BOCA RATON, FLA. — CB Richard Ellis (CBRE) has brokered the sale of an 11,000-square-foot, multi-story medical office building located at 1450 S. Dixie Highway in Boca Raton. Dr. Alan Bauman purchased the property for $1.6 million and plans to relocate his practice, Bauman Medical Group, to the building. CBRE’s Dominic Montazemi, Scott O’Donnell and Miguel Alcivar represented the seller, 1450 Dixie LLC.
MONROVIA, IND. — Sunbeam Development Corp. has purchased I-70 West Commerce Park, a 1.5 million-square-foot business and industrial complex in metro Indianapolis. Currently, there are two existing buildings in the park, a 1 million-square-foot Johnson & Johnson distribution center and the 545,010-square-foot Gordmans distribution center, which is under construction. Sunbeam’s acquisition totals 685 acres, 660 of which are zoned for industrial use with the remaining 25 zoned for commercial use. The company has a long-term plan to develop the park, beginning with a 525,000-square-foot speculative industrial building. The complex is located in the northwest quadrant of Interstate 70 and State Road 39 in Monrovia. Cassidy Turley will continue to act as the exclusive marketing agent for the project.
INDIANAPOLIS — Construction is underway on a $26 million, 235-unit apartment community called Circa in Indianapolis. Located on College Avenue in the Chatham-Arch historic district, Circa will include a mix of studio, one-, two- and three-bedroom apartments in five buildings. The project will also include the renovation of the former office of the Mitchel & Scott Machine Co., located on the property. The former office building will house the leasing office and some apartments with rooftop patios. The other four buildings will be new, four to five stories tall, and designed to blend into the historic district. Regions Bank provided the construction loan. Milhaus, Blackline Studio for Architecture, Anderson + Bohlander Landscape Architecture and CEC Engineering collaborated on the design. Milhaus will manage construction. The apartments will include one parking space per unit and will rent for between $800 and $2,000 per month.
BLOOMINGTON, MINN. — BentleyForbes has sold its 122,177-square-foot office building in Bloomington, a southern Minneapolis suburb, to Oak Street Real Estate Capital. Industry sources have estimated the value of the deal at approximately $16 million. The property is the corporate headquarters of GN ReSound, a hearing aid technology leader, and is located at 8001 Bloomington Freeway. The sale follows the recent signing of GN ReSound to a long-term lease for 100 percent of the property in March. The single-story property is located on 7.7 acres and includes flexible space featuring an office component, production area, product storage and a training facility. Wesley Kirkham of Wes Kirkham Properties represented BentleyForbes in the transaction.
ROSEMONT, ILL. — Saks Fifth Avenue OFF 5TH has opened a new 27,000-square-foot store in metro Chicago. The store will be located in the Fashion Outlets of Chicago. The will be the fourth Saks Fifth Avenue OFF 5TH location in the Chicago area and be the second store in metro Chicago to be modeled after the company’s luxury-in-a-loft design. The modern and uncluttered layout includes an open floor plan, moveable fixtures and bright lighting. Saks Fifth Avenue OFF 5TH’s other Chicago-area stores are located in Gurnee Mills, Woodfield Village Green and Village Square of Northbrook.
PHILADELPHIA — UC Funding has provided $10.4 million for a project involving the acquisition and renovation of two older apartment buildings in northwest Philadelphia totaling 110 units. The borrower was identified as a life-long Philadelphia resident with more than 30 years of experience in commercial real estate and currently owns 14 apartment buildings and four office/retail properties in the Philadelphia area.
HERKIMER, N.Y. — Marcus & Millichap has arranged the $2.1 million sale of a 2,132-square-foot, net-leased property in Herkimer, located 16 miles southeast of Utica. A Kentucky Fried Chicken and Taco Bell occupy the property, which signed a new 20-year lease at the closing of the deal. Glen Kunofsky and Judson Kauffman of Marcus & Millichap’s Manhattan office represented the seller and the buyer, private investors, in the transaction. KFC / Taco Bell is located at 200 South Caroline St.
ALBANY, N.Y. — The Hampshire Cos. has acquired a 66,000-square-foot retail property and an adjacent 1,000-square-foot gas station in Albany from Columbia Development Co. ShopRite, a subsidiary of Wakefern Food Corp., fully occupies the 66,000-square-foot building. The new grocery store is the third of four new locations for ShopRite in the Albany market this year. The property is located at 711 Central Ave.
NEW YORK CITY — Colliers International has arranged a 12,200-square-foot lease at 2 Penn Plaza in New York City on behalf of Marks Paneth & Shron LLP (MP&S), which sublet its space on the fourth floor to Jacobs Engineering Group Inc. MP&S provides auditing, accounting, tax, consulting, bankruptcy and restructuring services as well as litigation and corporate financial advisory services to public and private businesses. Jacobs Engineering Group provides technical support to industrial, commercial and government clients across multiple markets. Owned by Vornado Realty Trust, 2 Penn Plaza is a 32-story, 1.5 million-square-foot office tower in Manhattan on Seventh Avenue between 31st and 33rd streets. Michael Burlant of Cushman & Wakefield represented Jacobs Engineering Group in the transaction.
SAN ANTONIO — Stream Realty Partners has signed the United States Automobile Association (USAA) to a lease totaling 128,354 square feet in buildings III and IV of the University Tech Park Center in northwest San Antonio. The lease brings both buildings to 100 percent occupancy, with USAA occupying all of building IV and 39,834 square feet of building III. Atento, a business process outsourcing firm, occupies the remainder of building III. Jason Schnittger of Stream Realty represented property owner BP Westchase LLC, while Travis Commercial represented the tenant.
