ALPHARETTA, GA. — KBS REIT has signed Toyota Motor Sales U.S.A. Inc. to a 33,224-square-foot lease renewal at Great Oaks Center, part of a 157,902-square-foot office park in Alpharetta, a northern suburb of Atlanta. Jeff Keppen and Elliott Grand of CBRE represented KBS REIT in the transaction. Gary Waddell and Laura Stephens of Cushman & Wakefield represented Toyota Motor Sales. Lexus, a division of Toyota Motor Sales, will occupy the space.
Property Type
ELKHORN, NEB. — NorthMarq Capital’s Omaha based regional office has arranged a $16.2 million loan for the refinancing of Elk Ridge Independent Living, a 118-unit seniors housing facility in Elkhorn, a western suburb of Omaha. Jason Kinnison of NorthMarq arranged the 18-year loan, which is self-amortizing, through a life company. The property is located at 19303 Seward St.
CHICAGO — MB Real Estate has completed a 182,000-square-foot office lease to the Board Of Education of The City of Chicago (BECC) within the former Sears department store space at 1 N. Dearborn in Chicago. BECC will relocate its headquarter offices to the property from 125 S. Clark with an occupancy date set for November. MB Real Estate provides management and leasing services at the 17-floor, 940,000-square-foot property and represented ownership in the transaction. BECC will take a portion of the ground floor and the entirety of the lower level, second and third floors for its new offices. Gary Denenberg and Jesse Slack of MB Real Estate represented ownership, while Jeff Samaras and Chad Galayda of Cushman & Wakefield represented BECC in the lease negotiations.
CHICAGO — Marcus & Millichap has arranged the $1.3 million sale of 6217-6223 S. Kenwood Ave., a 24-unit apartment property located in Chicago. Greg Gonzalez in Marcus & Millichap’s Chicago office, marketed the property on behalf of the seller, a private investor, and represented the buyer, a limited liability company. The property includes two conjoined 12-unit properties and a gated parking lot that accommodates 10 cars. The unit mix features 16 one-bedroom and eight two-bedroom units.
WOODRIDGE, ILL. — Hobby Lobby has signed a 42,997-square-foot lease at Centerpointe of Woodridge in suburban Chicago. Centerpointe of Woodridge is a 467,247-square-foot power center located near the intersection of I-355 and 75th Street. Hobby Lobby will join other tenant such as Sam’s Club, JC Penney, Home Depot and OfficeMax in the center. Joe Parrott of CBRE assisted Equity Fund Advisors in the lease to Hobby Lobby. Centerpointe of Woodridge is located at 7200-7440 Woodward Ave. Hobby Lobby is an arts and crafts retailer with 590 stores across the nation.
EDISON, N.J. — Sitar Realty Co. has arranged the $22.4 million sale of a 332,000-square-foot industrial building in Edison. NJND Brunswick Avenue LLC sold the property, located at 45 Brunswick Ave., to 45 Brunswick Ave LLC. Thomas Monte and William Sitar of Sitar Realty Co. represented the buyer in the transaction.
BEDFORD, MASS. — Cassidy Turley today has represented AspenTech in a transaction that will relocate the company’s global headquarters at the end of 2014. AspenTech will move to 20, 22, and 28 Crosby Drive in Bedford into 143,000 square feet, almost doubling in size from its current 75,000-square-foot headquarters in Burlington. After a renovation, the new headquarters will satisfy occupancy for more than 600 AspenTech employees. Michael O’Leary, John Boyle and Brian Hines of Cassidy Turley represented AspenTech in the transaction. Torin Taylor, Rich Ruggiero and Rory Walsh of Cushman & Wakefield represented the landlord. Crosby Corporate Center is a nine-building office park settled on 52 acres totaling 589,783 square feet.
PHILADELPHIA — Marcus & Millichap has arranged the $2.2 million sale of The Archview Apartments, a 20-unit multifamily property located in Philadelphia. Clarke Talone, Ridge MacLaren and Andrew Townsend, investment specialists in Marcus & Millichap’s Philadelphia office, represented the seller, a partnership. Talone, MacLaren and Townsend also procured the buyer, a local partnership. The Archview Apartments is located at 108-110 Levering St. and features 19 apartments and an office space.
NORTH QUINCY, MASS. — G-Force Shipping has signed a 17,500-square-foot lease at Heritage Landing in Quincy, a southern suburb of Boston. The third-party logistics company plans to move into the new space by May 1. Heritage Landing is a Class A office complex including two buildings totaling 358,000 square feet. Campanelli has now signed almost 40,000 square feet of new leases since purchasing Heritage Landing in June 2013. In collaboration with Peter Brown of Campanelli, the Cushman & Wakefield team of Mike Frisoli, Matt Morgan, Dave Martel and Jason Roth serve as the leasing agents for the property.
KING OF PRUSSIA, PA. — MIM-Hayden Real Estate Funds has completed renovations to its office property formerly known as Walnut Hill Plaza located at 150 S. Warner Road in King of Prussia. Improvements to the property include a new entryway, light fixtures and a light sculpture in the atrium, along with renovated common areas and bathrooms. Additional exterior upgrades include new landscaping, a new monument sign and additional parking. The office property is located at the intersection of Routes 422 and 202. According to LoopNet.com, the office complex spans 150,000 square feet.