OAK BROOK, ILL. — J.C. Anderson Inc. has been selected to complete a 20,000 square-foot office build-out for Millennium Trust Co. within Commerce Plaza, an office building in Oak Brook. Commerce Plaza, located at 2001 Spring Road, will undergo an interior build-out to add additional space on the third floor of the building. The full-floor remodel will include construction on open workspaces, private offices, training areas and a large multi-purpose room. This is the second project for J.C. Anderson with Millennium Trust. Dan Burnette is the project manager for the build-out. Ryan Kingsmill is the project superintendent for J.C. Anderson. Cannon Design will provide architectural services. CBRE is the project manager.
Property Type
BOLINGBROOK, ILL. — NAI Hiffman has arranged an office lease extension with Wi-Tronix at The Promenade Bolingbrook, a 715,000-square-foot mixed-use center with more than 1 million square feet of shopping, dining and office space. Wi-Tronix, a supplier of remote monitoring systems for the locomotive industry, occupied approximately 13,470 square feet when it first moved into the complex in 2010. The company will now occupy 21,662 square feet of space at the center. The Promenade Bolingbrook, located at 631 E. Boughton Road, is fully leased and contains tenants such as Barnes & Noble, Macy’s, Ted’s Montana Grill and a list of other stores and restaurants. Jim Alder represented Forest City, owner of The Promenade Bolingbrook, in the transaction. Bill Main and James Soljacich of CBIZ represented Wi-Tronix.
BATAVIA, ILL. — Marcus & Millichap has arranged the sale of a State Farm-anchored retail center for approximately $1.3 million. The 5,994-square-foot retail property is located at 1906-1928 W. Wilson St. in Batavia, a western suburb of Chicago. The center is fully occupied by three tenants that operate under long-term net leases. Hanson Family Chiropractic and Elliff Dental occupy 74 percent of the center. The remainder of the space is leased to State Farm, which recently executed a new 10-year lease. Austin Weisenbeck, Adrian Mendoza and Sean Sharko of Marcus and Millichap listed the property for the seller, a local developer. Marcus & Millichap’s team also represented the buyer, an undisclosed partnership.
NEW YORK CITY — RKF has arranged the $15 million sale of a 5,000-square-foot building located at 63 Spring St. in Manhattan’s SoHo District. The sale price equates to $3,000 per square foot. Jeff Fishman and Jonathan Butwin of RKF represented the sellers, Jason Silverstein and David Shorenstein of Silvershore Properties, in the transaction. Marc Finkel, also of RKF, represented the buyer, Spring Lafayette LLC. Silvershore Properties purchased the fully occupied property in 2013 for $6.4 million. The building includes ground-floor retail space with 100 feet of wraparound frontage and four floors of full-floor residential units.
UNION TOWNSHIP, N.J. — Cushman & Wakefield’s metropolitan area capital markets group has arranged the sale of a fully approved, 15-acre residential development parcel at 400 Clermont Terrace in Union Township. Diversified Realty Advisors, in a venture with the Fidelco Realty Group, purchased the site, which will be redeveloped as a residential community of 140 for-sale townhomes and 130 rental apartments. EnviroFinance Group sold the property. The site is located off Morris Avenue and is within walking distance from Kean University and an New Jersey transit rail station. Brian Whitmer, Andrew Merin, David Bernhaut, Gary Gabriel and Ryan Dowd of Cushman & Wakefield arranged the transaction.
BARTONSVILLE, PA. — Aztec Group Inc. has secured a $10.2 million first-mortgage loan for Bartonsville Plaza, a shopping complex located in Bartonsville, a city in northeast Pennsylvania. Bartonsville Plaza is a 49,000-square-foot, four-building retail center anchored by Lowe’s Home Improvement and Kohl’s. Developed by an affiliate of Legend Properties in 2009, Bartonsville Plaza is currently 94 percent leased. Tenants include Sleepy’s, Verizon Wireless, GameStop, Pocono Medical Center, Moe’s Southwest Grill, Great Clips, Sonic and Advance Auto Parts. Ladder Capital, a New York City-based conduit lender provided the 10-year loan, which includes a fixed interest rate and several years of interest-only payments. Howard Taft and Charles Penan of Aztec Group Inc. secured the financing. David Rosenberg of Maverick Capital Partners co-originated the transaction.
ASHLAND, MASS. — Parsons Commercial Group Inc. (PCG) has completed the $1.9 million sale of 60 Pleasant Street, a 73,475-square-foot industrial warehouse facility in Ashland. Garrett Quinn of PCG represented the buyer, Sixty Pleasant Realty LLC, in this transaction and will continue as the leasing agent for the property. Richard Putprush of REP Realty Advisors represented the seller, Gamewell Realty Inc., in the transaction.
DORCHESTER, MASS. — Wallace Property Co. has completed the renovation of a recently purchased, 48-unit multifamily building in Dorchester, a southern suburb of Boston. Wallace Property acquired the property from the Mayo Group in June 2013 for $5.34 million and immediately began upgrading the property by renovating kitchens and bathrooms in many of the units. The three-story property is located at 5-15 Victory Road.
SAN ANTONIO — CBRE has brokered the sale of Westover Marketplace Shopping Center, a 242,664-square-foot retail property in San Antonio. The Class A power center is located at the intersection of Loop 410 and Highway 151, in proximity to Lackland Air Force Base, Sea World, Hyatt Hill Country Resort and Northwest Vista College. The asset was 93.4 percent leased at the time of the sale to tenants including Gander Mountain, Ross Dress for Less, PetSmart, Office Depot and Melrose. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the seller, New York-based Coventry Real Estate Advisors. Inland American purchased the property.
DALLAS — Stillwater Capital Investments LLC has broken ground on Stillwater Peak Townhomes & Flats, a 180-unit multifamily property in the Uptown neighborhood of Dallas. The community will feature one-bedroom apartments and two- and three-bedroom townhomes, as well as amenities including a clubhouse, fitness center, yoga studio, swimming pool and outdoor kitchen. The first units will be ready for lease in the spring of 2015. The development will be Dallas-based Stillwater Capital Investments’ third to begin construction since 2013. The first two projects were similar urban infill properties in Austin and San Antonio.