BLOOMINGDALE, ILL. — NewMark Merrill Co. has arranged the lease of 42,000 square feet of retail space for Hobby Lobby at the Stratford Crossing shopping center in Bloomingdale, approximately 27 miles west of Chicago. The 378,000-square-foot shopping center is located at Gary Avenue between Army Trail Road and Schick Road. Hobby Lobby will occupy space next to PetSmart on the southern end of the center. The new store in Bloomingdale opened in May. The arts and crafts retailer maintains 558 stores across the nation. In addition to Hobby Lobby and PetSmart, tenants at Stratford Crossing also include Kmart, Buffalo Wild Wings, Outback Steakhouse, Starbucks and Dunkin’ Donuts.
Property Type
CHICAGO — MB Real Estate has arranged a 26,214-square-foot office lease renewal and expansion for Knight Engineering at the LaSalle Wacker Building in Chicago. The property is located at 221 N. LaSalle St. The full-service engineering and architectural firm renewed its lease for space on the third floor and expanded to a portion of the fourth floor at the office property. Knight Engineering is the largest tenant in the 416,000-square-foot, 41-story building. MB Real Estate has managed and leased the property since 2010. Walter Hennig and Kelsey Karp of MB Real Estate represented building ownership in the transaction. Knight Engineering was self-represented in the negotiations.
TROY, MICH. — Colliers International has arranged the lease of a 14,350-square-foot retail building in Troy, a suburb of Detroit. The property is located at 799-801 Stephenson Highway. Barry Landau of Colliers International represented the landlord, Bostick Development LC and the tenant, Poochpeople Inc., in the transaction. Poochpeople will use the space as a doggy day camp, which will also provide overnight boarding for pets.
NEW YORK CITY — Meridian Capital Group has arranged a $100 million mortgage for the refinancing of 110 Fifth Avenue in New York. Constructed in 1888, the 11-story, 176,000-square-foot office and retail building is occupied by H&M, Town Residential, Joe Fresh and Wellcare. The seven-year loan, which was provided by a regional balance sheet lender, features a 4.125 percent fixed rate and 2 years of interest-only payments. Avi Weinstock and Chaim Tessler of Meridian’s New York headquarters negotiated the loan for the borrower, Samson Management.
HOLBROOK, N.Y. — Long Island Industrial has completed a renovation project for Consumers Kitchens & Baths’ headquarters in Holbrook. The upgrade is part of the company’s $35 million capital improvement program, which is aimed at modernizing its portfolio of properties across Nassau and Suffolk counties. Completed by Long Island, N.Y.-based Hunt Construction Services, the renovation included the demolition of the outdated exterior and the installation of a new energy-efficient Exterior Insulation Finish System façade, as well as new electrical circuits, crown molding and window accents. As part of its capital improvements program, Long Island Industrial will invest an average of $7 million per year over a projected five-year period into its Long Island portfolio, which includes 23 buildings totaling 2 million square feet in Suffolk County and 13 buildings totaling 1.5 million square feet in Nassau County.
NEW YORK CITY — Adam America Real Estate, in partnership with Horizon Group, will begin leasing 500 Sterling Place, a 77-unit multifamily property in Brooklyn’s ProCro neighborhood, in late June. The seven-story apartment building offers studio, one- and two-bedroom units with premium kitchens, countertops and appliances. Building amenities include a rooftop deck with misting wall, outdoor movie projection capabilities, game and lounging areas and barbecuing stations. Additionally, the amenity package includes a fully equipped window gym, parking, part-time doorman, package room, bicycle storage and a live-in superintendent. Rents range from $1,995 to $3,100, and move-in is slated for July 1.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a retail center located at 1257-1267 Forest Avenue in Staten Island for $5.25 million at $200 per square foot with an 8 percent cap rate. The two-story, 25,860-square-foot property features 12 fully leased retail spaces and a 41-car parking lot. Current tenants include Avon, Papa John’s Pizza, Payless Uniforms and CKO Kickboxing. Adelaide Polsinelli and Carlos Olson of Eastern Consolidated represented the seller in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of 147 Leonard Street in Brooklyn. The eight-unit apartment building sold for $2.3 million or approximately $411 per square foot. James Saros, Michael Salvatico and Shaun Riney of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer, a private investor, in the transaction.
DALLAS — CBRE has brokered the sale of Galleria North Tower I, a Class A office tower located at 13737 Noel Road in north Dallas. The 16-story, 379,518-square-foot office tower is 87 percent occupied, and includes an executive parking level beneath the building, as well as an adjoining parking garage. CBRE’s Gary Carr, John Alvarado, Eric Mackey and Robert Hill arranged the transaction on behalf of FSP Galleria North Limited Partnership. Deutsche Asset & Wealth Management acquired the tower on behalf of one of its institutional clients for an undisclosed price. Galleria North Tower I’s tenant mix includes Dealertrack Technologies, EmCare Holdings, Insperity and U.S. Bank.
OKLAHOMA CITY —The LaSalle Group has broken ground on a 30,000-square-foot, $9.5 million memory care facility in southwest Oklahoma City. Autumn Leaves of Southwest Oklahoma City will accommodate nearly 50 residents with Alzheimer’s and other forms of dementia. LaSalle recently opened Autumn Leaves of Edmond and currently has 36 communities open or under construction across the country. Autumn Leaves of Southwest Oklahoma City is a partnership between The LaSalle Group, Silverado Interests and Prosperity Bank. The community is expected to open during the first quarter of 2015.