Development

Convene to Open 73,000 SF Event Venue at Brookfield Place in Manhattan

by Alex Patton December 16, 2019

NEW YORK CITY — Flex and meeting-space provider Convene has opened a 73,000-square-foot event venue at Brookfield Place, an office and retail center in Manhattan. Commonly referred to as the World Financial Center, Brookfield Place is situated across the street from the World Trade Center and houses numerous retail, restaurant and entertainment tenants. Convene’s new event space is located at 225 Liberty St., backfills the vacant Saks Fifth Avenue store and contains two large event spaces with capacity for 500 people each, as well as a coffee shop and café. Brookfield Properties is the landlord.

December 16, 2019

Development Multifamily New York Northeast

Ariel Property Advisors Brokers Sale of 16,500 SF Residential Development Site in Brooklyn

by Alex Patton December 16, 2019

NEW YORK CITY — Ariel Property Advisors has brokered the $3.3 million sale of 99-103 Grove Street, a 16,500-square-foot development site in the Bushwick neighborhood of Brooklyn. The site is zoned for residential construction and offers close access to several transportation nodes, including the J, L and M subway lines. The Buren café and Sunrise Sunset wine bar are also located nearby. Sean Kelly, Shimon Shkury and David Khukhashvili of Ariel represented the seller, Brookland Capital, in the transaction. The team also procured the buyer, which was undisclosed.

December 16, 2019

Development Illinois Midwest Office

Skender Starts Interior Construction of AbelsonTaylor’s New Headquarters in Chicago’s Old Post Office

by Kristin Harlow December 16, 2019

CHICAGO — Skender has begun interior construction of the new 85,000-square-foot headquarters for AbelsonTaylor in Chicago’s Old Post Office building. AbelsonTaylor, a health and wellness advertising agency, is relocating from its current offices at 33 W. Monroe St. The new space will accommodate private offices, workstations, an open collaboration area and break room. Skender is working in collaboration with HED, Syska Hennessy Group and Cushman & Wakefield to complete the project by March 2020. Skender is the contractor for nearly 500,000 square feet of office space at the Old Post Office project, including buildouts for Walgreens and PepsiCo. Owner and developer 601W Cos. is redeveloping the 2.8 million-square-foot former post office in an $800 million project.

December 16, 2019

Development Industrial Southeast Virginia

Wegmans to Establish $175M Distribution Campus in Hanover County, Virginia

by Alex Tostado December 13, 2019

ASHLAND, VA. — Rochester, N.Y.-based Wegmans Food Markets Inc. will invest $175 million to establish a new regional distribution operation in Hanover County, 13 miles northeast of Richmond. Located along Sliding Hill and Ashcake roads in Ashland, the new campus will allow the grocer to expand its distribution network on the East Coast and grow its retail footprint, while creating 700 new jobs. Wegmans currently has over 100 stores in New York, Pennsylvania, New Jersey, Virginia, Maryland, Massachusetts and North Carolina. No construction timeline was given for the new Virginia campus. The economic development agency Virginia Economic Development Partnership (VEDP) worked with Hanover County and a second economic development agency, the Greater Richmond Partnership, to secure the project. VEDP will administer a $2.4 million grant from the Commonwealth’s Opportunity Fund to assist Hanover County with the project. According to Virginia Gov. Ralph Northam’s office, the state of Virginia competed directly with the state of North Carolina for the project.

December 13, 2019

Development New Jersey Northeast Retail

IT’SUGAR Opens 22,000 SF Store at American Dream in East Rutherford, New Jersey

by Alex Patton December 13, 2019

EAST RUTHERFORD, N.J. — Candy and sweets retailer IT’SUGAR has opened a 22,000-square-foot store at American Dream, a newly opened entertainment and retail destination in East Rutherford, a western suburb of New York City. The official opening was Saturday, Dec. 14. The first floor of the three-story store offers giant candy, sugar sculptures and more than 5,000 square feet of candy bins with a variety of sweets. The second floor houses branded candies, including Sour Patch Kids, Swedish Fish and Reese’s. In spring 2020, a café called Oreo TWISTiD will open on the third floor, which overlooks the theme parks of American Dream’s entertainment atrium.

December 13, 2019

Acquisitions Development Florida Multifamily Southeast

Terra Buys Land in South Florida for $52M, Plans to Build Nearly 1,400 Multifamily Units

by Alex Tostado December 13, 2019

HIALEAH, FLA. — Terra plans to break ground early next year on 1,369 multifamily units across three master-planned subdivisions in Hialeah, about 20 miles northwest of downtown Miami. Prologis sold the land to Terra for $52 million. The 70-acre development site is situated along NW 170th Street near the border of Miami-Dade and Broward counties. The project will include a series of garden-style apartment buildings with each subdivision centered around a communal clubhouse with pools, resident amenities and fitness centers, while a network of green spaces will create outdoor recreation areas. Pascual, Perez, Kiliddjian Architecture (PPK) is designing the development’s master plan. Brian Smith of JLL represented Prologis in the land transaction. Jason Shapiro and Sean Harrington of Aztec Group arranged a $43 million acquisition loan through Synovus on behalf of Terra.

December 13, 2019

Development Multifamily Texas

JPI Secures Construction Financing for 430-Unit Jefferson Central Apartments in Uptown Dallas

by Taylor Williams December 13, 2019

DALLAS — Locally based multifamily developer JPI has secured an undisclosed amount of construction financing for Jefferson Central, a 430-unit community in the Uptown neighborhood of Dallas. Scheduled to open in fall 2021, the property’s units will feature a minimum of 10-foot ceilings in every unit, island kitchens and hardwood-style flooring. Amenities will include a pool, fitness center with spin and yoga studios, business center, demonstration kitchen, a pet park with grooming station and a 1,675-square-foot lounge with views of downtown Dallas. BB&T served as the senior lender on the construction loan, specific terms of which were not disclosed.

December 13, 2019

Development Multifamily Texas

Leasing Underway at Alliance Residential’s 375-Unit Apartment Community in Houston

by Taylor Williams December 13, 2019

HOUSTON — Leasing activity is underway at Broadstone Summer Street, a 375-unit apartment community by Alliance Residential that is located in the Washington Arts District of Houston. The property offers one- and two-bedroom units averaging 793 square feet and featuring stainless steel appliances, quartz countertops and wood-plank flooring. Amenities include a pool, outdoor kitchen, gaming area and theater screening room. The property also offers 536 parking spaces.

December 13, 2019

Acquisitions California Development Mixed-Use Multifamily Retail Western

Bolour Associates Sells Multifamily Development Site in Metro Los Angeles for $8.5M

by Amy Works December 13, 2019

EAST PASADENA, CALIF. — Bolour Associates has completed the disposition of an entitled land site in East Pasadena for $8.5 million. Los Angeles-based APPA Real Estate acquired the land parcel for the development of a transit-oriented, mixed-use project. The parcel is the first development under Los Angeles County’s updated zoning supporting high-density development near metro retail sites. From 2015 to 2018, Bolour worked with county officials to re-entitle the site, located at 3768 E. Colorado Blvd., under the new zoning code. Upon completion, the project will feature 5,800 square feet ground-floor commercial space, 100 multifamily units, a private gym, co-working space, rooftop barbecue, decks, courtyards, a dog run and on-site parcel lockers. Additionally, the property will offer two levels of subterranean parking. Construction is scheduled to begin in early 2020, with an opening slated for early to mid-2022. The land transaction was a direct sale between Bolour and APPA, with all details handled in-house by both parties.

December 13, 2019

Acquisitions California Development Loans Multifamily Retail Western

Parkview Financial Funds $7M Acquisition, Development Loan for 28-Story Mixed-Use Project in San Diego

by Amy Works December 13, 2019

SAN DIEGO — Parkview Financial has provided a $7 million loan to San Francisco-based India & Beech for the acquisition of a land parcel and the first phase of construction funding for a high-rise residential and retail tower in downtown San Diego. Located at 1460 India St. within the Little Italy neighborhood, the 10,019-square-foot site is currently being used as a parking lot. The borrower recently acquired the property for $7.1 million, using Parkview’s loan in conjunction with cash on hand. The buyer plans to develop a fully entitled, 28-story, mixed-use urban infill project. The proposed development will feature 150 apartments, 11,724 square feet of retail space and two levels of above-grade parking totaling 150 spots. Construction is slated to begin in 2020, with completion scheduled for 2022.

December 13, 2019

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