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The new facility will be constructed by the Hillwood Group of Dallas and Chapman Properties of Leetsdale, PA. Amazon has committed to investing more than $30 million into the project, state officials note.

The company has partnered with Barings to develop phases II and III.

CBRE reports that a bidding process for the 1,035-unit portfolio attracted more than 33 offers. The portfolio benefits high occupancy, 4.1% average annual rent growth since 2014 and high resident retention.

The international cooling and heating solutions firm will shift its US headquarters from 353 Route 46 West Fairfield, NJ.

The sale of the two properties—Shorewind Towers at 7000 South Shore Drive, and Shorewind Court, nearby at 6951 S. Oglesby Ave.—was the largest by dollar amount and unit count in the submarket in the last 10 years, according to CoStar. Both properties were originally built nearly a century ago.

The IRS will vacate more than 32,000 square feet in the third quarter of this year, which will lower the building's occupancy to 61.1% and create what Cushman & Wakefield terms as a tremendous value-add opportunity for Capstone.