HOFFMAN ESTATES, ILL. — Colliers has negotiated a 35,000-square-foot headquarters lease for Arjo North America, a supplier of medical devices, at Bell Works Chicagoland in Hoffman Estates. Arjo will relocate from 62,000 square feet at 2349 W. Lake St. in Addison when it moves in the fourth quarter. David Burden, Tom Beraducci and Andy Gooliak of Colliers represented the tenant, while Darryl Silverman and Steve Kling of Colliers represented ownership. Bell Works Chicagoland is the redevelopment of the former AT&T headquarters property, which totals 1.6 million square feet and was built in 1990. AT&T vacated the asset in 2016.
ST. LOUIS — Tacos 4 Life is slated to open its new location at the Element Hotel at 3763 Forest Park Ave. in Midtown St. Louis on Tuesday, Feb. 11. St. Louis-based hotel development firm Midas Hospitality owns the property. The Midtown Tacos 4 Life marks the third franchise to open in the region, with other locations in Ballwin and O’Fallon, Mo. The retail space at Element Hotel is now fully leased. The 153-room extended-stay hotel opened in 2020. Midas Hospitality will own and operate the Tacos 4 Life Midtown franchise, which is located in a 4,200-square-foot space. Founded in Arkansas in 2014, Tacos 4 Life is a fast-casual taco restaurant with 29 locations. For every meal purchased, the restaurant donates a meal to a child in need through its Meal 4 Meal program.
ELMHURST, ILL. — FlashCo Manufacturing Inc., a manufacturer of roof flashings and accessories, has signed a 20,987-square-foot industrial lease at 849 N. Church Court in the Chicago suburb of Elmhurst. The institutionally owned and managed building in DuPage County is located less than one mile from access to I-290 and I-294 via Lake Street and Route 83. Chris Nelson of Lee & Associates of Illinois represented the tenant, while Al Caruana of Cushman & Wakefield represented the owner, TA Realty.
WHITEHALL, PA. — Philadelphia-based brokerage firm SCOPE Commercial Real Estate has negotiated the $11.8 million sale of Aspen Apartments, an 80-unit multifamily building located in the Lehigh Valley city of Whitehall. The three-story building offers one-, two- and three-bedroom units that range in size from 1,080 to 1,600 square feet. The undisclosed buyer purchased the asset via a 1031 exchange following its disposition of two multifamily assets totaling 52 units in nearby Allentown. Zeke Rotter led the SCOPE team led that handled those sales as well as the purchase of Aspen Apartments.
PEABODY, MASS. — Dick’s Sporting Goods will open a store at Northshore Mall in Peabody, located north of Boston, that will be operated under the Pittsburgh-based retailer’s ‘House of Sport’ brand. The square footage was not disclosed. Nordstrom currently occupies the space. Simon Property Group owns Northshore Mall, which is home to about 140 specialty stores, dining and entertainment venues and recently underwent a multimillion-dollar repositioning. The opening is scheduled for summer 2026.
TARRYTOWN, N.Y. — The Cookware Co. has signed a 17,368-square-foot office lease in Tarrytown, a northern suburb of New York City. The space is located at 560-580 White Plains Road, a two-building, 306,475-square-foot development. Matthew Lisk, Tara Long and Steve Baker of Cushman & Wakefield represented the undisclosed landlord in the lease negotiations. Craig Ruoff of Colliers represented the tenant.
By Maya Khan, managing director, CBIZ Between the pandemic and the advent of hybrid work, it’s been a challenging stretch for the New York City office market. But savvy investors see skies clearing as interest rates come down and more employers call workers back to the office. The stabilizing market also offers new opportunities for office-to-residential conversions, thanks to recently enacted state and city incentives. In fact, office buildings sold for such purposes accounted for 50 percent of all development sales in Manhattan in the first half of 2024, according to data from Ariel Property Advisors. In what follows, we’ll take a deeper dive into those trends and look at how some New York real estate leaders who spoke at CBIZ’s “Manhattan to Main Street” panel are taking advantage of the current environment. The event, held in the fall of 2024, focused on the trillions of dollars in commercial real estate debt that is set to mature before 2028 and broader economic factors influencing the New York real estate market; it drew 85 attendees from the local real estate community. Opportunity on the Upswing It’s no secret that the Big Apple’s office sector has taken a beating in the past …
By Garrett Cohoon, Block & Co. Inc. Realtors The commercial real estate activity in the Kansas City metropolitan area showed substantial growth in 2024 for the retail, multifamily and industrial sectors. The office sector is still seeing record vacancy rates, but the annual loss over 2023 is slowing down. According to CoStar, the office vacancy rate for 2024 is up 11.8 percent in Kansas City while the national index is at a 13.9 percent increase. That’s only 0.5 percent higher than last year in Kansas City and we expect to see that trend turn around in the next year. The retail sector saw new brands like Aritzia grow into the Kansas City market. Whataburger opened its 14th location in the past two years as drive-thru restaurants have continued to be a preference for consumers and investors alike. Wellness-based businesses and health clinics have also made good strides in the market. Kansas City has seen an increase in new experiential attractions this year, including national businesses like Puttery minigolf, Andretti indoor karting and SandBox VR. These new attractions have been key to many new development complexes and redevelopments of existing strip centers. Mattel also announced a new adventure park to be …
TOLEDO, OHIO AND HOUSTON — An affiliate of Welltower Inc. (NYSE: WELL) has entered into an agreement to acquire NorthStar Healthcare Income Inc., a non-listed REIT that owns a diversified portfolio of seniors housing properties throughout the United States, for roughly $900 million. Toledo-based Welltower will take ownership of NorthStar Healthcare’s portfolio of 40 seniors housing communities in the acquisition. Founded in 2010, Houston-based NorthStar Healthcare’s portfolio includes independent living, assisted living and memory care properties. “We expect that this portfolio will serve to further enhance our regional densification strategy through our existing geographic footprint and network of exceptional seniors housing operators,” says Nikhil Chaudhri, co-president and chief investment officer of Welltower, calling the agreement a “win-win outcome for shareholders of both companies.” NorthStar Healthcare stockholders will receive $3.03 per share according to the agreement, exceeding the net asset value per share of $2.96 as decided by NorthStar Healthcare’s board of directors in June 2024. Under terms of the agreement, the NorthStar board of directors and advisors may initiate, solicit and consider alternative acquisition proposals during a 40-day “go shop” period beginning from the date of the merger agreement. The all-cash transaction is scheduled to close within the first half …
SAN MARCOS, TEXAS — Utah-based Helu Development has broken ground on The Entrada at San Marcos, a 336-unit affordable housing project located roughly midway between Austin and San Antonio. The development will comprise six three-story buildings on a 14-acre site. Units will feature studio, one- and two-bedroom floor plans and will be reserved for households earning 80 percent or less of the area median income. Amenities will include a clubhouse with a 24-hour fitness center, pickleball court, a resort-style pool and spa, grilling areas and a playground. Helu is developing the project, which is expected to be complete by early 2026, in partnership with American South Capital Partners.