CRETE, ILL. — Silliker Inc., an international network of food testing and consulting laboratories has broken ground on a new lab in Crete, Ill. The building, which has a reported cost of $9.8 million, will house Silliker's research and development team. When completed next summer at Steger Road and Illinois 394, the 71,000-square-foot facility will be one of the largest food testing labs in the U.S. Robert Sevim and Rich Dale of Studley's Illinois office advised Silliker throughout the real estate process.
CHICAGO — Vornado Realty Trust (NYSE: VNO) has entered into an agreement to sell 350 W. Mart Center, a 1.2 million-square-foot office building in Chicago for about $228 million. The reported buyer is San Francisco-based Shorenstein Properties LLC. Vornado has also entered an agreement to sell four mixed-use properties in Manhattan for $78 million.
MANHATTAN — Luxury retailer Coach Inc. will become the first tenant in a 51-story office tower that New York-based developers Related Cos. and Oxford Properties plan to build on Manhattan's west side. Coach will occupy more than 600,000 square feet, or more than one-third of the initial tower of the Eastern Rail Yards, part of the 26-acre, mixed-use Hudson Yards site. New York-based Kohn Pederson Fox Associates designed the tower and Coach is relocating its world headquarters to the tower from 516 W. 34th St. Construction of the 1.7 million-square-foot tower is expected to start in mid-2012.
SECAUCUS, N.J. — Discount retailer Syms Corp. and its subsidiary Filene's Basement have filed for Chapter 11 bankruptcy protection in Delaware. The retailer plans to liquidate the two chains by the end of the year, citing increased competition in the off-price retail industry. The Secaucus, N.J.-based company operates 46 stores under its Syms and Filene's Basement banners, which are located mostly in the eastern U.S. Syms and Filene's basement are seeking court approval for Cushman & Wakefield to assist in the sale of company-owned real estate. The liquidation is expected to run through January.
PORT CHESTER, N.Y.—NorthMarq has arranged $3.4 million in financing for the 48,100-square-foot Byram Self-Storage, located at 2 Highland St. in Port Chester, N.Y. Dale Stewart and Chris Williams of NorthMarq's Denver office arranged the financing based on a 10-year loan and 25-year amortization schedule through a correspondent relationship with one of NorthMarq's life insurance companies.
WATERTOWN, N.Y. — Marcus & Millichap Real Estate Investment Services has completed the $3.2 million sale of Kinney Drugs, an 11,236-square-foot property located at 1304 Washington St. in Watertown, N.Y. Steven Stoehrer and Preet Sabharwal represented the seller, a developer, in the transaction. They also represented the buyer, a private fund manager.
CHESTER, PENN. — TreeTop Development, a New Jersey-based real estate company, has purchased Benjamin Banneker Plaza, a 70-unit apartment complex in Chester, Penn. for an undisclosed amount. The seller was Apartment Investment and Management Co., a real estate investment trust. Andrew Daitch of Marcus & Millichap's Detroit office represented both parties in the transaction.
UVALDE — Marcus & Millichap has brokered the $2.1 million sale of the 115-bed Uvalde Healthcare & Rehabilitation Center, located at 535 N. Park St. in Uvalde. Douglas O'Toole Marcus & Millichap's Houston office and Rob Reis of the firm's San Francisco office represented the seller, a limited liability company, in the transaction and procured the buyer, a partnership.
FORT WORTH — Huon Chhaou LP has sold the 54-unit Ridglea Square Apartments, located at 6020 Malvey Ave. in Fort Worth, to a local investor. The property was 88 percent leased at closing and will undergo interior and exterior renovations immediately. Boyan Radic and Mason Green of Marcus & Millichap's Fort Worth office represented both parties in the transaction.
DESOTO — SPAR Five Group has purchased a 17,090-square-foot office/warehouse investment property, located at 201 Executive Way in DeSoto. Jim Turano of Henry S. Miller Brokerage's Dallas/Fort Worth office represented the seller, U.S. National Bank Group, in the transaction. The buyer was represented by Graham Sparrow of Hi View Real Estate's Ellis County office.