NEW CASTLE, DEL. — New Castle-based NAI Emory Hill has brokered the sale of a 20,000-square-foot industrial building in New Castle. The building is situated on 3.77 acres at 40 McCullough Drive, within Southgate Industrial Park. It will serve as the new headquarters for the TMI Group of Companies, formerly located in Ronkonkoma, N.Y. Jim O'Hara, Jr., and Jim O'Hara, III, of NAI Emory Hill represented the seller, J&J Holding Co. Mitch Berkowitz of Deaton McCue represented the buyer, TMI Realty. The acquisition price was more than $1 million.
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NEW CASTLE, DEL. — Discount retailer Five Below has expanded its operations at Twin Spans Business Park. The tenant will go from occupying 214,000 square feet of 250 Anchor Mill Road to occupying the entire 421,000-square-foot flex industrial building. Five Below will move into the expanded space in March. Harvey, Hanna & Associates represented the undisclosed landlord in lease negotiations.
CHICAGO — InterContinental Hotel Groups (IHG) has completed the renovation and redevelopment of Avenue Crowne Plaza Chicago, which is located at 160 E. Huron in downtown Chicago. Formerly the Avenue Hotel Chicago, the 40-story hotel offers more than 18,000 square feet of meeting space and 350 guestrooms. The guestrooms are equipped with flat-screen televisions, iHome docking systems, mini bars, rain showerheads and granite countertops. Additionally, the property features a fitness center, a rooftop pool, a business center, Sky Lounge and Elephant & Castle. The property is owned and managed by Driftwood Hospitality Management under a license agreement with a company in IHG.
CHICAGO — InterContinental Hotel Groups (IHG) has completed the renovation and redevelopment of Avenue Crowne Plaza Chicago, which is located at 160 E. Huron in downtown Chicago. Formerly the Avenue Hotel Chicago, the 40-story hotel offers more than 18,000 square feet of meeting space and 350 guestrooms. The guestrooms are equipped with flat-screen televisions, iHome docking systems, mini bars, rain showerheads and granite countertops. Additionally, the property features a fitness center, a rooftop pool, a business center, Sky Lounge and Elephant & Castle. The property is owned and managed by Driftwood Hospitality Management under a license agreement with a company in IHG.
INDIANAPOLIS — Apartment Investment & Management Co. (AIMCO) has completed the disposition of Lake Castleton Apartments, a 1,261-unit multifamily property in Indianapolis. The property is located at Shadeland Avenue and 75th Street in Indianapolis’ northeast side. The buyer was an affiliate of Los Angeles-based QVT Mt. Auburn Capital. Bluestone Property Management, which will manage the property, participated in the transaction as a co-investor. Tikijian Associates brokered the transaction. The acquisition price was not disclosed.
INDIANAPOLIS — National Government Services has leased 149,255 square feet of office space at Castleton Park in Indianapolis. The lease was valued at $10.89 million. Jim Teskey and Allen Trowbridge of CRESA Partners represented the tenant; David Moore and Darrin Boyd of Colliers Turley Martin Tucker – Indianapolis represented the landlord, Brookfield Real Estate Opportunity Group, in the transaction.
CHINO, CALIF. — Represented by Voit Real Estate Services’ Commercial Brokerage division, Westinghouse Lighting Corporation has leased a new 137,523-square-foot building at 6718 Bickmore Avenue in Chino. Relocating from Santa Fe Springs, Westinghouse Lighting will use the new location as its regional distribution facility. Voit’s Peter Castleton represented the tenant in the transaction, and Jim Koenig of CBRE represented the landlord, Manulife Financial.
NORMAL, ILL. — Five new retail and restaurant tenants have been announced at Constitution Trail Centre, a 350,000-square-foot, open-air shopping center located at the interchange of Interstate 55 and North Main Street in Normal. Discount Tire plans to open a 7,000-square-foot location by this fall. Famous Labels will also soon open a new 11,440-square-foot location. Recently, Wendy’s opened a new “Fresh Brand” concept restaurant within 2,600 square feet of space at the center. Castle Nail Spa will open a new 1,600-square-foot location in late September. Finally, Taco Bell will break ground in spring 2010 for a new 2,900-square-foot restaurant, with completion scheduled for July 2010. Constitution Trail Centre is owned by a partnership between Omaha, Neb.-based Dial Properties; Little Rock, Ark.-based Clary Development Corp.; and principals of Bloomfield Hills, Mich.-based Coral Ridge Cos.
HOLLYWOOD, FLA. — NAI Rauch Weaver Norfleet Kurtz & Co. has sold two adjacent properties, totaling 6,600 square feet, at 6611 Moseley St. and 1900 NW 66th Ave. in Hollywood. Formerly Children’s Castle, the properties were sold on behalf of the New York-based lender Business Loan Center. The buyer was North Miami-based Inter Invest Properties, and the price was not disclosed. NAI’s Bill McConnell negotiated the sale.
CONCORD, N.C. — Castle & Cooke has borrowed a $26 million loan for construction of a 62,322-square-foot building on the Rowan-Cabarrus Community College campus in Concord. The property will include classrooms, offices and research and development labs. US Bank provided funding for the 20-year loan, which carries a 7 percent interest rate. Hal Kempson of CB Richard Ellis’ Charlotte, N.C., office secured the loan. Royal Net Lease and William Blair & Co. also helped with the deal.