MINNEAPOLIS — Kraus-Anderson has completed construction on a 15,314-square-foot office build-out for Grant Thornton LLP at the Steelman Exchange building in Minneapolis. Grant Thornton is an audit, tax and advisory firm. The Steelman Exchange building is located at 241 5th Ave. North in the city’s North Loop. The new office features workspaces and layouts designed for collaboration. LB Design Group was the architect.
BOONTON, N.J. — Greystone has provided a $12.2 million bridge loan for the refinancing of Packard Lofts Apartments, a 65-unit multifamily complex located in the Northern New Jersey community of Boonton. The property was originally constructed in the 1880s and was used as a warehouse and distribution center for Packard Car Co. in the 1950s before being converted to residential use in 2019. Packard Lofts Apartments offers a fitness center and onsite parking, and 12 units are reserved as affordable housing. Eliav Dan of Greystone originated the financing on behalf on the undisclosed borrower.
NEW YORK CITY — Weill Cornell Medicine has signed a 100,000-square-foot office and healthcare lease at 575 Lexington Ave., a 35-story, 745,000-square-foot building in Manhattan’s Plaza District. As part of a new 30-year agreement, Weill Cornell Medicine now occupies eight full floors and a portion of the ground floor for a total footprint of 300,000 square feet. David Falk, Andrew Sachs and Ben Shapiro of Newmark represented the tenant in the lease negotiations. Peter Duncan and Dana Pike represented the landlord, George Comfort & Sons, on an internal basis.
JERSEY CITY, N.J. — CBRE has brokered the $8.1 million sale of a 41-unit apartment complex located at 160 Vroom St. in the Journal Square area of Jersey City. The transit-served property houses 22 one-bedroom units, 19 two-bedroom apartments and onsite laundry facilities. A private investment group acquired the building from a New York City-based family office, with both parties requesting anonymity. Fahri Ozturk, Richard Gatto and Zach McHale of CBRE represented both parties in the deal.
PHOENIX — A joint venture between locally based developer Creation and New York City-based investment firm Clarion Partners has acquired nearly 100 acres in Phoenix. Located on the northwest corner of the Loop 101 and Indian School Road, the site will be used to develop a $250 million industrial project known as Park Algodon. Park Algodon is a speculative industrial development that totals approximately 1.3 million square feet across 86 acres. The project will be built in two phases, with construction on the first phase slated to begin by the end of the year. The first phase comprises four buildings totaling 670,000 square feet. The second phase will include one 556,000-square-foot building. LGE Design Build is leading the construction, which is scheduled for completion in late 2025. Creation and Clarion Partners acquired the land from the John F. Long family in an off-market transaction. Greg Vogel and Max Xander of Land Advisors represented both parties in the deal. “This acquisition marks our first joint venture with Clarion Partners. We’re honored to work alongside them on this significant project, addressing a key gap in the West Phoenix industrial market,” says Grant Kingdon, principal of Creation’s Mountain West region. “Park Algodon serves as a catalyst to attract new …
— By Daniel A. Kapic, Vice President, Regional Manager, Marcus & Millichap — Reno continues to be one of the nation’s fastest-growing smaller markets, underpinning tenant demand in the office sector. While remote and hybrid work have impacted office use in the metro, market-wide vacancies have kept in decent shape. Entering July 2023, Reno’s 15.1 percent vacancy rate was below the pre-2017 average. Rapid household growth has backstopped space needs, with law, financial and health service providers executing expansions to capture share in a growing market. The local household count increased 2.2 percent year over year in September, which was the second fastest among metros with fewer than 600,000 households. South Reno is spearheading this growth with 14 consecutive quarters of positive apartment net absorption through June 2023, drawing consumer-facing office tenants to the highly developed Meadowood neighborhood. The Reno VA Medical Center — which serves patients as far as Alturas, Calif. — recently announced its relocation to the area, which should also elevate long-term needs for nearby medical office space. While household growth has shored up space demand, Reno’s office market is still recalibrating to a 20-year-high supply injection. Overall inventory expanded 2 percent in the first half of …
ORLANDO, FLA. — Universal Destinations & Experiences and Wendover Housing Partners have begun construction on Catchlight Crossings, a 20-acre residential district in Orlando. The land was donated by Universal’s not-for-profit Housing for Tomorrow. Situated near the Orange County Convention Center along International Drive, the project will ultimately feature 1,000 affordable housing apartments, onsite amenities and services, 16,000 square feet of retail space, play areas and a transportation center. Some features will include Bezos Academy, a tuition-free preschool, as well as educational opportunities via the nearby University of Central Florida. Amenities will include resort-style pools, a fitness center, game room, cafes, bike and walking paths, a community garden and four acres of open green space. Chase is the primary construction lender for Catchlight Crossings, which will remain an affordable community in perpetuity. The majority of the units – 75 percent — will be designated as affordable and reserved for households with incomes at or below 60 percent of the area’s median income (AMI). Universal Destinations & Experiences and Wendover Housing expect to open the first phase of Catchlight Crossings in 2026.
BOWLING GREEN, KY. — Lument has provided a $78.8 million loan through HUD’s 223(f) program for The Hub, a 590-unit apartment community in Bowling Green. Ryan Duling of Lument’s Columbus, Ohio office originated the financing, which was underwritten with a low fixed interest rate and a 25-basis-point mortgage insurance premium due to its green classification. The borrower was not disclosed. Built in 2020, The Hub comprises 42 apartment buildings surrounding a central park. Amenities include pickleball courts, a splash pad, pet park and resort-style pools with multiple pavilions and lounge areas, as well as food-and-beverage options.
TAMPA, FLA. — New York Life Insurance Co. has provided a $45 million loan for Midtown West, an eight-story office building within the 22-acre Midtown Tampa development. Ed Coco, Matt Casey and Lee Weaver of JLL arranged the five-year loan through New York Life on behalf of the borrower, a joint venture between Highwoods Properties and The Bromley Cos. Built in 2021, the 152,000-square-foot Midtown West was fully leased at the time of financing to Prudential, Primo and Nestle.
CONWAY, S.C. — JLL has provided an $18.5 million Freddie Mac acquisition loan for Bellamy Coastal, a 480-bed student housing community situated near Coastal Carolina University. Built in 2018, the property is located at 300 Bellamy Ave. in Conway, a half-mile east of the university and 10 miles from Myrtle Beach. Amenities include a resort-style pool, sundeck, beach volleyball court, 24-hour fitness center, computer lab, study area, hammock garden and in-apartment security systems. Dan Kearns, Patricia Heminger, Sam Tarter and Katia Novi of JLL originated the five-year, fixed-rate loan on behalf of the borrower, Eastman Residential. The loan will be serviced by JLL Real Estate Capital LLC, a member of Freddie Mac Multifamily’s Optigo network of seller-servicer partners.
