NEW YORK CITY — Marcus & Millichap has arranged the sale of a retail property located at 7508 and 7524 Broadway in Queens. The 7,940-square-foot property sold for $5.9 million. The property is located between Broadway and 41st Avenue in the Woodside/Elmhurst section of Queens. Matthew Fotis, Lazarus Apostolidis and Tae Lee of Marcus & Millichap’s Manhattan office represented the seller, a private investor, and the buyer, a private investor, in the transaction.
SOUTH HACKENSACK, N.J. — NAI James E. Hanson has facilitated the lease of an industrial space in South Hackensack. Publishers Circulation Fulfillment Inc. has leased 22,203 square feet of space at 60 Saddle River Ave. The industrial space features two loading docks, one drive-in and 1,500 square feet of office space. Jeff DeMagistris and Tom Vetter of NAI Hanson represented the landlord, Safer Development and Management Inc., in the transaction.
THE WOODLANDS, TEXAS — Truluck’s and Starbucks are set to join Hughes Landing, a 66-acre mixed-use development in The Woodlands. Truluck’s will be located in restaurant row in Hughes Landing, while Starbucks will be located on the retail level of One Lakes Edge, a 390-unit multifamily development. Hughes Landing features a mixture of restaurants and retail, entertainment venues, up to 800 multifamily residences, Class A office space and a full-service Embassy Suites scheduled to open in late 2015. Truluck’s plans to begin construction on its 10,000-square-foot space this spring, and expects to complete construction this fall. The restaurant features seafood, steaks and wine. The 1,820-square-foot Starbucks location is expected to open in March and will provide coffee, teas and snacks. Rip Reynolds of The Howard Hughes Corp. represented The Woodlands in the transactions. Pete Stewart Properties Inc. represented Truluck’s. Walter Salek and Lasater Miller with The Retail Connection represented Starbucks.
MILWAUKEE — KeyBank Real Estate Capital has secured a $21.5 million Freddie Mac CME loan for Presidio Square Apartments in Milwaukee. The 248-unit, garden-style apartment complex was built in 1991. Jeannie Johnson of KeyBank Real Estate Capital Markets’ multifamily team arranged the financing for the undisclosed borrower. The financing will be used to pay off an existing loan.
CHICAGO — Peet’s Coffee & Tea Inc. has opened a new store and Ghirardelli Chocolate Co. has signed a new lease in Chicago’s Wrigley Building. Peet’s will occupy 1,140 square feet on the ground floor of the south tower of the building at 400-410 N. Michigan Ave. The Peet’s store has been built with the company’s new store design that showcases the art of its coffee making and also features historic photos of The Wrigley Building from the early 20th century. Ghirardelli Chocolate Co. has signed a new lease for 7,000 square feet of retail space in the south tower for an ice cream and chocolate shop. The new store is set to open on Memorial Day. The Wrigley Building is owned by a group of investors led by BDT Capital Partners and includes Zeller Realty Group, and Eric Lefkofsky and Brad Keywell personally, as minority investors.
WYLIE, TEXAS — Marcus & Millichap has arranged the sale of Trails Place Townhomes, a 62-unit apartment property located in Wylie. Tommy Lovell III and Kim Westcott of Marcus & Millichap’s Dallas office marketed the property on behalf of a local seller. Lovell and Westcott also procured the buyer, a limited liability company from California. Trails Place Townhomes is located at 1 Trails Place near North Highway 78. Built in seven phases from 1985 to 2005, the asset is situated on nearly four acres. The community includes one-, two-, and three-bedroom townhome floorplans ranging in size from 700 square feet to 1,135 square feet. Amenities include full size washer and dryer connections in all units, private patios for all units, on-site management, tile flooring, walk-in closets and carports for select units.
ST. CHARLES, ILL. — Darwin Realty & Development Corp. has arranged the sale of a 36,371-square-foot industrial facility in St. Charles. A Midwest-based food manufacturing and distribution company purchased the property, which is located on more than two acres at 2531 Dukane Drive. The property, which was built in 1980 and expanded in 2001, features an 18-foot, 6-inch clear ceiling height and three interior docks with one grade-level door. Geoff Kasselman of Newmark Grubb Knight Frank represented the seller, an East Coast-based printing services company.
O’FALLON, ILL. – Holland Construction Services Inc. has completed construction on the new O’Fallon Fire/EMS headquarters, and parks and recreation maintenance facility. Holland served as construction manager on the $5.8 million project. The 16,400-square-foot, five-bay firehouse features workstations, sleeping quarters, a weight room and a training/conference center. The 7,500-square-foot parks and recreation maintenance building includes four apparatus bays and multi-purpose administration space.
HILLIARD, OHIO — Marcus & Millichap has arranged the $2.1 million sale of George’s Corner IV, a 4,749-square-foot retail property in Hilliard, approximately 13 miles northwest of Columbus. George’s Corner IV is located at 1840 Hilliard Rome Road. The two-tenant center features Visionworks, an eyewear retailer, and Tom + Chee, a Cincinnati-based specialty grilled-cheese restaurant. The center is a renovated former restaurant located on an outparcel to a Target center. A Memphis, Tenn.-based limited liability company purchased the property. John Reehil and Arthur Kaplan of Marcus & Millichap’s Columbus office represented the seller, a limited liability company.
NORFOLK, VA. — The city of Norfolk has opened the first phase of the Norfolk Consolidated Courts Complex, a 315,000-square-foot complex that combines three courthouses into one. Both phases will cost approximately $121.5 million to develop. The eight-story Phase I will consolidate the Circuit and General District courts into a single facility. Phase II, which is slated for an early 2017 completion, will add the Juvenile and Domestic Relations courts. The design team, including architect Fentress Architects and general contractors Archer Western and Heery International, is constructing the complex to achieve LEED Silver certification.
