MATTAPAN, MASS. — MassHousing, an independent public agency that funds affordable housing projects in Massachusetts, has provided $22.6 million in financing for the construction of Cote Village. The affordable housing project is located in Mattapan on the southern outskirts of Boston. The project involves the redevelopment of a vacant structure into a 76-unit mixed-income residential building with one-, two- and three-bedroom units. The borrower and developer is a partnership between the Planning Office for Urban Affairs and Caribbean Integration Community Development. Bilt-Rite Construction is the general contractor, and Davis Square Architects is designing the project. A construction timeline was not released.
UNION, N.J. — Bed Bath & Beyond (NASDAQ: BBBY) plans to close 200 stores over the next two years. The Union-based company made the announcement during its earnings statement for its fiscal first quarter, which runs from March through May. The report shows sales plummeted in the quarter due to the novel coronavirus pandemic and subsequent shutdowns affecting non-essential retailers. For the three-month period, net sales were approximately $1.3 billion, a 49 percent year-over-year decrease. Bed Bath & Beyond reports that 90 percent of its physical locations were closed for the majority of the quarter, causing in-store sales to decline 77 percent. During the same period, sales on the digital platform grew 82 percent. “From the beginning of this crisis, we have taken measured, purposeful steps to help keep our people safe and our customers serviced, and we are proud of the way our teams have navigated this unprecedented challenge with speed and agility,” says Mark Tritton, president and CEO of Bed Bath & Beyond. “At the same time, our actions to strengthen our financial position and liquidity are enhancing our flexibility and capacity to invest and rebuild our business for long-term success.” As of May 30, Bed Bath & Beyond operated 1,478 …
NEW YORK CITY — Brooks Brothers Group Inc. is the latest retailer to file for bankruptcy protection, according to The Wall Street Journal and other media outlets. The two-century-old men’s apparel company is based in New York City. The Chapter 11 bankruptcy filing in Delaware will enable the company to seek a buyer and restructure its debts. Brooks Brothers is set to close 51 of its 250 North American stores, according to media reports.
OLYPHANT, PA. — Cinram, a Canadian producer of Blu-Ray and DVD discs, has sold its 1 million-square-foot manufacturing and distribution facility in Olyphant, a city in northeastern Pennsylvania. Cinram will lease the space back from the new, undisclosed owner. The single-tenant property is situated on 103 acres at 1400 E. Lackawanna Ave. The property was developed in 1980 and features 12- to 30-foot clear heights and 39 dock-high doors, according to LoopNet Inc. Cinram sold the facility as part of a portfolio deal that also included the disposition of the company’s 500,000-square-foot facility in Tuscaloosa, Ala.
BOSTON — Los Angeles-based CIM Group, in partnership with local developer Nordblom Co., has topped out 321 Harrison, a 235,000-square-foot office building located in Boston’s South End neighborhood. The eight-story building is being constructed above a three-story parking garage that also serves the development team’s neighboring 11-story building at 1000 Washington St. The two office buildings will share amenities such as a fitness center, café, bike storage space and lounge areas. Construction of the new building is expected to be complete by the end of the year.
HINGHAM, MASS. — General contractor Callahan Construction Managers has completed The Cove, a 220-unit apartment project in Hingham, a southern suburb of Boston. Units feature kitchen islands with breakfast bars, walk-in closets, stainless steel appliances and tile backsplashes, as well as balconies and gas fireplaces in select units. Communal amenities include a media lounge, a clubroom with beer and wine taps, rooftop lounge with a bar and fireplace, fitness center with a yoga studio, two conference rooms, a pool and outdoor grilling areas. Alliance Residential Co. developed the project, and Cube 3 Architects designed it.
PORT CHESTER, N.Y. — Target has signed an 89,781-square-foot retail lease to occupy a two-story space at Gateway Port Chester, a 494,000-square-foot, open-air retail center located near the New York-Connecticut border. An opening date has not yet been determined. Jessica Curtis of CBRE represented the landlord, a partnership between M&J Wilkow and MetLife Investment Management, in the lease negotiations. Jeff Howard of Ripco represented Target. Other tenants at the center include HomeGoods, Ulta Beauty and Old Navy.
EAST GREENWICH, N.J. — Miami-based Scout Capital Partners is nearing completion of Scout Cold Logistics Center, a 332,000-square-foot cold storage facility in East Greenwich, located 18 miles outside Philadelphia in Southern New Jersey. The facility features 80 loading docks and 36-foot clear heights and is expected to be complete by the end of summer. A logistics company that specializes in transport of perishable foods has leased 97,000 square feet at the property. The remaining floor plans range in size from 65,000 to 235,000 square feet. Colliers is handling leasing of the facility.
BOSTON — MassHousing, the independent public agency that funds affordable housing projects in Massachusetts, has provided $45 million in financing for the renovation and preservation of the 198-unit Daniel F. Burns Apartments in Boston. The borrower, an affiliate of Cambridge Housing Authority, will use the proceeds to modernize building systems, repair roofs, replace kitchens and bathrooms and renovate both indoor and outdoor common areas. The property is located at 30-50 Churchill Ave. in the Cambridge area and has been designated for Section 8 Housing Assistance by the federal government. As part of the deal, that designation will be extended for another 20 years. A portion of the units will be reserved for and compliant with the needs of senior citizens and renters with disabilities.
PLAINFIELD, N.J. — JMF Properties has begun leasing the second and final phase of Quin Sleepy Hollow, a 212-unit apartment community in the Northern New Jersey city of Plainfield. The transit-served property features one- and two-bedroom units with floor-to-ceiling windows, quartz countertops and individual washers and dryers. Amenities include a resident lounge with billiards, a library, theater room, business center, dog park and a fitness center with a yoga studio. Move-ins are expected to begin later this summer.