PISCATAWAY, N.J. — Cushman & Wakefield has negotiated a 469,000-square-foot industrial sublease in the Northern New Jersey community of Piscataway. The subtenant, an affiliate of Henglin Home Co., will occupy the entirety of the space at 600 Ridge Road, which features 100 loading docks, two drive-in doors and parking for 310 cars and 85 trailers. Christine Eberle, Mindy Lissner, Bill Waxman, David Gheriani, Jeff Volpi and Morgan Nitti of Cushman & Wakefield represented the sublandlord, Kiss Products, in the sublease negotiations. The owner of the building was not disclosed.
BUFFALO — San Francisco-based mortgage banking firm Gantry has arranged a $38.1 million construction loan for The Lawrence, a 132-unit multifamily project that will be located adjacent to the Niagara Medical Campus in Buffalo. Units will come in studio, one- and two-bedroom floor plans, and the project will include the construction of a 78-space parking garage. Daniel Monte of Gantry arranged the five-year, fixed-rate loan through an undisclosed regional bank. The borrower and developer, a private joint venture, also requested anonymity.
CHICAGO — Marquette Cos. has completed The Thompson at Fulton Market, a 210-unit apartment building located at 150 N. Ashland Ave. in Chicago’s Fulton Market district. The project transformed the former Mary Thompson Hospital into apartments. Named for Dr. Mary Thompson, Chicago’s first female doctor and the first woman known to have performed major surgery, The Thompson is comprised of a new 12-story building that is integrated with an original five-story building that was constructed in the 1920s as part of the hospital. Units range from 502 to 2,098 square feet, with monthly rents ranging from $2,155 to $5,350. In addition to the market-rate apartments, there are 32 affordable housing units. Amenities include The Collaboratory, a 24-hour coworking space; The Parlor, a social hub featuring a resident bar and lounge; a fitness center; and dog wash station. An outdoor courtyard features grill stations, seating and a covered terrace. The penthouse level includes an indoor lounge and a rooftop deck overlooking Union Park. Chicago-based artist Lefty Out There created several murals for the common areas. Marquette Management is the property manager, ParkFowler Plus served as the architect and Power Construction was the general contractor.
SPRINGFIELD, MO. — Sentinel Net Lease has sold the Chase Operations Center, a 268,413-square-foot office building in Springfield, a city in southwest Missouri. The sales price was undisclosed. A local healthcare operator purchased the property. Holding the asset for less than two years, Sentinel generated an internal rate of return of 45 percent and produced a return on invested capital of 1.9 times. The sale marks one of the most profitable office transactions nationwide over the past several years, according to Sentinel. Ross Murray of R.B. Murray Co. brokered the transaction.
CHICAGO — McHugh Construction has completed the $30 million transformation of the historic Ramova Theatre in Chicago’s Bridgeport neighborhood. The long-shuttered, single-screen cinema is now an 1,800-person concert hall. The 36,000-square-foot project also included the build-out of a space for Other Half Brewing, an independent craft brewery and taproom; Ramova Grill, an 18-seat diner; and Ramova Loft, a second-floor, 200-person event venue. Ramova Theatre originally opened in 1929 and closed in 1985. After sitting dormant for nearly 40 years, the theater was added to the National Register of Historic Places in 2021. McHugh began the building’s restoration that same year. McHugh worked with O’Riley Office, Baum Revision and historic preservation specialists to restore the building’s architectural details with its original Spanish courtyard-style lobby and auditorium. Project funding came from investments from the local populace, tax-increment financing subsidies from the City of Chicago, a state grant and a Historic Places loan.
BONNEY LAKE, WASH. — Cascade RCL LLC has completed the disposition of The Cascade Building, a 10.3-acre industrial park at 9713 233rd Ave. East within Eastown Jobs Center in Bonney Lake, east of Tacoma. Walter E. Nelson Co. acquired the asset for $41 million. The buyer, a privately owned supplier and manufacturer of facility cleaning supplies and equipment, is relocating to the 184,000-square-foot property from its current location in Auburn, Wash. The Class A, tilt-up industrial building features modern amenities in a campus-like setting. Matt McLennan and Kraig Heeter of Kidder Mathews represented the seller in the deal.
CHICAGO — Mintel has signed a 30,000-square-foot office lease at 203 N. LaSalle, a 27-story office tower totaling 624,724 square feet in Chicago’s Central Loop. The global market intelligence agency has relocated from its 26,000-square-foot office at 333 W. Wacker Drive in the West Loop. The Chicago office is the only address that the organization maintains in North America. Kathleen Bertrand, Eric Myers and John Nelson of Transwestern represented ownership, Sumitomo Corp. of Americas. Transwestern handles leasing and management of the building. Michelle Wiedman of Wiedman Real Estate represented Mintel.
NEW YORK CITY — LaGuardia Community College has signed a 10-year, 210,334-square-foot office lease extension in the Long Island City area of Queens. The educational institution will continue to occupy four of the eight floors at Queen’s Atrium, a 425,300-square-foot building located at 30-20 Thomson Ave. that was originally built in 1914,. Ira Schuman of Savills represented LaGuardia Community College in the lease negotiations. Randall Briskin represented the landlord, The Feil Organization, on an internal basis.
BEDFORD PARK, ILL. — Food manufacturer Snyder’s-Lance Inc. has renewed its 72,956-square-foot industrial lease at 5025 W. 73rd St. in the Chicago suburb of Bedford Park. Jeff Janda and Brian Vanosky of Lee & Associates represented the undisclosed landlord. Sally Macoicz of Cushman & Wakefield represented the tenant.
LAS VEGAS — Panattoni Development has broken ground on Oasis Commerce Center, an industrial development on South Rainbow Boulevard in Las Vegas. The project team includes Ware Malcomb, Westwood and Martin Harris Construction. Situated on 19.9 acres, the development will offer 422,000 square feet of Class A industrial space upon completion in fourth-quarter 2024. The cross-dock building will feature 36-foot clear heights and substantial trailer parking. CBRE’s Higgins/Toft/Zaher team is marketing the property for lease.