BOLINGBROOK, ILL. — NAI Hiffman has arranged a industrial lease renewal and expansion for Walgreens in the Chicago suburb of Bolingbrook that will bring the tenant’s total space to 258,560 square feet. The facility is located at 370 Crossroads Parkway, in proximity to I-55 and I-355. Dan Leahy and Adam Roth of NAI Hiffman represented the property owner and landlord, Duke Realty, in the negotiations. Kris Bjorson of JLL represented Walgreens.
Property Type
BEDFORD PARK, ILL. — Developer The Welgarz Co. and general contractor William A. Randolph have broken ground on the new 148-room Hyatt Place Hotel at Midway Airport in the Chicago suburb of Bedford Park. The six-story property will include an indoor swimming pool, bar/café, lounge and meeting rooms. The project is located at 6550 Cicero Ave. Legat Architects is providing architectural design services, and Tech 3 Consulting is serving as civil engineer.
DECATUR, ILL. — Triad Real Estate Partners has brokered the sale of Oakwood Estates, an 80-unit multifamily property in Decatur, for $2.7 million. Constructed in 1995, the Low Income Housing Tax Credit complex is located at 1454 W. Mound Road and offers one- to three-bedroom apartments. A Minnesota-based tax credit and affordable housing developer was the seller. A Champaign-based investment company purchased the asset and will continue to operate the property as an affordable housing community.
TROY, MICH. — Colliers International has arranged a 22,500-square-foot flex space lease in Troy, Mich. for ABM Building Solutions LLC, a provider of building maintenance and facilities services. The tenant will occupy space at 1775B Crooks Road, in proximity to I-75. Peter Kepic and Ryan Brittain of Colliers International represented the tenant in the negotiations.
WALTHAM, MASS. — PCCP LLC has provided a $98 million construction loan for the development of Moody & Main, a transit-oriented multifamily project in Waltham. Located at the intersection of Moody and Main streets, the property will offer 269 residential units, 27,595 square feet of ground-floor retail space, a rooftop deck and an outdoor patio/courtyard area, as well as a fitness center, library, game room and clubroom. Additionally, the apartment units will feature washer/dryers, dishwashers, walk-in closets, stainless steel appliances, European-style cabinetry and solid-stone countertops. The property is located within minutes of the I-95/Route 128 office corridor and is a one-block walk from the Waltham MBTA commuter rail station and bus stop. Developed and owned by Northland Investment Corp., the property’s first phase of apartments is slated for occupancy in summer 2015.
NEW YORK CITY — Kalmon Dolgin Affiliates has arranged the sale of 49 Dupont Street, a 100,000-square-foot property located in the Greenpoint district of Brooklyn. Dupont Street Realty LLC purchased the property from 49 Dupont Realty Corp. for $23.3 million. The buyer plans to develop the currently vacant property into a 400-unit residential apartment building with 200 parking spaces. The property offers 230,000 buildable square feet and views of the Greenpoint waterfront. Berel Nagel of Kalmon Dolgin Affiliates represented both the buyer and seller in the transaction.
SOUTH BRUNSWICK, EDISON, SECAUCUS AND TOTOWA, N.J. — G.S. Wilcox & Co. has arranged financing totaling $44.8 million across multiple transactions in New Jersey. Thrivent Financial for Lutherans funded two loans totaling $16.3 million for two industrial properties in South Brunswick. The company provided a $6.4 million loan for a 193,000-square-foot property and a $9.9 million loan for a 256,000-square-foot property. The loans carry an eight-year, fixed-rate term and a 20-year amortization. Additionally, Thrivent provided $9.4 million in refinancing for a 134,000-square-foot industrial building in Edison. The 10-year loan has a fixed-rate and a 20-year amortization. Great West Financial provided a $10.5 million, seven-year fixed-rate loan for a 170,000-square-foot warehouse in Secaucus and a $6.7 million, 10-year fixed-rate loan for a 177,000-square-foot warehouse in South Brunswick. In addition, Advantus funded a $2 million, 15-year fixed-rate loan for an 86,000-square-foot mixed-use retail/industrial property in Totowa. Gretchen Wilcox and Al Raymond of G.S. Wilcox & Co. arranged the financing for the undisclosed borrowers.
SOUTH BRUNSWICK, N.J. — Colliers International has brokered the of lease of 209,106 square feet of distribution and office space at 329 Herrod Blvd. in South Brunswick. Piramal Glass USA will relocate to the property from its current warehouse facility in May’s Landing, N.J. The property features 28-foot ceiling heights, T-5 lighting, 26 tailgate doors and a fully fenced truck court with abundant trailer parking. Jim Scott, Marc Isdaner and John Kainer of Colliers International represented Piramal Glass in the transaction. The landlord is Liberty Property Trust.
EDISON, N.J. — Performance Team Freight Systems Inc. has renewed its lease at 145 Talmadge Road in Edison. The company will continue to occupy 193,000 square feet of the 656,255-square-foot warehouse and distribution facility. Situated on 50 acres, the property features refrigerated storage space, shelving and an ESFR sprinkler system. Scott Belfer, Nick Nitti, Mindy Lissner and Bill Waxman of CBRE Group represented the landlord, NJIND Talmadge Road LLC, in the transaction. Terms of the lease were not disclosed.
SUGAR LAND, TEXAS — Allied Realty has broken ground on The Retreat at Riverstone, a 249-unit multifamily property in the Houston suburb of Sugar Land. The complex, located at 18545 University Blvd., will offer one- to three-bedroom apartments, as well as a fitness center, cyber café, swimming pool, grill area and two dog parks. The complex, slated to open in the fall, is the first multifamily development in the Riverstone master-planned community. Wallace Garcia is providing design services for the project, and Orion Real Estate Services will manage the property. Capital One arranged the construction financing.