Property Type

KeyBank Provides $14.2M Agency Loan for Refinancing of Albany Workforce Housing Property

by Taylor Williams March 13, 2024

ALBANY, N.Y. — KeyBank Real Estate Capital has provided a $14.2 million Fannie Mae loan for the refinancing of 930 on Broadway, an 81-unit workforce housing community in Albany. The four-story building sits on a 1.5-acre site and houses one-, two- and three-bedroom units, as well as 12,155 square feet of commercial space. Half the residences are reserved for households earning 80 percent or less of the area median income. Dirk Falardeau and Mark Flanders of KeyBank arranged the debt on behalf of the borrower, Redburn Development Partners.

March 13, 2024

Development Industrial Life Sciences Massachusetts Northeast

Partnership Delivers 168,000 SF Life Sciences, Manufacturing Project in Bedford, Massachusetts

by Taylor Williams March 13, 2024

BEDFORD, MASS. — A partnership between Redgate, Optimum Asset Management and AEW Capital Management has delivered Riverwalk Labs, a 168,000-square-foot life sciences and manufacturing project in Bedford, about 20 miles northwest of Boston. The developers converted a former office building into a facility with 20,000-square-foot lab and office suites, as well as four separate tenant lobbies and multiple loading docks. Ci Design served as the project architect, and J. Calnan & Associates served as the general contractor.

March 13, 2024

Development Multifamily New Jersey Northeast

Garden Communities Begins Leasing 126-Unit Apartment Complex in Florham Park, New Jersey

by Taylor Williams March 13, 2024

FLORHAM PARK, N.J. — Locally based developer Garden Communities has begun leasing 147 Columbia, a 126-unit apartment complex in the Northern New Jersey community of Florham Park. The site formerly housed an office building, and the redevelopment began last year. Units come in one- and two-bedroom floor plans and range in size from 861 to 1,535 square feet. Residences are furnished with stainless steel appliances, custom cabinetry and individual washers and dryers. Rents start at $2,600 per month for a one-bedroom apartment.

March 13, 2024

Development Northeast Pennsylvania Retail

Bass Pro Shops to Open 100,000 SF ‘Outdoor World’ Store Near Pittsburgh

by Taylor Williams March 13, 2024

SOUTH FAYETTE, PA. — Bass Pro Shops will open a 100,000-square-foot store in South Fayette, a southwestern suburb of Pittsburgh. The outdoor apparel and equipment retailer will operate the two-level store under its “Outdoor World” brand, which features experiential offerings like a gift and nature center. The store, which will be the company’s third in Pennsylvania, is expected to open in 2026 and employ about 130 people.

March 13, 2024

Development Indiana Midwest Multifamily

Flaherty & Collins Properties to Break Ground on $101M Apartment Project in Michigan City, Indiana

by Kristin Harlow March 13, 2024

MICHIGAN CITY, IND. — Flaherty & Collins Properties is scheduled to break ground on The Franklin at 11th Street Station, a $101 million apartment project in northern Indiana’s Michigan City. A groundbreaking ceremony will take place Thursday, March 14. The luxury apartment tower will include 220 units and 5,600 square feet of commercial space. The 1.5-acre project site is located at 1010 Franklin St. Amenities will include a heated swim spa, outdoor movie space, coworking cafe, conference facilities, fitness center and sky lounge. Completion is slated for fall 2025. Flaherty & Collins currently manages 85 properties and more than 15,000 units in nine states.

March 13, 2024

Acquisitions Industrial Midwest Office Ohio

Douglas Capital Partners Acquires 385,000 SF Office, Industrial Portfolio in Metro Columbus for $25M

by Kristin Harlow March 13, 2024

GROVE CITY AND DUBLIN, OHIO — Michigan-based real estate investment firm Douglas Capital Partners has acquired three Columbus-area properties from American National Insurance Co. and Brookfield for $25 million. The three-property portfolio totals 385,000 square feet and is comprised of SouthPark XX, a Class A industrial asset in Grove City, and two office buildings in Dublin. The office assets include the Emerald Professional Building and Upper Metro Place. The acquisitions mark the first investments outside of Michigan for Douglas Capital Partners.

March 13, 2024

Acquisitions Industrial Midwest Wisconsin

Greywolf Arranges $3.7M Sale of Industrial Building in New Holstein, Wisconsin

by Kristin Harlow March 13, 2024

NEW HOLSTEIN, WIS. — Greywolf Brokerage LLC, a division of Greywolf Partners Inc., has arranged the $3.7 million sale of a 122,500-square-foot industrial building in New Holstein, about 43 miles south of Green Bay. The property sits on six acres at 2221 Calumet Drive. The fully leased building features 10 loading docks, five drive-in doors and a clear height of 20 feet. Buyer and seller information was not provided.

March 13, 2024

Development Illinois Midwest Retail

Mosaic Construction Completes K-12 STEM Learning Facility for Noggin Builders in Northbrook, Illinois

by Kristin Harlow March 13, 2024

NORTHBROOK, ILL. — Mosaic Construction LLC has completed a K-12 STEM learning facility for Noggin Builders at 4165 Dundee Road in the Chicago suburb of Northbrook. The 3,750-square-foot project consisted of the renovation of three existing vacant spaces that were combined into one large space for Noggin, which relocated from a smaller location in Northbrook. The new location is aimed at reinforcing the importance of STEM studies outside the traditional school setting. STEM stands for science, technology, engineering and mathematics. Established in 2013, Noggin provides afterschool and summertime learning programs. The new facility includes four classrooms, an accordion door for flexible learning spaces, a refrigerator for science experiments and a built-in cage that houses a bearded dragon. A large storage room houses art supplies and tools. MDT provided architectural services.

March 13, 2024

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $1.3M Sale of Apartment Building in Chicago’s Lawndale Neighborhood

by Kristin Harlow March 13, 2024

CHICAGO — Interra Realty has brokered the sale of a 13-unit apartment building in Chicago’s Lawndale neighborhood for $1.3 million. Built in 1923, the property at 1858 S. Springfield Ave. was completely renovated in 2022 with new roofing, porches and windows. There are nine two-bedroom units and four three-bedroom residences, which were also upgraded but had not yet been leased. An empty side lot will be used for onsite parking. Lucas Fryman of Interra represented the buyer, a local owner who has a portfolio of multifamily properties in the immediate area. Ted Stratman of Interra represented the seller, Brilliant Future LLC. The asset sold for 96 percent of the list price.

March 13, 2024

Development North Carolina Seniors Housing Southeast

LCS Development Plans $90M Seniors Housing Expansion Project in Greenville, North Carolina

by John Nelson March 13, 2024

GREENVILLE, N.C. — LCS Development, An LCS Company, has received an undisclosed amount of financing for the community expansion and remodeling project at Cypress Glen, a seniors housing development in Greenville, roughly 80 miles east of Raleigh. The $90 million project will add 57 independent living residences and include a new auditorium, expo kitchen, wine bar and remodeled amenities. The expansion is slated for completion by November 2025. Cypress Glen sits on over 95 acres and is the only continuing care retirement community (CCRC) in Eastern North Carolina, according to LCS. LCS Development has led the planning, development and design, and will oversee the construction services. Affiliate Life Care Services provides management services and support for the community and its residents. Other project partners include SB&A Architects, interior designer RDG Planning and Design, general contractor BLUM Construction and investment partner Ziegler.

March 13, 2024

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