OPTI Sells Two Office Buildings for $42.1 Million
Office Properties Income Trust, a real estate investment firm based in Newton, Mass., has sold two office properties for an aggregate sale price of $42.1 million. The two properties include a 14-story, 267,025 square-foot office building in Trenton, N.J. and a two-story, 222,717 square-foot office building in Lincolnshire, Ill.
Phoenix May be Site of 1.3 Million SF Industrial Building
The city of Phoenix, Ariz. is getting its largest speculative industrial building yet. Tratt Properties, a Phoenix-based real estate investment and consulting firm, is building a 1.3 million square-foot class-A industrial facility in Goodyear, Ariz. Once completed, the facility will cater to the needs of logistics, manufacturing, food and beverage, and e-commerce clients. The site, which has an unknown estimated cost or completion date, will have parking for more than 1,400 cars and 327 trailers.
$300 Million Mixed-Use Project Planned Near Dallas
A new $300 million development is being planned for a town just outside of Dallas, Texas. The development, titled Carrollton Gateway, will feature a six-story, 325-unit apartment building with retail and restaurant space on the ground floor. The building will also feature a fitness center, a terrace, a pool, and a coworking and meeting space. A 150,000 square-foot office building is planned for the second phase. The project’s estimated completion date is currently unknown.
Amazon Pays $1.15 Billion for Manhattan Office Building
E-Commerce giant Amazon has spent $1.15 billion to acquire the former Lord & Taylor flagship building in Midtown Manhattan. The 11-story building contains 660,000 square-feet of office space, most of which will serve as Amazon’s NYC headquarters. It is unclear when the company will begin moving workers into the newly acquired structure.
City in Utah Mulls Building $11.6 Million Building for Police Department
City leaders in North Ogden, Utah are weighing the construction of a new $11.6 million building for the local police department. The new building would provide the police department with nearly triple its current space, delivering a total of 23,655 square-feet. The project does not have an estimated completion date.