NEW YORK — Prodigy Network has purchased 17 John St. in downtown Manhattan for $85.3 million. The property was purchased with more than $25 million in crowd-funded equity, senior financing from Deutsche Bank and subordinate financing from a New York-based institutional investor. Accredited investors from more than 12 different states and 10 countries invested in participations starting at $50,000 in this New York building. Upon completion of construction, the extended-stay property will span 23 stories and feature 191 furnished units.
Property Type
WALTHAM, MASS. — New Boston Fund Inc. has sold Watermill Center in Waltham, a suburb of Boston. Intercontinental Real Estate Corp. purchased the property for an undisclosed sales price. Constructed in 1984, Watermill Center is a six-story, 206,634-square-foot, Class A office building. Since purchasing the property in March 2000, New Boston has boosted the occupancy from 67 percent to 90 percent, with 150,000 square feet having been leased in the past nine months. Additionally, New Boston completed extensive upgrades and improvements to enhance the building’s entrance and main lobby, and has added several amenities. Robert Griffin, Edward Maher and Matt Pullen of Cushman & Wakefield represented New Boston in the transaction.
SUFFIELD, CONN. — East Granby, Conn.-based Trevisan USA LLC has broken ground on its new industrial facility in Suffield. The 17,000-square-foot building will accommodate Trevisan’s previously announced expansion in the United States. The new facility is located on the corner of Austin and South streets. Bloomfield, Conn.-based PDS Engineering and Construction is leading the project.
NORTH HANOVER TOWNSHIP, N.J. — CBRE has arranged the $1.4 million sale of a newly constructed Dollar General property in North Hanover Township. The retail store is located at 189 Jacobstown New Egypt Road. The property has a 10-year net-lease in place with two five-year options, with 10 percent escalations in both option periods. The store is located at a signalized intersection and includes ample on-site parking.
BOLINGBROOK, ILL. — ML Realty Partners LLC has acquired a 56,931-square-foot industrial building in Bolingbrook for an undisclosed price. The distribution facility is located at 650 S. Schmidt Road and will be available for lease immediately. The property has highway visibility along I-55. Terry Grapenthin and Jeffrey Galante of Lee & Associates represented ML Realty Partners in the acquisition and will be responsible for the leasing of the building.
FARMINGTON HILLS, MICH. — L. Mason Capitani/CORFAC International has arranged the sale of a 38,000-square-foot office/flex property in Farmington Hills. The asking price for the property was for approximately $3.9 million, but the final sales price was undisclosed. The property is located at 27675 Halsted Road. JOT II LLC, a local investor, purchased the property from the seller, Halsted Investments, LLC. Michigan-based L. Mason Capitani collaborated with TRI Commercial, its CORFAC affiliate in San Francisco, Calif., to list and market the property.
CHICAGO — J.C. Anderson Inc. has completed an office build-out for The Camden Group at 29 N. Wacker Drive in Chicago. The firm, which provides management and consulting services to the health care industry, is relocating its Chicago offices from 155 N. Wacker Drive to this location. The 9,000 square foot build-out on the 10th floor includes conference rooms, private offices and a server room. The office also features exposed ceilings, new light fixtures, luxury vinyl tile flooring with wood planking, mechanical and electrical upgrades and new flooring. William Burfeind of J.C. Anderson was the project executive and Jason Hawkins of J.C. Anderson was the project manager. Horn Design provided architectural services.
LOMBARD, ILL. — NAI Hiffman has arranged an office lease of 16,691 square feet in Lombard. Veolia Water Solutions will occupy the space within the Butterfield Centre located at 700 East Butterfield Road. The property consists of two class A buildings totaling 280,672 square feet and includes covered parking, a conference facility with auditorium, a food service area and fitness center. Mike Van Zandt and Brian Edgerton of NAI Hiffman’s Office Services Group represented Travelers Insurance in the transaction. David Tropp and Jon Springer of CBRE represented Veolia Water Solutions.
SEATTLE — Path America and Dargey Development have broken ground on the $190-million Potala Tower Seattle, a 577,000-square-foot, mixed-use property in the Seattle waterfront submarket of Belltown. The development will include 342 apartments and the 142-room Hotel Indigo, which will include a mezzanine, restaurant, wine bar and rooftop deck. The project was named after Potala Palace in Tibet. It is located at 2116 4th Ave. Potala Tower Seattle was financed through the EB-5 Visa program, which offers foreign nationals the opportunity to obtain a U.S. green card by investing in a U.S.-based commercial enterprise. Hotel Indigo is a branded boutique concept from InterContinental Hotels Group (IHG).There are 58 Hotel Indigo properties worldwide.
SAN FRANCISCO – The Bay Area will receive the first new TargetExpress stores to open nationwide. The condensed outpost from the big box giant will open three locations in the region, including two in San Francisco and one in Berkeley. These TargetExpress stores will contain 20,000 square feet or less. A 20,000-square-foot store is set to open at 225 Bush Street, next to the Montgomery BART station in San Francisco’s financial district. A 17,000-square-foot store will debut at 1830 Ocean Ave. in southwest San Francisco, while another 12,355-square-foot TargetExpress will open at 2187 Shattuck Ave. in Berkeley. The Bush and Shattuck stores are scheduled to open next spring. The Ocean store is still in the planning stages. No opening date has been set. The test store for the TargetExpress concept opened in the retailer’s hometown of Minneapolis this July. All three Bay Area TargetExpress transactions were executed by Matt Kircher of Terranomics Retail Services.