CHICAGO — Exit Plan Holdings LLC has purchased a 7,000-square-foot retail building located at 5025 N. Clark St. in the Andersonville neighborhood of Chicago from a private seller. The new owners, who own Crew Bar & Grill and The SoFo Tap, plan to renovate the building to include a new façade and replace the rear of the structure. A Mexican restaurant will move into the remodeled space next year. Most recently, the property was occupied by T’s Bar and Restaurant, which closed in March. Rebecca Lundstrom, senior consultant for @properties Commercial, represented the buyer in the transaction.
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WILKES-BARRE AND WILLIAMSPORT, PA. — Cronheim Mortgage has arranged $25.2 million in refinancing for a 315-room, three-hotel portfolio in Wilkes-Barre and Williamsport, two cities in northern Pennsylvania. The sponsor is an entity affiliated with Chartwell Hotels, a full-service hotel development and management company, which operates full- and limited- service properties in the Northeast. Approximately $18.8 million of the loan was used for two hotel properties — a Holiday Inn and Holiday Inn Express — in Williamsport. The five-story hotels include 102 and 96 rooms, respectively. The 117-room Holiday Inn Express, also five stories, in Wilkes-Barre received $6.4 million in financing.
CARTERET, N.J. — The Hampshire Co. has purchased 700 Blair Road, a 234,325-square-foot, single-tenant industrial building in Carteret, located about 15 miles south of Newark, for more than $10 million. Berjé Inc., a global distributor of essential oils and aromatic chemicals, fully occupies the property, which serves as its corporate headquarters. Michael Nachamkin, Jose Cruz, Kevin O’Hearn and Marc Duval led the HFF team representing the seller, GP 700 Blair Road LLC, and the buyer.
HANOVER TOWNSHIP, N.J. — Woodmont Properties has started construction on Woodmont Knolls at Hanover, a 126-unit luxury apartment community in surburban Newark. The company broke ground on the 15-acre site off Cedar Knolls Road in Hanover Township last month. Woodmont Knolls at Hanover will feature one- and two-bedroom units with nine-foot ceilings, walk-in closets and private balconies. Amenities at the community will include a clubhouse, swimming pool, fitness center, sports bar and a game room with video games and pool tables. Pre-leasing for the community will begin this fall.
CAMBRIDGE, MASS. — Ipsen has signed a long-term lease for 62,600 square feet of laboratory and office space in Cambridge. The six-story, multi-tenant research facility is located at 650 E. Kendall St. in the heart of Kendall Square. BioMed Realty owns the 282,000-square-foot facility through a joint venture with Prudential Real Estate Investors on behalf of institutional investors. Ipsen is a specialty-driven pharmaceutical company, which focuses on healthcare solutions for debilitating diseases.
FREEPORT, TEXAS — Brennan Investment Group LLC, a private real estate investment firm, has acquired the 46,401-square-foot industrial property at 6711 Freeway 332 in Freeport. Dow Chemical occupies the building. Tom Lynch and Paul Segreto of CBRE represented the seller in the transaction. Brennan is actively pursuing similar industrial assets in Los Angeles, Florida, Washington, D.C., New Jersey, Atlanta and the Midwest in addition to Texas.
LONGVIEW, TEXAS — Portfolio Development has broken ground on Paladin Luxury Apartments, a $12 million, 220-unit multifamily community on Hawkins Parkway in Longview, approximately 43 miles west of the Texas state border with Louisiana. The eight-building, garden-style complex will be situated directly behind the Regal Stadium 14 movie theater and in close proximity to U.S. 259. Amenities will include a fitness center, pool and dog park, and some units will include attached garages, built-in bookshelves and wine racks. BBL Builders is overseeing construction of the project.
HOUSTON — Holt Lunsford Commercial has arranged a lease renewal for the 369,772-square-foot Houston home of United DC Inc. The industrial facility, located at 8921-8933 and 8937-8947 Market St., is in close proximity to the interchange of Interstate 10 and Interstate 610, approximately 7 miles east of downtown. Jason Dillee and John Kruse of Holt Lunsford represented the landlord, The Realty Associates Fund IX LP, in the negotiations. United DC is the warehousing arm of packaging business United Companies.
DALLAS — Cushman & Wakefield has arranged the renewal of FMI Recycling’s lease of 68,000 square feet at 2929 Glenfield Ave., approximately eight miles southwest of the heart of downtown Dallas. FMI, which specializes in metals and electronics recycling, has occupied space in the multi-tenant industrial property for five years. Mark Collins, Dean Collins and Kirk Collins of Cushman & Wakefield represented the tenant in the negotiations. Matt Elliot of NAI Robert Lynn represented the landlord, Glenfield LLC.
SAN DIEGO — McMillin Communities has broken ground on the multi-billion-dollar Millenia urban center in the San Diego submarket of Chula Vista. It will be located just east of SR125 at Birch Road. The new community will include 3,000 multifamily units; 2 million square feet of Class A office space; and 1.5 million square feet of retail, hospitality, civic and mixed-use projects. It will also include six themed urban parks and a variety of tree-lined promenades, gathering spaces, bikeways and plazas. Once completed in about 20 years, the 210-acre Millenia will span the equivalent of about 80 city blocks. It will also serve as the urban center for the 22,899-acre Otay Ranch Master Plan. Millenia is one of 236 projects in eight countries that is participating in the pilot program for the Leadership in Energy and Environmental Design Neighborhood Development (LEED-ND) program. It has also been designated a Smart Growth Urban Center by the San Diego Association of Governments.