SYRACUSE, N.Y. — Stan Johnson Co. has brokered the $9.2 million sale of a 33,304-square-foot industrial building leased to FedEx Freight in Syracuse. The 26-acre property was constructed as a build-to-suit the city’s east side in 2009. Erik Lundberg of Stan Johnson Co. represented the seller, a Pennsylvania-based private investor, in the transaction. Jerry Hopkins of Newmark represented the buyer, a California-based 1031 exchange investor.
BOSTON — A partnership between East Boston Community Development Corp. (EBCDC) and Affirmative Investments has broken ground on Grace Apartments, a 42-unit affordable seniors housing development in East Boston. Designed by locally based architecture firm DiMella Shaffer, Grace Apartments will feature one- and two-bedroom units ranging from 496 to 722 square feet. Completion is scheduled for spring 2022.
PITTSBURGH — Dick’s Sporting Goods (NYSE: DKS) reported a 23.2 percent increase in same-store sales for its fiscal third quarter that ended on Oct. 31, the company’s best performance in same-store sales since going public nearly two decades ago. In addition, the Pittsburgh-based retailer saw its e-commerce sales rise by 95 percent relative to the third quarter of 2019, ending the period with roughly $1.1 billion in cash. Net income for the third quarter stood at approximately $177 million, a healthy 67 percent increase from the $57.5 million in net income reported in the third quarter of last year. Dick’s Sporting Goods also announced that as of Feb. 1, 2021, chairman and CEO Edward Stack will assume the role of executive chairman. Lauren Hobart will be the new president and CEO under the long-term succession plan. The company’s stock price opened at $58.74 per share on Tuesday, up from $40.41 per share a year ago.
PITTSBURGH — Regional Industrial Development Corp. (RIDC) has completed the second phase of the redevelopment of Mill 19, a former steel mill in Pittsburgh, a project valued at more than $100 million. The new buildings feature light industrial, lab, office and workshop space and are located near Uber’s autonomous vehicle test track. Tenants at the redeveloped property include global tech firm Motional, the Advanced Robotics for Manufacturing Institute, Carnegie Mellon University’s Manufacturing Futures Initiative and Catalyst Connection. Construction originally began in 2017. The mill was redeveloped to be eco-friendly and sustainable and includes 110,000 square feet of rooftop solar panels and will produce over 2 million kilowatt hours of energy per year.
NEW YORK CITY — Locally based developer HAP Investments has broken ground on 65 Franklin Street, a 19-story multifamily building that will be located in the Tribeca area of Manhattan. Designed by CetraRuddy, the 110,000-square-foot building will house 41 condominiums and an unspecified amount of retail space. Noble Construction is the general contractor for the project, which is expected to be complete in 2022.
NEW YORK CITY — JLL has arranged a $17 million construction loan for a 12-unit multifamily project that will be located at 66 Clinton St. on the Lower East Side of Manhattan. Kriss Capital provided the loan to the borrower, a partnership between Vault Development, Borough Equities and TLM. Units will feature private balconies, and residents will have access to a rooftop deck and a fitness center. Completion is slated for December 2021. Max Herzog, Marko Kazanjian and Matt Fagella of JLL arranged the loan.
HOLMDEL, N.J. — Somerset Development has opened Colab at Bell Works, a 25,000-square-foot coworking space in the Northern New Jersey city of Holmdel. Designed by NPZ Style + Decor and G3 Architects, the facility is located within the Bell Works mixed-use destination, which is a redevelopment of the historic Bell Labs Building. The space features private offices and partitions for increased privacy, phone booths for individual use, upscale desk systems and task chairs.
BOSTON — WS Development has topped out 111 Harbor Way, a 525,000-square-foot office project in Boston’s Seaport District that will be occupied by Amazon upon completion in late 2021 or early 2022. Designed by Gensler, the property is located within WS Development’s Boston Seaport mixed-use development that spans 33 acres and 20 city blocks. Amazon is expected to occupy about 430,000 square feet and create about 2,000 new jobs within the building.
BRIDGEPORT, CONN. — A partnership between Spinnaker Real Estate Partners LLC and Eastpointe LLC will develop Canfield Park at Fairfield Metro, a 300-unit apartment community in Bridgeport. The property will feature studio, one- and two-bedroom units averaging 850 square feet, as well as 20,000 square feet of amenity space and 500 parking spaces for residents. Christopher Peck, Peter Rotchford, Kristen Knapp and Rob Root of JLL arranged $68 million in construction financing for the developer through Sculptor Real Estate. Completion is slated for 2022.
MONTGOMERY, N.Y. — Development and construction management firm Tower Holdings Group has completed an 81,200-square-foot industrial project located on a 7.4-acre tract in Montgomery, about 60 miles northwest of New York City. The first floor features 7,237 square feet of office space and 71,643 square feet of warehouse space, while the second floor houses 9,880 square feet of office space, equipped with a conference room and showroom.
