WAYNE, PA. — DrugDev has signed a lease for 31,000 square feet of office space at 1170 Devon Park Dr. in Wayne. The company plans to use the space as its U.S. headquarters. Owned by Liberty Property Trust, the three-story, 88,000-square-foot building recently underwent a $2.5 million renovation that included new floor-to-ceiling glass curtain walls on the corners, an expanded lobby, new restrooms and a state-of-the-art fitness and locker facility. Scott Miller of CBRE represented DrugDev in the transaction. Environetics served as architect and interior designer and Shields Construction served as general contractor for the renovation.
Property Type
CHICAGO — USAA Real Estate Co., in partnership with Chicago-based Golub & Co., an international real estate investment and development firm, has acquired Chestnut Place, a 30-story residential building located at 850 N. State Street in Chicago. Crain’s Chicago Business reports the purchase price was $80.5 million. Built in 1980, Chestnut Place consists of 280 convertible, one-bedroom and two-bedroom apartments with an average unit size of 769 square feet. Current amenities include a fitness center and 24-hour doorman. The building also includes a 196-space, four-story parking garage and 6,500 square feet of ground-floor retail space. Michael Goldman and Collin McKenna of Golub, and David Reahl of USAA, negotiated the acquisition. CBRE represented the seller, Chestnut Place Associates.
BURNSVILLE, MINN. — Marcus & Millichap has arranged the $11.5 million sale of a 14,490-square-foot Walgreens drugstore in Burnsville, a suburb approximately 20 miles south of downtown Minneapolis. The sale equates to $794 per square foot. The Walgreens is located at 950 County Road 42 W. The property is an outparcel to a Super Target-anchored retail center and a newly constructed Costco. Walgreens is operating this property under a corporate-guaranteed 75-year absolute net lease that has 21 years remaining. The store moved to its current location in 2009. Sean Doyle of Marcus & Millichap’s Minneapolis office represented the undisclosed seller. Brandon Hanna of the firm’s Detroit office represented the buyer, a Florida-based private investor.
GLENVIEW, ILL. — HFF has arranged financing for ALOFT at The Glen Town Center, a 181-unit, Class A apartments in Glenview, a suburb 22 miles north of Chicago. HFF worked exclusively on behalf of the borrower, San Diego-based OliverMcMillan Inc., to secure a long-term, fixed-rate loan through TIAA-CREF. HFF will also service the loan. ALOFT at The Glen Town Center is located at 1991 Tower Drive within The Glen Town Center master-planned community. Situated on 1,121 acres, the community was built on the site of the former Glenview Naval Air Station and its historic Hanger One. Completed in 2003, ALOFT at The Glen Town Center features one- and two-bedroom floor plans. Rents start at $1,795 for a one-bedroom and range to $4,010 for a two-bedroom. Community amenities include two fitness centers, two theater rooms, community center, business center and indoor heated parking. Trey Morsbach, Jeremy Sain and Jason Bond of HFF led the debt placement team representing the borrower.
ST. LOUIS, MO. — McGrath & Associates recently completed construction of a $1 million retail building at Lindbergh Commons in South St. Louis County. Starbucks and Sleep Number are the tenants of the 4,300-square-foot building located at Lindbergh Boulevard. and Lemay Ferry Road. Irving Sherman Trust developed the property. Dawdy & Associates was the architect. The project was completed on schedule in May, despite a winter of extremely harsh weather. The Starbucks store at Lindbergh Commons is one of just a few in the country that opened by its original schedule despite the challenging winter conditions. McGrath previously built an adjacent 7,000-square-foot building at Lindbergh Commons. Tenants include Maytag, AT&T and Imo’s Pizza.
PHOENIX — The P.B. Bell Companies has acquired a seven-property multifamily portfolio in Phoenix for $168.5 million. The portfolio contains 2,759 units. The transaction included Tela Verde in Glendale; Sienna Springs in Central Phoenix; Tuscany Palms and Whispering Meadows in Mesa; and Alante at the Islands, Crosswinds and Laguna Village in Chandler. The firm plans to cosmetically upgrade the properties in the coming months. P.B. Bell also notes it has an “aggressive acquisition strategy for 2014 and beyond.” The seller was Standard Fund. The transaction was executed by Cindy and Brad Cooke of Colliers International in Phoenix. Equity was provided by Stonecutter Capital Management. Prime Finance Partners and Seth Grossman and Ryan Gandel of Meridian Capital Group were also involved in this transaction.
SEATTLE — Kennedy Wilson has purchased a three-property multifamily portfolio in South Seattle for $127 million. The portfolio contains a total of 1,212 units. The transaction includes the 396-unit Montair at Somerset Hill in the Tumwater area of Olympia; the 576-unit Rock Creek Landing in Kent; and the 240-unit Stone Pointe in University Place. Notable employers in the area include Boeing, the Port of Tacoma, the State of Washington, Evergreen College and St. Peter’s Hospital. The firm invested $45 million of equity in the transaction and assumed $85 million of Freddie Mac financing, which has a fixed interest rate of 4.25 percent.
BRIAN HEAD, UTAH — New York City-based real estate investor Zohar A. Cohen has acquired the 100-room Grand Lodge at Brian Head and the nearby Braffits Creek Estates development for $100 million. The luxury ski lodge is located at 314 Hunter Ridge Drive in Brian Head. The resort is valued at more than $30 million. It includes a 4-star luxury hotel, gourmet steakhouse, and extensive dining and bar facilities. The Grand Lodge opened in 2010. The Braffits Creek Estates development is situated on 2,654acres on Cedar Mountain in Iron County. It is about 10 miles west of Brian Head Ski Resort, near Cedar City. The first mortgage on the property sold for $60 million. The development is currently in bankruptcy court. Timothy W. Walsh of the McDermott, Will & Emery firm is handling the litigation. Ankur Gupta of the law firm McDermott, Will & Emery LLP is providing counsel to Cohen Brian Head Entity. Cohen acquired the assets through the ownership entity Cohen Braffits Estates Development LLC. The assets are being managed by Arthur W. Levine, special counsel and advisor to Cohen, along with Kenneth I. Denos, an executive at Equus Total Return.
FONTANA, CALIF. — Pacific Industrial has broken ground on Sierra Pacific Center, a 744,032-square-foot logistics and distribution facility in Fontana. The Class A facility will be located at 5565 Sierra Ave., near the 15 and 210 freeways. The new center will be situated near the facilities of notable companies like Target, Nordstrom, Under Armor, Black & Decker and OHL. The center is expected to be complete by the first quarter of 2015. Paul Earnhart of Lee & Associates Ontario will act as the exclusive leasing agent for Sierra Pacific Center.
RANCHO CUCAMONGA, CALIF. — Bixby Land Co. has acquired two contiguous industrial buildings in Rancho Cucamonga for $26.8 million. The buildings are located at 10404 Sixth Street and 10401 Seventh Street. They total 316,197 square feet. Both buildings are fully leased to GiTi Tire USA Ltd. The company uses the buildings for storage and distribution of automobile and truck tires. Both properties also underwent recent improvements, which included new paving, upgrades to the sprinkler systems, improvements to the office areas and landscaping upgrades. Darla Longo from CBRE’s Ontario office represented both the buyer and seller, CT Realty, in this transaction.