NORWALK, CONN. — Building and Land Technology has signed 68,500 square feet of office leases at Merritt on the River, a 225,000-square-foot office building located at 20 Glover Ave. in Norwalk. Rocaton Investment Advisors signed a new leased for 21,228 square feet. The company will relocate to the new space this fall from Merritt 7 Corporate Park. Ed Tonnessen and Ethan Rice of JLL represented the tenant in the deal. Wilton Re is also relocating to Merritt on the River from 187 Danby Road in Wilton, Conn. Kevin Foley and William Montague of Cushman & Wakefield represented the tenant in the 21,480-square-foot transaction. Additionally, Aetna renewed its 5,934-square-foot lease and McKesson Health Solutions renewed its 10,859-square-foot lease. Paul Tortora and William Fitzgerald of JLL represented Aetna, and Kevin McCarthy of CBRE represented McKesson in the transactions.
NEW JERSEY — Winick Realty Group has brokered five new leases for Jersey Mike’s Subs in new markets across New Jersey. The restaurant is leasing 1,800 square feet at 1350 Galloping Hill Road within Galloping Hill Shopping Center in Union; 1,427 square feet at 757 Bloomfield Ave. in West Caldwell; 1,600 square feet at Shoppes at Raider Boulevard in Hillsborough; 1,300 square feet at 2100 Route 35 in Ocean Township; and 1,200 square feet at 1260 Springfield Ave. in New Providence. Gary Krauss of Winick Realty Group represented various Jersey Mike’s Subs franchisees in each transaction.
Downtown Miami is on fire by any measure. The neighborhood is home to more construction cranes than any other place in the U.S., businesses are moving in and expanding on an almost daily basis, hotel room rates and occupancy levels are at all-time highs, and new residents are relocating here from all over the world. A recent study by the Miami Downtown Development Authority found that greater downtown Miami’s residential population has literally doubled in size — from 40,000 people to 80,000 people — since 2000. Another 200,000 people commute to the area each day for business. The area’s commercial real estate market has closely followed this trajectory of growth, with Downtown Miami and the Brickell Financial District welcoming more than 2 million square feet of new Class A office product in the last five years. Strong demand among domestic and multinational companies, along with an improving economy, has resulted in positive absorption and record-setting lease rates in excess of $50 per square foot for premium space. Land values in downtown are also reaching new heights as developers spend as much as $125 million for one acre on the water. All of this is creating a steep barrier to entry …
CHICAGO — Hostmark Hospitality Group has been selected to operate a Hilton dual-branded hotel in Chicago’s West Loop neighborhood at 118 N. Jefferson St. The 210-room Hampton Inn and 126-room Homewood Suites, which are currently under construction, will open in the fall of 2016. Each hotel will have its own lobby. The Hampton Inn/Homewood Suites will be within close distance of the Illinois Medical District and offers easy access to I-90/94.
ST. PAUL, MINN. — Kraus Anderson Construction Co. has broken ground on a new 130,000-square-foot neuroscience building for HealthPartners in St. Paul. The medical center will be the largest freestanding neuroscience facility in the Upper Midwest, according to Kraus-Anderson. Located at 295 Phalen Blvd. near I-35E, the four-story medical building will include administration offices and a four-story, 298,000-square-foot parking ramp. Architectural firm BWBR is designing the building to accommodate future expansion. The neuroscience building is expected to be complete in early 2017.
MILFORD, OHIO — Marcus & Millichap has brokered the sale of Day Heights Self-Storage located in Milford, about 16 miles northeast of downtown Cincinnati. The 64,896-square-foot facility sold for $1.7 million. The facility includes 470 units, ranging from 25 square feet to 720 square feet. Brett Hatcher of Marcus & Millichap’s Columbus office represented the seller, a limited liability company. The buyer, also a limited liability company, was a local self-storage operator.
MILWAUKEE, WIS. — The Dickman Company/CORFAC International has brokered the sale of a 5,000-square-foot industrial building located at 6014 West Beloit Road in West Allis, approximately six miles west of downtown Milwaukee. Anthony Huenerbein of The Dickman Company represented the undisclosed buyer and Mitchell Starczynski of NAI MLG Commercial represented the seller, Able Equipment Co.
STERLING HEIGHTS and SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions will be auctioning off two properties on July 20-22. The properties are Forum at Gateways in Sterling Heights, and Nine Mile Crossing in Southfield. Barry Swatsenbarg and Rich Deputa will represent Friedman at the auction. Bidding starts at $1.4 million with a $10,000 bid deposit. The Forum at Gateways is located at 44575-44833 and totals 258,105 square feet on approximately 55 acres. The power center is currently 77 percent occupied and is anchored by a Walmart and LA Fitness. Nine Mile Crossing is a 142,295-square-foot, Class B office building located at 17515 West Nine Mile Road. The 12-story building was constructed in 1969 and renovated in 2012. For auction-related questions, contact Jeff Book at jbook@auction.com.
AUSTIN, TEXAS — HREC Investment Advisors has arranged the sale of the 260-guestroom Embassy Suites Austin Central. SBCO-BREI Austin Operating Co. LLC is the buyer. Bill Murney of HREC Investment Advisors’ Phoenix office, along with Scott Stephens of the firm’s Tampa office, represented FelCor Lodging Trust during the transaction. The property is located at the intersection of I-35 and U.S. 290, approximately 4.5 miles from downtown Austin.
PLANO, TEXAS — Marcus & Millichap has arranged the sale of Comfort Suites Plano/Dallas, a 76-room hospitality property located in Plano. Pravin Boteju, Andrew Frosch, Rahul Bijlani and Michael Yu of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a private investor. Yu, Bijlani and Frosch also sourced the buyer, a private investor. Comfort Suites Plano/Dallas is located at 2301 E. President George Bush Highway.