JERICHO, N.Y. — PX4 Development has purchased an 80-room hotel in the Long Island community of Jericho with plans to convert the building into a student housing community with one-, two- and three-bedroom units. To that end, PX4 has secured a long-term lease with The New York Institute of Technology, which has campuses on both Manhattan and Long Island. The development team is aiming to have the building ready for occupancy in advance of the 2024 academic year.
HILLSBOROUGH, N.J. — Cushman & Wakefield has brokered the $8.3 million sale of a 40,700-square-foot industrial building in Hillsborough, located just north of Trenton. The building at 139 Stryker Lane features 30-foot clear heights, three dock-high doors and 59 parking spaces. Andrew Schwartz, Jordan Sobel, Andre Balthazard, Mark Zaziski, Patrick Decker and Dan Bottiglieri of Cushman & Wakefield represented the seller and occupant, RC Fine Foods, in the deal and procured the buyer, an affiliate of The Silverman Group.
BAY SHORE, N.Y. — Nordstrom Rack, the off-price retail division of Nordstrom, will open a 24,000-square-foot store in Bay Shore, a hamlet on Long Island. The store will be situated within Gardiner Manor Mall and is scheduled to open next spring. Other tenants at the property include HomeGoods, Barnes & Noble, Michaels and Old Navy. Kite Realty Group Trust is the landlord. This location will mark the third Nordstrom Rack outpost in the state.
GLENDALE, ARIZ. — Phoenix-based ViaWest Group, as developer, and Willmeng Construction, as general contractor, have broken ground on The Base, Phase I. Located in Glendale, The Base will be a 144-acre industrial campus at full build out. The first phase will include seven buildings, spanning 1.2 million square feet. The buildings will range in size from 85,000 square feet to 309,000 square feet with divisibility down to approximately 20,000 square feet. The second phase is proposed to include eight buildings, totaling 780,600 square feet, and ranging in size from 41,000 square feet to 141,000 square feet. The buildings will feature heavy power, ESFR sprinkler systems, a combination of dock-high and grade-level loading, concrete truck courts, ample car parking, R-38 insulation and clear heights ranging from 28 feet to 36 feet. Completion of Phase I is slated for fourth-quarter 2024. DLR Group is serving as architect and Kimley-Horn as civil engineer for the project. CBRE will handle leasing for both phases. Will Strong, Kirk Kuller, Molly Hunt, John Alascio and TJ Sullivan of Cushman & Wakefield secured equity financing for the development. JLL Capital Markets arranged a $96.5 million construction loan for the project.
TEMPE, ARIZ. — High Street Residential (HSR), the residential subsidiary of Trammell Cros Co., has completed construction on Smith & Rio, a multifamily property located at 1979 E. Rio Salado Parkway in downtown Tempe. The five-story property features 310 apartments in a mix of studio, one-, one-plus-den and two-bedroom layouts. Community amenities include a fifth-floor sky lounge; two outdoor courtyards; a dog park; pet lounge; work-from-home area with individual workspaces; pool; spa; fitness center; clubhouse with multiple lounges and seating areas; fireplace; and demonstration kitchen.
BLOOMINGTON, MINN. — Kraus-Anderson has completed a $91.8 million expansion of Friendship Village, a senior living campus located at 8100 Highwood Drive in the Minneapolis suburb of Bloomington. Lifespace Communities owns the property. Designed by SAS Architects and Planners, the 380,294-square-foot project adds a new five-story independent and assisted living building with 93 units. The expansion also includes a new three-story skilled nursing building and a three-story health center with a physical and occupational therapy gym and memory care suites. Services and amenities for assisted living and memory care include 24-hour nursing care, dedicated dining spaces, a fitness center, salon and activity rooms. Extended-stay offerings are three meals per day prepared restaurant-style, 24-hour nursing care, transportation services, a dietitian, social worker and physical, occupational and speech therapists. Rehabilitation services include chef-prepared meals, access to all Friendship Village amenities, physician and nursing care, a social worker, dietitian, salon and therapy services. Construction began in August 2019, and the new expanded spaces are slated to open in November.
PATASKALA, OHIO — Red Rock Developments is underway on a 946,400-square-foot speculative industrial building in Pataskala, about 19 miles east of Columbus. The project is situated on 83 acres at 7409 Mink St. within Red Chip Farms industrial park. Completion is slated for May 2024. The facility will feature a clear height of 40 feet, 156 dock doors, four drive-in doors, 210 trailer parking spaces, office space and 200-foot truck courts. Shane Woloshan of Colliers is leading leasing efforts for the new building as well as build-to-suit opportunities within Red Chip Farms.
ST. CLOUD, MINN. — An affiliate of Phoenix Investors has acquired a 922,444-square-foot industrial facility in the Minneapolis suburb of St. Cloud for an undisclosed price. Constructed in 1950, the property was formerly home to Electrolux Group and its upright freezer manufacturing and production business until it closed in late 2019. The vacant building features 31 dock doors, nine drive-in doors, office space, 980 parking stalls and a clear height of 28 feet. Paul Danko of Savills brokered the sale. Phoenix intends to lease up the property with multiple tenants.
OREGON — Blueprint Healthcare Real Estate Advisors has arranged the sale of five independent living, assisted living and memory care communities in Oregon. The portfolio consists of 468 total units with communities built in the 1980s and 1990s. The portfolio generated approximately $4.8 million in EBITDAR in 2022. The buyer was Arcus Healthcare Partners, which also assumed the existing Freddie Mac loan and current operator. The seller and price were not disclosed. The Blueprint team included Dan Mahoney, Michael Segal and Ben Firestone.
LENEXA, KAN. — Physician Aesthetic Specialists is opening a flagship location at 87 Quivira Plaza in Lenexa. Scheduled to open on Friday, Dec. 1, the office will total 4,200 square feet and feature 10 treatment rooms with a dedicated consultation space. In addition to aesthetic services and massage therapy, the offerings include advanced procedures such as non-surgical facelifts and body contouring, laser treatments, stem cell hair restoration, stem cell therapy for skin rejuvenation, hormone replacement therapy, neurotoxin treatments and weight loss injections. Dr. Dan Margolin, the founder of Physician Aesthetic Specialists, performs all patient consultations and participates in all contouring procedures. The company currently operates at The Healing Arts Center of Lenexa.