With high operating costs eroding profitability at many urban stores, major retailers are concentrating development and store renovations in suburban locations with layouts geared to the latest consumer preferences. As more retailers follow suit, early adopters provide object lessons in best practices to better serve an evolving customer base and reveal pitfalls to avoid along the way. “Retailers are more sensitive to the pressures of high costs and loss prevention in urban markets, and as a result, they are backing off in those areas,” says Cornelius Brown, a principal and regional manager in the Philadelphia office of Bohler. “Retailers looking to grow, in our experience, are shifting to the suburbs and using retail program methods to cut costs.” Bohler is a land development design and consulting firm that helps developers move their projects forward quickly. Recently, those clients have been keen to avoid risk in both site selection and design features, Brown says. Streamlining Retail Development Retail programs allow developers to use pre-existing retail layout prototypes to determine optimal site arrangements. This approach uses checklists to assign one of several pre-made layouts to a development based on factors such as road location, grading and elevation, parking needs, drive-through layout, loading …
Northeast
SHREWSBURY, MASS. — Cornerstone Realty Capital has arranged a $53 million construction loan for Edgemere Crossing, a 250-unit multifamily project in Shrewsbury, located in Worcester County in the central part of Massachusetts. Edgemere Crossing will house 116 one-bedroom units and 134 two-bedroom units that will be furnished with stainless steel appliances, granite countertops, individual washers and dryers and private balconies/patios. Amenities will include a pool, clubhouse, fitness center, conference area, dog park and outdoor grilling and dining stations. The borrower and developer is a joint venture between The Dolben Co. and Belmont Capital. The direct lender was not disclosed.
NEW YORK CITY — Derby Copeland Capital, a locally based lending and investment firm, has provided two acquisition loans totaling $20.8 million for a pair of Manhattan apartment buildings with a combined 51 units. In the first transaction, Derby Capital provided $17 million for a 31-unit building in the East Village that includes ground-floor retail space that is leased to Lucy’s Bar and Top Beauty Salon. In the second deal, the firm funded a $3.8 million loan for a 20-unit building in Rose Hill neighborhood. The undisclosed borrower(s) plans to use portions of the proceeds to fund capital improvements.
NEW YORK CITY — Locally based firm Monadnock Development has completed 300 Huntington, a 136,000-square-foot mixed-use building in Brooklyn. Designed by Dattner Architects and Bernheimer Architecture, the building consists of 49,000 square feet of office space and 17,000 square feet of retail and restaurant space, with the remainder dedicated for various industrial uses. The development also features an 8,700-square-foot esplanade that serves as a gateway to the Gowanus public waterfront park.
RIVER EDGE, N.J. — Cushman & Wakefield has brokered the $3.1 million sale of River Edge Town Mall, a 21,537-square-foot retail property located about 15 miles northwest of Manhattan. The property sits on 1.5 acres and was fully leased to five tenants at the time of sale. Andy Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri of Cushman & Wakefield represented the seller, Kamack Associates LLC, and procured the undisclosed buyer in the transaction.
PHILADELPHIA — Spiezle Architectural Group has opened a 6,200-square-foot office at 615 Chestnut St. in downtown Philadelphia. The space features 30 seats and 26 open workstations for collaboration, as well as views of the Liberty Bell and Independence Hall. Bob Reid will lead the new office as principal. Spiezle now operates six offices across the country.
NEW YORK CITY AND TORONTO — Affiliates of Blackstone (NYSE: BX) have entered into an agreement to acquire Tricon Residential (NYSE: TCN) for $3.5 billion in a deal that will take the Canadian owner-operator private. The transaction is expected to close in the second quarter. One of the acquiring entities, Blackstone Real Estate Income Trust (BREIT), already has an 11 percent ownership stake in Tricon Residential following a $240 million equity purchase in 2020. Under the terms of the deal, the New York City-based global asset manager will acquire all outstanding shares of Tricon’s common stock for $11.25 per share in cash. The per-share price represents a 30 percent premium over Tricon’s closing stock price on Thursday, Jan. 18 and a 42 percent premium over the weighted average share prices of the last 90 days. Blackstone intends to maintain and leverage the Tricon platform as it undertakes $1 billion of single-family residential development in the United States and $2.5 billion of traditional multifamily development in Canada. Tricon’s U.S. platform encompasses roughly 2,500 single-family residences in various stages of development, as well as numerous land holdings that can support an additional 21,000 homes. Tricon’s apartment development pipeline in Canada consists of …
WEST NEW YORK, N.J. — JLL has arranged a $150 million construction loan for RB3, a 426-unit multifamily project that will be located across the Hudson River from Manhattan in West New York, N.J. The 11-story waterfront property, which will be located within the 200-acre Port Imperial master-planned development, will offer studio, one- and two-bedroom units. Residences will be furnished with stainless steel appliances, quartz countertops, individual washers and dryers and private balconies/patios. Amenities will include a pool, fitness center, clubhouse, private offices and coworking spaces, a virtual reality room, golf simulator, children’s playroom, sky lounge, grilling stations and a pickleball court. Jon Mikula, Jim Cadranell, Steven Klein and Ryan Carroll of JLL arranged the five-year, fixed-rate loan through Northwestern Mutual on behalf of the locally based borrower, Canoe Brook Development.
ANDOVER, MASS. — A partnership between Boston-based developer Celera Properties and Connecticut-based investment firm True North Management Group has completed Phase I of Andover Technology Park, a life sciences redevelopment project in metro Boston suburb. The first phase of the redevelopment of the 250,000-square-foot campus entailed the core and shell repositioning of the building at 600 Federal St. Ownership subsequently inked 42,000 square feet of new leases at the property. CBRE is the leasing agent for Andover Technology Park. VIVO Arch served as the project architect, and Timberline Construction was the general contractor.
NEW YORK CITY — The Feil Organization has negotiated a 30-year, 142,308-square-foot office lease with the Archdiocese of New York at 488 Madison Avenue in Midtown Manhattan. The space spans the entire third through seventh floors of the 447,000-square-foot building, which was originally constructed in 1949 and overlooks St. Patrick’s Cathedral. Andrew Weiner internally represented The Feil Organization in the lease negotiations. Mary Ann Tighe and Lauren Crowley Corrinet of CBRE represented the archdiocese. The building is now 90 percent leased.