BRIDGEVIEW, ILL. — ML Realty Partners has signed Menasha Packaging to 166,683 square feet of industrial space at its facility in Bridgeview, a southern suburb of Chicago. The industrial property is located at 7770 W. 71st St., west of Harlem Avenue with easy access to I-55. The building includes 33-foot clear ceiling heights, exterior loading and abundant car and trailer parking. Steve Connolly, executive vice president, and Chris Gary, vice president of NAI Hiffman’s industrial services team, represented ML Realty Partners in the transaction. Patrick McCaffrey and Rob Wheeler with Cresa Partners represented Menasha. Menasha Packaging specializes in creating high-end graphic packaging and merchandising products for retail, food and pharmaceutical applications.
TOLEDO, OHIO — Toledo Edison has chosen the Reichle Klein Group to manage its 232,000-square-foot Edison Plaza office tower in Toledo. The 16-story building is located at 300 Madison Ave. in downtown. Edison Plaza is home to numerous businesses, including Libbey Glass, Toledo Edison, Regional Growth Partnership and Toledo Regional Chamber of Commerce.
HOLMDEL, N.J. — Holmdel Township has selected Somerset Development for the $100 million redevelopment of the former Bell Labs facility in Holmdel, located about 23 miles north of Staten Island, N.Y. The property includes a 2 million-square-foot building and 470 acres surrounding the facility. Somerset has spent the past several years working closely with the Holmdel community and officials to devise a plan that will transform the structure into a vibrant, mixed-use town center. In addition, the approved plan allows for residential, recreational and open space uses outside the building, including the development of up to 40 single-family homes and 185 age-restricted townhomes, as well as a field house for sports and an 18-hole golf course. The complex, which was originally constructed between 1959 and 1962, and then expanded to its current size between 1966 and 1982, is revered for its architectural distinction, in particular its notable mirrored glass façade. Designed by Eero Saarinen, the former Bell Labs research complex was home to Bell Laboratories division of Bell Telephone, later known as AT&T, Lucent and today, Alcatel-Lucent. Toll Brothers is in contract with Somerset for the purchase of land outside the building to construct the development’s residential component.
NEWARK, DEL. — Philadelphia-based Pennsylvania Real Estate Investment Trust (PREIT) has sold two power centers in Delaware and South Carolina for a combined total of $87.3 million. The properties include Christiana Center in Newark, about 13 miles southwest of Wilmington, Del., and Commons at Magnolia in Florence, S.C. The sales price represents an average cap rate of 6.8 percent and a profit of $45.4 million. PREIT intends to use the proceeds to make further reductions in debt and for general corporate purposes.
SCHENECTADY, N.Y. — KeyBank (NYSE:KEY) has provided $26 million in Low Income Housing Tax Credit (LIHTC) equity and debt for an affordable housing development in Schenectady. The 155-unit rental community will include housing for low-income families, homeless persons, veterans and others who require supportive services. The development will transform a 96,060-square-foot, four-story historic industrial building and include 30 units for individuals struggling with homelessness or substance abuse and 57 units for the developmentally disabled and mentally ill. In total, KeyBank provided nearly $15 million in LIHTC equity and a $9 million construction loan to the development. The Galesi Group is serving as the developer for the project, which is slated to open next spring.
BOSTON — National Development has announced plans to build SEPIA at Ink Block, an 83-unit luxury condominium development in Boston. The project will be built as part of Ink Block South End, a six-building, mixed-use development in the South End neighborhood of Boston. Construction is slated to begin in early 2014, with a sale center opening at 401 Harrison Ave. later this month. Amenities at SEPIA at Ink Block include underground resident parking, a rooftop sundeck, private balconies, access to Ink Block’s rooftop pool, fitness center, clubroom and a bicycle workshop. Residents of the community will also be in proximity to the 50,000-square-foot Whole Foods Market, which is slated to open at Ink Block South End in early 2015. The SEPIA condos are slated to be complete and open for occupancy in mid-2015. Cranshaw Construction is the general contractor, and Elkus Manfredi Architects is the architect for SEPIA. The Collaborative Cos. will serve as the marketing and sales agency.
IRVING, TEXAS — Cushman & Wakefield (C&W) has brokered the sale of Regent Commons, a 619,643-square-foot office complex in the Freeport/Las Colinas submarket of Irving. The property, originally constructed in 2006, comprises three LEED-certified, Class A buildings on 52 acres fronting Interstate 635 at 3950, 4000 and 4050 Regent Blvd. The buildings are fully leased to two tenants, Citibank and State Farm. Michael Rotchford, David Wenk, Robert Elms, Scot Farber and Maureen Kelly of C&W, along with co-broker Cassidy Turley, represented the seller, a fund affiliated with Brookfield Asset Management. GI Partners was the buyer.
COPPELL, TEXAS — The Mansour Group of Marcus & Millichap has brokered the $4.5 million sale of Arbor Manor Shopping Center in Coppell, approximately 20 miles northwest of Dallas. The 10,049-square-foot retail strip center, located at the intersection of Denton Tap and Sandy Lake roads, is leased to Einstein Bros. Bagels, SmashBurger and Jersey Mike’s. Alvin Mansour of the Mansour Group represented the buyer, a private out-of-state investor, in the transaction. The seller was a local developer.
SAN ANTONIO — BMC Capital has secured a $1.2 million loan for Magnolia Apartments, a 25-unit multifamily property in an historic area of San Antonio. The loan featured a seven-year fixed rate of 4.25 percent and a 30-year amortization. Mike Callis of BMC’s Denver office arranged the terms. BMC Capital, headquartered in Dallas, acts as both a direct lender and a mortgage banker for commercial real estate properties.
IRVING, TEXAS — Property owner Rosemont Realty has signed Tricolor Auto Group to a renewal and expansion of its corporate headquarters lease in the Las Colinas submarket of Irving, approximately 13 miles northwest of Dallas. Tricolor previously occupied 16,783 square feet at The Summit at Las Colinas office tower and will now expand by approximately 33 percent to 24,913 square feet. Rosemont was internally represented by Kirby White, while Jon Altschuler of Altshuler & Co. represented the tenant. The Summit at Las Colinas, located at 545 E. John Carpenter Freeway, boasts 19 floors, 375,505 square feet of space of an 89 percent occupancy rating.