CRANBERRY TOWNSHIP, PA. — Montecito Medical, a Nashville-based healthcare investment firm, has purchased The Surgery Center at Cranberry, a 20,650-square-foot ambulatory surgery center near Pittsburgh. The two-story building was built in 2003 and was fully leased to Scott & Christie Eyecare Associates at the time of sale. The first floor houses three operating rooms, two procedure rooms, one laser room and 15 pre- and post-operative pods. Clinical and office spaces are located on the second floor.
PHILADELPHIA — American Real Estate Partners (AREP) has completed the $15 million renovation of 1600 Market Street, a 39-story, 825,968-square-foot office tower in Philadelphia’s Center City neighborhood. According to LoopNet Inc., the property was built in 1980 and initially renovated in 1997. The project included a number of health and wellness upgrades, such as elevating exterior air settings to maximize HVAC exchanges of fresh air, using MERV 13 air filters throughout and installing ultraviolet light and ion technology air purifiers in elevators. AREP originally acquired the asset in 2018 and began this renovation project in December 2019.
PLAINVIEW, N.Y. — Capitol Seniors Housing has opened The Residences at Plainview, a 114-unit independent living community in the Long Island hamlet of Plainview. Chelsea Senior Living operates the 150,000-square-foot community, the site of which formerly housed a Residence Inn by Marriott hotel prior to its conversion to seniors housing. Meyer Senior Living Studio was the designer for the project, while E.W. Howell Construction Group was the general contractor.
NEW YORK CITY — Progress Capital has arranged a $15 million acquisition loan for a development site located at 124-132 E. 125th St. in Harlem. The site is situated near public transit outlets and several recreational areas such as McNair Park, Alice Kornegay Triangle and Harlem Art Park. The borrower, locally based developer Maddd Equities, plans to construct a building of an undisclosed size that will feature retail and other types of commercial space. Brad Domenico of Progress Capital arranged the loan, terms of which included two years of interest-only payments, through Metropolitan Bank.
LAWRENCE, MASS. — Marcus & Millichap has brokered the sale of a 135,770-square-foot industrial property located at 516 Broadway St. in Lawrence, located north of Boston. The sale included a 275-space parking lot. The property was originally built around the turn of the 20th century and upgraded over the years, most recently to include the additions of five new truck docks and an office showroom. Harrison Klein and Luigi Lessa of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
PHILADELPHIA — A partnership between locally based REIT Brandywine Realty Trust (NYSE: BDN) and the Pennsylvania Biotechnology Center (PABC) will develop a 50,000-square-foot life sciences project in Philadelphia. The property will be located adjacent to Brandywine’s Schuylkill Yards mixed-use development in the University City area. Construction is scheduled to begin immediately and to be complete in the fourth quarter.
MENLO PARK, CALIF. AND NEW YORK CITY — Flexible office space provider WeWork has entered into an agreement with special purpose acquisition company (SPAC) BowX Acquisition Corp. (NASDAQ: BOWX) to be taken public at an initial valuation of $9 billion. A SPAC is a business entity with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring other companies. Menlo Park, Calif.-based BowX Acquisition Corp. is an affiliate of Bow Capital, a venture capital firm begun by Vivek Ranadive, the founder of TIBCO software and owner of the NBA’s Sacramento Kings. The transaction, which is expected to close by the third quarter, will provide New York City-based WeWork with approximately $1.3 billion of cash to fund future growth initiatives. The transaction will be funded with BowX’s $483 million of cash in trust, in addition to $800 million in private investment from capital sources such as Insight Partners, funds managed by Starwood Capital Group and others. SPACs have recently grown in popularity among private and institutional investors alike as vehicles for taking companies public. According to Forbes, which recently analyzed the U.S. activity of SPACs, these entities raised as much …
NEW YORK CITY — The General Services Administration (GSA) has tapped Chicago-based architecture and engineering firm Krueck Sexton Partners (KSP) to design the $240 million redevelopment of the Silvio J. Mollo Federal Building in New York City. Constructed in 1974, the 10-story, 160,000-square-foot building is located at 1 St. Andrew’s Plaza in Lower Manhattan and houses the offices of the U.S. Attorney’s Office for the Southern District of New York and the U.S. Marshals Service. Enhancements will include the replacement of all major building systems, modifications to the base building structure and the installation of a new façade. Other building modifications will include the development of a new main entrance, upgrades to the building’s accessibility and security infrastructure and the implementation of a new interior design plan. As part of the project, KSP will also design two floors of swing space at the Jacob K. Javits Federal Office Building at 26 Federal Plaza that will serve as temporary accommodations for building occupants during the modernization. Construction is expected to begin in fall 2023 with completion scheduled for summer 2026.
HAVERHILL, MASS. — Edwards Vacuum, a manufacturer owned by Swedish industrial conglomerate Atlas Copco, will open a 121,800-square-foot facility in Haverhill, located north of Boston. The property will feature space for office, manufacturing, warehousing and research and development. The largest portion of the first floor centers on manufacturing, alongside warehouse/storage, R&D labs, a training room, cafeteria, fitness area and bike storage space. Offices, conference rooms and an observation room will be situated in the mezzanine area. Dacon Corp. is designing the project, which is expected to bring about 200 new jobs to the area. Completion is slated for the second quarter of 2022.
EATONTOWN, N.J. — Florida-based Rendina Healthcare Real Estate has broken ground on the RWJBarnabas Health Family Care & Wellness Center, an 82,000-square-foot project at Monmouth Mall in Eatontown, located near the Jersey Shore. The facility will feature custom-designed spaces for specialized pediatric care, women’s services and wellness resources. The building will also include a commercial-grade kitchen to support the wellness center. Completion is slated for November.