NEW YORK CITY — New Museum, an institution devoted to contemporary art, has signed a 5,850-square-foot office lease at 250 Bowery in Lower Manhattan. The space will house the museum’s administrative offices during its temporary closure, which stems from a 60,000-square-foot expansion project that began in November 2022 and is slated for an early 2025 completion. A joint venture of Taconic Partners, L+M Development Partners, BFC Partners, The Prusik Group and Goldman Sachs Asset Management owns the building.
BURLINGTON TOWNSHIP, N.J. — A partnership between industrial development firms Clarion Partners and MRP Industrial has started construction on the final phase of The Crossings, a redevelopment of the former Burlington Center mall located in the Philadelphia suburb of Burlington Township. The last phase comprises 500 multifamily units, including affordable housing options, that are set to open in late 2025. The new apartments will cap a six-year effort by Clarion Partners and MRP to transform the 800,000-square-foot enclosed regional mall into a mixed-use destination. In addition to the planned multifamily component, The Crossings will feature more than 2.5 million square feet of warehouse and distribution space, approximately 135,000 square feet of retail space and a 153-room hotel at full build-out. Clarion Partners and MRP expect The Crossings to support 1,400 new jobs at full capacity, including 900 in the warehouse sector and 500 in retail and hospitality. Moonbeam Capital Investments, the Las Vegas-based owner of the former Burlington Center mall, assisted in the redevelopment efforts. “The Crossings was made possible by the cooperation of Burlington Township and County elected officials, who recognized the opportunity to transform a blighted shopping mall into an integrated, vibrant and economically viable mixed-use development that …
ATLANTA — Workforce housing is a hot topic in the multifamily sector. The apartments are designed to serve middle-class renters, with no government subsidies such as tax credits and fewer of the bells and whistles associated with luxury projects. The combination of the spike in the cost of living, elevated interest rates and a low housing supply has made it difficult for middle-income households across the nation to buy or rent housing. Theoretically this means there is a large market to serve by building workforce housing communities. However, while some developers, owners and investors see a world of new opportunities in this sector, others are more skeptical that workforce housing projects can be developed on a larger scale without more support from federal, state and local governments. This was the topic of discussion during a panel titled “Who is building, developing and investing in the Southeast?” at the inaugural InterFace Affordable Housing Southeast conference. The event was held on Thursday, May 9 at the Cobb Galleria Center in Atlanta. France Media’s InterFace Conference Group and Southeast Multifamily & Affordable Housing Business magazine hosted the conference, which drew about 170 industry professionals. Workforce housing targets the missing middle Workforce housing is designed to …
Todd Ostransky, vice president of development at Indicap, knew Metro Phoenix was a market the firm wanted to enter for industrial development. Though the area is a hotbed of industrial activity, Indicap’s attention immediately set on Mesa, less than 20 miles east of Phoenix, for its inaugural project. “We identified the East Valley as an area of growth, along with the need for space for mid-bay industrial spec product,” he says. Indicap and joint venture partner AECOM-Canyon Partners chose a 65-acre space within the mixed-use, master-planned community of Eastmark. The JV purchased the site for $48 million in April 2022 during a period of “aggressive expansion,” which saw Indicap kick off 10 developments involving more than 13 million square feet of Class A industrial space across key Arizona corridors. The inaugural Phoenix-area project was Eastmark Center of Industry, which completed Phase I construction in April. This phase brought 978,837 rentable square feet of Class A industrial space to Mesa’s Gateway Airport submarket. The space spans five mid-bay and cross-dock buildings. It features concrete slab on grade, tilt-up exterior walls, and a hybrid wood roof system, ensuring durability and flexibility. Power was also a major amenity for a project of this …
SAVANNAH, GA. — Walker & Dunlop has arranged a $78.6 million bridge loan for the refinancing of Ann Street Lofts, a six-story multifamily community located at 111 Ann St. in Savannah’s Historic District. Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Michael Ianno and Christopher de Raet of Walker & Dunlop’s New York office arranged the floating-rate loan through BentallGreenOak on behalf of the borrower and developer, Tidal Real Estate Partners LP. The five-year loan retires previous construction debt on the property provided by Cerberus Capital Management. Delivered last year by Tidal, Ann Street Lofts features 162 studio apartments, 51 one-bedroom units, 19 two-bedroom apartments and 10,000 square feet of retail space that is in lease-up. Amenities include coworking space, an art studio, fitness center and EV (electric vehicle) charging stations.
BEAUFORT, S.C. — National retailers T.J. Maxx and HomeGoods are set to open new stores at Beaufort Station, a 200,000-square-foot shopping center coming on line in the Hilton Head suburb of Beaufort. Both brands are set to open tomorrow. The Morgan Cos. is the developer of Beaufort Station, which will feature nine anchor and junior anchor stores, including Hobby Lobby, Ross Dress for Less, PetSmart, Ulta Beauty, Old Navy, Five Below and Rack Room Shoes. Other tenants will include Aldi, Parker’s Kitchen, Panda Express, Chicken Salad Chick, Surcheros Fresh Mex, America’s Best and Mattress Firm. Other tenant announcements are expected in the near future. Beaufort Station is situated at the intersection of S.C. Highway 170 and Robert Smalls Parkway, about 27 miles north of Hilton Head.
SUFFOLK, VA. — A joint venture between Atapco Properties Inc. and Ausblick Development has purchased 124 acres within Virginia Port Logistics Park, a 932-acre industrial campus located in the Hampton Roads city of Suffolk. Situated about 30 miles from the Port of Virginia, the site has the capacity to accommodate 1.5 million square feet of industrial space across a single facility or multiple buildings. Construction plans were not disclosed. The project represents the entry into Hampton Roads for both Atapco Properties and Ausblick Development.
MCDONOUGH, GA. — CBRE has arranged $45.9 million in acquisition financing for The Preston, a 334-unit apartment community located at 100 Preston Creek Drive in McDonough, a southeast suburb of Atlanta. Blake Cohen and Charlie Clark of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta arranged the financing on behalf of the borrower, ARC Multifamily, which purchased the property for approximately $52.4 million. CBRE originated a $34.2 million senior Fannie Mae loan and arranged an $11.7 million preferred equity investment from Related Fund Management on behalf of the borrower. Built in 2001, The Preston features a mix of one-, two- and three-bedroom apartments ranging in size from 767 to 1,794 square feet. Amenities include two swimming pools, a grilling area, business center and a resident lounge.
LEBANON, TENN. — Marcus & Millichap has brokered the sale of Leeville Pike Storage, a 182-unit self-storage facility located at 6000 Leeville Pike in Lebanon, about 20 miles east of Nashville via I-40. The gated property was built in 2015 and features LED lighting and security cameras. Andrew Beeckman of Marcus & Millichap’s Nashville office represented the seller and procured the buyer in the transaction. Both parties requested anonymity, and the sales price was also not disclosed. Beeckman says the previous owner was motivated to sell in order to retire.
KYLE, TEXAS — Texas-based private equity firm SPI Advisory has sold Oaks on Marketplace, a 254-unit apartment complex located in the southern Austin suburb of Kyle. The property was built in 2017 and offers one-, two- and three-bedroom units. According to Apartments.com, amenities include a pool, fitness center, clubhouse and a dog park. SPI Advisory acquired the property in 2019 as part of a portfolio deal and implemented a value-add program. The buyer was not disclosed, but the property website currently identifies metro Chicago-based Sherman Residential as the owner and operator. The new ownership has rebranded the property as Axis Marketplace.