The transaction through an IPC subsidiary on behalf of its 1031 investment programs, marked the final disposition across three separate 1031 investment programs that consisted of four Mariano's Fresh Market locations in the Chicago area—Palatine, Vernon Hills, Elmhurst and Arlington Heights.
The three-building industrial portfolio totaling 500,081 square feet is located in the Green Bay, WI and Northeastern Pennsylvania MSAs and are all 100% leased to Progressive Converting, Inc.
Inventory continues to rise significantly this year with more than 550,000 square feet of construction delivered in the second quarter, to be followed by another half a million square feet for the balance of 2018.
The former chemical manufacturing facility will be redeveloped into a residential rental building with a number of attractive amenities, parking and retail stores.
Splunk Inc. signed a long-term lease for 301,000 square feet of office area in Federal Realty Investment Trust's 700 Santana Row, a 319,000-square-foot class-A mixed-use office and retail building in San Jose.
The low cost of living, and ability to attract and retain the Millennial workforce, and diverse industry types are a major driver for Texas Millennials in finding opportunities that best suit their skillsets.