AMES, IOWA — The Opus Group will develop a new student residential and retail complex directly adjacent to Iowa State University’s campus in Ames. The Foundry will feature 53 units and 144 bedrooms with 7,500 square feet of ground-level retail space. The six-story building will be the gateway to Iowa State University’s campus. Units will offer students living options of two- and four-bedrooms. Residents will have access to several amenities including a fitness center, study lounges, game room, private heated underground parking, common areas and on-site retail options. Construction on the project is scheduled to begin this month with completion slated for August 2015. Pre-leasing for the residential complex has begun. Opus Development Company LLC is the developer of the project and Opus Design Build LLC is the design-builder. Opus AE Group LLC is partnering with Minneapolis-based Elness Swenson Graham Architects Inc. on the design. Opus recently completed two luxury student housing options at the University of Minnesota and it has three others currently underway near university campuses in Madison, Wis., Milwaukee and Minneapolis.
Property Type
BRIDGEVIEW, ILL. — NAI Hiffman has arranged the lease of an 117,077-square-foot industrial space in Bridgeview. Menasha Packaging will occupy space at 7800 W. 71st St. The building is adjacent to a 166,663-square-foot facility owned by ML Realty Partners. Menasha, a Wisconsin-based packaging, logistics and marketing services company, signed a lease last year at the adjacent property. Steve Connolly and Chris Gary of NAI Hiffman represented ML Realty Partners in the transaction. Patrick McCaffrey with Avison Young represented Menasha Packaging.
MANSFIELD, OHIO — Marcus & Millichap has brokered the $1.7 million sale of a Chipotle Mexican Grill restaurant in Mansfield. The 2,240-square-foot property is located at 2470 O'Possum Run Road. The asset sold based on a 5.45 percent cap rate. The property is on a long-term, absolute triple-net lease with Chipotle Corp. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap represented the seller, a limited liability company as well as the undisclosed buyer.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of six walk-up residential buildings in New York City’s Upper East Side. SW Management purchased the 69,740-square-foot portfolio for $47.8 million from Pan Am Equities. The five-story apartment buildings, which offer 150 free-market and rent-stabilized units, are located at 413, 415 and 417 East 81st Street and 427-431 East 83rd Street. Aaron Jungreis of Rosewood Realty represented both the seller and buyer in the transaction.
KUTZTOWN, PA. — Cherry Hill, N.J.-based NFI has opened a 1 million-square-foot distribution facility in Kutztown for Ocean Spray. The facility will serve as the distribution center for 40 percent of Ocean Spray’s global volume. The center broke ground in July 2013 and was completed in 10 months. The opening of this facility represents a continuation of the 13-year partnership between NFI and Ocean Spray.
FALMOUTH, MASS. — Cambridge Capital Advisors has brokered the sale-leaseback of Inner Harbor Marketplace at 77 Scranton Ave. in Falmouth. Scranton Holdings Corp. sold the 35,000-square-foot shopping center for $9.4 million to Falmouth Retail LLC. The shopping center is anchored by a Windfall Market, which executed a new 15-year triple-net lease upon close of escrow. Additionally, West Marine, which has occupied the center since 1994, exercised a 5-year lease option. Michael Scanio of Cambridge Capital Advisors represented both the seller and buyer in the transaction.
PAINTED POST, N.Y. — Erwin Hospitality Associates has opened a Hampton Inn in Painted Post. Located at 248 Town Center Road, the 98-room hotel is the only Hampton property in Painted Post and the 48th in the state. The hotel features Hampton’s Perfect Mix Lobby, designed with a variety of seating and lighting options for both leisure and business travelers, and well-equipped guestrooms with modern amenities, including microwaves, refrigerators and LCD, flat-screen televisions. Visions Hotels will manage the property, which is owned by Erwin Hospitality.
SOUTHPORT, CONN. — Quincy, Mass.-based The Grossman Companies and Southport-based Summit Development have acquired an office building at 200 Pequot Ave. in Southport. The 12,700-square-foot building sold for $2.4 million or approximately $185 per square foot. The buyers plan to upgrade the property’s common areas and lease out the building, which is currently 43 percent occupied. The undisclosed seller, a former tenant, sold the property directly to the buyers in an off-market transaction.
HOUSTON — HFF has brokered the sale of Colorado Club Apartments, a 300-unit multifamily property in east Houston. Located at 794 Normandy St., the community includes one- and two-bedroom apartments averaging 753 square feet each, plus amenities such as a swimming pool, fitness center and playground. The complex was 98 percent leased at the time of the sale. Chris Curry, Todd Marix, Todd Stewart and Tre Banks of HFF marketed the asset on behalf of the seller, Cleveland, Ohio-based Capital Equity Group. White Oak Partners LLC, based in Columbus, Ohio, purchased the property.
KINGSVILLE, TEXAS — Domus Development will break ground this month on the 504-bed first phase of Legends Kingsville, a student housing project in the south Texas city of Kingsville. The property, which is scheduled to open in August 2015, will serve Texas A&M University at Kingsville. Reynolds & Lapp Commercial represented Domus in the acquisition of a 20-acre parcel for the development.