GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the lease of 9,160 square feet of retail space in Grand Rapids. Dollar Tree will occupy the space at Remembrance Landing retail center located at 3500 Remembrance Road. The space is currently is being renovated with an anticipated opening date of mid- to late January 2016. Rod Alderink of NAI Wisinksi represented the undisclosed landlord in the transaction.
CHICAGO — KTGY Group Inc. has opened a new office in downtown Chicago to expand its services in the Midwest. Veteran designers Craig Pryde and David Kennedy, both former principals of PPK Architects, will head the new studio. Pryde has designed and managed commercial and residential projects of all sizes, from new construction to renovation, adaptive reuse and expansion of existing buildings, including historical structures. Kennedy has extensive experience in the design of mixed-use residential projects and urban infill development projects, including large-scale commercial and low-, mid- and high-rise residential developments. The new office is located at 343 W. Erie St., Suite 220 in Chicago.
SPRINGFIELD, MASS. — China Railway Rolling Stock Corp. has broken ground on its 200,000-square-foot facility in Springfield. Situated on 40 acres, the $60 million facility will be used to manufacture 284 subway cars for the Massachusetts Bay Transportation Authority (MBTA). MBTA awarded the China-based company a $566 million contract to supply care for Boston’s Red and Orange subway. The company purchased the former Westinghouse-owned land for $12 million. China Railway Rolling Stock Corp. was recently formed through a merger between China North Locomotive and Rolling Stock Industry Corp. and the China South Locomotive and Rolling Stock Corp. The company plans to begin production next year and deliver its first cars in 2018.
PHILADELPHIA — A joint venture between affiliates of Alterra Property Group and Stockton Real Estate Advisors has acquired an office building located at 1760 Market St. in Philadelphia’s Center City. Located at the corner of 18th and Market streets, the 15-story, 126,000-square-foot property is occupied by Allied Barton, GSA Federal Transit Administration and The Philadelphia Trust Company, among others. The partnership plans to reposition the building as a premier location for Philadelphia’s business community. The repositioning will include retrofitting the exterior with LED lighting and upgrades to the lobby and common areas to give the building a more contemporary look. Stockton Real Estate Advisors will assume on-site leasing and management responsibilities on behalf of the joint venture. The sales price was not disclosed.
HANOVER, N.J. — Vision Realty Estate Partners and Rubenstein Properties have topped off the steel structure for the development of MetLife Investments’ global headquarters at 67 Whippany Road in Hanover. Situated on 14 acres, the 185,000-square-foot office facility has been designed to meet LEED Gold Core and Shell and LEED Platinum Interiors standards. The building will feature an open floor plan with collaborative workspaces and breakout rooms, a town hall with technologically advanced conference facilities, a fitness center, an employee food court with indoor and outdoor seating, and a café. Additionally, the property will offer 4.5 parking spaces per 1,000 feet of rentable area through a combination of surface, structured and underground executive parking. The building, which will house more than 900 MetLife employees, is slated for delivery in the third quarter of 2016.
BOSTON — Localytics, a lifecycle engagement platform for web and mobile applications, has leased 55,000 square feet of office space at Center Plaza in Boston. The company will move into the space in March 2016, relocating from 101 Arch St. in Boston. Center Plaza is a 717,128-square-foot mixed-use complex featuring a 900-foot retail promenade along Cambridge Street, a 575-car parking garage and access to public transit, including the Red, Green and Blue lines. The property will soon undergo a capital improvement program, including new office amenities such as a bike room, conference center and renovations to the street-level interior lobbies, exterior walkway/breezeway areas and rooftop. Boston-based CBT Architects is providing architectural services for the enhancement program. Andy Hoar, John Butterworth, Kevin Kennedy and Suzanne Brown of CBRE/New England represented the landlord, Shorenstein Properties, while Greg Hoffmeister and Jon Frisch of T3 Advisors represented the tenant in the transaction. has a capital improvement program
PHILADELPHIA — Old Navy, a division of Gap Inc., has signed a lease for 23,464 square feet of retail space at 1618-22 Chestnut St. in Philadelphia’s Center City. The retailer plans to open a multi-floor flagship store at the location. Steven Gartner of CBRE represented Old Navy in the long-term lease with an affiliate of Pearl Properties, which recently purchased the property.
MONTGOMERY, TEXAS — Holliday Fenoglio Fowler (HFF) has secured $33.5 million in senior financing in conjunction with the recapitalization of Westland Bunker, a 2N data center and office complex located in the Houston suburb of Montgomery. Colby Mueck of HFF worked on behalf of the borrower, Houston Bunker LLC, to place the loan with Sovereign Bank and Hillcrest Bank. Westland Bunker is situated on a 50-acre campus at 550 Club Drive and consists of a 19,116-square-foot, two-story underground data center and a four-story 61,086-square-foot office building. A 2N power redundancy means that the data center has double the amount of equipment needed.
FORT WORTH, TEXAS — GK Development Inc.’s Ridgmar Mall is set to open five new stores and complete renovations on existing retail space. Renovations to the 1.27 million-square-foot mall include the expansion of Journeys, a specialty footwear store, to 1,890 square feet with a fresh design and new color palette; the expansion of Zale’s to 2,500 square feet with renovations including new flooring and merchandise displays; remodeling at the mall’s Buckle location, including a new store front and color scheme; and a renovation of Rave Ridgmar 13 + Xtreme by Cinemark Theaters Inc. to include plush oversized recliners, enhanced concessions and reserved seating. J.C. Penney has also remodeled and rebranded its hair salon as The Salon by InStyle. New retailers set to open at Ridgmar include Sweetness Sweets, Luna’s Candy Land Imports, Texas Canyon, Kokitos and Michelle’s Furniture.
HOUSTON — Marcus & Millichap has brokered the sale of Dollar General Business Park, a 102,500-square-foot industrial property located in Houston’s Inner Loop submarket at 4000 Telephone Road. A 4,250-square-foot Dollar General store anchors the business park. Derek Hargrove and Justin Miller of Marcus & Millichap’s Houston office represented the seller, an affiliate of Houston-based Braun Enterprises, in the transaction.