PATERSON, LITTLE FERRY AND WEST ORANGE, N.J. — The Goldstein Group has negotiated leases for four new 7-Eleven locations in New Jersey. In West New York, 7-Eleven signed a lease for 2,800 square feet of space on Park Avenue. Lew Finkelstein and Matthew Flath of The Goldstein Group represented the tenant and the landlord, Arnone Family, in the transaction. In Paterson, the company inked a deal for 2,750 square feet of space on Main Street. Finkelstein and Flath represented 7-Eleven and the landlord, ACHS Management, in the deal. In Little Ferry, 7-Eleven signed a lease for a 3,000-square-foot space on Route 46. Finkelstein and CJ Huter of The Goldstein Group represented the tenant and the landlord, 200 Route 46 West LLC, in the transaction. In the final deal, 7-Eleven opened a 2,700-square-foot store on Valley Road in West Orange. Finkelstein and Flath represented the tenant and the landlord, HRG Shaw LLC, in the transaction.

September 1, 2015

Multifamily New York Northeast

Marcus & Millichap Brokers $3.9M Sale of Apartment Building in Brooklyn

by Amy Works September 1, 2015

NEW YORK CITY — Marcus & Millichap has arranged the sale of an apartment building, located at 608 Fifth Ave. in Brooklyn. The seven-unit multifamily property sold for $3.9 million. The buyer plans to renovate and modernize the property, which features bay windows, private outdoor patios, wrap-around garden space and a private garage. Derek Bestreich, Lucien Sproviero and Adam Lobel of Marcus & Millichap’s Brooklyn office represented the seller, an individual/personal trust, and secured the buyer, a limited liability company, in the transaction.

September 1, 2015

Illinois Industrial Midwest

Avison Young Arranges Land Sale for 612,000 SF Lockport Business Center

by Amy Works September 1, 2015

LOCKPORT, ILL. — Avison Young has arranged the sale of a 38-acre land parcel located in Lockport within Chicago’s I-55 distribution corridor. Exeter Properties Group purchased a joint venture stake in the development site, which is owned by Tandem Development Group. The joint venture plans to develop Lockport Business Center, a two-building distribution/warehouse project totaling 612,000 square feet at the intersection of 163rd Street and I-355 along Chicago’s southwest industrial corridor. The development will feature a 327,600-square-foot building and a 284,400-square-foot building, and both properties will feature 32-foot clear height ceilings, ample parking and trailer spaces and seven-inch thick floors. Erik Foster, Mike Wilson, Brendan Kelly and Todd Heine of Avison Young represented Tandem Development Group in the transaction.

September 1, 2015

Indiana Midwest Retail

The Boulder Group Arranges Sale of Seven-Property Jiffy Lube Portfolio in Indiana

by Amy Works September 1, 2015

INDIANAPOLIS, GREENWOOD AND CARMEL, IND. — The Boulder Group has brokered the sale of a single-tenant, net-leased Jiffy Lube portfolio consisting of seven properties in metro Indianapolis. A high-net-worth foreign investor acquired the portfolio for $6.6 million from a Midwest-based private partnership. The properties are 8175 Allisonville Road, 7765 US 31 South, 5444 W. 38th St., 7220 W. 10th St. and 7969 Pendleton Pike in Indianapolis; 1495 Keystone Way in Carmel; and 532 N. State Road 135 in Greenwood. All of the Jiffy Lube leases have more than seven years remaining and expire in November 2022. The leases, which are absolute triple net, also feature three five-year renewal options with rental escalations in each. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction.

September 1, 2015

Industrial Midwest Wisconsin

DTZ Brokers $4.8M Acquisition of Distribution Center in Wisconsin

by Amy Works September 1, 2015

WAUWATOSA, WIS. — DTZ has brokered the sale of a distribution center located at 1400 N. 113th St. in Wauwatosa. Wangard Investment Real Estate acquired the 196,000-square-foot facility for $4.8 million from 1400 North LLC. The divisible facility features climate-controlled warehouse space, cooler space, docks, drive-thru bays and rail access. Kevin Barry and David Buckley of Milwaukee-based DTZ Barry represented the buyer in the transaction.

September 1, 2015

Illinois Midwest Restaurant Retail

The Missner Group to Complete 10,000 SF Renovation for Bottled Blonde Location

by Amy Works September 1, 2015

CHICAGO — The Missner Group has been selected to complete a 10,000-square-foot renovation project at 504 N. Wells St. in Chicago’s River North district. The company will construct and build out space for the new Bottle Blonde location. Bottled Blonde is a pizzeria and beer garden based out of Scottsdale, Ariz. The property will feature open spaces, a large capacity, an outdoor bar and extensive multi-media viewing options. The project includes the demolition and reconstruction of the former Sushi Samba space and will feature multiple bars, event spaces and more than 20 high-definition televisions. D+K Architects is providing architectural services for the project. Completion is slated for this fall, with a grand opening slated to take place in the fourth quarter of this year.

September 1, 2015

Midwest Missouri Multifamily Ohio Retail

Gershman Commercial Brokers Two Property Sales in Ohio, Missouri

by Amy Works September 1, 2015

HILLIARD, OHIO, AND ST. LOUIS — Gershman Commercial Real Estate has brokered two sales totaling 5,126 square feet in Ohio and Missouri. In the first transaction, Ohio Lube LLC, doing business as Ohio Jiff LLC (Hemco Properties LLC), sold a 2,618-square-foot retail property, located at 3840 Main St. in Hilliard, to Davis & Meyer Ltd. for an undisclosed price. Stephen Symsack and Roger Zigler of Gershman Commercial represented the seller in the transaction. In the second deal, Brian Levine and Jaime Levin acquired 2,508 square feet of multifamily space, located at 4173 Humphrey St. in St. Louis. William Allemann sold the property for an undisclosed price. Lily Seymour of Gershman Commercial represented the seller in the transaction. Additional details of the transactions were not released.

September 1, 2015

California Mixed-Use Retail Western

Vallco Shopping Mall to Become $3B Development Project

by Nellie Day August 31, 2015

CUPERTINO, CALIF. — Sand Hill Property Co. has announced plans to transform Vallco Shopping Mall into The Hills at Vallco, a mixed-use town center. The $3 billion redevelopment will completely transform the property into 2 million square feet of office space and mixed-use buildings, including 680 market-rate apartments, 80 affordable housing units and 40 apartments for seniors. The development will also be home to a 3.8-mile trail network for jogging and walking, vineyards, orchards, organic gardens and an amphitheater. Retail, restaurants and entertainment, including an AMC Theater, bowling, ice-skating, and fitness and banquet facilities will be part of the project. The Hills at Vallco will also feature a 30-acre rooftop community park with a nature preserve.

August 31, 2015

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