NEW YORK CITY — New York-based Bayport Funding has provided a $4 million loan for the acquisition and construction of a 12-unit apartment project in the Ozone Park area of Queens. The 10,000-square-foot project will include 1,400 square feet of retail space, as well as onsite parking and a side yard. The name of the borrower and a tentative construction timeline were not disclosed.
LOS ANGELES — Cityview and Stockbridge have started construction on Apollo, an apartment development in Los Angeles’ South Bay neighborhood. Slated for completion in 2025, the transit-oriented community will feature 265 apartments in a mix of studio, one- and two-bedroom floor plans. Residences will feature stainless steel appliances, quartz countertops, vinyl plank flooring, smart thermostats, keyless entry, smart home systems, and fiber optic internet and Wi-Fi. Located at 12888 Crenshaw Blvd., the community amenities will include a swimming pool and spa deck with loungers and daybeds; a CV Works coworking center; podcast room; 3D printer; indoor fitness center; outdoor strength and stretching area; indoor-outdoor community room; and open-air courtyards with an entertainment lounge, pool table, Korean barbecue grills, fire pits, lounge seating, gathering tables and a variety of dining areas. Additionally, the property will feature ample secure bike lockers and storage, a transit kiosk, and walk and bike path access. City National Bank and Banc of California provided construction financing. The project team includes WPIC Construction, AC Martin, Nadia Geller Designs and MJS Landscape Architecture.
NEW YORK CITY — The Corporation for Supportive Housing has signed a 10,570-square-foot, 11-year office lease at 55 Broadway, a 363,378-square-foot building in Manhattan. The organization will occupy the entire 10th floor of the 32-story building. Aron Schreier and Jason Kroeger of Cushman & Wakefield represented the tenant in the lease negotiations. Brad Gerla, Jonathan Cope and Hayden Pascal of CBRE represented the landlord, Harbor Group International.
EVERETT, WASH. — Coldwell Banker Commercial Danforth has arranged the purchase of an industrial park in Everett. Mina Properties VIII acquired the asset from BFS Operations LLC for $14.7 million. Situated on 31.6 acres at 3200 35th Ave. NE, the asset features four buildings offering a total of 94,000 square feet of industrial space. The industrial park offers access to Interstate 5 and SR 529. Mina Properties VIII intends to maintain the property as a multi-tenant investment. Michael Fear of Coldwell Banker Commercial Danforth handled the transaction on behalf of the buyer.
DENVER — NorthPeak Commercial Advisors has arranged the sale of an apartment building located at 758 N. Clarkson St. in Denver. The property traded for $5 million, or $294,117 per unit. The 9,329-square-foot asset features 17 newly renovated residential units. Greg Johnson and Conner Piretti of NorthPeak represented the undisclosed seller in the deal. The name of the buyer was not released.
SANTA BARBARA, CALIF. — C.W. Driver Cos. has completed the construction of the Interactive Learning Pavilion, a four-story learning facility at UC Santa Barbara. The company collaborated with LMN Architects on the $70 million project in Santa Barbara. The 95,000-square-foot structures offers 2,000 seats of classroom space, including five lecture halls, three classroom spaces for project-based learning and 20 flexible discussion rooms. Each of the 32 classrooms and lecture halls is designed to seat between 30 and 350 students. Additionally, the project features 1,700 bicycle parking spaces. The pavilion’s two buildings are connected via an open-air corridor. The project received LEED Gold Certification.
BOSTON — A joint venture between Carr Properties, The HYM Investment Group and National Real Estate Advisors has completed One Congress, a 43-story, 1 million-square-foot office project in downtown Boston. One Congress opens fully preleased. Anchor tenants include financial services firm State Street Corp. (510,000 square feet) and data management services provider InterSystems Corp. (420,000 square feet) — two of the largest office leases signed in Boston within the past 20 years, according to the developers. Among the additional tenants are law firm K&L Gates, Trillium Asset Management and Husch Blackwell. Amenities include a 30,000-square-foot outdoor garden on the 11th floor; 7,000-square-foot fitness center; coffee bar; collaborative workspace and lounges; a marketplace with food offerings and a cocktail bar curated by restaurateur Stephen Starr; and 4,700 square feet of meeting and conference space. Pelli Clarke Pelli and CBT Architects handled design of the building. Gachot Studio served as the interior design firm and John Moriarty & Associates was the construction manager. Construction began in June 2019, and the topping off occurred in summer 2021. The development is LEED Platinum certified and located in proximity to the Rose Kennedy Greenway and several MBTA stations. Washington, D.C.-based Carr Properties is a privately …
By Mary Lamie, Bi-State Development The industrial real estate market continues to show its strength in the St. Louis region as new investments by industrial developers hold steady. Coming off a record year in 2022, with more than 7 million square feet of completions entering the market and 6.5 million square feet absorbed, the region’s new construction has leveled off a bit, with 1.1 million square feet of industrial space delivered so far in 2023 and 3.6 million square feet of space still under construction, according to the latest numbers from Colliers. Speculative construction rates remain high, with 65 percent of construction since 2019 being speculative builds. This growth in industrial construction is being fueled by national and regional developers who believe St. Louis has the industrial activity levels needed to drive construction investments. Data included in the “St. Louis Regional Industrial Real Estate Market Indicators & Workforce Report,” released by the St. Louis Regional Freightway in May, shows the St.Louis region now has 182 million square feet of space available. According to the report, the region offers the largest amount of manufacturing space available on the market compared to other Midwestern cities, along with one of the lowest triple …
GASTONIA, N.C. — Poettker Construction has delivered the second phase of Gateway85, a 300-acre industrial park in the west Charlotte suburb of Gastonia. Developed by NorthPoint Development, the park is located near I-85 to the south and N.C. Highway 7 to the north. Phase II features Building 4, a 241,000-square-foot rear-load warehouse with 36-foot clear heights and 22 dock doors (expandable to 45), and Building 7, a 705,000-square-foot cross-dock warehouse with 40-foot clear heights and 70 dock doors (expandable to 140). The second phase spans 55 acres. At full build-out, Gateway85 will comprise 3.6 million square feet of industrial space.
ATHENS, GA. — Woodfield Development has begun leasing Holden at Oak Grove, a 276-unit apartment community located at 110 Addison Road in Athens’ Oak Grove neighborhood. Operated by Atlanta-based RangeWater Real Estate, the property will feature one-, two- and three-bedroom apartments, as well as a game room, coworking spaces, private workstations, fitness center, yoga room, dog spa, outdoor grills and a swimming pool. Shelton Taylor + Associates handled interior design at Holden at Oak Grove, with finishes including two-tone shaker cabinets, stainless steel appliances, two-panel doors and matte black accents. Floor plans range from 649 to 1,342 square feet and rental rates range from $1,445 to $2,182, according to the property website.