FREMONT, CALIF. – Bayside Technology Park, a 46,944-squre-foot industrial facility in Fremont, has sold to Crest Properties for $5.3 million. The park is located at 46107-46127 Landing Parkway. The unnamed seller was represented by Steve Kapp of Cornish & Carey Newmark Knight Frank and Jim and Craig Kovaleski of Cassidy Turley.
GOODYEAR, ARIZ. – A 6,810-square-foot building in Goodyear that is net leased to Romano’s Macaroni Grill has sold to an unnamed buyer for $3 million. The building is located at 1828 North Litchfield Road. The seller, a limited liability company, was represented by Jamie Medress and Mark Ruble of Marcus & Millichap’s Phoenix office.
CHICAGO — Mesa West Capital has provided Sterling Bay $220 million to refinance 1KFulton, a 10-story, 535,000-square-foot office building in Chicago’s West Loop. The property will serve as Google’s new regional headquarters. Other tenants include bicycle gear maker SRAM International Corp. and Venture Capital firm Sandbox Industries. The financing included $35 million of mezzanine debt, which was placed at closing with Morgan Stanley Real Estate Investing. The building features efficient floor plates up to 71,000 square feet with 11-foot floor-to-ceiling glass and 12-foot slab-to-slab height. Additionally, select property amenities include a subterranean parking garage, fitness center and unmatched rooftop common areas as well as easy access to the newly completed Morgan & Lake CTA stop located one block south of the property. Local development firm Sterling Bay acquired the former Fulton Market Cold Storage warehouse in 2012. The nearly 100-year-old vacant 10-story structure is now a state-of-the-art LEED Gold certified office and retail building. Michael Kavanau, Tim Joyce and Christopher Knight of HFF arranged financing. The building was 88 percent leased at the time of financing.
MOUNT PLEASANT, WIS. — Meridian Design Build has completed construction on a 132,002-square-foot speculative industrial facility in Mount Pleasant. The building, constructed for Land and Lakes Development, includes 10 loading docks, two drive-in doors and 153 parking spaces. The facility, located about one mile east of I-94, is the first to be built in Land and Lakes’ new 60-acre Mount Pleasant Business Park, which has the potential to accommodate up to 800,000 square feet of new construction. Harris Architects provided architectural services and Pinnacle Engineering Group provided civil engineering work for the project.
PITTSBURGH — Village Green has broken ground for the development of Southside Works City Apartments, a residential property located in Pittsburgh’s Southside Works corridor. The project will feature 264 luxury apartments, 12,000 square feet of retail space and a 562-space parking garage. Slated to open in early 2016, property will offer nano, studio, convertible, and one- and two-bedroom units, as well as penthouse apartments. On-site amenities include a restaurant/café/specialty market, concierge services, indoor/outdoor pool, 24-hour fitness center, business center and conference room, Zen garden and courtyard park, and a club room with a bar, televisions, fireplace and gourmet kitchen. Pittsburgh-based Rycon Construction is building the project.
ROCKY HILL, CONN. — Continental Properties has broken ground for the development of Montage I Rocky Hill, a residential community in Hartford County. Comprising five three-story buildings, the 144-unit property will offer a mix of 54 one-bedroom units and 90 two-bedroom units. Additionally, the community will feature a 2,600-square-foot clubhouse, putting green, Bark Park, organic garden, nature walk with fitness trails and detached garages. Continental Properties acquired the development site in 2014 and construction is slated for completion in fall 2016.
LYNDHURST, N.J. — J.G. Petrucci Company Inc. has opened The Station at Lyndhurst, a newly constructed residential community located at 240 Chubb Ave. in Lyndhurst. Managed by Alliance Residential Co., the property features 192 one-, two- and three-bedroom apartments with open-concept living areas, nine-foot ceilings, wood-style flooring and full-size or stackable washers and dryers. Additionally, many units offer personal balconies or courtyards. Community amenities include a fitness center, residential lounge with flat-screen televisions and billiards table, an outdoor lounge with fireplace, and covered and outdoor parking. Rental rates range from $1,725 to $2,800 and units are available for immediate occupancy.
BELLEVILLE, N.J. — Gebroe-Hammer Associates has arranged three multifamily property sales, totaling $9.2 million and 108 units, in Belleville. In the first transaction, Joseph Brecher and Nicholas Nicolaou of Gebroe-Hammer represented the seller and procured the buyer for the $4.38 million sale of a 43-unit building located at 574-582 Washington Ave. Additionally, Nicolaou and Stephen Tragash, also of Gebroe-Hammer, represented the seller in the $3.8 million sale of a 51-unit property located at 242 Washington Ave. In the final deal, Nicolaou negotiated the $1.1 million sale of a 14-unit property located at 475 Washington Ave. Additional terms and details were not released for the transactions.
SOUTH BRUNSWICK, N.J. — CBRE Group has arranged a 172,249-square-foot lease for Moulton Fulfillment, a full-service order fulfillment house, at 200 Docks Corner Road in South Brunswick. Owned by Prologis, the 1.2 million-square-foot property features 36-foor ceiling heights, 40-by-50-foot column spacing, 136 docks doors, eight drive-in doors, and ample car and trailer parking stalls. Thomas Monahan, Noah Balanoff, Anastasia Lazarides and Bennett Robinson of CBRE represented the tenant, Moulton Fulfillment, in the deal. Additional terms of the transaction were not released.
ARLINGTON, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $7 million loan for the purchase of a 252-unit apartment complex in Arlington. Sharone Sabar of MMCC’s Encino, Calif. office arranged the debt placement. John Barker, Mark Allen and Alexander Skotarek of Marcus & Millichap’s Fort Worth office represented the undisclosed seller in the transaction. Joshua Ross of the firm’s Encino office represented the undisclosed buyer. The 10-year loan included a fixed interest rate of 4.4 percent and a 78 percent loan-to-value ratio.