Property Type

JACKSON, MINN. — AGCO, an agriculture company, has begun further expansion of its Jackson manufacturing center and plans to invest $42 million into the building during the next three years. AGCO will invest in infrastructure, increasing production capacity and efficiency in order to help meet growing demand for the tractors and application equipment built there. The three-year endeavor is made up of seven phases affecting all areas of the campus, including component manufacturing, the tractor assembly line and the application equipment assembly line. Once completed, the expansion will create 75 additional permanent jobs at the facility, bringing the total number of employees to more than 1,200. The project will increase production capacity by 25 percent for both the tractor and sprayer assembly lines, according to AGCO. The first phase, scheduled for completion in the fall, includes a 30,000-square-foot expansion of the component manufacturing area.

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ARDEN HILLS, MINN. — The U.S. General Services Administration (GSA) has sold a 427-acre portion of the Twin Cities Army Ammunition Plant (TCAAP) in Arden Hills to Ramsey County for $28 million. The sale is part of GSA's ongoing efforts to dispose of excess federal property to save taxpayer dollars and make more efficient use of the government's real estate assets. The deal transfers ownership of 397 acres to Ramsey County immediately, while the remaining 30 acres will be transferred to the county after it conducts environmental remediation, which is expected to take approximately three years. GSA's disposal team in Boston facilitated the sale. The property is a portion of the former Twin Cities Ordnance Plant, which occupied nearly four square miles during World War II. The Army constructed 323 buildings and employed 24,000 civilian and military personnel at the peak of production.

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COLUMBIA, MO. —Gilbane Development Co. and local partner Optimus Development have started construction on The Den, a 158-unit development at the University of Missouri. The Den will include a resort-style pool with lounge decks, multiple outdoor courtyards with fire pits, bocce courts, hammock gardens, pet parks, walking trails and an outdoor kitchen along with multiple BBQ areas. The community will also feature a pro-style sand volleyball court, 24-hour cardio and fitness room, Seattle style coffee café/computer center, clubhouse, game room, study rooms, tanning beds and bike/scooter storage. The apartments will be fully furnished with flat screen TVs, in-unit washer/dryers and private bathrooms for each resident. The Den will open to students in summer 2014.

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NEWTON, MASS. — Chesapeake Lodging Trust (NYSE: CHSP) has closed on a $60 million, fixed-rate mortgage loan, which is secured by the 430-room Boston Marriott Newton. The seven-year loan was provided by PNC Bank N.A. and carries a 3.6 fixed-interest rate per year, with principal and interest payments based on a 25-year amortization schedule. Proceeds from the loan will be used to invest in future acquisitions of hotels and for general corporate purposes. The hotel is located at 2345 Commonwealth Ave. in Newton, a western suburb of Boston.

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NEW YORK CITY — A development site located in New York City’s Hudson Yards Special District at 511-515 W. 36th St. has traded for $21.25 million to Lake Success, N.Y.-based Lalezarian Properties. Nancy Tran of Manhattan-based Eastern Consolidated represented the seller, National Acoustics, while Azita Aghravi, also of Eastern Consolidated, procured the buyer of the site, which is currently occupied by a six-story, 37,929-square foot commercial loft building. “The site can potentially accommodate a residential development with ground-floor retail of potentially 96,000 square feet,” says Tran.

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PARSIPPANY, N.J. — The 300 Kimball Drive building in Parsippany has been awarded LEED Silver certification under the U.S. Green Building Council’s program for existing buildings. Awarded the assignment to reposition and re-tenant the former State Farm Insurance headquarters a year ago, Transwestern has orchestrated extensive renovations and upgrading of the 12-year-old, Class A office building. Transwestern’s Sustainability Services division worked with its on-site property management team to bring the 400,000-square-foot building’s operations and maintenance to LEED standards.

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HOUSTON — Levey Group has purchased 17.5 acres of land in north Houston for the development of a 200,000-square-foot speculative industrial park known as IAH Business Park. The park is located adjacent to Bush Intercontinental Airport along Aldine Westfield Road. The industrial development is currently in the design phase and will become shovel-ready in the fall. Levey Group is prospecting for potential users that may want to occupy the entire development.

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IRVING, TEXAS — The Boulder Group, a net-leased investment brokerage firm specializing in single-tenant assets, has arranged the sale of a net-leased Home Depot office building in Irving for $2.2 million. The 18,538-square-foot property is located at 2951 Kinwest Parkway in the Las Colinas submarket. Home Depot's lease features multiple 10 percent rent escalations in the lease's primary term. There is approximately six years remaining on the lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private Chicago-based partnership, in the transaction. The buyer was a high-net-worth individual based in Texas.

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SAN ANTONIO — Marcus & Millichap has brokered the sale of a 13,767-square-foot retail property, located at 1933 Fredericksburg Road in San Antonio. Bethany Babcock and Chad Knibbe of Marcus & Millichap's San Antonio office represented the seller, a private investor, in the transaction. The property was constructed in 1940 and is located in the historical art deco district, which has recently undergone a beautification project.

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THE WOODLANDS, TEXAS — PetroQuest Energy Inc. has signed a 13,091-square-foot lease for a regional office on the second floor of One Hughes Landing, an office building being developed along the 200-acre Lake Woodlands in The Woodlands. The 197,000-square-foot, Class A office building is now 35 percent pre-leased. One Hughes Landing is the first office building in Hughes Landing, a 66-acre, mixed-use development that will feature up to eight office buildings, upscale restaurants and retailers, entertainment venues, a specialty grocer, hotel and multifamily residences housing up to 1,000 people. Houston-based Gensler designed the office building for LEED Silver certification. The office building is slated for completion in September and PetroQuest will occupy its space in November. Robert Parsley and Norman Munoz of Colliers International represented the landlord, The Woodlands Development Co., a subsidiary of The Howard Hughes Corp., in the transaction. Jim Pratt, also of Colliers, represented the tenant.

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